Genting Energy comprises the Group’s power and oil & gas business activities.

Genting Power Holdings Limited spearheads the power businesses of the Group. Its total gross installed capacity is 3,548 Megawatts with net attributable operating capacity of 1,825 Megawatts from its interests in coal-fired and wind power plants in Indonesia, China and India.

Genting Oil & Gas Limited spearheads the oil and gas businesses of the Group. Its existing oil & gas assets consist of an oil producing field in China and a gas development field in Indonesia.

China, Genting Energy owns a 49% interest in SDIC Genting Meizhou Wan Electric Power Company Limited, a joint venture between Genting Power and SDIC Power. It owns two phases of coal fired power plants in Meizhou Wan, Fujian Province, China, comprising:

• 2 x 393MW coal-fired power plant (Phase 1); and
• 2 x 1,000MW ultra-supercritical coal-fired power plant (Phase 2), (collectively the “Meizhou Wan
  power plant”)

The Meizhou Wan power plant saw a profit-making turnaround in 2023, driven by both increased power generation and lower coal prices.

Genting Power’s 100% owned 91.8MW wind farm in Gujarat is Genting Energy’s first renewable project. It generated approximately 181GWh of clean energy in 2023. In turn, the farm’s total of approximately 2,578GWh of clean energy generated since operations began in September 2011 is estimated to have contributed to offsetting over 2.2 million tonnes equivalent of carbon dioxide emissions.

Genting Energy holds a 55% stake in the 660-megawatt supercritical coalfired power plant in Banten Province, West Jawa, Indonesia (“Banten power plant”), which began operating in 2017. The plant continues to hold a top priority status among all thermal power plants on Jawa island, performing well subsequent to the completion of its annual scheduled outage in January 2023. In 2023, the Banten power plant physical achieved more than 80% of plant availability and continues to be dispatched at high load factor. The plant carried out its first major maintenance since commercialization after 6 years of operation in December, and is completed in February 2024.

In the Oil and Gas Division, Genting Energy holds a 49% working interest via Genting CDX Singapore Pte Ltd in the Petroleum Contract for Petroleum Exploration, Development, and Production in Chengdaoxi block in the shallow waters of Bohai Bay, China.

Chengdaoxi Block covers an area of 29 square kilometres and has consistently produced close to 8,000 barrels of oil per day. It delivered approximately 2.8 million barrels of oil in 2023 and Genting Oil & Gas’ share was approximately 1.4 million barrels. China Petroleum & Chemical Corporation (also known as “SinopecCorp”) is the partner in this joint venture.

Genting Energy’s subsidiary Genting Oil Kasuri Pte Ltd (“GOKPL”) has 100% participating interest in onshore oil and gas development activities via the Kasuri Production Sharing Contract (“Kasuri PSC”) in West Papua, Indonesia. In February 2023, GOKPL obtained approval on the revised Plan of Development 1 (“PoD 1”). In September 2023, GOKPL signed a 17-year gas sale and purchase agreement (“the Conditional GSA”) with PT Pupuk Kalimantan Timur (“PT Pupuk Kaltim”), an Indonesia state-owned enterprise, to supply 101 million standard cubic feet per day of natural gas to an ammonia and urea plant to be built in West Papua by PT Pupuk Kaltim. The Conditional GSA is subject to certain conditions being met by PT Pupuk Kaltim and GOKPL respectively.

Pursuant to the revised PoD 1 approval, the natural gas produced within GOKPL’s Kasuri PSC shall primarily supply 230 mmscfd to a floating liquefied natural gas (“FLNG”) facility. In this respect, Genting Oil & Gas, via its subsidiary, PT Layar Nusantara Gas (“PT LNG”), will undertake the development of the FLNG facility. PT LNG has completed the front-end engineering and design study for the FLNG facility. On 8 September 2023, PT LNG signed a Limited Notice to Proceed Agreement with Wison (Nantong) Heavy Industry Co., Ltd. (“Wison”, now known as Wison New Energies Co., Ltd), allowing PT LNG to place orders for long lead items prior to the execution of an engineering, procurement, construction, installation & commissioning contract.

Genting Power together with SDIC Power Holdings Co. Ltd. held a groundbreaking ceremony in October 2023 for Dongwu Cha Solar Plant, aquaculture-complementary solar power plant in Fujian province. The joint development, scheduled for operation in early 2025, will add 100 Megawatts peak of installed capacity to its portfolio, offsetting 110,000 tonnes equivalent of carbon dioxide emissions annually.