Page 8 - FSUOGM Week 36

FSUOGM NEWSBASE’S ROUNDUP GLOBAL (NRG) FSUOGM

NRG: A sense of uncertainty

World oil markets have regained some ground, but the industry remains unsettled on multiple fronts

COMMENTARY WELCOME to the latest edition of NewsBase’s that do not want to be shut out of investment
Roundup Global (NRG), in which our team of opportunities.
international editors provide you with a snap- Meanwhile, the British government has
shot of some of the key issues affecting their wrapped up one offshore licensing round while
regional beats. Get the NRG Oil & Gas Editor’s delaying another, in the hope that a review of strat-
Picks to your inbox every week for free. Just sign egy will help ensure future oil and gas supplies with-
up here. out forcing a compromise on climate policy.
The oil and gas industry has regained some Further east, the Nord Stream-2 pipeline has
of the ground it lost as a result of the coronavirus become the subject of debate in Germany. The
(COVID-19) pandemic and the price war between country’s government has long supported the
Saudi Arabia and Russia. Nevertheless, a sense of project, but the alleged poisoning of a Russian
uncertainty has continued to affect the sector. dissident has led some German politicians to raise
That unsettled feeling has been evident on questions about the advisability of co-operation
several fronts over the last week. North American with Moscow.
rig counts have gone up even as West Texas Inter- The East Med region also remains a point of
mediate (WTI prices) were sinking, and US firms contention. Egypt and Cyprus are moving ahead
remain uncertain ahead of the presidential election with talks on the construction of a subsea pipeline
in November. that could help the former achieve its ambition of
Mexico has also experienced a certain amount becoming a regional gas hub.
of push and pull, as the government is reportedly At the same time, though, Turkey has contin-
planning to throw its weight behind Pemex, much ued to press its offshore claims, while its ally Libya
to the dismay of the privately-owned companies remains in turmoil.

P8 www. NEWSBASE .com Week 36 09•September•2020