Page 17 - FSUOGM Week 31 2021

FSUOGM NEWSBASE ROUNDUP GLOBAL (NRG) FSUOGM

NewsBase Roundup Global (NRG)

NRG Welcome to NewsBase’s Roundup Global cut its dividend by two thirds, while most of
(NRG), in which the reader is invited to join its peers took less austere steps. The move was
our team of international editors, who provide a praised by analysts at the time as sensible, but
snapshot of some of the key issues affecting their it was also one that was detrimental to Shell’s
regional beats. We hope you will like NRG's new investment case.
concise format, but by clicking on the headline
link for each section the full text will be available GLNG: Tellurian Signs Offtake Deal With
as before. Shell
US LNG developer Tellurian announced last
AfrOil: Eni Loses Appeal Against Ghanaian week that it had signed a sales and purchase
Court Ruling agreement (SPA) with Royal Dutch Shell
Italy’s Eni has lost its appeal against a previous for offtake from its planned Driftwood LNG
court decision ordering its local subsidiary, Eni export terminal in Louisiana.
Ghana Exploration, to turn over some of the The SPA is the third that Tellurian has
money it was earning from the sale of oil from finalised in the past 10 weeks and brings the
the offshore Sankofa field. company’s total offtake commitments to 9mn
The Italian major had hoped to overturn tonnes per year (tpy) – covering almost all of
this ruling, which was issued in late June. How- Driftwood’s first phase of 9.2mn tpy.
ever, the Commercial Court of Second Instance
decided on July 26 that Eni still had to deposit LatAmOil: Another Discovery Offshore Suri-
30% of earnings derived from the sale of Sankofa name
oil into a joint escrow account. TotalEnergies (France) and Apache (US) have
made their fifth discovery at Block 58 offshore
AsianOil: Santos, Oil Search Merger To Cre- Suriname.
ate New Upstream Powerhouse The partners announced the find last
Australia-listed independents Santos and Oil week, saying in separate statements that they
Search’s proposed merger, first revealed last had found crude oil in Sapakara South-1,
month, is back on track after Santos compro- an appraisal well drilled in 850-metre-deep
mised over ownership stakes. water at a site 4 km to the south-east of the
The two sides said on August 2 that Oil Sapakara West-1 discovery.
Search had agreed to Santos’ revised proposal,
which would see the former take a 38.5% inter- MEOG: Iraq Backtrack And Jurassic Bids
est in what is set to become not just Australia’s This week’s MEOG looks at an about-face by
largest oil and gas producer but also one of the one of Iraq’s largest IOC operators and the
world’s top 20 producers.. next phase of bidding for a major gas project
in Kuwait.
DMEA: Baiji Strike And Nigerian Losses Iraq’s Oil Minister announced this week
This week’s DMEA covers the return of con- that Russian oil firm Lukoil is retracting its
flict to Iraq’s largest refinery and Nigeria’s announced desire to sell its 75% stake in the
hefty losses from the closure of its state-owned technical service contract (TSC) for the West
refineries. Qurna-2 oilfield to Chinese companies.
Iraq’s refinery at the northern city of Baiji
came under attack again this week when it was NorthAmOil: Oil Prices Boost Second-Quar-
struck by a rocket. ter Performances
Oil and gas companies across North Amer-
EurOil: Shell Boosts Investor Appeal ica are reporting improved performances for
Royal Dutch Shell has continued efforts to the second quarter of 2021 thanks to stronger See the archive and
boost its investor appeal, announcing on July crude and natural gas prices. The results are sign up to receive
29 that it would buy back $2bn of shares and also markedly better on a year-on-year basis *NRG Editor’s Picks*
raise its dividend by 40%. given that the second quarter of 2020 saw the for free by email each
The promise of greater rewards to share- peak of the first global wave of the coronavi- week here
holders comes after Shell reported its highest rus (COVID-19) as much of the world went
quarterly profits since 2018. The company into lockdown and US oil prices briefly turned
took the tough decision in April last year to negative.

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