Page 17 - AfrOil Week 07 2021

AfrOil NEWSBASE ROUNDUP GLOBAL (NRG) AfrOil

NewsBase Roundup Global (NRG)

NRG Welcome to NewsBase’s Roundup Global to Russia’s OPEC+ commitments. Rosneft’s 2020
(NRG), in which the reader is invited to join revenues sank 33.6% to RUB5.76 trillion, while
our team of international editors, who provide a EBITDA was down 42.6% at RUB1.2 trillion.
snapshot of some of the key issues affecting their
regional beats. We hope you will like NRG’s new
concise format, but by clicking on the headline GLNG: Corpus Christi LNG’s Train 3 ready
link for each section the full text will be available to enter service
as before. Cheniere Energy has asked the US Federal
Energy Regulatory Commission (FERC) for
AsianOil: Petronas starts up second LNG permission to put the third train at the Cor-
facility pus Christi LNG export terminal in Texas into
Malaysia’s state-owned Petronas has started pro- service.
duction at its second floating liquefied natural The train has already been operating in test
gas (FLNG) facility, which is moored offshore mode for several months, and the commission-
Sabah State. ing cargo was loaded in December. In its filing
The major said on February 15 that PFLNG last week, Cheniere asked the FERC to approve
DUA had produced and liquefied its first gas its request as soon as possible, and no later than
from the deepwater Rotan field, which lies 140 March 12.
km off Kota Kinabalu, on February 6.

LatAmOil: Production and elections
DMEA: Qatar bucks trend with $29bn LNG Production levels are on the rise in Argentina’s
expansion Vaca Muerta shale basin, largely because devel-
LNG frontrunner Qatar has signed off on a opers are focusing more intently on unconven-
$29bn expansion of its liquefaction capacity, at a tional oil production. Emilio Apud, the country’s
time when most other suppliers are holding back former energy secretary, has told Reuters that
on new investments. higher oil prices and a domestic gas price freeze
State-owned Qatar Petroleum (QP) took a led upstream operators to make the switch.
final investment decision (FID) on February 8 Ecuador is heading for a second round of
on North Field East (NFE), which will expand presidential elections, as none of the three top
Qatar’s LNG production capacity from 77mn to candidates secured a majority. The outcome of
110mn tonnes per year (tpy). the vote is sure to affect oil development.

EurOil: New Shell strategy doubles down MEOG: ADNOC block and Turkish pursuit
on zero-carbon drive Activities in the Middle East oil and gas sector
Royal Dutch Shell has announced a new strategy over the last week were highlighted by another
that puts more emphasis on reaching its net-zero block award in Abu Dhabi and efforts by Turkish
2050 target. But while the major plans to wind Petroleum Corp. (TPAO) to secure a partner for
down its oil business steadily over the coming the development of its major Black Sea gas field.
years and decades, it is targeting a 20% growth As part of its second competitive bid round,
in LNG production by 2025. Abu Dhabi National Oil Co. (ADNOC) awarded
Shell sees its oil output gradually diminish- Offshore Block 4 to Cosmo Energy of Japan. The
ing by 1-2% each year, as a result of divestments company is already the majority owner of the
and natural decline. It also intends to boost LNG Abu Dhabi Oil Co. (ADOC) which holds the
exports by a further 7mn tonnes per year by emirate’s sole upstream concession in Abu Dhabi
2050, from the current 33.3mn tpy. to be wholly owned by foreign shareholders

FSU OGM: Rosneft endures tough 2020 NorthAmOil: Freezing US weather disrupts
Russia’s biggest oil producer Rosneft suffered a T exas production, refining
near 80% drop in net profit in 2020, it reported Below-freezing weather is disrupting both
on February 12, as the coronavirus (COVID-19) upstream and downstream operations in the
pandemic sapped fuel demand and caused prices US. The extreme cold is proving particularly
to collapse. troublesome in states such as Texas, which are
The state-owned firm reported a RUB147bn unaccustomed to such weather.
($2bn) net income for the year, versus Oil production in the Permian Basin, which
RUB705mn in 2019. Beyond weaker prices, straddles Texas and New Mexico, was reported
its oil and condensate production was cut by to have fallen by around 1mn barrels per day
11.1% to 4.11mn barrels per day (bpd), owing (bpd) on February 15 as a result of the freeze. ™

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