Page 18 - DMEA Week 31 2021

DMEA NEWSBASE ROUNDUP GLOBAL (NRG) DMEA

NewsBase Roundup Global (NRG)

NRG WELCOME to NewsBase’s Roundup Global Russia collects tax receipts from its oil resources.
(NRG), in which the reader is invited to join
our team of international editors, who provide a GLNG: Tellurian agrees Shell offtake deal
snapshot of some of the key issues affecting their US LNG developer Tellurian announced last
regional beats. week that it had signed a sales and purchase
We hope you enjoy NRG’s new concise for- agreement (SPA) with Royal Dutch Shell for
mat, but by clicking on the headline link for each offtake from its planned Driftwood LNG export
section the full text will be available as before. terminal in Louisiana.
The SPA is the third that Tellurian has final-
AfrOil: Eni loses Ghana court appeal ised in the past 10 weeks and brings the compa-
Italy’s Eni has lost its appeal against a previous ny’s total offtake commitments to 9mn tonnes
court decision ordering its local subsidiary, Eni per year – covering almost all of Driftwood’s first
Ghana Exploration, to turn over some of the phase of 9.2mn tpy.
money it was earning from the sale of oil from
the offshore Sankofa field. LatAmOil: Another discovery for Suriname
The Italian major had hoped to overturn this TotalEnergies (France) and Apache (US) have
ruling, which was issued in late June. made their fifth discovery at Block 58 offshore
Suriname.
AsianOil: Santos, Oil Search merge The partners announced the find last week,
Australia-listed independents Santos and Oil saying in separate statements that they had found
Search’s proposed merger, first revealed last crude oil in Sapakara South-1, an appraisal well
month, is back on track after Santos compro- drilled in 850-metre-deep water at a site 4 km to
mised over ownership stakes. the south-east of the Sapakara West-1 discovery.
The two sides said on August 2 that Oil Search
had agreed to Santos’ revised proposal, which MEOG: Iraq backtrack and Jurassic bids
would see the former take a 38.5% interest in This week’s MEOG looks at an about-face by one
what is set to become not just Australia’s largest of Iraq’s largest IOC operators and the next phase
oil and gas producer but also one of the world’s of bidding for a major gas project in Kuwait.
top 20 producers. Iraq’s Oil Minister announced this week
that Russian oil firm Lukoil is retracting its
EurOil: Shell boosts investor appeal announced desire to sell its 75% stake in the
Royal Dutch Shell has continued efforts to boost technical service contract (TSC) for the West
its investor appeal, announcing on July 29 that Qurna-2 oilfield to Chinese companies.
it would buy back $2bn of shares and raise its Meanwhile, state-owned Kuwait Oil Co.
dividend by 40%. (KOC) is reported to have set a September 1
The promise of greater rewards to sharehold- deadline for bids to construct facilities for Juras-
ers comes after Shell reported its highest quar- sic gas production in the north of the country.
terly profits since 2018.
NorthAmOil: Prices boost Q2 performances
FSUOGM: Russia expands oil tax Oil and gas companies across North America
Russia plans to transfer around 25-30% of its oil- are reporting improved performances for the
fields to its new excess profit tax (EPT) system second quarter of 2021 thanks to stronger crude
by the end of the year, Deputy Finance Minister and natural gas prices. The results are also mark-
Alexei Sazanov said on July 30. edly better on a year-on-year basis given that the
Moscow launched the EPT system in 2019, second quarter of 2020 saw the peak of the first
envisaging it as an eventual replacement of the global wave of the coronavirus (COVID-19) as
export duties and mineral extraction tax (MET) much of the world went into lockdown and US
that has long served as the primary way that oil prices briefly turned negative.™

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P18 www. NEWSBASE .com Week 31 05•August•2021