Page 8 - FSUOGM Week 40

FSUOGM NEWSBASE’S ROUNDUP GLOBAL (NRG) FSUOGM

Oil enters choppy waters

Coronavirus cases are rising, but how great the impact will be on demand is uncertain

GLOBAL WELCOME the latest edition of NewsBase’s to complete the conversion 11 months behind
Roundup Global (NRG), in which our team of schedule. It also reported that UK-based BP, the
international editors reviews how the adoption operator of the project, had lifted its declaration
of hydrogen is progresssing in their regional of force majeure on Greater Tortue/Ahmeyim.
beats. Get the NRG Oil & Gas Editor’s Picks to Meanwhile, Mozambique LNG is moving
your inbox every week for free. Just sign up here. forward, as the Indian government has author-
Oil markets have been choppy over the past ised a subsidiary of Bharat Petroleum Corpo-
week, as traders have struggled to interpret what ration Ltd (BPCL) to contribute its share of
the rising numbers of coronavirus (COVID- investment in the project, which is expected
19) infections will mean for demand levels. The to carry a total price tag of $24bn. New Delhi
global tally for infections has topped 35mn, while gave the green light shortly after BPCL signed
deaths have exceeded 1mn. This has brought the a 15-year LNG supply deal with the French-led
recovery in oil consumption that began in June consortium.
to an end, raising the risk that some excess sup- On a less positive note, India’s Central Bureau
ply will have to be placed in storage during the of Investigation (CBI) has indicated that it
remaining months of the year. intends to investigate the company’s past actions
Oil prices rebounded by over 5% on Octo- regarding Mozambique LNG. The CBI’s probe
ber 5, after doctors said US President Donald will reportedly focus on the company’s decision
Trump could soon be discharged from the hos- in 2008 to purchase only half of the 20% stake
pital, where he is being treated for COVID-19. offered by Anadarko (US), which was then serv-
A strike by Norwegian oil workers that has led ing as operator of the group.
to the shutdown of six fields has also provided In related news, two international consortia
prices with some temporarily support. are talking about their production of LPG as
well as LNG. Angola LNG (ALNG) has released
Africa: Taking a look at LNG updated production data showing that propane
This week’s AfrOil takes a look at several African and butane accounted for more than 15% of its
LNG projects. total production in the month of August. For its
Golar LNG has struck a deal with BP revising part, Nigeria LNG (NLNG) is looking to expand
the schedule for converting the Gimi floating LPG production and promote domestic con-
LNG (FLNG) vessel into a floating produc- sumption of this fuel.
tion, storage and off-loading (FPSO) unit for
the Greater Tortue/Ahmeyim project offshore If you’d like to read more about the key events shaping
Mauritania and Senegal. In a statement, the Ber- Africa’s oil and gas sector, then please click here for
muda-registered company said it now expected NewsBase’s AfrOil Monitor.

P8 www. NEWSBASE .com Week 40 07•October•2020