Page 8 - AfrOil Week 42

AfrOil NEWSBASE’S ROUNDUP GLOBAL (NRG) AfrOil

NRG: Challenges ahead

Certain recent developments illustrate the scale of ongoing challenges for

the oil and gas industry, but various players are forging ahead undeterred

GLOBAL WELCOME to the latest edition of NewsBase’s signing off on the development of LNG import
Roundup Global (NRG), in which our team of capacity. Meanwhile, Qatar has embarked on a
international editors provide you with a snap- push to find more buyers for its LNG as it expands
shot of some of the key issues affecting their its liquefaction capacity.
regional beats. Get the NRG Oil & Gas Editor’s And in North America, mergers and acqui-
Picks to your inbox every week for free. Just sign sitions (M&As) are gaining pace, with Cono-
up here. coPhillips confirming this week that it will acquire
Certain recent developments have highlighted Concho Resources. At the same time, reports of
the scale of challenges facing the oil and gas indus- merger talks between Pioneer Natural Resources
try. Members of the OPEC+ alliance have warned and Parsley Energy have also emerged.
that the oil market could be pushed back into sur-
plus next year, as the coronavirus (COVID-19) Asia: Philippines lifts moratorium
pandemic continues to hang over demand and new The Philippines has lifted a six-year moratorium
supply threatens to upset the balance. on exploration in disputed waters of the South
Meanwhile, Rystad Energy has warned that China Sea in response to growing concerns over
hydrocarbon production on the UK Continental the country’s future energy security.
Shelf (UKCS) is unlikely to exceed 2mn boepd The country relies heavily on the giant
again, and the International Energy Agency (IEA) Malampaya offshore natural gas field to power
has highlighted the challenges that lie ahead for the several thermal power plants (TPPs) on the main
LNG market. island of Luzon.
Such challenges are not stopping progress on However, with the field expected to begin
various fronts, though. The Philippines has lifted running dry over the next few years, the govern-
a six-year moratorium on exploration in disputed ment has begun signing off on the development
waters of the South China Sea and has begun of LNG import capacity.

P8 www. NEWSBASE .com Week 42 21•October•2020