Page 18 - NorthAmOil Week 14 2023

NorthAmOil NEWSBASE’S ROUNDUP GLOBAL (NRG) NorthAmOil

NewsBase’s Roundup Global (NRG)

GLOBAL WELCOME to NewsBase’s Roundup Global The tax is now 75% of income, or three times
(NRG), in which the reader is invited to join imposed on conventional UK business.
our team of international editors, who provide a
snapshot of some of the key issues affecting their FSUOGM: US replaces Russia as Europe’s
regional beats. We hope you will like NRG’s new top oil supplier in December
concise format, but by clicking on the headline link The US has replaced Russia as Europe’s main oil
for each section the full text will be available as supplier, according to data published by Eurostat
before. on March 28, accounting for 18% of EU crude
imports. Russia supplied 31% of EU oil imports
AfrOil: Honeywell secures $500mn con- in January last year, prior to Moscow’s invasion of
tract for Libya’s South Refinery Ukraine, while the US was a distant second, deliv-
The US-based energy group Honeywell has ering only 13%. Brussels introduced an embargo
secured a deal worth $500mn to carry out engi- on seaborne Russian oil imports in December last
neering work on the South Refinery project, year and followed this up with a ban on Russian
Reuters reported on March 27. The company petroleum products this February.
signed a contract for the project with Libya’s
Zallaf Oil and Gas, a subsidiary of state-owned GLNG: Rio Grande LNG suffers another
National Oil Corp. (NOC). setback with Societe Generale withdrawal
French bank Societe Generale revealed on
AsianOil: Southeast Asia set for $5bn of March 28 that it pulled out of NextDecade’s Rio
M&A action in next two years Grande LNG project in Texas last year. It marks
Southeast Asia is expected to see significant the first time the financial institution has dis-
mergers and acquisitions (M&A) activity in the closed that it withdrew from the long-delayed
upstream sector over the next two years, accord- LNG facility to be developed in the Port of
ing to research by Rystad Energy, with over Brownsville.
$5bn worth of assets available for purchase. The
majority of these opportunities are in Indone- LatAmOil: Energy minister calls on Ecua-
sia, with around $2bn worth of assets available, dor to cut 2023 oil output target
followed by Malaysia and Vietnam, which have Ecuador’s Energy Minister Fernando Santos
approximately $1.4bn and $1bn worth of assets has said that the country ought to reduce its
for sale respectively. crude oil production target by 40,000 barrels
per day, or about 8% from the original figure,
DMEA: Deal signed for Libyan refinery pro- due to protests, civil unrest, natural disasters
ject and other disruptions. Santos told reporters
A subsidiary of Libya’s state-owned National that Ecuador should bring its production tar-
Oil Corp. (NOC) has announced the signing get down from the goal of 520,000 bpd stated
of a contract with US based Honeywell for the in the 2023 budget.
development of a new refinery near the El Shar-
ara oilfield. Zallaf for Oil and Gas Co. said it had MEOG: Joint offer submitted for NewMed
agreed a $500-600mn deal covering front-end Abu Dhabi National Oil Co. (ADNOC) and BP
engineering and design (FEED) and related ser- announced their intention to form a gas-focused
vices for the South Refinery project, located in joint venture and have launched an offer for Isra-
the Awbari area. el’s NewMed Energy. NewMed, formerly Delek
Drilling, confirmed that a non-binding offer
EurOil: UK North Sea industry doubles had been tabled at a value of $2bn for 50% of the
down on criticism of windfall tax company.
The windfall tax imposed on the UK North Sea
oil and gas industry last year will result in 500mn NorthAmOil: US to issue ultimatum as
barrels of oil equivalent being left in the ground Mexico reverses energy reform
over the next decade that would otherwise have The administration of US President Joe Biden
been developed, equal to one year of output in will issue an “act now or else” missive in the next
the basin, industry group OEUK said on March few weeks to Mexico over the two countries’
28. The tax, along with political uncertainty and energy trade dispute, according to sources cited
inflation, “is driving away the billions of pounds by Reuters. The US wants its southern neighbour
of investments needed to maintain oil and gas to open its energy market to foreign companies
production now and create low-carbon energy and agree to more oversight.
in the future,” the OEUK said in its new Busi-
ness Outlook report, which estimated nine of 10 See the archive and sign up to receive NRG Editor’s
North Sea operators were slashing investment. Picks for free by email each week here.™

P18 www. NEWSBASE .com Week 14 06•April•2023