Page 10 - AfrOil Week 01 2021

AfrOil NEWSBASE’S ROUNDUP GLOBAL (NRG) AfrOil

NRG: Energy markets edge

cautiously into a new year

Concerns about energy demand and OPEC+ production quotas continue

to exert pressure on oil prices, despite the debut of the COVID-19 vaccine

COMMENTARY WELCOME to the latest edition of NewsBase’s licensing rounds, while Iraq’s government has
Roundup Global (NRG), in which our team of passed a budget for 2021 and Europe has marked
international editors provide you with a snap- the launch of two new import routes for natural
shot of some of the key issues affecting their gas. But on a less optimistic note, unrest in Mozam-
regional beats. Get the NRG Oil & Gas Editor’s bique is posing risks for LNG projects, and Ethiopia
Picks to your inbox every week for free. Just sign is scrapping a controversial $3.6bn gas-to-liquids
up here. (GTL) deal with a US-based company. Meanwhile,
Global oil and gas markets entered 2021 on a BP and its partners have drilled a dry hole offshore
cautious note, driven by concern over the possibil- West Australia.
ity that new lockdowns to combat the coronavirus
(COVID-19) pandemic might dampen energy AsianOil: BP’s dry hole offshore WA
demand and by disputes between members of the UK super-major BP’s Ironbark-1 exploration
OPEC+ group over the question of when to lift well offshore Western Australia has turned out
crude production quotas. Nevertheless, bearish to be a dry hole, the developer’s junior partners
sentiments have not been overly strong, as the roll- announced last week. Cue Energy Resources,
out of the COVID-19 vaccine has helped fuel opti- Beach Energy and New Zealand Oil and Gas
mism about the prospects for economic recovery. (NZOG) revealed on December 29 that “no sig-
Industry developments have also been a mixed nificant hydrocarbon shows” had been encoun-
bag. On the positive side, Africa’s two largest tered. As such, BP intends to plug and abandon
oil-producing states are moving ahead with new the well in line with pre-drill planning.

P10 www. NEWSBASE .com Week 01 06•January•2021