Page 10 - FSUOGM Week 33

FSUOGM NRG FSUOGM

If you’d like to read more about the key events shaping in the National Petroleum Reserve-Alaska
the Latin American oil and gas sector then please click (NPR-A). The US Bureau of Land Manage-
here for NewsBase’s LatAmOil Monitor. ment (BLM) published a final Environmental
Impact Statement (EIS) for the project, saying
Iranian contract awards continue as output it could produce more than 160,000 barrels
increases per day (bpd) of oil over the next 30 years.
Iran this week announced the award of 13 con- If constructed, Willow will be the west-
tracts with 14 local companies for field develop- ernmost development on the North Slope.
ment projects that are expected to increase the Its approval comes as the administration
country’s crude production capacity by more of US President Donald Trump continues
than 180,000 barrels per day once complete. its broader push to spur oil development in
A signing ceremony was held on August Alaska. Within days of Willow being author-
17, during which the National Iranian Oil Co. ised, the US Department of the Interior (DoI)
(NIOC) said that the deals were for the sec- approved a sweeping plan to allow oil leasing
ond phase of a plan to maintain and increase across the Arctic National Wildlife Refuge’s
production capacity. Of the 13 projects for (ANWR) entire 1.56mn acre (6,313 square
which contracts were signed, 10 have already km) coastal plain. The area has been off-limits
implemented their first phase, reaching 25% to oil drilling for decades, and authorisation of
completion. drilling there will run into high levels of oppo-
Meanwhile, three new wells were com- sition from environmental and conservation
pleted at South Pars Phase 22, raising output groups.
from the overall SP 22-24 project by 200mn But despite strong support for oil devel-
cubic feet (5.7mn cubic metres) per day. opment from the Trump administration, a
SP22-24 had been earmarked to produce a number of major producers are diversifying
combined 18.6bn cubic metres per year by beyond oil, likely encouraged by ongoing
March 20, 2019, but a lack of foreign currency crude price volatility. A prominent example
after the US withdrawal from the nuclear deal of this recently has been Chevron, which said
derailed these ambitions. last week that it was investing in nuclear fusion
M&A activity continued to rebound as start-up Zap Energy. The super-major joins
the UAE’s Senaat and other minority share- Italy’s Eni and Norway’s Equinor in backing
holders of the National Petroleum Construc- nuclear fusion start-ups to reduce their carbon
tion Co. (NPCC) submitted a bid to merge footprint.
the firm with the National Marine Dredging The announcement came shortly after
Co. (NMDC). The deal would create a new Chevron also unveiled a plan to build 500
regional EPC major, which already has an megawatts (MW) of renewable energy
established footprint in MENA and South Asia plants to power some of its operations in the
and a combined revenue of $2.4bn. US’ Permian Basin and overseas. The plants
will be developed under a four-year agree-
If you’d like to read more about the key events shaping ment with Algonquin Power and Utilities,
the Middle East oil and gas sector then please click and appear to mark a new level of engage-
here for NewsBase’s MEOG Monitor. ment with renewables for Chevron. At the
same time, though, the super-major contin-
Forward momentum on both projects and ues to move forward with oil projects, with
diversification in North America the Wall Street Journal reporting on August
Differing approaches to the energy transition 17 that Chevron is in talks over an invest-
mean that there is momentum on both oil pro- ment in an Iraqi oilfield.
jects and diversification efforts among North
American oil and gas companies. If you’d like to read more about the key events shaping
On August 14, the US government the North American oil and gas sector then please click
approved ConocoPhillips’ Willow project here for NewsBase’s NorthAmOil Monitor.™

P10 www. NEWSBASE .com Week 33 19•August•2020