Page 14 - NorthAmOil Week 31 2021

NorthAmOil NEWSBASE’S ROUNDUP GLOBAL (NRG) NorthAmOil

NewsBase’s Roundup Global (NRG)

GLOBAL WELCOME to NewsBase’s Roundup Global Minister Alexei Sazanov said on July 30. Moscow
(NRG), in which the reader is invited to join launched the EPT system in 2019, envisaging it
our team of international editors, who provide a as an eventual replacement of the export duties
snapshot of some of the key issues affecting their and mineral extraction tax (MET) that has long
regional beats. We hope you will like NRG’s new served as the primary way that Russia collects tax
concise format, but by clicking on the headline link receipts from its oil resources.
for each section the full text will be available as
before. GLNG: Tellurian signs offtake deal with
Shell
AfrOil: Eni loses appeal against Ghanaian US LNG developer Tellurian announced last week
court ruling that it had signed a sales and purchase agreement
Italy’s Eni has lost its appeal against a previous (SPA) with Royal Dutch Shell for offtake from its
court decision ordering its local subsidiary, Eni planned Driftwood LNG export terminal in Lou-
Ghana Exploration, to turn over some of the isiana. The SPA is the third that Tellurian has final-
money it was earning from the sale of oil from ised in the past 10 weeks and brings the company’s
the offshore Sankofa field. The Italian major had total offtake commitments to 9mn tonnes per year
hoped to overturn this ruling, which was issued – covering almost all of Driftwood’s first phase of
in late June. 9.2mn tpy.

AsianOil: Santos, Oil Search merger to cre- LatAmOil: Another discovery offshore Suri-
ate new upstream powerhouse name
Australia-listed independents Santos and Oil TotalEnergies (France) and Apache (US) have
Search’s proposed merger, first revealed last made their fifth discovery at Block 58 offshore
month, is back on track after Santos compro- Suriname. The partners announced the find last
mised over ownership stakes. The two sides said week, saying in separate statements that they
on August 2 that Oil Search had agreed to Santos’ had found crude oil in Sapakara South-1, an
revised proposal, which would see the former appraisal well drilled in 850-metre-deep water
take a 38.5% interest in what is set to become not at a site 4 km to the south-east of the Sapakara
just Australia’s largest oil and gas producer but West-1 discovery.
also one of the world’s top 20 producers.
MEOG: Iraq backtrack and Jurassic bids
DMEA: Baiji strike and Nigerian losses This week’s MEOG looks at an about-face by
This week’s DMEA covers the return of con- one of Iraq’s largest IOC operators and the
flict to Iraq’s largest refinery and Nigeria’s hefty next phase of bidding for a major gas project
losses from the closure of its state-owned refin- in Kuwait. Iraq’s Oil Minister announced this
eries. Iraq’s refinery at the northern city of Baiji week that Russian oil firm Lukoil is retracting
came under attack again this week when it was its announced desire to sell its 75% stake in the
struck by a rocket. Meanwhile, the state-owned technical service contract (TSC) for the West
Nigerian National Petroleum Corp. (NNPC) this Qurna-2 oilfield to Chinese companies. Mean-
week provided its financial statements for the 13 while, state-owned Kuwait Oil Co. (KOC) is
months to February 2021, which showed that it reported to have set a September 1 deadline for
made a loss in each of those months as refinery bids to construct facilities for Jurassic gas pro-
utilisation remained at 0%. duction in the north of the country.

EurOil: Shell boosts investor appeal NorthAmOil: Oil prices boost second-quar-
Royal Dutch Shell has continued efforts to ter performances
boost its investor appeal, announcing on July Oil and gas companies across North America
29 that it would buy back $2bn of shares and are reporting improved performances for the
raise its dividend by 40%. The promise of second quarter of 2021 thanks to stronger crude
greater rewards to shareholders comes after and natural gas prices. The results are also mark-
Shell reported its highest quarterly profits edly better on a year-on-year basis given that the
since 2018. second quarter of 2020 saw the peak of the first
global wave of the coronavirus (COVID-19) as
FSUOGM: Russia expands profit-based oil much of the world went into lockdown and US
tax oil prices briefly turned negative.
Russia plans to transfer around 25-30% of its
oilfields to its new excess profit tax (EPT) sys- See the archive and sign up to receive NRG Editor’s
tem by the end of the year, Deputy Finance Picks for free by email each week here.™

P14 www. NEWSBASE .com Week 31 05•August•2021