Page 21 - AsianOil Week 46

AsianOil NRG AsianOil

year but up 40% quarter on quarter. Oil prices buyers to sell almost half of its output from a
slumped in March and April, only to recover in proposed terminal on the Gulf Coast. Telluri-
the subsequent months, thanks to a recovery an’s planned Driftwood LNG facility was dealt
in fuel demand after historic lows during lock- a blow this year when previous talks with India’s
downs, as well as OPEC+ cuts to supply. Petronet failed to result in a supply deal amid the
These cuts led Rosneft to reduce its overall global downturn in LNG demand and prices.
hydrocarbon output by 9.5% in the first nine Last week, Tellurian’s chairman, Charif Souki,
months of the year to 5.232mn barrels of oil told Bloomberg that his company had other
equivalent per day (boepd). This was led by a potential customers interested in buying 12mn
10% drop in oil and condensate output to 155mn tonnes per year (tpy) of output from Driftwood.
tonnes (4.14mn barrels per day). The facility would produce 27.6mn tpy in total if
it goes ahead.
If you’d like to read more about the key events shaping According to Souki, the deals would be final-
the former Soviet Union’s oil and gas sector then please ised during the first half of 2021, with construc-
click here for NewsBase’s FSU Monitor. tion on the terminal beginning in the middle of
the year. He also said Tellurian would no longer
GLNG: Projects moving forward will employ memorandums of understanding
Various LNG projects around the world are tak- (MoUs) as a precursor to more in-depth talks,
ing steps forward despite an increasingly chal- after the failure of the company’s MoU with Petr-
lenging market. Among those making progress onet to lead to a firm deal.
in recent days is the Papua LNG project, which For now, Total remains Driftwood’s only cus-
received a major boost last week after the Papua tomer, so on top of Papua LNG progress, Souki’s
New Guinea (PNG) government passed six comments come as welcome news for the French
pieces of legislation that allow operator Total to company.
proceed with the $20bn development.
PNG Prime Minister James Marape said If you’d like to read more about the key events shaping
Total would send a delegation to the country in the global LNG sector then please click here for
the coming weeks for talks on how the project NewsBase’s GLNG Monitor.
would proceed, and talks are reportedly also
planned with the other partners. Latin America: Brazil launches Marlim sale
Elsewhere in the world, US-based Tellurian In Brazil, the national oil company (NOC) Petro-
is reportedly in talks with unidentified Asian bras has launched the teaser stage for its planned

Week 46 19•November•2020 www. NEWSBASE .com P21