Page 6 - AfrOil Week 34

AfrOil NEWSBASE’S ROUNDUP GLOBAL (NRG) AfrOil

NRG: Looking to the future

Although rattled by the international oil and gas price collapse, governments and

investors continue to press forward – either through new legislation or projects

COMMENTARY WELCOME to the latest edition of NewsBase’s The Iraqi government, meanwhile, has signed a
Roundup Global (NRG), in which our team of number of new deals covering oil production, gas
international editors provide you with a snap- capture and power generation with US investors.
shot of some of the key issues affecting their Alongside more the encouraging news come
regional beats. Get the NRG Oil & Gas Editor’s reports that highlight the ongoing battle to manage
Picks to your inbox every week for free. Just sign stressed balance sheets. India’s ONGC is consider-
up here. ing raising billions of dollars’ worth of new debt,
With the wave of painful second-quarter results while Saudi Aramco has reportedly cancelled its
largely out of the way for the oil and gas industry, maintenance tender for the Marjan oilfield.
governments and investors are looking to the
future. This means different things depending on Upstream battle in South Asia
where you look, however, with upbeat develop- India’s state-run Oil and Natural Gas Corp.
ment news counterbalanced by funding concerns. (ONGC) has said it is considering raising up
There was good news out of Nigeria, not only to INR450bn ($6.1bn) worth of debt, following
in the form of long-delayed legislation but also the recent reports that the developer would struggle
imminent commissioning of a major new down- to finance its capital expenditure objectives.
stream facility. Similar positive news has come from ONGC said on August 24 that its board
Russia, where Rosneft has returned to offshore would meet on September 1 to consider raising
development in the Arctic and Gazprom Neft has debt via bank loans as well as foreign and domes-
launched of the next phase of its own Arctic project. tic debt instruments.

P6 www. NEWSBASE .com Week 34 26•August•2020