Page 13 - MEOG Week 23

MEOG nr G MEOG

Shoots of recovery

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Welcome to the fifth edition of NewsBase’s Roundup Global (NRG), in
which our team of international editors provide you with a snapshot of

some of the key issues affecting their regional beats. Get the NRG Oil &

Gas Editor’s Picks to your inbox every week for free. Just sign up here.

nrG FOLLOWING on from the mayhem of April Libya, by contrast, will not be affected by the
and May reported in previous editions, the mid- decision to extend cuts through July. Instead,
term future may be a little clearer after the crucial it is working to bring production at recently
OPEC+ meeting which agreed to extend oil pro- restarted oilfields, El-Feel and sharara, back up
duction cuts through to the end of July. to previous levels. together, these two sites may
the ripples of quota limitations, reduced bring Libyan output up by as much as 390,000
prices and the changing face of the coronavirus bpd. this would represent a nearly five-fold
can be seen in all of our monitors. The world as increase on the estimated May figure.
it was before February/March still seems a long In Kenya, tullow Oil’s early oil production
way off but political issues still raise their head scheme (EOPs) appears to have ground to a
and will no doubt feature more in the months halt. The company’s upstream operations in the
ahead. Lokichar basin were already running behind
schedule, owing to the coronavirus pandemic
Production issues in africa and other factors. They will likely have to slow
Production issues have been in the spotlight in down further as a result of the expiration of
several African countries within the last week. tullow’s two-year trucking contract, which pro-
Nigeria, for example, has come under pres- vided for crude to be transported to Mombasa
sure to comply with the new production quotas for export. In the meantime, tullow still has
approved by the OPEC+ group over the week- 185,000 barrels of unexported crude in storage
end. Officials in Abuja have pledged to do so at port facilities in Mombasa.
and have agreed in principle that producers If you’d like to read more about the key events
exceeding their limits ought to compensate shaping Africa’s oil and gas sector, then please
the group’s other members. The West African click here for NewsBase’s AfrOil Monitor.
country reported extracted 1.61mn barrels per
day (bpd) of oil in May, above the target figure asian variations
of 1.41mn bpd. the pandemic has weighed on each of Asia’s

Week 23 10•May•2020 www. NEWSBASE .com P13