Page 11 - FSUOGM Week 21

FSUOGM N R G FSUOGM
for loading at US terminals. Bloomberg has estimated that the number of US cargoes sched- uled for July loading that have been cancelled could be as high as 35-45, which would mark an increase compared to June.
If you’d like to read more about the key events shaping the global LNG sector then please click here for NewsBase’s GLNG Monitor.
Latin America’s hopes rising
Several Latin American countries appear to be optimistic about the future of oil and gas, despite the shocks the industry has suffered over the last two months.
Omar Gutierrez, the governor of the oil-pro- ducing Neuquen province in Argentina, has praised the government’s decision to introduce an artificially high domestic price floor, calling it “a great stimulus for investment, production and especially for the protection of jobs. Some indus- try observers believe that the new policy will do little to bring production back up to pre-pan- demic levels, though.
In Brazil, Royal Dutch Shell has begun drill- ing at Saturn, a new block in the offshore Santos Basin. The super-major remains upbeat about the potential of the pre-salt zone but believes Brazilian projects will have to fight hard to attract investment in the future.
Guyana, meanwhile, has named all 35 of the companies that have bid for the right to market the government’s share of oil from Liza, a field within the offshore Stabroek block. It has also said it will seek help from experts in evaluating bidders.
Jaguar E&P, an independent Mexican opera- tor, has drawn attention to “under-drilled” areas along the Gulf coast and in the northern parts of the country. According to Warren Levy, the company’s CEO, the northern Burgos Basin is particularly attractive because of its proximity to the US Permian basin.
In other news, Colombian officials are
working to address private companies’ concerns about high oil pipeline tariffs.
A representative of the National Hydrocarbons Agency (ANH) has said that the government may take the unprecedented step of intervening in the tariff regime, which is under the control of Ecopetrol’s Cenit subsidiary.
If you’d like to read more about the key events shaping the Latin American oil and gas sector then please click here for NewsBase’s LatAmOil Monitor.
Middle Eastern moves
Developments in Saudi Arabia and Iraq are at the forefront in this week’s MEOG.
The recent volatility of the oil market has encouraged these two countries to come together for major diplomatic and energy ini- tiatives. Saudi Arabia’s decision to appoint an ambassador to Baghdad and its leadership in a further bout of OPEC production cuts represent milestones in the evolving energy crisis.
The appointment of Mustafa al-Kadhimi as Iraq’s new prime minister has been covered in recent editions of MEOG. The new government’s latest move to tackle sections of the Iran-sup- ported PMU (Popular Mobilization Unit) could be a bellwether for a change in dynamics between Iraq and Iran; time will tell.
In the present uncertain economic envi- ronment, Saudi Arabia has taken various steps to reduce its potential exposure. For example, Saudi Aramco’s shipping division Bahri has put on hold plans to charter up to 12 tankers to carry LNG from Sempra Energy’s proposed export project in Texas, the final investment decision (FID) for which has been delayed to 2021.
Meanwhile, Kuwait and Saudi Arabia have agreed to suspend oil output from the joint off- shore Al-Khafji field until the end of June.
If you’d like to read more about the key events shaping the Middle East’s oil and gas sector then please click here for NewsBase’s MEOG Monitor.
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