Page 18 - AfrOil Week 11 2022

AfrOil NEWSBASE ROUNDUP GLOBAL (NRG) AfrOil

NewsBase Roundup Global (NRG)

NRG Welcome to NewsBase’s Roundup Global Foreign Secretary Liz Truss announced a pack-
(NRG), in which the reader is invited to join our age of sanctions on March 10 in response to the
team of international editors, as they provide a escalating conflict in Ukraine, including an asset
snapshot of some of the key issues affecting their freeze and travel ban measures on seven of Rus-
regional beats. We hope you will like NRG’s new sia’s wealthiest and most influential oligarchs.
concise format, but by clicking on the headline
link for each section the full text will be available GLNG: China resells US LNG cargoes
as before. China is reported to have resold a handful of
US LNG cargoes to Europe as price trends and
AsianOil: South Korea approves oil release Russia’s war in Ukraine continue to reroute trade
to take pressure off refiners flows. This also marks the continuation of a trend
The South Korean government last week gave that emerged at the start of this year, whereby
the green light to release more than 4mn barrels Chinese oil and gas companies are seeking to
of oil from the country’s Strategic Petroleum resell excess cargoes of LNG in markets where
Reserve. The release follows a decision taken they would fetch a higher price.
earlier this month alongside the 30 other mem-
ber countries of the International Energy Agency LatAmOil: Eco Atlantic to expand Guyana
(IEA), which agreed to a co-ordinated release of foothold via acquisition of JHI
60mn barrels of crude from SPRs worldwide. UK-based Eco (Atlantic) Oil & Gas has
expanded its foothold in Guyana’s offshore zone
DMEA: Aramco takes Panjin FID by striking a deal for the acquisition of JHI Asso-
Saudi Aramco has taken a final investment ciates, a Canadian company that holds a 17.5%
decision (FID) on the establishment of an inte- working interest in the Canje block. The com-
grated refinery and petrochemical complex pany has signed a commercially binding term
in north-eastern China in collaboration with sheet to acquire 100% of JHI, including cash,
local partners. Huajin Aramco Petrochemical capital balances and its stake in Canje.
Co. (HAPCO) was formed in late 2019 between
the Saudi firm, China’s North Huajin Chemi- MEOG: Iran boosts smaller fields
cal Industries Group Corp. and local govern- National Iranian Oil Co. (NIOC) subsidiaries
ment-owned Panjin Xincheng Industrial Group. have said that new wells have been launched at
the Danan oilfield, with a contract signed for the
EurOil: Sturgeon says extra North Sea expansion of Masjid Soleyman, the region’s old-
hydrocarbons not the answer est field. Meanwhile, Petroleum Engineering and
Scottish First Minister Nicola Sturgeon says Development Co. (PEDEC) CEO Abuzar Sharifi
ramping up North Sea oil and gas output is not announced that NIOC had signed a memoran-
a short-term solution to Europe’s significant dum of understanding (MoU) on the second
dependency on Russian gas. The UK and US are phase of development.
banning imports of Russian oil, while the EU
aims to cut its use of Russian gas by two thirds NorthAmOil: ExxonMobil reportedly con-
within a year, in light of the invasion of Ukraine. sidering Bakken sale
ExxonMobil is reportedly considering a sale of
FSU OGM: UK puts sanctions on Gazprom its assets in North Dakota’s Bakken play. Sources
and Rosneft CEOs familiar with the matter told Bloomberg that the
The UK has slapped sanctions on the CEOs of super-major had been approached by interested
Russia’s largest oil and gas producers Rosneft and parties. According to the sources, ExxonMobil
Gazprom over Moscow’s invasion of Ukraine. could receive up to $5bn for the assets. ™

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P18 www. NEWSBASE .com Week 11 16•March•2022