Page 6 - LatAmOil Week 32

LatAmOil NEWSBASE’S ROUNDUP GLOBAL (NRG) LatAmOil

NRG: Bad news, good news

Amid bad news, including the blast in Lebanon and security risks at Libyan storage facilities, progress

is being made, with a bidding round launched in Somalia and a major acquisition announced in Canada

COMMENTARY WELCOME to the latest edition of NewsBase’s facilities in Libya.
Roundup Global (NRG), in which our team of But it has not all been bad news, with a major
international editors provide you with a snap- acquisition announced in Canada and Somalia
shot of some of the key issues affecting their launching its first-ever offshore licensing round. .
regional beats. Get the NRG Oil & Gas Editor’s
Picks to your inbox every week for free. Just sign Africa: Tension rising in Libya
up here. North Africa appears to be a hot spot this week.
Market conditions remain challenging globally, Mustafa Sanalla, the chairman of National Oil
and the ongoing pile-up of second-quarter losses Corp. (NOC), has raised concerns about security
and revenue declines being announced by oil conditions at the storage facilities that serve Lib-
and gas companies illustrates this. Notably, Saudi ya’s export terminals on the Mediterranean Sea.
Aramco saw its net income for the first half of this Sanalla claims that these depots are facing
year fall by 50%, while a number of Canadian and heightened risks now that militia groups have
US producers added to the growing list of North seized control of key oil and gas infrastruc-
American companies announcing quarterly losses. ture. Libya may also be facing broader risks,
Meanwhile, the government of Lebanon has as the maritime accord it signed with Turkey
resigned following a major explosion in Beirut, last December conflicts with a new agreement
which occurred at a warehouse storing thousands between Egypt and Greece on exclusive eco-
of tonnes of ammonium nitrate, and warnings have nomic zones (EEZs) in the eastern Mediterra-
been issued about security conditions at storage nean Sea.

P6 www. NEWSBASE .com Week 32 13•August•2020