Page 18 - DMEA Week 07 2021

DMEA NEWSBASE ROUNDUP GLOBAL (NRG) DMEA

NewsBase Roundup Global (NRG)

NRG Welcome to NewsBase’s Roundup Global prices, its oil and condensate production was
(NRG), in which the reader is invited to join cut by 11.1% to 4.11mn barrels per day (bpd),
our team of international editors, who provide a owing to Russia’s OPEC+ commitments. Ros-
snapshot of some of the key issues affecting their neft’s 2020 revenues sank 33.6% to RUB5.76
regional beats. We hope you will like NRG's new trillion, while EBITDA was down 42.6% at
concise format, but by clicking on the headline RUB1.2 trillion.
link for each section the full text will be available
as before. GLNG: Corpus Christi Train 3 ready to enter
service
AfrOil: Forward movement in Uganda Cheniere Energy has asked the US Federal
In East Africa, Uganda’s government is turning Energy Regulatory Commission (FERC) for
its attention to plans for extracting and exporting permission to put the third train at the Cor-
crude oil from fields near Lake Albert. Robert pus Christi LNG export terminal in Texas into
Kasande, the permanent secretary of the Min- service.
istry of Energy and Mineral Development, says The train has already been operating in test
he expects France’s Total and China National mode for several months, and the commission-
Offshore Oil Corp. (CNOOC) to make a final ing cargo was loaded in December. In its filing
investment decision (FID) on the project by the last week, Cheniere asked the FERC to approve
middle of March. its request as soon as possible, and no later than
March 12.
AsianOil: Petronas starts up second FLNG
facility LatAmOil: Production and elections
Malaysia’s state-owned Petronas has started pro- Production levels are on the rise in Argentina’s
duction at its second floating liquefied natural Vaca Muerta shale basin, largely because devel-
gas (FLNG) facility, which is moored offshore opers are focusing more intently on unconven-
Sabah State. tional oil production. Emilio Apud, the country’s
The major said on February 15 that PFLNG former energy secretary, has told Reuters that
DUA had produced and liquefied its first gas higher oil prices and a domestic gas price freeze
from the deepwater Rotan field, which lies 140 led upstream operators to make the switch.
km off Kota Kinabalu, on February 6.
MEOG: ADNOC block and Turkish pursuit
Euroil: Shell doubles down on zero-carbon Activities in the Middle East oil and gas sector
drive over the last week were highlighted by another
Royal Dutch Shell has announced a new strategy block award in Abu Dhabi and efforts by Turkish
that puts more emphasis on reaching its net-zero Petroleum Corp. (TPAO) to secure a partner for
2050 target. But while the major plans to wind the development of its major Black Sea gas field.
down its oil business steadily over the coming As part of its second competitive bid round,
years and decades, it is targeting a 20% growth Abu Dhabi National Oil Co. (ADNOC) awarded
in LNG production by 2025. Offshore Block 4 to Cosmo Energy of Japan. The
Shell sees its oil output gradually dimin- company is already the majority owner of the
ishing by 1-2% each year, as a result of divest- Abu Dhabi Oil Co. (ADOC) which holds the
ments and natural decline. It also intends to emirate’s sole upstream concession in Abu Dhabi
boost LNG exports by a further 7mn tonnes to be wholly owned by foreign shareholders.
per year by 2050, from the current 33.3mn
tpy. NorthAmOil: Freezing US weather disrupts
Texas production, refining
FSU OGM: Rosneft endures tough 2020 Below-freezing weather is disrupting both
Russia’s biggest oil producer Rosneft suffered a upstream and downstream operations in the
near 80% drop in net profit in 2020, it reported US. The extreme cold is proving particularly
on February 12, as the coronavirus (COVID-19) troublesome in states such as Texas, which are
pandemic sapped fuel demand and caused prices unaccustomed to such weather.
to collapse. Oil production in the Permian Basin, which
The state-owned firm reported a straddles Texas and New Mexico, was reported
RUB147bn ($2bn) net income for the year, to have fallen by around 1mn barrels per day
versus RUB705mn in 2019. Beyond weaker (bpd) on February 15 as a result of the freeze.™

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