Page 8 - GLNG Week 37

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consortium’s long-term foreign and local cur- feet (28mn cubic metres) of gas has now been
rency ratings have remained stable at BB-, but captured. The project will allow the company to
Fitch expects that the fall in global gas prices will reduce its carbon intensity to 7 kg of CO2e for
have a negative effect on its earnings. each barrel of oil equivalent (boe) produced.
Meanwhile, Venezuela claims to have caught
a US operative in the act of spying on the 971,000 If you’d like to read more about the key events shaping
bpd Paraguana Refining Centre in Falcón State. the Middle East’s oil and gas sector then please click
President Nicolas Maduro made an announce- here for NewsBase’s MEOG Monitor.
ment to this effect on September 11 and added
that Venezuelan authorities had recently foiled a North America: Another storm brewing
plot aimed at halting operations at the El Palito Producers and refiners shut operations in the US
refinery in Carabobo State. Gulf of Mexico and on the Gulf Coast this week
Maduro was speaking the day after Reuters ahead of Hurricane Sally passing through the
reported that at least two Iranian-flagged tankers region and making landfall in Alabama on Sep-
appeared to be heading towards Venezuela. Iran tember 16. The storm is the second in less than
successfully delivered five cargoes of gasoline four weeks to result in shut-downs and evacu-
to the South American country in late May and ations after Hurricane Laura passed through
early June, but its next attempt failed, as the US the Gulf and made landfall in Louisiana in late
seized four vessels loaded with Iranian fuel in August as a Category 4 storm.
August. The US government has imposed sanc- Efforts to clean up damage from Laura are
tions on both Iran and Venezuela. still ongoing in the Lake Charles area.
The US Bureau of Safety and Environmental Venezuela claims
If you’d like to read more about the key events shaping Enforcement (BSEE) reported that as of Sep-
the Latin American oil and gas sector then please click tember 14, personnel had been evacuated from to have caught a
here for NewsBase’s LatAmOil Monitor . a total of 147 production platforms, or 22.86% of
the 643 manned platforms in the Gulf. Three rigs US operative in
Priorities and progress in the Middle East – or 30% of the 10 non-dynamically positioned
State-owned Kuwait Oil Co. (KOC) this week rigs had also been evacuated, while two had the act of spying
cancelled an 11-well drilling project in the north moved off location and out of the storm’s path. on the 971,000
of the country as it faces challenging headwinds By September 16, personnel had resumed
from the coronavirus (COVID-19) pandemic, returned to some of the platforms that had been bpd Paraguana
depressed demand and weak oil prices. However, evacuated earlier in the week. However, the
it’s not all bad news in the Western Gulf, as a ten- BSEE estimated that around 27.48% of Gulf oil Refining Centre in
der was launched for the construction of facili- production and roughly 29.70% of the region’s
ties related to Kuwait’s Jurassic gas development. gas output was still shut in as of that morning. Falcón state.
Both of the projects relate to vast northern This equates to 508,366 barrels per day (bpd) of
deposits that have been planned for develop- oil and 805mn cubic feet (22.8 mcm) per day of
ment for years. However, the thinking behind gas that has been taken offline.
the move is that the cost-intensiveness of devel- The Louisiana Offshore Oil Port (LOOP), the
oping heavy oil makes that project less viable US’ sole offshore export terminal, suspended the
than the expansion of gas capabilities that can loading of tankers on September 13, with the
generate electricity, allowing for greater volumes onshore Port of New Orleans shutting the fol-
of crude to be exported. lowing day.
Progress continued elsewhere in the region The outages helped prop up crude prices,
with Abu Dhabi National Oil Co. (ADNOC) which had been declining again recently amid
awarding two significant engineering, procure- strengthening supply and weak demand. Indeed,
ment and construction (EPC) contracts for work the US and Canada are among the countries
at its Jebel Dhanna Terminal, and Iran carrying whose recovering oil production has been con-
out important maintenance at the offshore South tributing to recent price weakness.
Pars gas field.
Meanwhile, Norway’s DNO announced If you’d like to read more about the key events shaping
a milestone at its Peshkabir gas capture and the North American oil and gas sector then please click
injection project, announcing that 1bn cubic here for NewsBase’s NorthAmOil Monitor .™

P8 www. NEWSBASE .com Week 37 18•September•2020