Page 18 - DMEA Week 10 2022

DMEA NEWSBASE ROUNDUP GLOBAL (NRG) DMEA

NewsBase Roundup Global (NRG)

NRG WELCOME to NewsBase’s Roundup Global to leave Russia in response to Moscow’s actions
(NRG), in which the reader is invited to join in Ukraine.
our team of international editors, who provide a
snapshot of some of the key issues affecting their GLNG: Venture expands Shell partnership
regional beats. Venture Global LNG announced on March 7
We hope you enjoy NRG’s new concise for- that it had struck a new long-term sales and pur-
mat, but by clicking on the headline link for each chase agreement (SPA) with Shell for offtaking
section the full text will be available as before. from its proposed Plaquemines liquefaction ter-
minal on Louisiana’s Gulf Coast.
AfrOil: Libyan output drops by 330,000bpd The 20-year deal covers 2mn tonnes per
Libya’s oil production has reportedly sunk by year and brings Shell’s total long-term offtake
about 330,000 barrels per day (bpd) following commitments from Venture Global’s terminals
the shutdown of two major sites: to 4mn tpy. Shell’s existing contract with Ven-
Sharara, the country’s biggest oilfield, and ture Global covers 2mn tpy from its newly built
El Feel. Sharara usually yields around 270,000- Calcasieu Pass LNG terminal, also in Louisi-
300,000 bpd of oil, while El Feel produces up ana, which shipped its first cargo at the start of
to 70,000 bpd but may have been operating March.
below full capacity when production stopped
on March 3. LatAmOil: Tradener makes Bolivia deal
Tradener has become the first privately owned
AsianOil: Outage at Malaysia LNG Satu Brazilian firm to buy natural gas directly from
An unplanned outage was reported at the Malay- Bolivia, without the national oil company
sia LNG (MLNG) Satu – part of the country’s (NOC) Petrobras acting as an intermediary.
nine-train Bintulu LNG complex – last week. In a statement, Tradener said it had signed a
The outage is reported to have resulted from contract with YPFB, Bolivia’s NOC, for the pur-
a leak that led to the second train being taken chase of 2.2mn cubic metres per day of gas over
offline. a period of two years.
Argus Media cited some term offtakers from
the facility as saying the train went offline on MEOG: Iran talks up oil investment
March 2 and would be returned to service on The Iranian government this week said it would
March 14. invest $4bn in oil and gas projects in the south-
ern Khuzestan Province as the sums promised
EurOil: Gas prices skyrocket amid conflict for investment continue to spiral.
The front-month gas price at the Dutch TTF Meanwhile, the onshore-focused arm of
hub spiked at close to $4,000 per 1,000 cubic state-owned Abu Dhabi National Oil Co.
metres on March 7, amid the escalating conflict (ADNOC) this week announced the award of a
in Ukraine that has built on top of an existing contract to carry out enhanced oil recovery work
energy crunch crisis in Europe. at the Emirates’ key Bab oilfield.
The April contract at the hub briefly settled
at €345 per 1,000 cubic metres at around 08:30 NorthAmOil: US bans Russian oil imports
GMT, equivalent to $3,990 per cubic metres. Its US President Joe Biden announced on March 8
average for the day was €227. that his country was banning imports of Russian
oil and gas, as well as coal. This comes as the US
FSUOGM: Russian profits for Ukrainian aid tightens its sanctions against Russia in response
Shell announced on March 5 it was placing all to Moscow’s invasion of Ukraine.
profits that it earns from Russian oil it purchases In a statement, the White House described
into a fund that will go towards humanitarian aid the move as a “a significant action with wide-
in Ukraine, after drawing criticism for purchas- spread bipartisan support that will further
ing a discounted cargo of Russian Urals blend. deprive President Putin of the economic
Shell is one of several international oil com- resources he uses to continue his needless war
panies (IOCs) that have announced their intent of choice”.™

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P18 www. NEWSBASE .com Week 10 10•March•2022