Page 16 - FSUOGM Week 16 2021

FSUOGM NEWSBASE ROUNDUP GLOBAL (NRG) FSUOGM

NewsBase Roundup Global (NRG)

Welcome to NewsBase’s Roundup Global final investment decision (FID), however.
NRG (NRG), in which the reader is invited to join
our team of international editors, who provide a GLNG: NextDecade Advances Clean LNG
snapshot of some of the key issues affecting their Plans
regional beats. We hope you will like NRG's new It has been another busy week for US-based
concise format, but by clicking on the headline LNG developer NextDecade, which is trying to
link for each section the full text will be available position its proposed Rio Grande liquefaction
as before. project at Texas’ Port of Brownsville as one of
the most environmentally friendly facilities of
AfrOil: Nigeria Adds Tax, Royalty Cuts To its kind. The company has announced two sep-
PIB arate partnerships in recent days that are geared
Nigeria’s government has reportedly agreed to towards bolstering Rio Grande LNG’s green
revise provisions of the Petroleum Industry Bill credentials.
(PIB), the oil and gas law now under discussion
in the National Assembly. LatAmOil: Natixis To Phase Out Ecuadorean
Sources closely involved with the legislation Oil Finance
told Reuters last week that Abuja had acceded France’s Natixis is set to join the ranks of
to requests from international oil and gas com- financial institutions that have stopped sup-
panies (IOCs) for reductions in royalty and tax porting trade deals involving Ecuadorean
rates. The PIB is now slated to bring the hydro- crude oil.
carbon tax rate for converted leases down from The French bank informed Reuters last week
7.5% to 5% and will also cut the royalty rate for that it intended to stop financing trade in Ecua-
new production streams from deepwater oil- dorean oil by April 2022. It stressed that it had
fields from 42.5% to 30%, they said. been ramping down its involvement in such
transactions since mid-2020 and intended to
AsianOil: Exxon Starts Up New Australian cut the volume of Ecuadorean crude for which
Gas Field it provided financing even further this year and
US super-major ExxonMobil has started pro- in early 2022.
ducing natural gas from a new project offshore
eastern Australia. MEOG: Iran’s Quake And Qurna-1
ExxonMobil’s local unit, Esso Australia, said A major earthquake disrupted oil operations in
on April 20 the Gippsland Basin Joint Venture southern Iran this week, while across the border,
(GBJV) – a 50:50 venture including BHP Bil- Iraq is seeking a new lead developer for West
liton – had commissioned the West Barracouta Qurna-1 as it shops ExxonMobil’s stake.
project off the coast of Victoria. An earthquake in southern Iran caused dam-
age to an important oil facility over the weekend,
DMEA: No Permit For Tema And Egypt Goes with state TV saying that production had been
Green disrupted. The 5.9-magnitude tremor resulted
Environmental concerns were at the heart of in the collapse of the control room roof at the
the downstream headlines in MEA this week Goreh pump station, with Gachsaran Oil & Gas
with Ghana’s Environmental Protection Agency Co.’s (GOGC) managing director Houshang
(EPA) saying that a proposed new refinery is Seidali quoted as saying that a turbine was put
unlikely to be given a permit, while Egypt is out of action. He added that some production
planning to establish a bioethanol plant. was also taken offline, but did not disclose the
Ghana’s EPA this week said that a proposed volume.
new refining project at Tema is unlikely to be
built owing to environmental concerns. The NorthAmOil: Permian Basin Developments
proposed site of the Sentuo Oil Refinery is in the Make Headlines
Tema Newtown Waterland, a wetland catchment Various developments have emerged from the
of Chemu Lagoon. prolific Permian Basin in recent days, illustrat-
ing the region’s ongoing dominance of the US oil
Euroil: UK CCS Plans Take Shape and gas industry. See the archive and
Clean energy developer Storegga has Most notably, BP was reported to be planning sign up to receive
brought on board Royal Dutch Shell and to phase out routine flaring of associated natural *NRG Editor’s Picks*
Harbour Energy as equal-equity partners gas in the basin by 2025. The super-major has for free by email each
at its Acorn carbon, capture and storage embraced the energy transition as a major com- week here
(CCS) project in Aberdeenshire. ponent of its long-term strategy and is pursuing
The group expect to launch the project net-zero greenhouse gas (GHG) emissions by
in the mid-2020s, with its annual CO2 stor- 2050. It intends to continue producing oil and
age capability reaching 5mn tonnes per year gas, but has said it will only focus on more profit-
(tpy) by the end of the decade. The partners able and “responsibly produced” volumes in the
have not said when they anticipate taking a future.™

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