Page 8 - LatAmOil Week 03 2021

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The general manager of Bangladesh’s Rupanta- EurOil: TechnipFMC split back on track
rita Prakritik Gas, Rafiqul Islam, commented: Franco-American oil services group Technip-
“LNG prices have gone crazy ... For the last few FMC revealed earlier this month that it was
tenders, we didn’t get any response from suppli- resuming plans to split itself into two independ-
ers. We are continuing our efforts to buy from ent companies.
the spot market ... But it is very unlikely [we will TechnipFMC, formed four years ago through
get] get competitive prices in this highly volatile the merger of Technip and FMC, launched plans
market.” to separate its engineering and construction
activities from its oil services and technology
If you’d like to read more about the key events shaping business in August 2019. But it put the process
Asia’s oil and gas sector then please click here for on hold in March last year because of the market
NewsBase’s AsianOil Monitor. turmoil created by the coronavirus (COVID-19)
pandemic.
DMEA: Qatar raises climate ambitions Work on the separation is once again under-
Qatar Petroleum (QP) launched a new sus- way and should be completed in the first quarter
tainability strategy last week, targeting a 25% of this year, TechnipFMC said in a statement on
reduction in the emissions intensity of its LNG January 7. Technology and services will remain
facilities by 2030. under the TechnipFMC name, while the newly
The national gas company is among a number formed Technip Energies will handle engineer-
of LNG exporters across the world taking steps ing and construction.
to address their environmental impact, as inves- Existing shareholders will receive 50.1% of
tors and buyers grow increasingly climate-con- stock in Technip Energies on a pro-rata basis.
scious. The world’s biggest LNG producer is also TechnipFMC will retain the rest, which it intends
looking to cut its upstream emissions by at least to divest “over time.” BpiFrance, already a major
15% and reduce flaring intensity by over 75% investor in TechnipFMC, will become a signif- TechnipFMC is
within ten years. It has set its emissions level in icant shareholder in Technip Energies through
2013 as a baseline for the cuts. a $200mn investment. The new business will be resuming plans
QP aims to sequester 7mn tonnes per year listed on the Euronext Paris bourse in France. to split itself into
(tpy) of CO2 by 2027. Its equity upstream emis- Meanwhile in Ireland, prospects for LNG
sions reached 28.1mn tonnes of CO2 equiva- imports have dimmed further after a prelim- two independent
lent in 2019, while total emissions were 39.1mn inary deal between US exporter NextDecade
tonnes. The company hopes to leverage its very and the port of Cork for a floating storage and companies
low costs to invest in CO2 without compromis- regasification unit (FSRU) expired at the end of
ing too much on its cost-competitiveness. last year. Doubts about the 4bn cubic metre per
In other news, Iraq has reported nearly dou- year project have been growing for years, amid
bling the capacity of the Sumood oil refinery in Irish authorities’ increasing aversion to the use
Baiji to 140,000 barrels per day (bpd) following of fossil fuels.
rehabilitation work. Eventually the government The Cork terminal is the second planned
wants to restore output to 310,000 bpd. LNG import project in Ireland to be axed. The
This was the plant’s capacity before it was country’s coalition government, established last
damaged during the ISIS invasion and occupa- summer and consisting of 12 Green Party mem-
tion beginning in 2014, and again when it was bers, later withdrew the 5 bcm per year Shannon
retaken by Iraqi government troops in 2015. LNG import facility from a shortlist of projects
eligible for EU grants. The fate of that project also
If you’d like to read more about the key events shaping looks sealed, after the High Court in Ireland in
the downstream sector of Africa and the Middle East, November ruled to annul all its development
then please click here for NewsBase’s DMEA Monitor. consents.

P8 www. NEWSBASE .com Week 03 21•January•2021