Page 15 - AsianOil Week 22

AsianOil NEWSBASE’S ROUNDUP GLOBAL (NRG) AsianOil

NRG: Some forward momentum,

but overall restraint

Despite the relative stability of crude prices in recent days, more news
of activity cutbacks, earnings losses and demand weakness continues

to come in, and all eyes turn to the forthcoming OPEC+ meeting

NRG WELCOME to the fourth edition of NewsBase’s African countries moving ahead
Roundup Global (NRG), in which our team of Two African countries have taken a step this week
international editors provide you with a snap- towards launching long-delayed investment
shot of some of the key issues affecting their initiatives.
regional beats. Get the NRG Oil & Gas Editor’s In Nigeria, the Department of Petroleum
Picks sent to your inbox every week for free. Just Resources (DPR) has launched a new licensing
sign up here. round for marginal fields after a delay of more
Crude prices have remained relatively stable than 10 years. The auctions will cover 57 fields in
over the past week, with both Brent and West Texas the onshore, swamp and shallow-water offshore
Intermediate (WTI) staying above $30 per barrel, zones, and they will be open to both domestic
and Brent even edging closer to $40 per barrel. and foreign investors. The DPR hopes to wrap
However, this relative stability comes as a result of up the bidding process before the end of the year.
extensive cuts to supply, and all eyes will be on this In Uganda, Tullow Oil (UK/Ireland) has
week’s OPEC+ meeting, where the group will con- taken another step towards finalising the sale
sider extending its cuts into July or August. of its stakes in several blocks near Lake Albert
In the meantime, there is still plenty of news of to Total (France). The company reported last
weak demand, earnings losses and various play- week that China National Offshore Oil Corp.
ers scaling back activity in response to market (CNOOC), the other shareholder in the blocks,
conditions. Some signs of forward momentum has decided against exercising its right to buy
are emerging, but such steps are being taken with half of the stakes in question on the same terms
caution. as Total. This decision clears the way for Tullow

Week 22 04•June•2020 www. NEWSBASE .com P15