Page 15 - MEOG Week 07 2023

MEOG NEWSBASE ROUNDUP GLOBAL (NRG) MEOG

NewsBase Roundup Global (NRG)

NRG WELCOME to NewsBase’s Roundup Global FSUOGM: Russian gas flow dips to low
(NRG), in which the reader is invited to join Russian pipeline gas flowing to Europe dipped
our team of international editors, who provide a to a record low in January, down 30% compared
snapshot of some of the key issues affecting their with supplies in December, while experts warn
regional beats. By clicking on the headline link that there could be significant further downside
for each section the full text will be available. risk to the country’s deliveries.
Europe has enjoyed unseasonably high
AfrOil: Italy, Libya sign $8bn gas deal temperatures in recent weeks, and with ample
Italian Prime Minister Giorgia Meloni arrived LNG supply and gas volumes in storage, this has
in Libya on January 28 to sign a natural gas sup- resulted in prices dropping to their pre-Ukraine
ply deal with the state-owned oil company, after war levels, despite the steep drop in Russian
visiting Algeria the previous week for the same deliveries.
purpose.
She was accompanied by Claudio Descalzi, GLNG: China LNG imports to rebound
the CEO of Italy’s Eni, and Italian Foreign Min- China’s liquefied natural gas imports are pro-
ister Antonio Tajani. jected to recover in 2023 to between 70mn and
72mn tonnes, marking a 9% to 14% rise from
AsianOil: Philippines greenlights LNG unit 2022, analysts at Rystad Energy, Wood Macken-
Authorities in the Philippines announced on zie and ICIS told Reuters.
January 27 that they have greenlit the devel- In 2022, LNG imports to China fell 20% year
opment of a $67mn small-scale LNG import on year to 64.4mn tonnes as strict Covid lock-
terminal to provide a source of fuel for power downs combined with increased use of natural
generation. gas from domestic production and pipeline
It is the seventh such facility to be approved. sources dinted the country’s appetite.
DMEA: Militia threatens Iraqi pipeline LatAmOil: AMLO to help Pemex
An Iraqi militant group with links to Iran this Mexico’s President Andres Manuel Lopez
week made vague threats to halt any effort to Obrador has indicated that his government
establish a pipeline route linking Basra with the is responding positively to requests from the
Red Sea. national oil company Pemex for assistance in
Various versions of plans to build a 1,600- covering financial obligations to holders of its
km conduit to carry crude oil from Iraq’s oil- securities.
rich Basra Governorate to the Red Sea port of Speaking to journalists on January 26, he
Aqaba have been on the drawing board since said Mexico City had formulated a plan to
1982, with political, technical and commercial ensure that Pemex could pay its debt amortisa-
concerns converging to derail progress. tions in 2023.

EurOil: CNOOC pauses UK asset sale NorthAmOil: Majors’ profits soar
China’s largest offshore oil and gas producer The US’s two largest oil companies have posted
CNOOC Ltd has put on hold the intended sale record profits as blowback continues, including
of its UK North Sea assets, Bloomberg reported from politicians and consumer groups, and in
this week. particular from US President Joe Biden. Exxon-
Initial offers for the portfolio did not live up Mobil reported profits of $55.7bn in 2022.
to CNOOC’s expectations, but a sale process Its previous record was $45.2bn in 2008,
could be resumed if market conditions improve, when oil was $142 a barrel, 30% higher than in
the news agency said, citing sources. 2022.™

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