Primeline Energy Holdings Inc.
Climate Impact & Sustainability Data (2009-2010)
Reporting Period: 2009-2010
Environmental Metrics
ESG Focus Areas
- Environmental
Environmental Achievements
- Completed environmental surveys for the platform, pipeline, terminal and jetty as part of the Overall Development Program (ODP) for the LS 36-1 gas field.
Governance Achievements
- Established a Joint Operating Agreement (JOA) with CNOOC, outlining the basis for development and production operations, with provisions for Primeline's participation in key decisions.
Climate Goals & Targets
Medium-term Goals:
- Complete the development of the LS 36-1 gas field and commence commercial production.
Short-term Goals:
- Finalise discussions with financial institutions to secure funding for development and exploration.
Environmental Challenges
- The submission of the ODP to the central government took longer than anticipated due to stricter environmental control regulations.
- Securing sufficient funding for development and exploration.
Mitigation Strategies
- Detailed discussions with a major Chinese financial institution to obtain project finance in RMB.
- Discussions with numerous financial institutions to secure mezzanine/equity financing.
- Rights offering to shareholders to raise capital for drilling and testing of the LS 35-3-1 exploration well.
Supply Chain Management
Responsible Procurement
- CNOOC's long-term procurement contracts were utilized to achieve cost savings in the development of the LS 36-1 gas field.