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It suggested that a plant in Haiphong could start contracts for pilot projects that will involve
generating power at some point between 2025 hydraulic fracturing (fracking). Armando Zam-
and 2030. ora, the head of the national hydrocarbons reg-
The LNG industry is hoping that the market ulator ANH, said last week that the government
will have rebalanced by this point, with excess had invited companies to submit proposals and
supply being absorbed and demand rising again. hoped to sign deals by September or October.
Currently, the global oversupply of LNG contin- Fracking could help the country replenish its
ues to weigh on the market and depress prices. reserves and increase production.
The US Energy Information Administration In Argentina, Shell and its local partner, state-
(EIA) has predicted that exports of US LNG will owned YPF, suspended operations last week at
have dropped by 60% in July from their peak in the Bajada de Añelo block in Vaca Muerta, one of
January. the world’s largest shale formations. They did so
Meanwhile, Total’s president of gas, renew- in response to seismic activity in Neuquén Prov-
ables and power, Philippe Sauquet, has warned ince, near the Andes. No other fields have been Colombia is
that the cancellation of a growing number of car- affected, but other licence areas in Vaca Muerta
goes scheduled for loading this summer should have seen production fall this year as a result of gearing up to
serve as a warning that new LNG projects will shrinking demand stemming from the corona-
not automatically be profitable. virus pandemic. award contracts
Not that all LNG exporters in the US have Meanwhile, Bahamas Petroleum Co. (BPC) for pilot projects
been deterred. On June 15, US regulators continues to expand its regional footprint
approved Venture Global LNG’s request to pro- through acquisitions. The company has taken that will involve
ceed with limited site preparation for its pro- control of Columbus Energy, an independent
posed Plaquemines LNG terminal in Louisiana. operator that is working to develop onshore fracking
The company said it was planning to start early fields in Trinidad and Suriname. These assets,
construction work on Plaquemines in mid-2020 together with ongoing projects in The Baha-
before achieving financial close on the project mas and Uruguay, will turn BPC into an oil
late this year. and gas “champion” focusing on the Caribbean
Construction is also currently under way on and Atlantic margin, the company said in a
Venture Global’s Calcasieu Pass LNG project, statement.
also in Louisiana. Elsewhere in the region, Guyana has reported
that its second cargo of oil exports fetched
If you’d like to read more about the key events shaping around $35mn, or $20mn less than its first cargo,
the global LNG sector then please click here for News- which went to market in February. These reve-
Base’s GLNG Monitor. nues brought the sovereign wealth fund’s balance
up to nearly $95mn, according to government
Latin America’s unconventional concerns officials in Georgetown.
Two Latin American states are taking a close
look at unconventional oil and gas developments If you’d like to read more about the key events shaping
this week. the Latin America oil and gas sector then please click
Colombia appears to be gearing up to award here for NewsBase’s LatAmOil Monitor.

P10 www. NEWSBASE .com Week 24 17•June•2020