Page 17 - LatAmOil Week 31 2021

LatAmOil NEWSBASE ROUNDUP GLOBAL (NRG) LatAmOil

NewsBase Roundup Global (NRG)

NRG Welcome to NewsBase’s Roundup Global shareholders comes after Shell reported its high-
(NRG), in which the reader is invited to join est quarterly profits since 2018.
our team of international editors, who provide a
snapshot of some of the key issues affecting their FSU OGM: Russia expands profit-based oil
regional beats. We hope you will like NRG’s new tax
concise format, but by clicking on the headline Russia plans to transfer around 25-30% of its oil-
link for each section the full text will be available fields to its new excess profit tax (EPT) system
as before. by the end of the year, Deputy Finance Minis-
ter Alexei Sazanov said on July 30. Moscow
AfrOil: Eni loses appeal against Ghanaian launched the EPT system in 2019, envisaging it
court ruling as an eventual replacement of the export duties
Italy’s Eni has lost its appeal against a previous and mineral extraction tax (MET) that has long
court decision ordering its local subsidiary, Eni served as the primary way that Russia collects tax
Ghana Exploration, to turn over some of the receipts from its oil resources.
money it was earning from the sale of oil from
the offshore Sankofa field. The Italian major had GLNG: Tellurian in offtake deal with Shell
hoped to overturn this ruling, which was issued US LNG developer Tellurian announced last
in late June. week that it had signed a sales and purchase
agreement (SPA) with Royal Dutch Shell for
AsianOil: Santos/Oil Search merger to offtake from its planned Driftwood LNG export
create new upstream powerhouse terminal in Louisiana. The SPA is the third that
Australia-listed independents Santos and Oil Tellurian has finalised in the past 10 weeks and
Search’s proposed merger, first revealed last brings the company’s total offtake commitments
month, is back on track after Santos compro- to 9mn tonnes per year – covering almost all of
mised over ownership stakes. The two sides said Driftwood’s first phase of 9.2mn tpy.
on August 2 that Oil Search had agreed to Santos’
revised proposal, which would see the former MEOG: Iraq backtrack and Jurassic bids
take a 38.5% interest in what is set to become not Iraq’s Oil Minister said this week that Russian
just Australia’s largest oil and gas producer but oil firm Lukoil was retracting its plan to sell
also one of the world’s top 20 producers. its 75% stake in the technical service contract
(TSC) for the West Qurna-2 oilfield to Chinese
DMEA: Baiji strike and Nigerian losses companies. Meanwhile, state-owned Kuwait Oil
Iraq’s refinery at the northern city of Baiji came Co. (KOC) is reported to have set a September 1
under attack again this week when it was struck deadline for bids to construct facilities for Juras-
by a rocket. Meanwhile, the state-owned Nige- sic gas production in the north of the country.
rian National Petroleum Corp. (NNPC) this
week provided its financial statements for the 13 NorthAmOil: Crude oil prices boost
months to February 2021, which showed that it second-quarter performances
made a loss in each of those months as refinery Oil and gas companies across North America
utilisation remained at 0%. are reporting improved performances for the
second quarter of 2021 thanks to stronger crude
EurOil: Shell boosts investor appeal and natural gas prices. The results are also better
Royal Dutch Shell has continued efforts to boost year on year, given that Q2-2020 saw the peak of
its investor appeal, announcing on July 29 that it the first wave of the coronavirus (COVID-19),
would buy back $2bn of shares and raise its divi- when much of the world went into lockdown
dend by 40%. The promise of greater rewards to and US oil prices briefly turned negative. ™

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