Page 14 - EurOil Week 12 2021

EurOil NEWSBASE ROUNDUP GLOBAL (NRG) EurOil

NewsBase Roundup Global (NRG)

Welcome to NewsBase’s Roundup Global GLNG: Russia’s Long-Term Strategy And A
NRG (NRG), in which the reader is invited to join US Project Scrapped
our team of international editors, who provide a Russia approved a long-term LNG strategy this
snapshot of some of the key issues affecting their week, targeting up to a three-fold increase in pro-
regional beats. We hope you will like NRG's new duction to 140mn tonnes per year (tpy) by 2035.
concise format, but by clicking on the headline Several Russian LNG projects are in various stages
link for each section the full text will be available development, mainly led by Novatek and Gazprom.
as before. Meanwhile, in the US the field of new export
terminal proposals continues to thin, with
AfrOil: Pros And Cons Of PIB Annova LNG scrapping its project in South
Obo Idornigie, vice-president of sub-Saharan Texas this week.
African research for Welligence Energy Ana-
lytics, recently discussed the strengths and LatAmOil: Disappointment Offshore Suri-
weaknesses of Nigeria’s Petroleum Industry name
Bill (PIB) with AfrOil. He praised the legis- Tullow Oil (UK/Ireland) and its partners in
lation for establishing a stronger foundation Block 47 offshore Suriname have finished
for the development of Nigeria’s abundant drilling the Goliathberg Voltzberg North-1
reserves of natural and associated gas, as well (GVN-1) exploration well without making a
as crude oil. commercial discovery. In a statement, Tullow
said the well had encountered a good-quality
AsianOil: Velesto Wins Drilling Contracts reservoir but registered only minor shows of
From Petronas crude oil.
Malaysia’s state-owned Petronas has awarded Accordingly, GVN-1 will now be plugged
drilling contracts for up to six shallow-water and abandoned. Tullow will then work with
wells to local service provider Velesto Energy. its partners, Pluspetrol (Argentina) and Ratio
Velesto said in a stock exchange filing on March Petroleum (Israel), to “assess the data gathered
19 that wholly owned subsidiary Velesto Drilling from the well and carefully consider [the] next
had won two contracts worth more than $20mn steps,” the statement said.
for the NAGA 2 and NAGA 5 jack-up rigs.
NAGA 2 can operate in water depths of up to MEOG: Aramco’s Results And Iraq’s
350 feet (107 metres) and is capable of drilling Budget
to a depth of 30,000 feet (9,144 metres), while Finance took centre stage in the Middle East
NAGA 5 can operate in up 400 feet (122 metres) this week as Saudi Aramco announced its 2020
of water and drill to 30,000 feet. results and Iraq’s parliament postponed a vote on
the country’s budget by a week.
DMEA: Jazan Launch And Nigerian Scrutiny Aramco’s results made for fascinating read-
Two refineries that have previously faced com- ing, with the company posting massive profits
plications made the news this week for very dif- despite a $39bn reduction in net income on the
ferent reasons. back of the coronavirus (COVID-19) pandemic.
In Saudi Arabia, state oil firm Aramco Impressively, having fulfilled its $75bn dividend
announced that operations had begun at its obligation it ended the year with more cash in
Jazan refinery on the Red Sea coast near the the bank than it started with
border with Yemen. While the facility has
come on stream at around 200,000 bpd, it will NorthAmOil: Decarbonisation In The Spot-
soon ramp up to full capacity of 400,000 bpd light For Oil Sands Players
with crude for the remote unit being shipped Two leading Canadian oil sands producers –
around the Arabian Peninsula from Ras Suncor Energy and Imperial Oil – are in the
Tanura. Its location has seen the refinery tar- news for reasons related to decarbonisation.
geted by Yemen’s Houthi militia, while Aramco In Suncor’s case, the company announced See the archive and
last year redrew plans for the facility’s shipping last week that it was investing in Svante, a carbon sign up to receive
berths, causing work on major units to be capture technology company, as it seeks ways to *NRG Editor’s Picks*
halted and the location of already constructed offset greenhouse gas (GHG) emissions from for free by email each
units to be moved. its oil and gas operations. Imperial, for its part, week here
has urged investors to vote against a shareholder
FSU OGM: Russia Mulls Gazprom Share proposal to set a target of net zero emissions on
Sale a company-wide basis by 2050. The vote will
Russia continues to weigh up options for take place at Imperial’s annual meeting in May,
funding a $25bn, 10-year gasification pro- after the motion was put forward by Aequo
gramme, with the government reportedly Shareholder Engagement Services on behalf
suggesting the issue of new shares in Gaz- of Quebec group retirement system company
prom as a solution. Batirente.™

P14 www. NEWSBASE .com Week 12 25•March•2021