Page 14 - MEOG Week 11 2022

MEOG NEWSBASE ROUNDUP GLOBAL (NRG) MEOG

NewsBase Roundup Global (NRG)

NRG WELCOME to NewsBase’s Roundup Global to reduce its use of Russian gas by two thirds
(NRG), in which the reader is invited to join within a single year, in light of Moscow’s inva-
our team of international editors, who provide a sion of Ukraine.
snapshot of some of the key issues affecting their
regional beats. FSUOGM: Sanctions for Russian CEOs
We hope you enjoy NRG’s new concise for- The UK has slapped sanctions on the CEOs of
mat, but by clicking on the headline link for each Russia’s largest oil and gas producers Rosneft and
section the full text will be available as before. Gazprom over Moscow’s invasion of Ukraine.
Foreign Secretary Liz Truss announced a
AfrOil: Eni, BP finalise Angola JV plan package of sanctions on March 10 in response
Eni and BP have finalised an agreement first to the escalating conflict in Ukraine, includ-
announced in May 2021 to form an independent ing an asset freeze and travel ban measures on
joint venture in Angola. seven of Russia’s wealthiest and most influential
The new company, Azule Energy, will com- oligarchs, all of which have close ties to Russian
bine all of the Italian and British energy majors’ President Vladimir Putin.
businesses in the African country and will be
managed independently. GLNG: China resells US LNG cargoes
China is reported to have resold a handful of
AsianOil: Seoul approves oil release US LNG cargoes to Europe as price trends and
The South Korean government last week gave Russia’s war in Ukraine continue to reroute trade
the green light to release more than 4mn barrels flows.
of oil from the country’s Strategic Petroleum This also marks the continuation of a trend
Reserve. The release follows a decision taken ear- that emerged at the start of this year, whereby
lier this month alongside the 30 other member Chinese oil and gas companies are seeking to
countries of the International Energy Agency resell excess cargoes of LNG in markets where
(IEA), who agreed to a co-ordinated release of they would fetch a higher price.
60mn barrels of crude from SPRs worldwide.
LatAmOil: Eco to expand in Guyana
DMEA: Aramco takes Panjin FID UK-based Eco (Atlantic) Oil & Gas said on
This week’s DMEA covers Saudi Aramco’s March 14 that it had expanded its foothold in
investment decision on the development of a Guyana’s offshore zone by striking an agreement
major integrated downstream unit in China. on the acquisition of JHI Associates, a Canadian
The company said last week that it had taken company that holds a 17.5% working interest in
a final investment decision on the establishment the Canje block.
of an integrated refinery and petrochemical In a statement, Eco Atlantic said it had signed
complex in north-eastern China in collabora- a commercially binding term sheet to acquire
tion with local partners. 100% of JHI, including its cash and capital bal-
The Huajin Aramco Petrochemical Co. ances as well as its equity stake in Canje.
(HAPCO) was formed in late 2019 between the
Saudi firm and China’s North Huajin Chemi- NorthAmOil: ExxonMobil mulls Bakken sale
cal Industries Group Corp. and local govern- ExxonMobil is reportedly considering a sale of
ment-owned Panjin Xincheng Industrial Group. its assets in North Dakota’s Bakken play.
Citing sources familiar with the matter,
EurOil: Sturgeon dismisses North Sea push Bloomberg reported that the super-major had
Scottish First Minister Nicola Sturgeon has said been approached by interested parties. Accord-
that ramping up North Sea oil and gas produc- ing to the sources, ExxonMobil could receive up
tion is not a short-term solution to Europe’s sig- to $5bn for the assets. And one of the sources
nificant dependency on Russian gas. added that the company was in the final round
The UK and US are banning imports of of interviewing banks to help launch a sale
Russian oil, while the EU has ambitious plans process.™

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