Page 16 - LatAmOil Week 12 2021

LatAmOil NEWSBASE ROUNDUP GLOBAL (NRG) LatAmOil

NewsBase Roundup Global (NRG)

NRG Welcome to NewsBase’s Roundup Global division. Ineos also controls upstream assets off
(NRG), in which the reader is invited to join Denmark, Norway and the UK.
our team of international editors, who provide a
snapshot of some of the key issues affecting their FSU OGM: Russia eyes Gazprom share sale
regional beats. We hope you will like NRG’s new Russia continues to weigh up options for fund-
concise format, but by clicking on the headline ing a $25bn, 10-year gasification programme,
link for each section the full text will be available with the government reportedly suggesting the
as before. issue of new shares in Gazprom as a solution.
The shares would be bought by the government,
AfrOil: Objections to fuel price hikes according to a state report seen by Vedomosti
Obo Idornigie, vice-president of sub-Saharan this week. This would essentially see the govern-
African research for Welligence Energy Ana- ment help fund the gasification programme in
lytics, recently discussed the strengths and return for equity in the state gas supplier.
weaknesses of Nigeria’s Petroleum Industry Bill
(PIB) with AfrOil. He praised the legislation for GLNG: Russia’s long-term strategy
establishing a stronger foundation for the devel- Russia approved a long-term LNG strategy this
opment of Nigeria’s abundant reserves of natural week, targeting up to a three-fold increase in
and associated gas, as well as crude oil. production to 140mn tonnes per year (tpy) by
2035. Several Russian LNG projects are in vari-
AsianOil: Velesto wins Petronas contracts ous stages development, mainly led by Novatek
Malaysia’s state-owned Petronas has awarded and Gazprom. Russia’s LNG strategy is based
drilling contracts for up to six shallow-water on the assumption that market conditions will
wells to local service provider Velesto Energy. improve enough to support new LNG projects
Velesto said in a stock exchange filing on March over the next 5-15 years.
19 that wholly owned subsidiary Velesto Drilling
had won two contracts worth more than $20mn MEOG: Aramco’s results
for the NAGA 2 and NAGA 5 jack-up rigs. Finance took centre stage in the Middle East
this week as Saudi Aramco announced its 2020
DMEA: Jazan launch, Nigerian scrutiny results and Iraq’s parliament postponed a vote on
Two refineries that have previously faced com- the country’s budget by a week. Aramco’s results
plications made the news this week for very made for fascinating reading, with the company
different reasons. In Saudi Arabia, state oil posting massive profits despite a $39bn reduc-
firm Aramco announced that operations had tion in net income on the back of the coronavirus
begun at its Jazan refinery on the Red Sea coast (COVID-19) pandemic.
near the border with Yemen, a location that has
been targeted by the Houthi militia. Meanwhile NorthAmOil: Spotlight on decarbonisation
in Nigeria, following the approval of $1.5bn of Two leading Canadian oil sands producers –
state funds to be provided for the rehabilitation Suncor Energy and Imperial Oil – are in the
of the Port Harcourt refinery, politicians have news for reasons related to decarbonisation. In
cast aspersions on the move. Suncor’s case, the company is investing in Svante,
a carbon capture technology company, as it seeks
EurOil: Ineos picks up Danish assets ways to offset greenhouse gas (GHG) emissions
The UK’s Ineos said on March 18 it had reached from its oil and gas operations. Imperial, for its
a deal to buy the Danish arm of US oil firm Hess part, has urged investors to vote against a share-
for $150mn. The move comes months after Ineos holder proposal to set a target of net zero emis-
closed its $5bn takeover of BP’s petrochemicals sions on a company-wide basis by 2050. ™

NRG Oil & Gas Editor’s Picks

See the archive and sign up to receive

NRG EDITOR’S PICKS

for free by email each week here.

P16 www. NEWSBASE .com Week 12 25•March•2021