Page 17 - EurOil Week 16 2021

EurOil NEWSBASE ROUNDUP GLOBAL (NRG) EurOil

NewsBase Roundup Global (NRG)

Welcome to NewsBase’s Roundup Global output, a low-value product considered the
NRG (NRG), in which the reader is invited to join dregs of the refining process.
our team of international editors, who provide a
snapshot of some of the key issues affecting their GLNG: NextDecade Advances Clean LNG
regional beats. We hope you will like NRG's new Plans
concise format, but by clicking on the headline It has been another busy week for US-based
link for each section the full text will be available LNG developer NextDecade, which is trying to
as before. position its proposed Rio Grande liquefaction
project at Texas’ Port of Brownsville as one of
AfrOil: Nigeria Adds Tax, Royalty Cuts To the most environmentally friendly facilities of
PIB its kind. The company has announced two sep-
Nigeria’s government has reportedly agreed to arate partnerships in recent days that are geared
revise provisions of the Petroleum Industry Bill towards bolstering Rio Grande LNG’s green
(PIB), the oil and gas law now under discussion credentials.
in the National Assembly.
Sources closely involved with the legislation LatAmOil: Natixis To Phase Out Ecuadorean
told Reuters last week that Abuja had acceded Oil Finance
to requests from international oil and gas com- France’s Natixis is set to join the ranks of finan-
panies (IOCs) for reductions in royalty and tax cial institutions that have stopped supporting
rates. The PIB is now slated to bring the hydro- trade deals involving Ecuadorean crude oil.
carbon tax rate for converted leases down from The French bank informed Reuters last week
7.5% to 5% and will also cut the royalty rate for that it intended to stop financing trade in Ecua-
new production streams from deepwater oil- dorean oil by April 2022. It stressed that it had
fields from 42.5% to 30%, they said. been ramping down its involvement in such
transactions since mid-2020 and intended to
AsianOil: Exxon Starts Up New Australian cut the volume of Ecuadorean crude for which
Gas Field it provided financing even further this year and
US super-major ExxonMobil has started pro- in early 2022.
ducing natural gas from a new project offshore
eastern Australia. ExxonMobil’s local unit, Esso MEOG: Iran’s Quake And Qurna-1
Australia, said on April 20 the Gippsland Basin A major earthquake disrupted oil operations in
Joint Venture (GBJV) – a 50:50 venture includ- southern Iran this week, while across the border,
ing BHP Billiton – had commissioned the West Iraq is seeking a new lead developer for West
Barracouta project off the coast of Victoria. Qurna-1 as it shops ExxonMobil’s stake.
An earthquake in southern Iran caused dam-
DMEA: No Permit For Tema And Egypt Goes age to an important oil facility over the weekend,
Green with state TV saying that production had been
Environmental concerns were at the heart of disrupted. The 5.9-magnitude tremor resulted
the downstream headlines in MEA this week in the collapse of the control room roof at the
with Ghana’s Environmental Protection Agency Goreh pump station, with Gachsaran Oil & Gas
(EPA) saying that a proposed new refinery is Co.’s (GOGC) managing director Houshang
unlikely to be given a permit, while Egypt is Seidali quoted as saying that a turbine was put
planning to establish a bioethanol plant. out of action. He added that some production
Ghana’s EPA this week said that a proposed was also taken offline, but did not disclose the
new refining project at Tema is unlikely to be volume.
built owing to environmental concerns. The
proposed site of the Sentuo Oil Refinery is in the NorthAmOil: Permian Basin Developments
Tema Newtown Waterland, a wetland catchment Make Headlines
of Chemu Lagoon. Various developments have emerged from the
prolific Permian Basin in recent days, illustrat-
FSUOGM: Russia Overhauls Refinerie ing the region’s ongoing dominance of the US oil
Russia’s energy ministry has entered into and gas industry. See the archive and
investment deals with 14 refineries worth Most notably, BP was reported to be planning sign up to receive
RUB800bn ($10.5bn) for the construction to phase out routine flaring of associated natural *NRG Editor’s Picks*
of new processing units. gas in the basin by 2025. The super-major has for free by email each
The investments will be spent building embraced the energy transition as a major com- week here
30 units, the commissioning of which will ponent of its long-term strategy and is pursuing
lead to a growth in Russian Euro-5 standard net-zero greenhouse gas (GHG) emissions by
gasoline supply by over 3.6mn tonnes per 2050. It intends to continue producing oil and
year, and Euro-5 standard diesel by 25mn gas, but has said it will only focus on more profit-
tpy. The modernisation work will also entail able and “responsibly produced” volumes in the
a drop in Russian heavy fuel oil (HFO) future.™

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