Page 17 - LatAmOil Week 10 2022

LatAmOil NEWSBASE ROUNDUP GLOBAL (NRG) LatAmOil

NewsBase Roundup Global (NRG)

NRG Welcome to NewsBase’s Roundup Global energy crunch crisis in Europe. The April con-
(NRG), in which the reader is invited to join tract at the hub briefly settled at €345 per cubic
our team of international editors, who provide a metre at around 08:30 GMT, equivalent to
snapshot of some of the key issues affecting their $3,990 per 1,000 cubic metres. Its average for the
regional beats. We hope you will like NRG’s new day was €227.
concise format, but by clicking on the headline
link for each section the full text will be available FSU OGM: Shell pledges profits from
as before. Russian oil for Ukrainian aid
Shell announced on March 5 it was placing all
AfrOil: Libyan oil production sinks by profits that it earns from Russian oil it purchases
330,000 bpd into a fund that will go towards humanitarian aid
Libya’s oil production has reportedly sunk by in Ukraine, after drawing criticism for purchas-
about 330,000 barrels per day following the ing a discounted cargo of Russian Urals blend.
shutdown of two major sites: Sharara, the coun- Shell is one of several international oil companies
try’s biggest oilfield, and El Feel. Sharara usually that have announced their intent to leave Russia
yields around 270,000-300,000 bpd of oil, while in response to Moscow’s actions in Ukraine.
El Feel produces up to 70,000 bpd but may have
been operating below full capacity when produc- GLNG: Venture Global expands supply
tion stopped on March 3. partnership with Shell
Venture Global LNG announced on March 7
AsianOil: Outage reported at Malaysia that it had struck a new long-term sales and pur-
LNG Satu chase agreement with Shell for offtaking from its
An unplanned outage occurred at the Malaysia proposed Plaquemines liquefaction terminal on
LNG (MLNG) Satu – part of the country’s nine- Louisiana’s Gulf Coast. The 20-year deal covers
train Bintulu LNG complex – last week. The out- 2mn tonnes per year and brings Shell’s total long-
age is reported to have resulted from a leak that term offtake commitments from Venture Glob-
led to the second train being taken offline. al’s terminals to 4mn tpy.

DMEA: Different approaches to refining MEOG: Iran talks up oil investment
Iran’s Ministry of Petroleum (MoP) announced The Iranian government this week said it would
this week that it has received budgetary approval invest $4bn in oil and gas projects in the south-
to add 300,000 barrels per day of refining capac- ern Khuzestan Province as the sums promised
ity, with private sector and foreign investment for investment continue to spiral. Meanwhile,
likely to be sought. Meanwhile, Israel’s cabinet the onshore-focused arm of state-owned Abu
this week voted unanimously in favour of clos- Dhabi National Oil Co. (ADNOC) this week
ing refining facilities owned by the local Bazan announced the award of a contract for enhanced
Group as the country pushes to promote clean oil recovery (EOR) work at the Bab oilfield.
energies as a major gas field was connected to
the grid. NorthAmOil: US bans imports of Russian
oil and gas
EurOil: Gas prices skyrocket amid ongoing US President Joe Biden announced on March 8
Ukrainian conflict that his country was banning imports of Russian
The front-month gas price at the Dutch TTF crude oil and natural gas, as well as coal. This
hub spiked at close to $4,000 per 1,000 cubic comes as the US government tightens its sanc-
metres on March 7, amid the escalating conflict tions against Russia in response to Moscow’s
in Ukraine that has built on top of an existing invasion of Ukraine. ™

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Week 10 10•March•2022 www. NEWSBASE .com P17