Page 17 - MEOG Week 31 2021

MEOG NEWSBASE ROUNDUP GLOBAL (NRG) MEOG

NewsBase Roundup Global (NRG)

NRG WELCOME to NewsBase’s Roundup Global The promise of greater rewards to sharehold-
(NRG), in which the reader is invited to join ers comes after Shell reported its highest quar-
our team of international editors, who provide a terly profits since 2018.
snapshot of some of the key issues affecting their
regional beats. FSUOGM: Russia expands oil tax
We hope you enjoy NRG’s new concise for- Russia plans to transfer around 25-30% of its oil-
mat, but by clicking on the headline link for each fields to its new excess profit tax (EPT) system
section the full text will be available as before. by the end of the year, Deputy Finance Minister
Alexei Sazanov said on July 30.
AfrOil: Eni loses Ghana court appeal Moscow launched the EPT system in 2019,
Italy’s Eni has lost its appeal against a previous envisaging it as an eventual replacement of the
court decision ordering its local subsidiary, Eni export duties and mineral extraction tax (MET)
Ghana Exploration, to turn over some of the that has long served as the primary way that Rus-
money it was earning from the sale of oil from sia collects tax receipts from its oil resources.
the offshore Sankofa field.
The Italian major had hoped to overturn this GLNG: Tellurian agrees Shell offtake deal
ruling, which was issued in late June. US LNG developer Tellurian announced last
week that it had signed a sales and purchase
AsianOil: Santos, Oil Search merge agreement (SPA) with Royal Dutch Shell for
Australia-listed independents Santos and Oil offtake from its planned Driftwood LNG export
Search’s proposed merger, first revealed last terminal in Louisiana.
month, is back on track after Santos compro- The SPA is the third that Tellurian has final-
mised over ownership stakes. ised in the past 10 weeks and brings the compa-
The two sides said on August 2 that Oil Search ny’s total offtake commitments to 9mn tonnes
had agreed to Santos’ revised proposal, which per year – covering almost all of Driftwood’s first
would see the former take a 38.5% interest in phase of 9.2mn tpy.
what is set to become not just Australia’s largest
oil and gas producer but also one of the world’s LatAmOil: Another discovery for Suriname
top 20 producers. TotalEnergies (France) and Apache (US) have
made their fifth discovery at Block 58 offshore
DMEA: Baiji strike and Nigerian losses Suriname.
This week’s DMEA covers the return of conflict The partners announced the find last week,
to Iraq’s largest refinery and Nigeria’s hefty losses saying in separate statements that they had found
from the closure of its state-owned refineries. crude oil in Sapakara South-1, an appraisal well
Iraq’s refinery at the northern city of Baiji drilled in 850-metre-deep water at a site 4 km to
came under attack again this week when it was the south-east of the Sapakara West-1 discovery.
struck by a rocket. Meanwhile, the state-owned
Nigerian National Petroleum Corp. (NNPC) this NorthAmOil: Prices boost Q2 performances
week provided its financial statements for the 13 Oil and gas companies across North America
months to February 2021, which showed that it are reporting improved performances for the
made a loss in each of those months as refinery second quarter of 2021 thanks to stronger crude
utilisation remained at 0%. and natural gas prices.
The results are also markedly better on a year-
EurOil: Shell boosts investor appeal on-year basis given that the second quarter of
Royal Dutch Shell has continued efforts to boost 2020 saw the peak of the first global wave of the
its investor appeal, announcing on July 29 that coronavirus (COVID-19) as much of the world
it would buy back $2bn of shares and raise its went into lockdown and US oil prices briefly
dividend by 40%. turned negative.™

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