Page 17 - NorthAmOil Week 07 2021

NorthAmOil NEWSBASE’S ROUNDUP GLOBAL (NRG) NorthAmOil

NewsBase’s Roundup Global (NRG)

GLOBAL WELCOME to NewsBase’s Roundup Global near 80% drop in net profit in 2020, it reported
(NRG), in which the reader is invited to join on February 12, as the coronavirus (COVID-19)
Sign up to NRG Editor’s our team of international editors, who provide a pandemic sapped fuel demand and caused prices
Picks for free here snapshot of some of the key issues affecting their to collapse.
regional beats. We hope you will like NRG’s new The state-owned firm reported a RUB147bn
concise format, but by clicking on the headline link ($2bn) net income for the year, versus
for each section the full text will be available as RUB705mn in 2019. Beyond weaker prices, its
before. oil and condensate production was cut by 11.1%
to 4.11mn barrels per day (bpd), owing to Rus-
AfrOil: Forward movement in Uganda sia’s OPEC+ commitments.
In East Africa, Uganda’s government is turn-
ing its attention to plans for extracting and GLNG: Corpus Christi Train 3 ready to en-
exporting crude oil from fields near Lake ter service
Albert. Robert Kasande, the permanent sec- Cheniere Energy has asked the US Federal
retary of the Ministry of Energy and Min- Energy Regulatory Commission (FERC) for
eral Development, says he expects France’s permission to put the third train at the Cor-
Total and China National Offshore Oil Corp. pus Christi LNG export terminal in Texas into
(CNOOC) to make a final investment deci- service.
sion (FID) on the project by the middle of The train has already been operating in test
March. mode for several months, and the commission-
ing cargo was loaded in December. In its filing
AsianOil: Petronas starts up second FLNG last week, Cheniere asked the FERC to approve
facility its request as soon as possible, and no later than
Malaysia’s state-owned Petronas has started pro- March 12.
duction at its second floating liquefied natural
gas (FLNG) facility, which is moored offshore LatAmOil: Production and elections
Sabah State. Production levels are on the rise in Argentina’s
The major said on February 15 that PFLNG Vaca Muerta shale basin, largely because devel-
DUA had produced and liquefied its first gas opers are focusing more intently on unconven-
from the deepwater Rotan field, which lies 140 tional oil production. Emilio Apud, the country’s
km off Kota Kinabalu, on February 6. former energy secretary, has told Reuters that
higher oil prices and a domestic gas price freeze
DMEA: Qatar bucks trend with $29bn LNG led upstream operators to make the switch.
expansion Ecuador is heading for a second round of
LNG frontrunner Qatar has signed off on a presidential elections, as none of the three top
$29bn expansion of its liquefaction capacity, at a candidates secured a majority. The outcome of
time when most other suppliers are holding back the vote is sure to affect oil development.
on new investments.
State-owned Qatar Petroleum (QP) took a MEOG: ADNOC block and Turklish pursuit
final investment decision (FID) on February 8 Activities in the Middle East oil and gas sec-
on North Field East (NFE), which will expand tor over the last week were highlighted by
Qatar’s LNG production capacity from 77mn to another block award in Abu Dhabi and efforts
110mn tonnes per year (tpy). by Turkish Petroleum Corp. (TPAO) to secure
a partner for the development of its major
EurOil: Shell doubles down on zero-carbon Black Sea gas field.
drive As part of its second competitive bid round,
Royal Dutch Shell has announced a new strat- Abu Dhabi National Oil Co. (ADNOC) awarded
egy that puts more emphasis on reaching its Offshore Block 4 to Cosmo Energy of Japan. The
net-zero 2050 target. But while the major plans company is already the majority owner of the
to wind down its oil business steadily over the Abu Dhabi Oil Co. (ADOC) which holds the
coming years and decades, it is targeting a 20% emirate’s sole upstream concession in Abu Dhabi
growth in LNG production by 2025. to be wholly owned by foreign shareholders.
Shell sees its oil output gradually diminish-
ing by 1-2% each year, as a result of divestments NorthAmOil: Freezing US weather disrupts
and natural decline. It also intends to boost LNG Texas production, refining
exports by a further 7mn tonnes per year by Below-freezing weather is disrupting both
2050, from the current 33.3mn tpy. upstream and downstream operations in the
US. The extreme cold is proving particularly
FSU: Rosneft endures tough 2020 troublesome in states such as Texas, which are
Russia’s biggest oil producer Rosneft suffered a unaccustomed to such weather.™

Week 07 18•February•2021 www. NEWSBASE .com P17