Page 7 - FSUOGM Week 43

FSUOGM NEWSBASE’S ROUNDUP GLOBAL (NRG) FSUOGM

NRG: Time for guarded optimism

Developments over the past week suggest that while

uncertainty about demand and prices persists, optimism is
returning and there are signs of a ramp up in dealmaking.

GLOBAL WELCOME to the latest edition of NewsBase’s following the signing of a ceasefire agreement
Roundup Global (NRG), in which our team of between the UN-backed Government of National
international editors provide you with a snap- Accord (GNA) and the Libyan National Army
shot of some of the key issues affecting their (LNA) headed by Khalifa Haftar. According to
regional beats. Get the NRG Oil & Gas Editor’s Stephanie Williams, the UN’s Acting Special Rep-
Picks to your inbox every week for free. Just sign resentative for Libya, the accord should allow the
up here. Ras Lanuf and Es Sider export terminals to resume
In this week’s NRG our editors highlight prom- operations soon.
ising signs of progress in Africa, Brazil and the Rus- In Angola, Minister of Mineral Resources,
sian Arctic, developments in natural gas by China’s Petroleum and Gas Diamantino Azevedo has said
CNOOC and a re-evaluation by Saudi Aramco of that stemming production declines is the most
its Yanbu oil-to-chemicals complex. Meanwhile, important task for the country’s oil industry amidst
the efforts to move towards cleaner energy are hav- the coronavirus (COVID-19) pandemic. In the
ing an impact; one of these efforts involved LNG “Angola COVID-19 Response,” a report published
and the discussion on this spills over to the compet- last week by Africa Oil & Power (AOP), Azevedo
ing angles of price-sensitivity and lowering carbon stated that his ministry had developed a four-part
emissions. A spotlight falls on Qatar’s LNG, while plan for supporting the upstream oil sector going
major deal moves in Canada also feature. forward.
Meanwhile in East Africa, two upstream deals
Africa: Production concerns and upstream have moved closer to the finishing line. In Tanza-
deals nia, Aminex (UK) has finalised its farm-out deal
Two of Africa’s largest oil producers, Libya and for the Ruvuma licence area with ARA Petroleum
Angola, are focusing on production-related mat- of Oman. As a result, ARA Petroleum Tanzania
ters this week. (APT) now has a 75% stake in the project and will
As of last week, Libya’s National Oil Corp. serve as operator.
(NOC) had succeeded in bringing crude oil out- In Uganda, Tullow Oil (UK/Ireland) has cleared
put up to 500,000 barrels per day. Yields have now all of the “government-related conditions related to
topped 560,000 bpd and are set to rise even further, closing” its deal with Total (France). As a result, the

Week 43 28•October•2020 www. NEWSBASE .com P7