Page 17 - MEOG Week 33

MEOG NEWS IN BRIEF MEOG

alliance could even find room for Iran, COMPANIES Continued high level of production in
which is closing in on a trade and military Q2 2020 with an average daily production
partnership with Beijing. Even though China ShaMaran announces Q2 of 46.9 Mbopd compared to Q1 2020
is also getting closer to Saudi, the winds of the production of 46.7 Mbopd. This was mainly
new cold war may force Riyadh to take sides, financial and operating due to stabilizing contributions from new
and ditch China for its longstanding ally in 2019 wells and increased processing capacity
Washington. results at Early Production Facility (“EPF”) at the
Pakistan’s ideal situation would be to rescue Chamanke-E drilling location.
some normalcy in its bilateral ties with Saudi ShaMaran Petroleum Corp. last week released Produced 66% more oil in Q2 2020
Arabia, but at the same time not to relinquish its financial and operating results and related compared to Q2 2019 production (46.9
a leading role in a separate Saudi-rivalling management discussion and analysis for the Mbopd vs. 28.3 Mbopd) and was within the
Islamic bloc. With China and Turkey at its three and six months ended June 30, 2020. 2020 production guidance range of 44,000 to
back, Pakistan can now prioritize Kashmir ShaMaran President and CEO, Dr. Adel 50,000 bopd.
over Saudi Arabia. Chaouch commented, “We are very grateful SHAMARAN
And it can outsource its territory – and to our stakeholders who continue to help
most conflicts – to China. Then Islamabad the Company to find a path through the Shelf Drilling issues update
would no longer need the US dollars, and significant challenges imposed mainly by
Saudi petrodollars, which for the past four the macro economic events since the onset on jackup drilling rig fleet
decades have dictated its domestic, security of the COVID-19 pandemic, most notably
and foreign policies. Pakistan’s subservience dramatically lower oil prices as well as Saudi Aramco has suspended operations
to Saudi Arabia was never wildly popular at restrictions in the movement of operational on the High Island IV for up to 12 months
home. personnel and supplies. It is clear that a beginning in June. The Main Pass IV, under
But the Imran Khan administration’s number of uncertainties remain, including contract to Aramco, is expected to be out
drastic realignment may well not lead to an eventual solution to the pandemic. of service in 3Q/4Q 2020. The High Island
more substantial autonomy: it may just be a Nevertheless, the Company, through the VII, under contract to ADNOC Drilling, is
question of swapping one master for others, amended terms agreed with bondholders in expected to be out of service in 1Q/2Q 2021.
while embedding Pakistan at the epicentre of early July, has found much needed traction in The Key Singapore returned to operations
an increasingly tense global polarization. moving forward towards stability. Remarkably, for Eni offshore Tunisia in June. Petrobel
HAARETZ through these times, second quarter Atrush has rescinded its early termination notice
production has outperformed that of the first for the Trident 16 offshore Egypt. The rig
US military accuses Iran of quarter, a clear testament to the quality of the is now on a call out contract until February
2021. Amni has cut short the contract for the
operation and the Atrush reservoir.”
boarding civilian ship Iraq (“KRG”) has in the following month paid Trident VIII offshore Nigeria. The contract
The Kurdistan Regional Government of
ended in July. Total has suspended operations
The US military on Wednesday said that for oil deliveries from March to June 2020. on the Baltic offshore Nigeria. Last month
Iranian forces had boarded a civilian vessel in The KRG has communicated its the Trident XIV completed its contract with
international waters in the Gulf. commitment to future payment of $41.7 ExxonMobil offshore Nigeria. In addition, the
The US military’s Central Command million owed to the Company for $34 million Shelf Drilling Enterprise is expected to start
released a grainy black-and-white video on of deliveries from November 2019 to February its contract with Chevron offshore Thailand in
Twitter showing a helicopter near a large ship. 2020 and an additional $7.7 million of Atrush November. The start date was delayed because
“Today in international waters, Iranian Exploration Costs receivable invoiced over the of COVID-19 related logistical challenges.
forces, including two ships and an Iranian ‘Sea same period. The Company remains actively OFFSHORE
King’ helicopter, overtook and boarded a ship engaged with the KRG to progress this matter.
called the ‘Wila,’” the US Central Command
said in a tweet.
According to Refinitiv tracking data,
Wila is a Liberian-flagged oil tanker and was
currently anchored near the United Arab
Emirates’ port of Khor Fakkan.
A US official, speaking on the condition
of anonymity, said the incident took place
near the Strait of Hormuz and the ship was
eventually released by Iranian forces. The
official said the United States military was not
involved in anything other than monitoring
the situation. Tensions between Iran and the
United States increased last year following a
series of incidents involving shipping in and
near the Gulf. In July 2019, Iran briefly seized
a British-flagged oil tanker in the Gulf after
Britain seized the Iranian tanker Grace 1,
accused of violating sanctions on Syria.
REUTERS

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