Page 7 - LatAmOil Week 43 2020

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In Angola, Minister of Mineral Resources, Petro-
leum and Gas Diamantino Azevedo has said third-quarter revenue shrank by 26.8% year
that stemming production declines is the most on year to CNY35.55bn ($5.32bn). While real-
important task for the country’s oil industry ised gas prices gained 2% on the year to $5.85
amidst the coronavirus (COVID-19) pandemic. per 1,000 cubic feet ($206.56 per 1,000 cubic
In “Angola COVID-19 Response,” a report metres), oil prices shrank 29% to $43.03 per bar-
published last week by Africa Oil & Power rel. Weaker international crude prices offset the
(AOP), Azevedo stated that his ministry had company’s 5.1% increase in net oil and gas pro-
developed a four-part plan for supporting the duction, which amounted to 131.2mn barrels of
upstream oil sector going forward. oil equivalent (boe) for the period.
Meanwhile in East Africa, two upstream CNOOC Ltd announced plans earlier this
deals have moved closer to the finishing line. In year to focus investment on domestic energy
Tanzania, Aminex (UK) has finalised its farm- projects at the expense of some of its overseas
out deal for the Ruvuma licence area with ARA developments and this strategy was reflected
Petroleum of Oman. As a result, ARA Petroleum in its production mix. The company recorded a Oversupplied
Tanzania (APT) now has a 75% stake in the pro- 10.4% rise in production from domestic assets,
ject and will serve as operator. while output from foreign fields contracted by crude oil and
In Uganda, Tullow Oil (UK/Ireland) has 4.6%. petrochemicals
cleared all of the “government-related conditions On the same day it posted its results, CNOOC
related to closing” its deal with Total (France). Ltd announced that it had started up production markets have
As a result, the French major should be able to from the shallow-water Bozhong 19-6 gas and
complete its acquisition of Tullow’s Ugandan condensate field, which is located in the central forced operators
portfolio in the near future. Bohai Sea. The company has built a new well-
head platform at the field, which has been tied to re-evaluate
If you’d like to read more about the key events into existing processing facilities at Bozhong production
shaping Africa’s oil and gas sector then please click 13-1, and intends to drill seven production wells
here for NewsBase’s AfrOil Monitor. and one water source well. projects
Field production is projected to peak before
Asia: CNOOC’s gas pledge the end of this year, bolstering the company’s gas
China’s state-run CNOOC Ltd has pledged to output by around 35.32mn cubic feet (1bn cubic
boost natural gas’ share of its overall production metres) per day and condensate output by 5,720
by 2035 after announcing weaker third-quarter barrels per day (bpd).
results on the back of falling crude oil prices.
The company, which is the listed arm of If you’d like to read more about the key events shaping
state-owned China National Offshore Oil Corp. Asia’s oil and gas sector then please click here for
(CNOOC), said on October 22 that it wanted NewsBase’s AsianOil Monitor.
gas to account for half of its total production by
the middle of the next decade, up from 21% at DMEA: Aramco scales back chemical plans
present. Company CFO Xie Weizhi told report- Saudi Aramco is looking to downsize a plan to
ers that CNOOC Ltd would speed up gas explo- build a $20-30bn oil-to-chemicals complex in
ration and production at home and abroad in the kingdom’s western port city of Yanbu, as it
order to achieve the target. reassesses its downstream expansion plans in
The move comes after the company’s light of weak market conditions.

Week 43 29•October•2020 www. NEWSBASE .com P7