Page 12 - AsianOil Week 43 2020

AsianOil NEWSBASE’S ROUNDUP GLOBAL (NRG) AsianOil

Time for guarded optimism

Developments over the past week suggest that while

uncertainty about demand and prices persists, optimism is

returning and there are signs of a ramp up in dealmaking.

COMMENTARY WELCOME to the latest edition of NewsBase’s (LNA) headed by Khalifa Haftar. According to
Roundup Global (NRG), in which our team of Stephanie Williams, the UN’s Acting Special Rep-
international editors provide you with a snap- resentative for Libya, the accord should allow the
shot of some of the key issues affecting their Ras Lanuf and Es Sider export terminals to resume
regional beats. Get the NRG Oil & Gas Editor’s operations soon.
Picks to your inbox every week for free. Just sign In Angola, Minister of Mineral Resources, Petro-
up here. leum and Gas Diamantino Azevedo has said that
In this week’s NRG our editors highlight prom- stemming production declines is the most important
ising signs of progress in Africa, Brazil and the Rus- task for the country’s oil industry amidst the coronavi-
sian Arctic, developments in natural gas by China’s rus (COVID-19) pandemic. In the “Angola COVID-
CNOOC and a re-evaluation by Saudi Aramco of 19 Response,” a report published last week by Africa
its Yanbu oil-to-chemicals complex. Meanwhile, Oil & Power (AOP), Azevedo stated that his ministry
the efforts to move towards cleaner energy are hav- had developed a four-part plan for supporting the
ing an impact; one of these efforts involved LNG upstream oil sector going forward.
and the discussion on this spills over to the compet- Meanwhile in East Africa, two upstream deals
ing angles of price-sensitivity and lowering carbon have moved closer to the finishing line. In Tanza-
emissions. A spotlight falls on Qatar’s LNG, while nia, Aminex (UK) has finalised its farm-out deal
major deal moves in Canada also feature. for the Ruvuma licence area with ARA Petroleum
of Oman. As a result, ARA Petroleum Tanzania
African production concerns, upstream deals (APT) now has a 75% stake in the project and will
Two of Africa’s largest oil producers, Libya and serve as operator.
Angola, are focusing on production-related mat- In Uganda, Tullow Oil (UK/Ireland) has cleared
ters this week. all of the “government-related conditions related to
As of last week, Libya’s National Oil Corp. closing” its deal with Total (France). As a result, the
(NOC) had succeeded in bringing crude oil out- French major should be able to complete its acquisi-
put up to 500,000 barrels per day. Yields have now tion of Tullow’s Ugandan portfolio in the near future.
topped 560,000 bpd and are set to rise even further,
following the signing of a ceasefire agreement If you’d like to read more about the key events shaping
between the UN-backed Government of National Africa’s oil and gas sector then please click here for
Accord (GNA) and the Libyan National Army NewsBase’s AfrOil Monitor.

P12 www. NEWSBASE .com Week 43 29•October•2020