Page 12 - FSUOGM Week 37

FSUOGM NRG FSUOGM

last week that its outlook for Peru LNG, the oper- Meanwhile, Norway’s DNO announced
ator of a natural gas liquefaction plant and export a milestone at its Peshkabir gas capture and
terminal in Pampa Melchorita, was negative. The injection project, announcing that 1bn cubic
consortium’s long-term foreign and local cur- feet (28mn cubic metres) of gas has now been
rency ratings have remained stable at BB-, but captured. The project will allow the company to
Fitch expects that the fall in global gas prices will reduce its carbon intensity to 7 kg of CO2e for
have a negative effect on its earnings. each barrel of oil equivalent (boe) produced.
Meanwhile, Venezuela claims to have caught
a US operative in the act of spying on the 971,000 If you’d like to read more about the key events shaping
bpd Paraguana Refining Centre in Falcón State. the Middle East’s oil and gas sector then please click
President Nicolas Maduro made an announce- here for NewsBase’s MEOG Monitor.
ment to this effect on September 11 and added
that Venezuelan authorities had recently foiled a North America: Another storm brewing
plot aimed at halting operations at the El Palito Producers and refiners were shutting opera-
refinery in Carabobo State. tions in the US Gulf of Mexico and on the Gulf
Maduro was speaking the day after Reuters Coast this week as Hurricane Sally strength-
reported that at least two Iranian-flagged tankers ened and moved towards the region. The storm
appeared to be heading towards Venezuela. Iran is the second in less than four weeks to result
successfully delivered five cargoes of gasoline in shut-downs and evacuations after Hurricane
to the South American country in late May and Laura passed through the Gulf and made land-
early June, but its next attempt failed, as the US fall in Louisiana in late August as a Category
seized four vessels loaded with Iranian fuel in 4 storm. Venezuela claims
August. The US government has imposed sanc- Efforts to clean up damage from Laura are
tions on both Iran and Venezuela. still ongoing in the Lake Charles area. to have caught a
The US Bureau of Safety and Environmental
If you’d like to read more about the key events shaping Enforcement (BSEE) reported that as of Sep- US operative in
the Latin American oil and gas sector then please click tember 14, personnel had been evacuated from
here for NewsBase’s LatAmOil Monitor . a total of 147 production platforms, or 22.86% of the act of spying
the 643 manned platforms in the Gulf. Three rigs on the 971,000
Priorities and progress in the Middle East – or 30% of the 10 non-dynamically positioned
State-owned Kuwait Oil Co. (KOC) this week rigs – had also been evacuated, while two had bpd Paraguana
cancelled an 11-well drilling project in the north moved off location and out of the storm’s path.
of the country as it faces challenging headwinds The BSEE estimated that around 21.39% of Refining Centre in
from the coronavirus (COVID-19) pandemic, Gulf oil production and roughly 25.28% of the
depressed demand and weak oil prices. However, region’s gas output had been shut in. This equates Falcón state.
it’s not all bad news in the Western Gulf, as a ten- to 395,790 bpd of oil and 685.03mn cubic feet
der was launched for the construction of facili- (19.4 mcm) per day of gas that has been taken
ties related to Kuwait’s Jurassic gas development. offline.
Both of the projects relate to vast northern The Louisiana Offshore Oil Port (LOOP), the
deposits that have been planned for develop- US’ sole offshore export terminal, suspended
ment for years. However, the thinking behind the loading of tankers on September 13, with the
the move is that the cost-intensiveness of devel- onshore Port of New Orleans shutting the fol-
oping heavy oil makes that project less viable lowing day.
than the expansion of gas capabilities that can The outages may help prop up crude prices,
generate electricity, allowing for greater volumes which have been declining again recently amid
of crude to be exported. strengthening supply and weak demand. Indeed,
Progress continued elsewhere in the region the US and Canada are among the countries
with Abu Dhabi National Oil Co. (ADNOC) whose recovering oil production has been con-
awarding two significant engineering, procure- tributing to recent price weakness.
ment and construction (EPC) contracts for work
at its Jebel Dhanna Terminal, and Iran carrying If you’d like to read more about the key events shaping
out important maintenance at the offshore South the North American oil and gas sector then please click
Pars gas field. here for NewsBase’s NorthAmOil Monitor .™

P12 www. NEWSBASE .com Week 37 16•September•2020