Page 16 - EurOil Week 31 2021

EurOil NEWSBASE ROUNDUP GLOBAL (NRG) EurOil

NewsBase Roundup Global (NRG)

NRG Welcome to NewsBase’s Roundup Global from its oil resources. The finance ministry
(NRG), in which the reader is invited to join implemented a rapid overhaul of oil taxation
our team of international editors, who provide a that stripped many projects of the exemptions
snapshot of some of the key issues affecting their from export duties and MET they enjoyed.
regional beats. We hope you will like NRG's new This has prompted operators to move more
concise format, but by clicking on the headline fields over to the EPT system, to reduce their
link for each section the full text will be available taxable base.
as before.
GLNG: Tellurian Signs Offtake Deal With
AfrOil: Eni Loses Appeal Against Ghanaian Shell
Court Ruling US LNG developer Tellurian announced last
Italy’s Eni has lost its appeal against a previous week that it had signed a sales and purchase
court decision ordering its local subsidiary, Eni agreement (SPA) with Royal Dutch Shell
Ghana Exploration, to turn over some of the for offtake from its planned Driftwood LNG
money it was earning from the sale of oil from export terminal in Louisiana.
the offshore Sankofa field. The SPA is the third that Tellurian has
The Italian major had hoped to overturn finalised in the past 10 weeks and brings the
this ruling, which was issued in late June. How- company’s total offtake commitments to 9mn
ever, the Commercial Court of Second Instance tonnes per year (tpy) – covering almost all of
decided on July 26 that Eni still had to deposit Driftwood’s first phase of 9.2mn tpy.
30% of earnings derived from the sale of Sankofa
oil into a joint escrow account. LatAmOil: Another Discovery Offshore Suri-
name
AsianOil: Santos, Oil Search Merger To Cre- TotalEnergies (France) and Apache (US) have
ate New Upstream Powerhouse made their fifth discovery at Block 58 offshore
Australia-listed independents Santos and Oil Suriname.
Search’s proposed merger, first revealed last The partners announced the find last
month, is back on track after Santos compro- week, saying in separate statements that they
mised over ownership stakes. had found crude oil in Sapakara South-1,
The two sides said on August 2 that Oil an appraisal well drilled in 850-metre-deep
Search had agreed to Santos’ revised proposal, water at a site 4 km to the south-east of the
which would see the former take a 38.5% inter- Sapakara West-1 discovery.
est in what is set to become not just Australia’s
largest oil and gas producer but also one of the MEOG: Iraq Backtrack And Jurassic Bids
world’s top 20 producers.. This week’s MEOG looks at an about-face by
one of Iraq’s largest IOC operators and the
DMEA: Baiji Strike And Nigerian Losses next phase of bidding for a major gas project
This week’s DMEA covers the return of con- in Kuwait.
flict to Iraq’s largest refinery and Nigeria’s Iraq’s Oil Minister announced this week
hefty losses from the closure of its state-owned that Russian oil firm Lukoil is retracting its
refineries. announced desire to sell its 75% stake in the
Iraq’s refinery at the northern city of Baiji technical service contract (TSC) for the West
came under attack again this week when it was Qurna-2 oilfield to Chinese companies.
struck by a rocket.
NorthAmOil: Oil Prices Boost Second-Quar-
FSUOGM: Russia Expands Profit-Based Oil ter Performances
Tax Oil and gas companies across North Amer-
Russia plans to transfer around 25-30% of its ica are reporting improved performances for
oilfields to its new excess profit tax (EPT) sys- the second quarter of 2021 thanks to stronger See the archive and
tem by the end of the year, Deputy Finance crude and natural gas prices. The results are sign up to receive
Minister Alexei Sazanov said on July 30. also markedly better on a year-on-year basis *NRG Editor’s Picks*
Moscow launched the EPT system in given that the second quarter of 2020 saw the for free by email each
2019, envisaging it as an eventual replace- peak of the first global wave of the coronavi- week here
ment of the export duties and mineral extrac- rus (COVID-19) as much of the world went
tion tax (MET) that has long served as the into lockdown and US oil prices briefly turned
primary way that Russia collects tax receipts negative.

P16 www. NEWSBASE .com Week 31 05•August•2021