Page 6 - AfrOil Week 32

AfrOil NEWSBASE’S ROUNDUP GLOBAL (NRG) AfrOil

NRG: Bad news, good news

Amid bad news, including the blast in Lebanon and security risks at Libyan storage facilities, progress

is being made, with a bidding round launched in Somalia and a major acquisition announced in Canada

COMMENTARY WELCOME to the latest edition of NewsBase’s facilities in Libya.
Roundup Global (NRG), in which our team of But it has not all been bad news, with a major
international editors provide you with a snap- acquisition announced in Canada and Somalia
shot of some of the key issues affecting their launching its first-ever offshore licensing round. .
regional beats. Get the NRG Oil & Gas Editor’s
Picks to your inbox every week for free. Just sign Asia: IOC profits halved after oil collapse
up here. Indonesia is hunting to replace Chevron in the
Market conditions remain challenging globally, Indonesia Deepwater Development (IDD), after
and the ongoing pile-up of second-quarter losses the US super-major revealed earlier this year that
and revenue declines being announced by oil it had sidelined the natural gas project.
and gas companies illustrates this. Notably, Saudi The Indonesian Energy Ministry said last
Aramco saw its net income for the first half of this week that it had asked Italian major Eni to
year fall by 50%, while a number of Canadian and replace Chevron in the offshore project, which
US producers added to the growing list of North lies in the Makassar Strait. Chevron owns 62%
American companies announcing quarterly losses. of the development, while Eni owns a 20% inter-
Meanwhile, the government of Lebanon has est and China’s state-run Sinopec holds an 18%
resigned following a major explosion in Beirut, stake. The US developer revealed in January
which occurred at a warehouse storing thousands that it was looking to sell its stake in IDD, after
of tonnes of ammonium nitrate, and warnings have determining that it could not compete with other
been issued about security conditions at storage upstream projects in its portfolio.

P6 www. NEWSBASE .com Week 32 12•August•2020