Page 8 - GLNG Week 36

GLNG NRG GLNG

head of a local trade group, the government’s noting that it was the first time a domestically
plans do not include any exploration of devel- produced MOS had been installed in the West
opment projects open to the participation of Karoun oil region.
foreign investors.
Meanwhile, Refineria di Korsou (RdK), the If you’d like to read more about the key events shaping
operator of Curaçao’s only oil refinery, has taken the Middle East’s oil and gas sector then please click
legal action against Venezuela’s national oil com- here for NewsBase’s MEOG Monitor .
pany (NOC) PdVSA in a US court. RdK said in
documents filed in a New York state court that it Quarterly losses mount in North America
was seeking to recover $51mn worth of overdue North America’s oil and gas industry continues
service payments from PdVSA. So far, neither to see mixed signals, with weekly US rig counts
the NOC nor the Venezuelan government has creeping up for only the second time since early
responded to the lawsuit. March, but crude prices declining. The West Texas
Intermediate (WTI) benchmark dropped below
If you’d like to read more about the key events shaping $40 per barrel in recent days, which has been
the Latin American oil and gas sector then please click attributed to a number of domestic factors, as well
here for NewsBase’s LatAmOil Monitor . as international trends as Saudi Arabia announced
that it would cut prices for its October sales.
Mideast: Export facilities come into focus While some North American producers are
Export infrastructure came into sharp focus better positioned to ride out the storm than oth-
this week as news emerged of talks to extend the ers, concerns remain about the ability of small Iran is seeking
planned oil pipeline between Iraq and Jordan companies in particular to survive. Last week,
to Egypt. The discussions also involve collabo- Western Canadian firms that produce around to expand its
ration in the field of electricity, and follow talks 20,000 barrels per day (bpd) were described as
about the grid interconnectivity among several “an endangered species” by the head of a pri- capabilities
of the region’s countries. vate equity firm. Such private equity players are
For Iraq, the move to increase westward oil among those seeking to capitalise on the down- ahead of a
flows will ease dependency on Gulf terminals. turn by buying up struggling companies at bar- potential easing
These facilities handle the vast majority of the gain prices, and more acquisitions are expected
country’s exports, including no less than 86% of in the coming weeks and months. of sanctions.
all August shipments. Meanwhile, Amman and In the US, meanwhile, the upcoming pres-
Baghdad have agreed to resume trucked crude idential election is generating further uncer-
exports in response to the oil price drop and the tainty in an operating environment already
coronavirus (COVID-19) pandemic. contending with numerous unknowns. Demo-
In Iran, authorities have said that the Jask cratic nominee Joe Biden clarified his position
oil terminal project will be ready for operation on hydraulic fracturing last week, saying he
by the end of March 2021, enabling the Islamic would not seek to ban the practice if he were
Republic to export crude without needing to to be elected to the presidency in November.
traverse the Strait of Hormuz. Iran has period- Biden’s comments came in response to allega-
ically threatened to block the s trait if its crude tions by US President Donald Trump that the
exports are unacceptably harmed by US sanc- Democratic nominee would indeed seek to ban
tions, while Washington has said such a move fracking. Biden made the assurances during a
would require a response. speech in the swing state of Pennsylvania, which
As Iran seeks to expand its capabilities ahead is a leading shale gas producer. Biden’s climate
of a potential easing of sanctions, local firm change plan calls for ending new oil and gas
Petroleum Engineering and Development Co. leases on public land, but it would not ban drill-
(PEDEC) announced that it had increased oil ing or prohibit any specific method for produc-
production capacity at the South Yaran oilfield ing fossil fuels.
by 5,000 barrels per day (bpd) following the
installation of a new mobile oil separator (MOS). If you’d like to read more about the key events shaping
The head of the South Yaran project emphasised the North American oil and gas sector then please click
the importance of the MOS being locally built, here for NewsBase’s NorthAmOil Monitor .™

P8 www. NEWSBASE .com Week 36 11•September•2020