Page 12 - NorthAmOil Week 24 2022

NorthAmOil NEWSBASE’S ROUNDUP GLOBAL (NRG) NorthAmOil

NewsBase’s Roundup Global (NRG)

GLOBAL WELCOME to NewsBase’s Roundup Global sanctions that target energy was put in place.
(NRG), in which the reader is invited to join Despite the West’s push to phase out Russian
our team of international editors, who provide a energy imports and deprive the Kremlin of
snapshot of some of the key issues affecting their money to finance its war in Ukraine, the coun-
regional beats. We hope you will like NRG’s new try’s export revenues were in fact up by almost
concise format, but by clicking on the headline link 40% year on year in May, on the back of soaring
for each section the full text will be available as global prices, data published by CREA shows.
before.
GLNG: Petronas plans to expand invest-
AfrOil: TotalEnergies makes FID on ments in LNG exports from Egypt to Europe
$850mn CLOV Phase 3 project Malaysia’s national oil company Petronas is plan-
Angola’s National Agency for Petroleum, Gas ning to take advantage of current strong demand
and Biofuels (ANPG) announced last week for liquefied natural gas exports from Egypt to
that France’s TotalEnergies had made a final Europe following the European Union’s deci-
investment decision on Phase 3 development at sion to invest in diversifying natural gas imports
CLOV, four offshore oilfields located within the away from Russia due the conflict in Ukraine. A
Block 17 licence area. In a statement dated June large delegation headed by Petronas President
10, ANPG said the FID cleared the way for the and Group CEO Tengku Muhammad met with
French major and its partners to spend $850mn Egyptian Minister of Petroleum Tarek El Molla
on the expansion of capacity at the Cravo, Lirio, to discuss making additional investments in
Orquidea and Violeta fields, which have been in LNG export opportunities in Egypt.
production since 2014. This additional capacity
will come on stream in 2024, it noted. LatAmOil: APA finds water in Rasper well
offshore Suriname
AsianOil: CPC receives Taiwan’s first cargo Houston-based APA Corp. has finished drilling
of carbon-offset crude the Rasper exploration well at Block 53 offshore
Taiwan’s CPC announced on June 12 that it had Suriname without finding any hydrocarbons. On
received the country’s first cargo of certified car- June 13, APA said in a statement that the Rasper
bon-offset crude. The cargo totalled 1.05mn bar- wildcat well had encountered only water-bearing
rels of oil and was delivered by the trading arm of reservoirs.
Azerbaijan’s state-owned SOCAR.
MEOG: NFE partner and Sakarya pipelay-
DMEA: Progress at Haditha refinery ing
Iraq’s state-owned North Refineries Co. (NRC) In MEOG this week, we cover the unveiling
has passed the half-way point in its project to of Qatar’s first IOC partner in its giant LNG
upgrade and expand capacity at the Haditha expansion project and the laying of pipes con-
refinery in Anbar Governorate. Speaking to local necting Turkey’s major offshore gas field to the
press this week, the refinery’s director, Hassan grid. Super-major TotalEnergies was named by
Mardi Abdulaziz, said that the “project comple- QatarEnergy as its first and main IOC partner in a
tion has exceeded 50%” as it works to more than joint venture formed to support the development
double capacity from the current level of 16,000 of its North Field East LNG development. Mean-
barrels per day. while, Turkish President Recep Tayyip Erdogan
announced that the Castoro 10 vessel has begun
EurOil: Norwegian oil strike averted laying pipes that will tie-back the flagship Black
Norwegian oil firms and employees have agreed Sea gas discovery ahead of first gas in early 2023.
in principle a new wage deal that will avert for
the time being a strike at nine fields that could NorthAmOil: BP exits oil sands, enters Bay
have had an impact on the country’s oil supply, du Nord via Cenovus deal
employers and unions said on June 12. Two of BP announced this week that it had reached an
the three unions that held talks with oil firms will agreement with Cenovus Energy that will see it
seek the consent of their members before for- relinquish its 50% stake in the Sunrise oil sands
mally approving the deal, according to Reuters. venture while farming into the undeveloped Bay
du Nord project offshore Newfoundland and
FSUOGM: Russian energy export revenues Labrador. Under the terms of the agreement,
up 40% in May despite sanctions Cenovus will pay BP CAD600mn ($463mn) plus
Russia’s revenue from energy exports in the first a variable payment with a maximum cumulative
100 days of the war amounted to €93bn, accord- value of CAD600mn expiring after two years, as
ing to a study by the Helsinki-based Centre for well as handing over its 35% stake in Bay du Nord.
Research on Energy and Clean Energy (CREA),
and the EU remains the largest buyer of Rus- See the archive and sign up to receive NRG Editor’s
sian gas and oil, even after the sixth package of Picks for free by email each week here.™

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