Page 13 - LatAmOil Week 46

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In Norway, ConocoPhillips and its Polish part- stock. ”
ner PGNiG have made a “substantial” gas dis- Revenues totalled RUB1.44 trillion ($20.1bn)
covery in the Norwegian Sea, with an estimated in the three-month period, down 42% year on
size of between 8mn and 30mn cubic metres year but up 40% quarter on quarter. Oil prices
(50-189mn barrels) of recoverable oil equivalent. slumped in March and April, only to recover in
Conoco said it had found gas and condensate the subsequent months, thanks to a recovery
at production licence (PL) 1009 after drilling a in fuel demand after historic lows during lock-
wildcat well some 35 km from the Equinor-op- downs, as well as OPEC+ cuts to supply.
erated Heidrun oil and gas field, where Conoco These cuts led Rosneft to reduce its overall
has a 24% position. The discovery is also 27 km hydrocarbon output by 9.5% in the first nine
south-west of the Aker BP-operated Skarv field, months of the year to 5.232mn barrels of oil
in which PGNiG has a 11.9% stake. equivalent per day (boepd). This was led by a
Conoco is the only US-based major left in 10% drop in oil and condensate output to 155mn
Norway following the departure of Chevron in tonnes (4.14mn barrels per day).
2018 and ExxonMobil the following year. Its
main focus is the Greater Ekofisk Area, which If you’d like to read more about the key events shaping
consists of the Ekofisk, Eldfisk and Embla fields, the former Soviet Union’s oil and gas sector then
in the southern North Sea. please click here for NewsBase’s FSU Monitor .
Conoco has a 65%interest in PL1009, while
PGNiG has 35%. The pair will “assess the results GLNG: Projects moving forward Tellurian is
of the discovery together with other nearby pros- Various LNG projects around the world are tak-
pects with a view to a potential development to ing steps forward despite an increasingly chal- reportedly in talks
existing infrastructure,” the NPD said. lenging market. Among those making progress
in recent days is the Papua LNG project, which with Asian buyers
If you’d like to read more about the key events shaping received a major boost last week after the Papua to sell almost
Europe’s oil and gas sector then please click here for New Guinea (PNG) government passed six
NewsBase’s EurOil Monitor. pieces of legislation that allow operator Total to half of its output
proceed with the $20bn development.
FSU: Rosneft returns to red PNG Prime Minister James Marape said from a proposed
The Russian oil giant Rosneft returned to a net Total would send a delegation to the country in
loss in the third quarter, on the back of ruble the coming weeks for talks on how the project terminal on the
devaluation and low prices. would proceed, and talks are reportedly also Gulf Coast
The company swung to its first net loss since planned with the other partners.
2012 in the first quarter after sustaining heavy Elsewhere in the world, US-based Tellurian
impairments but rebounded to profit in the is reportedly in talks with unidentified Asian
second quarter. The company suffered another buyers to sell almost half of its output from a
loss of RUB64bn ($800mn) in the third quarter, proposed terminal on the Gulf Coast. Telluri-
though, owing to a weaker ruble. This compared an’s planned Driftwood LNG facility was dealt
with a RUB225bn profit a year earlier. a blow this year when previous talks with India’s
Rosneft’s EBITDA performed better, hitting Petronet failed to result in a supply deal amid the
RUB366bn ($5bn) in the third quarter, beating global downturn in LNG demand and prices.
a forecast by BCS Global Markets (BCS GM) by Last week, Tellurian’s chairman, Charif Souki,
6%. This is versus RUB544bn of earnings in the told Bloomberg that his company had other
same period of 2019 and RUB170bn in the sec- potential customers interested in buying 12mn
ond quarter of 2020. Its net loss was also 7% less tonnes per year (tpy) of output from Driftwood.
than the Moscow-based brokerage projected. The facility would produce 27.6mn tpy in total if
Core earnings outperformed thanks to solid it goes ahead.
free cash flow (FCF), BCS GM said. This “con- According to Souki, the deals would be final-
firmed a significant recovery in the macroeco- ised during the first half of 2021, with construc-
nomic environment for Russian oil producers,” tion on the terminal beginning in the middle of
it said. “We consider this to be a positive for the the year.

Week 46 19•November•2020 www. NEWSBASE .com P13