Page 15 - NorthAmOil Week 06 2023

NorthAmOil NEWSBASE’S ROUNDUP GLOBAL (NRG) NorthAmOil

NewsBase’s Roundup Global (NRG)

GLOBAL WELCOME to NewsBase’s Roundup Global recent weeks, and with ample LNG supply and
(NRG), in which the reader is invited to join gas volumes in storage, this has resulted in prices
our team of international editors, who provide a dropping to their pre-Ukraine war levels, despite
snapshot of some of the key issues affecting their the steep drop in Russian deliveries.
regional beats. We hope you will like NRG’s new
concise format, but by clicking on the headline link GLNG: China’s LNG imports forecast to re-
for each section the full text will be available as bound after plunging 20% in 2022
before. China’s liquefied natural gas imports are pro-
jected to recover in 2023 to between 70mn and
AfrOil: Italy, Libya sign $8bn gas deal 72mn tonnes, marking a 9% to 14% rise from
Italian Prime Minister Giorgia Meloni arrived 2022, analysts at Rystad Energy, Wood Macken-
in Libya on January 28 to sign a natural gas sup- zie and ICIS told Reuters. In 2022, LNG imports
ply deal with the state-owned oil company, after to China fell 20% year on year to 64.4mn tonnes
visiting Algeria the previous week for the same as strict Covid lockdowns combined with
purpose. She was accompanied by Claudio Des- increased use of natural gas from domestic pro-
calzi, the CEO of Italy’s Eni, and Italian Foreign duction and pipeline sources dinted the coun-
Minister Antonio Tajani. try’s appetite.

AsianOil: Philippines clears development of LatAmOil: AMLO pledges to help Pemex
seventh LNG import project with bond payments
Authorities in the Philippines announced on Jan- Mexico’s President Andres Manuel Lopez
uary 27 that they have greenlit the development Obrador has indicated that his government
of a $67mn small-scale LNG import terminal to is responding positively to requests from the
provide a source of fuel for power generation. It national oil company Pemex for assistance in
is the seventh such facility to be approved. covering financial obligations to holders of its
securities. Speaking to journalists on January
DMEA: Militia threatens Iraqi pipeline 26, he said Mexico City had formulated a plan
An Iraqi militant group with links to Iran this to ensure that Pemex could pay its debt amorti-
week made vague threats to halt any effort to sations in 2023.
establish a pipeline route linking Basra with
the Red Sea. Various versions of plans to build a MEOG: Maha and Mafraq sign Oman deal
1,600-km conduit to carry crude oil from Iraq’s Swedish explorer Maha Energy and local firm
oil-rich Basra Governorate to the Red Sea port Mafraq Energy this week signed a joint oper-
of Aqaba have been on the drawing board since ating agreement for Oman’s Block 70 conces-
1982, with political, technical and commercial sion following a farm-in deal last year. Maha
concerns converging to derail progress. operates Block 70 with a 65% shareholding,
while Mafraq holds the remainder following its
EurOil: CNOOC puts sale of UK North Sea August farm-in to the exploration and produc-
business on hold tion-sharing agreement, with that deal requir-
China’s largest offshore oil and gas producer ing the Omani firm to reimburse Maha for its
CNOOC Ltd has put on hold the intended “prorated share of all past costs, including the
sale of its UK North Sea assets, Bloomberg signature bonus [and …] its share of all future
reported this week. Initial offers for the port- expenditures on Block 70.”
folio did not live up to CNOOC’s expecta-
tions, but a sale process could be resumed if NorthAmOil: ExxonMobil, Chevron profits
market conditions improve, the news agency soar
said, citing sources. The US’s two largest oil companies have posted
record profits as blowback continues, including
FSUOGM: Russian gas pipe flow dips to from politicians and consumer groups, and in
record low in January particular from US President Joe Biden. Exx-
Russian pipeline gas flowing to Europe dipped onMobil reported profits of $55.7bn in 2022. Its
to a record low in January, down 30% compared previous record was $45.2bn in 2008, when oil
with supplies in December, while experts warn was $142 a barrel, 30% higher than in 2022.
that there could be significant further down-
side risk to the country’s deliveries. Europe has See the archive and sign up to receive NRG Editor’s
enjoyed unseasonably high temperatures in Picks for free by email each week here.™

Week 06 09•February•2023 www. NEWSBASE .com P15