Page 7 - NorthAmOil Week 46

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ConocoPhillips is the only US-based major 155mn tonnes (4.14mn barrels per day).
left in Norway following the departure of Chev-
ron in 2018 and ExxonMobil the following year. If you’d like to read more about the key events shaping
Its main focus is the Greater Ekofisk Area, which the former Soviet Union’s oil and gas sector then please
consists of the Ekofisk, Eldfisk and Embla fields, click here for NewsBase’s FSU Monitor .
in the southern North Sea.
ConocoPhillips has a 65%interest in PL1009, GLNG: Projects moving forward
while PGNiG has 35%. The pair will “assess Various LNG projects around the world are tak-
the results of the discovery together with other ing steps forward despite an increasingly chal-
nearby prospects with a view to a potential devel- lenging market. Among those making progress
opment to existing infrastructure,” the NPD said. in recent days is Sempra Energy’s Energía Costa
Azul LNG scheme in Mexico, which became
If you’d like to read more about the key events shaping 2020’s first project to reach final investment deci-
Europe’s oil and gas sector then please click here for sion (FID) stage on November 17.
NewsBase’s EurOil Monitor . Meanwhile, the Papua LNG project received
a major boost last week after the Papua New
FSU: Rosneft returns to red Guinea (PNG) government passed six pieces of
The Russian oil giant Rosneft returned to a net legislation that allow operator Total to proceed
loss in the third quarter, on the back of ruble with the $20bn development. PNG Prime Min-
devaluation and low prices. ister James Marape said Total would send a del-
The company swung to its first net loss since egation to the country soon for discussions on
2012 in the first quarter after sustaining heavy the project, and talks are reportedly also planned
impairments but rebounded to profit in the with the other partners.
second quarter. The company suffered another Back in the Western Hemisphere, US-based
loss of RUB64bn ($800mn) in the third quarter, Tellurian is reportedly in talks with unidentified
though, owing to a weaker ruble. This compared Asian buyers to sell almost half of its output from
with a RUB225bn profit a year earlier. a proposed terminal on the Gulf Coast. Telluri-
Rosneft’s EBITDA performed better, arriving an’s planned Driftwood LNG facility was dealt a
at RUB366bn ($5bn) in the third quarter of 2020, blow this year when previous talks with India’s
beating a forecast by BCS Global Markets (BCS Petronet failed to result in a supply deal amid the
GM) by 6%. This is versus RUB544bn of earn- global downturn in LNG demand and prices.
ings in the same period of 2019 and RUB170bn Last week, Tellurian’s chairman, Charif Souki,
in the second quarter of 2020. Its net loss was told Bloomberg that his company had other
also 7% less than the Moscow-based brokerage potential customers interested in buying 12mn
projected. tonnes per year of output from Driftwood. The
Core earnings outperformed thanks to solid facility would produce 27.6mn tpy in total if it
free cash flow (FCF), BCS GM said. This “con- goes ahead.
firmed a significant recovery in the macroeco- According to Souki, the deals would be final-
nomic environment for Russian oil producers,” ised during the first half of 2021, with construc-
it said. “We consider this to be a positive for the tion on the terminal beginning in the middle of
stock.” the year. He also said Tellurian would no longer
Revenues totalled RUB1.44 trillion ($20.1bn) will employ memoranda of understanding
in the three-month period, down 42% year on (MoUs) as a precursor to more in-depth talks,
year but up 40% quarter on quarter. Oil prices after the failure of the company’s MoU with Petr-
slumped in March and April, only to recover in onet to lead to a firm deal.
the subsequent months, thanks to a recovery For now, Total remains Driftwood’s only cus-
in fuel demand after historic lows during lock- tomer, so on top of Papua LNG progress, Souki’s
downs, as well as OPEC+ cuts to supply. comments come as welcome news for the French
These cuts led Rosneft to reduce its overall company.
hydrocarbon output by 9.5% in the first nine
months of the year to 5.232mn barrels of oil If you’d like to read more about the key events shaping
equivalent per day (boepd). This was led by the global LNG sector then please click here for
a 10% drop in oil and condensate output to NewsBase’s GLNG Monitor .

Week 46 19•November•2020 www. NEWSBASE .com P7