Page 16 - MEOG Week 23

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that 100% of the regasification capacity at the please click here for NewsBase’s LatAmOil
LNG terminal in swinoujście, Poland, had been Monitor.
reserved. The terminal is in the process of being
expanded. Meanwhile, a new deal has brought offshore disruptions as north american on-
the reserved capacity at Croatia’s Krk facility, shore rigs fall
which is currently under construction and due Oil producers in the Us Gulf of Mexico were pre-
to start up in 2021, to 80%. paring to resume disrupted operations this week,
If you’d like to read more about the key events after tropical storm Cristobal passed through
shaping the global LNG sector, then please click the region, bringing high winds and heavy rains.
here for NewsBase’s GLNG Monitor. Offshore producers were reported to have
evacuated 188 Gulf facilities, and shut in 635,000
Latam mulls production levels barrels per day (bpd) of oil and 878mn cubic
several countries in Latin America are taking a feet (25mn cubic metres) per day of natural gas
close look at oil output levels. according to federal data.
During negotiations over production quotas Among those shutting in some of their out-
over the weekend, Mexico once again found at put was BP, which reduced production at its
odds with other members of the OPEC+ group. Thunder Horse, Atlantis and Na Kika platforms.
Rocio Nahle, the country’s energy minister, told Royal Dutch shell said on June 8 that its produc-
reporters on June 6 that Mexico “fully respected” tion had been unaffected by the storm, but that
the group’s previous agreement, under which it it would resume drilling activity and redeploy
slashed output by 100,000 barrels per day (bpd) nonessential workers that had been evacuated
in May and June, but would not push the dead- from the region.
line back any further. Murphy Oil also said on June 8 that it was
Brazil, meanwhile, has reported that oil pro- beginning to return workers to offshore facilities.
duction remained steady in the month of April, Onshore, meanwhile, the active oil and gas
even as the coronavirus pandemic ravaged rig count has continued to fall and dropped to
world energy markets. According to the state oil 284 in the week up to June 5 – marking a thir-
and gas regulator, known as ANP, output levels teenth straight week of declines. This compares
reached 2.9mn bpd in April, down by just 0.5% with 793 active oil and gas rigs reported in the
on the previous month and up by 13.6% on April first week of March.
2019. Oil rigs have accounted for the majority of the
Argentina, for its part, is looking to expand decline, falling by 476 over this period, while the
its future production capacity. The government gas rig count fell by 33.
of Neuquén province is reportedly preparing Also last week, data emerged showing how
to launch a tender for Loma Amarilla Norte, a robust energy trade within North America was
block within the Vaca Muerta shale formation. in 2019. The Us Energy Information Admin-
Provincial authorities had hoped to offer the istration (EIA) reported on June 5 that Canada
site to investors earlier this year but postponed was the largest source of Us energy imports last
the sale, citing unfavourable market conditions. year, and was second only behind Mexico as a
Vaca Muerta fields have seen production levels destination for Us energy exports.
decline since April, when the national oil com- Citing data from the Us Census Bureau, the
pany (NOC) YPF reined in upstream operations EIA said that energy accounted for $85bn or 27%
at Loma Campana and other sites. of the value of all Us imports from Canada in
At the same time, Ecuador is facing some 2019. Meanwhile, the Us exported $23bn worth
short-term setbacks, owing to continued prob- of energy to Canada last year, accounting for
lems with the sOtE oil pipeline system. Offi- around 8% of all Us exports to Canada. This
cials in Quito have declared force majeure on was the second highest level ever recorded, after
Petroecuador’s production operations, and the 2014.
NOC is building a bypass link in a bid to improve If you’d like to read more about the key events
conditions. shaping the North American oil and gas sector,
If you’d like to read more about the key events then please click here for NewsBase’s NorthAm-
shaping Latin America’s oil and gas sector, then Oil Monitor.™

P16 www. NEWSBASE .com Week 23 10•May•2020