Page 18 - MEOG Week 10 2022

MEOG NEWSBASE ROUNDUP GLOBAL (NRG) MEOG

NewsBase Roundup Global (NRG)

NRG WELCOME to NewsBase’s Roundup Global average for the day was €227.
(NRG), in which the reader is invited to join
our team of international editors, who provide a FSUOGM: Russian profits for Ukrainian aid
snapshot of some of the key issues affecting their Shell announced on March 5 it was placing all
regional beats. profits that it earns from Russian oil it purchases
We hope you enjoy NRG’s new concise for- into a fund that will go towards humanitarian aid
mat, but by clicking on the headline link for each in Ukraine, after drawing criticism for purchas-
section the full text will be available as before. ing a discounted cargo of Russian Urals blend.
Shell is one of several international oil com-
AfrOil: Libyan output drops by 330,000bpd panies (IOCs) that have announced their intent
Libya’s oil production has reportedly sunk by to leave Russia in response to Moscow’s actions
about 330,000 barrels per day (bpd) following in Ukraine.
the shutdown of two major sites:
Sharara, the country’s biggest oilfield, and GLNG: Venture expands Shell partnership
El Feel. Sharara usually yields around 270,000- Venture Global LNG announced on March 7
300,000 bpd of oil, while El Feel produces up that it had struck a new long-term sales and pur-
to 70,000 bpd but may have been operating chase agreement (SPA) with Shell for offtaking
below full capacity when production stopped from its proposed Plaquemines liquefaction ter-
on March 3. minal on Louisiana’s Gulf Coast.
The 20-year deal covers 2mn tonnes per
AsianOil: Outage at Malaysia LNG Satu year and brings Shell’s total long-term offtake
An unplanned outage was reported at the Malay- commitments from Venture Global’s terminals
sia LNG (MLNG) Satu – part of the country’s to 4mn tpy. Shell’s existing contract with Ven-
nine-train Bintulu LNG complex – last week. ture Global covers 2mn tpy from its newly built
The outage is reported to have resulted from Calcasieu Pass LNG terminal, also in Louisi-
a leak that led to the second train being taken ana, which shipped its first cargo at the start of
offline. Argus Media cited some term offtakers March.
from the facility as saying the train went offline
on March 2 and would be returned to service on LatAmOil: Tradener makes Bolivia deal
March 14. Tradener has become the first privately owned
Brazilian firm to buy natural gas directly from
DMEA: Different approaches to refining Bolivia, without the national oil company
This week’s DMEA covers Iranian efforts to (NOC) Petrobras acting as an intermediary.
increase the country’s refining capabilities, while In a statement, Tradener said it had signed a
Israel looks to close its Haifa facilities for good. contract with YPFB, Bolivia’s NOC, for the pur-
Iran’s Ministry of Petroleum (MoP) chase of 2.2mn cubic metres per day of gas over
announced this week that it has received budg- a period of two years.
etary approval to add 300,000 barrels per day
(bpd) of refining capacity, with private sector NorthAmOil: US bans Russian oil imports
and foreign investment likely to be sought. US President Joe Biden announced on March 8
that his country was banning imports of Russian
EurOil: Gas prices skyrocket amid conflict oil and gas, as well as coal. This comes as the US
The front-month gas price at the Dutch TTF tightens its sanctions against Russia in response
hub spiked at close to $4,000 per 1,000 cubic to Moscow’s invasion of Ukraine.
metres on March 7, amid the escalating conflict In a statement, the White House described
in Ukraine that has built on top of an existing the move as a “a significant action with wide-
energy crunch crisis in Europe. spread bipartisan support that will further
The April contract at the hub briefly settled deprive President Putin of the economic
at €345 per 1,000 cubic metres at around 08:30 resources he uses to continue his needless war
GMT, equivalent to $3,990 per cubic metres. Its of choice”.™

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P18 www. NEWSBASE .com Week 10 09•March•2022