Page 16 - FSUOGM Week 12 2021

FSUOGM NEWSBASE ROUNDUP GLOBAL (NRG) FSUOGM

NewsBase Roundup Global (NRG)

Welcome to NewsBase’s Roundup Global GLNG: Russia’s Long-Term Strategy And A
NRG (NRG), in which the reader is invited to join US Project Scrapped
our team of international editors, who provide a Russia approved a long-term LNG strategy this
snapshot of some of the key issues affecting their week, targeting up to a three-fold increase in pro-
regional beats. We hope you will like NRG's new duction to 140mn tonnes per year (tpy) by 2035.
concise format, but by clicking on the headline Several Russian LNG projects are in various
link for each section the full text will be available stages development, mainly led by Novatek and
as before. Gazprom.
Meanwhile, in the US the field of new export
AfrOil: Pros And Cons Of PIB terminal proposals continues to thin, with
Obo Idornigie, vice-president of sub-Saharan Annova LNG scrapping its project in South
African research for Welligence Energy Ana- Texas this week.
lytics, recently discussed the strengths and
weaknesses of Nigeria’s Petroleum Industry Bill LatAmOil: Disappointment Offshore Suri-
(PIB) with AfrOil. He praised the legislation for name
establishing a stronger foundation for the devel- Tullow Oil (UK/Ireland) and its partners in
opment of Nigeria’s abundant reserves of natural Block 47 offshore Suriname have finished
and associated gas, as well as crude oil. drilling the Goliathberg Voltzberg North-1
(GVN-1) exploration well without making a
AsianOil: Velesto Wins Drilling Contracts commercial discovery. In a statement, Tullow
From Petronas said the well had encountered a good-quality
Malaysia’s state-owned Petronas has awarded reservoir but registered only minor shows of
drilling contracts for up to six shallow-water crude oil.
wells to local service provider Velesto Energy. Accordingly, GVN-1 will now be plugged
Velesto said in a stock exchange filing on March and abandoned. Tullow will then work with
19 that wholly owned subsidiary Velesto Drilling its partners, Pluspetrol (Argentina) and Ratio
had won two contracts worth more than $20mn Petroleum (Israel), to “assess the data gathered
for the NAGA 2 and NAGA 5 jack-up rigs. from the well and carefully consider [the] next
NAGA 2 can operate in water depths of up to steps,” the statement said.
350 feet (107 metres) and is capable of drilling
to a depth of 30,000 feet (9,144 metres), while MEOG: Aramco’s Results And Iraq’s
NAGA 5 can operate in up 400 feet (122 metres) Budget
of water and drill to 30,000 feet. Finance took centre stage in the Middle East
this week as Saudi Aramco announced its 2020
DMEA: Jazan Launch And Nigerian Scrutiny results and Iraq’s parliament postponed a vote on
Two refineries that have previously faced com- the country’s budget by a week.
plications made the news this week for very dif- Aramco’s results made for fascinating read-
ferent reasons. ing, with the company posting massive profits
In Saudi Arabia, state oil firm Aramco despite a $39bn reduction in net income on the
announced that operations had begun at its back of the coronavirus (COVID-19) pandemic.
Jazan refinery on the Red Sea coast near the Impressively, having fulfilled its $75bn dividend
border with Yemen. While the facility has obligation it ended the year with more cash in
come on stream at around 200,000 bpd, it will the bank than it started with
soon ramp up to full capacity of 400,000 bpd
with crude for the remote unit being shipped NorthAmOil: Decarbonisation In The Spot-
around the Arabian Peninsula from Ras light For Oil Sands Players
Tanura. Its location has seen the refinery tar- Two leading Canadian oil sands producers –
geted by Yemen’s Houthi militia, while Aramco Suncor Energy and Imperial Oil – are in the
last year redrew plans for the facility’s shipping news for reasons related to decarbonisation. See the archive and
berths, causing work on major units to be In Suncor’s case, the company announced sign up to receive
halted and the location of already constructed last week that it was investing in Svante, a carbon *NRG Editor’s Picks*
units to be moved. capture technology company, as it seeks ways to for free by email each
offset greenhouse gas (GHG) emissions from week here
Euroil: Ineos Picks Up Danish Assets For its oil and gas operations. Imperial, for its part,
$150mn has urged investors to vote against a shareholder
The UK’s Ineos announced on March 18 it proposal to set a target of net zero emissions on
had reached a deal to buy the Danish arm of a company-wide basis by 2050. The vote will
US oil firm Hess for $150mn. take place at Imperial’s annual meeting in May,
The move comes months after Ineos after the motion was put forward by Aequo
closed its $5bn takeover of BP’s petrochem- Shareholder Engagement Services on behalf
icals division. Ineos also controls upstream of Quebec group retirement system company
assets off Denmark, Norway and the UK. Batirente.™

P16 www. NEWSBASE .com Week 12 24•March•2021