Page 19 - EurOil Week 08 2023

EurOil NEWSBASE ROUNDUP GLOBAL (NRG) EurOil

NewsBase Roundup Global (NRG)

NRG Welcome to NewsBase’s Oil & Gas Roundup The agreements set out the rights and obligations
Global (NRG), in which the reader is invited that Lukoil would have as a subsoil user at the
to join our team of international editors, who blocks in partnership with KMG.
provide a snapshot of some of the key issues
affecting their regional beats. We hope you will LNG Demand Soars In Baltics As Region
like NRG's new concise format, but by clicking Continues Pivot Away From Russian Gas
on the headline link for each section the full text Baltic countries are securing liquified natural
will be available as before. gas (LNG) in vast quantities seeking to take
advantage of falling gas prices as the northern
AfrOil: Galp Agrees To Sell Angolan Up- European nations accelerate the diversification
stream Assets To Somoil For $830mn of their energy supply after quitting Russian
Portugal’s Galp has arranged to sell its gas following the invasion of Ukraine.
upstream assets in Angola to Sociedade With gas prices plummeting by over 80%
Petrolífera Angolana (Somoil), a local since peaking in August, LNG cargoes have
company, for a total consideration of become increasingly attractive compared to
approximately $830mn after capital gains alternatives such as fuel oil and coal.
taxes.
Galp announced the deal on February 13, LatAmOil: Pemex’s Legacy Refineries Con-
saying it had already signed an agreement tinue To Underperform
with Somoil. Mexico’s national oil company (NOC) Pemex
fell short of its goals for boosting refining
AsianOil: Increased LNG Orders In China capacity utilisation in 2022 and is likely to
Mask Rural Shortages continue doing so in 2023-2024, despite
Despite much being made of China’s post- ongoing efforts to improve performance.
COVID recovery and increased LNG orders As Mexico Business News noted on
of late, the increase in gas flows to China is February 9, Pemex said previously that it
also needed to help alleviate shortages in some hoped to see its six existing refineries –
of the country’s more rural areas. Cadereyta, Madero, Minatitlan, Salamanca,
The nation’s Hebei Province, a large pocket Salina Cruz and Tula – boost capacity
of land surrounding Beijing, is a prime utilisation to 1.375mn barrels per day (bpd) in
example. 2023 and 2024.

DMEA: Cabinda Tests To Begin In Decem- MEOG: Kish Gas Development Deal Signed
ber Two state-owned Iranian firms signed a $900mn
The developer of Angola’s Cabinda refinery deal last week for the development of the country’s
said this week that the project is expected to second-largest gas field in the Persian Gulf.
be completed by the end of the year, with test A signing ceremony was held in Tehran
runs due to begin in mid-December. over the weekend between the Iranian
Speaking during a press conference last Offshore Engineering and Construction Co.
week, Marcus Weyll, director general of (IOEC) and Pars Oil and Gas Co.
UK-based Gemcorp, said that his company
is committed to commissioning the refinery’s NorthAmOil: Equinor Receives Licence For
first phase during Q4, and will swiftly move Discovery Off Newfoundland
forward with work on the second and third The Canada-Newfoundland and Labrador
phases. Offshore Petroleum Board (C-NLOPB) has
issued a license to Equinor for the Cappahayden See the archive and
FSUOGM: Lukoil Signs Deal To Develop K-67 discovery in the province's waters. The sign up to receive
Caspian Fields Off Kazakhstan board estimates that it holds about 385mn barrels *NRG Editor’s Picks*
Russia’s Lukoil has signed several deals with of recoverable oil. It is C-NLOPB’s first such for free by email each
Kazakhstan’s state-owned KazMunayGas licence in two years. week here
(KMG) on developing the Kalamkas-Sea, The field, in the Flemish Pass region about
Khazar and Auezov blocks in the Kazakh 500 km east of St John’s, Newfoundland, was
Caspian Sea. discovered in 2020.

Week 08 23•February•2023 www. NEWSBASE .com P19