Page 13 - NorthAmOil Week 17 2022

NorthAmOil NEWSBASE’S ROUNDUP GLOBAL (NRG) NorthAmOil

NewsBase’s Roundup Global (NRG)

GLOBAL WELCOME to NewsBase’s Roundup Global FSUOGM: Novatek warns of Arctic LNG-2
(NRG), in which the reader is invited to join delay
our team of international editors, who provide a Prospects for Russia’s second-biggest LNG
snapshot of some of the key issues affecting their exporter Novatek look in doubt, after its CEO
regional beats. We hope you will like NRG’s new Leonid Mikhelson warned at a sharehold-
concise format, but by clicking on the headline link ers’ meeting last week that the schedule for its
for each section the full text will be available as upcoming Arctic LNG-2 project could be delayed
before. because of sanctions. Arctic LNG-2 has relied sig-
nificantly on Western equipment and technology,
AfrOil: Cameroon blames Western sanc- not to mention financing to cover its $21bn cost.
tions on Russia for fuel shortages
Cameroon’s Energy Ministry is blaming West- GLNG: France’s GTT wins LNG tank design
ern sanctions on Russia for the fuel shortages contract from SMI
that have broken out around the country, France’s GTT has won a contract from South
according to a report from Voice of America. Korean shipbuilder Samsung Heavy Industries
Ministry officials said last week that Cameroon (SMI) to design a tank for a new LNG Carrier
had started running low on fuel earlier in April (LNGC). GTT said in a statement that the carrier
because the imposition of sanctions triggered would have a total LNG tank capacity of 180,000
a rise in crude prices that made imports more cubic metres and would be fitted with the Mark
expensive. III Flex membrane containment system, devel-
oped by GTT.
AsianOil: Petronas, Sabah sign MoU on
nearshore FLNG development LatAmOil: Pemex under pressure to re-
Petronas and Sabah Oil & Gas Development sume payments on maturing securities
Corp. (SOGDC) have signed a memorandum Mexico’s national oil company Pemex has
of understanding on the development of a near- reportedly come under more pressure from
shore floating LNG facility in the Malaysian state the Finance Ministry to resume payments on
of Sabah in Borneo. Under the MoU, SOGDC maturing securities, despite an earlier promise
will support Petronas in securing all necessary from President Andres Manuel Lopez Obrador
approvals, permits and other requirements as to cover the firm’s obligations until the end of
they work to realise the project, according to his term in 2024. Two unnamed sources with
local media. knowledge of the matter told Reuters last week
that the ministry had stepped up its communi-
DMEA: Petchems come to the fore for AD- cations with Pemex and urged the company to
NOC assume this responsibility ahead of April 21, the
Abu Dhabi’s state oil firm made headlines this deadline for paying the holders of €1bn worth of
week as it closed a petrochemicals deal with Eurobonds issued in 2015.
India’s Reliance while moving closer to an
IPO for its plastics venture. ADNOC’s Abu MEOG: Syrian hopes and Iranian progress
Dhabi Chemicals Derivatives Co. (TA’ZIZ) This week’s MEOG looks at optimism about
JV this week formalised a shareholder agree- post-sanctions Syria and Iran’s continued efforts to
ment with Reliance Industries Ltd (RIL) for expand upstream capacity. UK-based Gulfsands
the TA’ZIZ EDC & PVC project to be located Petroleum remains optimistic about the potential
in Ruwais. Meanwhile, reports emerged that for Syria to reinvigorate its oil sector following its
ADNOC and Borealis intend to achieve a val- ravaging by 11 years of civil conflict and sanctions
uation of $20bn for their Borouge plastics JV that continue to prevent the legal resumption
in the hope of receiving $2bn for a 10% stake of operations. Meanwhile, Iran has announced
when they launch an initial public offering progress on more oilfield expansion projects this
later this year. week as it continues to work to increase produc-
tion capabilities across its portfolio of assets.
EurOil: Netherlands to receive floating LNG
plant in early August NorthAmOil: CNOOC confirms end to
A floating LNG plant is expected to arrive at Flemish Pass Basin exploration
Eemshaven port in the Netherlands’ Gro- China National Offshore Oil Corp. (CNOOC)
ningen Province in early August, helping the has confirmed to Canadian media that it is exiting
country and the wider region overcome their the Flemish Pass Basin offshore Newfoundland
dependence on Russian gas. The Netherlands and Labrador. The Chinese company’s exit follows
was formerly a net exporter of natural gas, and an unsuccessful drilling campaign in the basin.
swung to becoming an importer in 2018 as a
result of the continued phase-out of produc- See the archive and sign up to receive NRG Editor’s
tion at the giant Groningen field. Picks for free by email each week here.™

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