Page 17 - AsianOil Week 40

AsianOil NEWSBASE’S ROUNDUP GLOBAL (NRG) AsianOil

Oil enters choppy waters

Coronavirus cases are rising, but how great the impact will be on demand is uncertain

COMMENTARY WELCOME the latest edition of NewsBase’s company said it now expected to complete the
Roundup Global (NRG), in which our team of conversion 11 months behind schedule. It also
international editors reviews how the adoption reported that UK-based BP, the operator of the
of hydrogen is progresssing in their regional project, had lifted its declaration of force majeure
beats. Get the NRG Oil & Gas Editor’s Picks to on Greater Tortue/Ahmeyim.
your inbox every week for free. Just sign up here. Meanwhile, Mozambique LNG is moving for-
Oil markets have been choppy over the past ward, as the Indian government has authorised a
week, as traders have struggled to interpret what subsidiary of Bharat Petroleum Corporation Ltd
the rising numbers of coronavirus (COVID- (BPCL) to contribute its share of investment in the
19) infections will mean for demand levels. The project, which is expected to carry a total price tag
global tally for infections has topped 35mn, while of $24bn. New Delhi gave the green light shortly
deaths have exceeded 1mn. This has brought the after BPCL signed a 15-year LNG supply deal with
recovery in oil consumption that began in June the French-led consortium.
to an end, raising the risk that some excess sup- On a less positive note, India’s Central Bureau
ply will have to be placed in storage during the of Investigation (CBI) has indicated that it intends
remaining months of the year. to investigate the company’s past actions regarding
Oil prices rebounded by over 5% on Octo- Mozambique LNG. The CBI’s probe will reportedly
ber 5, after doctors said US President Donald focus on the company’s decision in 2008 to purchase
Trump could soon be discharged from the hos- only half of the 20% stake offered by Anadarko (US),
pital, where he is being treated for COVID-19. which was then serving as operator of the group.
A strike by Norwegian oil workers that has led In related news, two international consortia
to the shutdown of six fields has also provided are talking about their production of LPG as
prices with some temporarily support. well as LNG. Angola LNG (ALNG) has released
updated production data showing that propane
Africa: Taking a look at LNG and butane accounted for more than 15% of its
This week’s AfrOil takes a look at several African total production in the month of August. For its
LNG projects. part, Nigeria LNG (NLNG) is looking to expand
Golar LNG has struck a deal with BP revising LPG production and promote domestic con-
the schedule for converting the Gimi floating LNG sumption of this fuel.
(FLNG) vessel into a floating production, storage
and off-loading (FPSO) unit for the Greater Tor- If you’d like to read more about the key events shaping
tue/Ahmeyim project offshore Mauritania and Africa’s oil and gas sector, then please click here for
Senegal. In a statement, the Bermuda-registered NewsBase’s AfrOil Monitor.

Week 40 08•October•2020 www. NEWSBASE .com P17