Page 8 - LatAmOil Week 02 2021

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NNPC has made a number of unsuccessful altogether when Premier announced in Octo-
attempts to rehabilitate the facilities over the ber its merger with fellow North Sea player
years. Last year it similarly tried to partner with Chrysaor.
oil traders, producers and engineering firms to BP has now put the sales process back on
fund refurbishment. But it gave up after a year track, according to Reuters, inviting companies
of fruitless talks. to bid for the assets without a deadline. But the
The company’s latest effort comes amid a producer is unlikely to collect more than $80mn
squeeze in global capital as a result of the coro- from the sale, the news agency said.
navirus (COVID-19) pandemic. Investors also After the deal was clinched with Chrysaor,
have less appetite for the commodities market Premier CEO Tony Durrant said he expected
because of weak prices. talks between BP and the combined entity,
Over in Egypt, the central bank has launched which will be known as Harbour Energy, to be
an EGP15bn ($950mn) initiative to support revived at a later point. Aberdeen-based West-
motorists that want to convert their vehicles to wood Global said in October that Harbour was
run on natural gas. likely to continue with its buying spree in order
Egypt enjoys a surplus of natural gas supply to offset declining production rates at some of its
and wants to give gas a greater role in its econ- older assets.
omy. The government eventually wants to see As of press time, BP has not commented on
as many as 1.3mn gas-fuelled cars on the road, the matter. Having already parted with billions BP is aiming to
primarily by converting existing vehicles that are of dollars of assets, the UK major is aiming to
over 20 years old. This would reduce pollution offload a further $25bn by 2025, as part of its unload a further
levels in Egypt’s largest cities, reduce transport plan to move away from oil and gas and towards
costs and bring down the country’s fuel import renewables. It has just disposed of its petrochem- $25bn worth of
bill. icals business in a $5bn deal with the UK’s Ineos..
The central bank’s initiative will see loans assets by 2025
with a 3% interest rate provided through banks If you’d like to read more about the key events shaping
to individuals seeking to convert their gaso- Europe’s oil and gas sector then please click here for
line-fuelled cars to use natural gas as well. The NewsBase’s EurOil Monitor.
financing is available for between seven and 10
years. FSU: Germany’s Nord Stream 2 plans
Germany’s northern state of Mecklenburg-Vor-
If you’d like to read more about the key events shaping pommern aims to establish a foundation to sup-
the downstream sector of Africa and the Middle East, port the completion of Russia’s Nord Stream 2
then please click here for NewsBase’s DMEA Monitor. gas pipeline, amid the looming threat of further
US sanctions against the project.
EurOil: BP relaunches North Sea sale The state’s parliament gave the green light on
BP has reportedly relaunched the sale of some of January 7 to the initiative, which would set up a
its North Sea interests, following the collapse of foundation that could buy needed materials for
a previous deal with Premier Oil. pipeline construction, thereby circumventing
The UK major agreed to divest its Andrew US sanctions.
Area and Shearwater assets to Premier Oil in Lawmakers approved €200,000 ($245,000)
January, initially for $625mn, but the price tag of public money for the fund, while the Gaz-
was later renegotiated to $210mn in light of the prom-owned Nord Stream 2 operating company
oil price collapse. The deal was then scuppered has pledged a further €20mn.

P8 www. NEWSBASE .com Week 02 14•January•2021