Page 16 - DMEA Week 06 2023

DMEA NEWSBASE ROUNDUP GLOBAL (NRG) DMEA

NewsBase Roundup Global (NRG)

NRG WELCOME to NewsBase’s Roundup Global GLNG: China LNG imports to rebound
(NRG), in which the reader is invited to join China’s liquefied natural gas imports are pro-
our team of international editors, who provide a jected to recover in 2023 to between 70mn and
snapshot of some of the key issues affecting their 72mn tonnes, marking a 9% to 14% rise from
regional beats. 2022, analysts at Rystad Energy, Wood Macken-
By clicking on the headline link for each sec- zie and ICIS told Reuters.
tion the full text will be available. In 2022, LNG imports to China fell 20% year
on year to 64.4mn tonnes as strict Covid lock-
AfrOil: Italy, Libya sign $8bn gas deal downs combined with increased use of natural
Italian Prime Minister Giorgia Meloni arrived gas from domestic production and pipeline
in Libya on January 28 to sign a natural gas sup- sources dinted the country’s appetite.
ply deal with the state-owned oil company, after
visiting Algeria the previous week for the same LatAmOil: AMLO to help Pemex
purpose. Mexico’s President Andres Manuel Lopez
She was accompanied by Claudio Descalzi, Obrador has indicated that his government
the CEO of Italy’s Eni, and Italian Foreign Min- is responding positively to requests from the
ister Antonio Tajani. national oil company Pemex for assistance in
covering financial obligations to holders of its
AsianOil: Philippines greenlights LNG unit securities.
Authorities in the Philippines announced on Speaking to journalists on January 26, he
January 27 that they have greenlit the devel- said Mexico City had formulated a plan to
opment of a $67mn small-scale LNG import ensure that Pemex could pay its debt amortisa-
terminal to provide a source of fuel for power tions in 2023.
generation.
It is the seventh such facility to be approved. MEOG: Maha and Mafraq sign Oman deal
Swedish explorer Maha Energy and local firm
EurOil: CNOOC pauses UK asset sale Mafraq Energy this week signed a joint operat-
China’s largest offshore oil and gas producer ing agreement for Oman’s Block 70 concession
CNOOC Ltd has put on hold the intended sale following a farm-in deal last year.
of its UK North Sea assets, Bloomberg reported Maha operates Block 70 with a 65% share-
this week. holding, while Mafraq holds the remainder
Initial offers for the portfolio did not live up following its August farm-in to the exploration
to CNOOC’s expectations, but a sale process and production-sharing agreement, with that
could be resumed if market conditions improve, deal requiring the Omani firm to reimburse
the news agency said, citing sources. Maha for its “prorated share of all past costs,
including the signature bonus [and …] its share
FSUOGM: Russian gas flow dips to low of all future expenditures on Block 70.”
Russian pipeline gas flowing to Europe dipped
to a record low in January, down 30% compared NorthAmOil: Majors’ profits soar
with supplies in December, while experts warn The US’s two largest oil companies have posted
that there could be significant further downside record profits as blowback continues, including
risk to the country’s deliveries. from politicians and consumer groups, and in
Europe has enjoyed unseasonably high particular from US President Joe Biden. Exxon-
temperatures in recent weeks, and with ample Mobil reported profits of $55.7bn in 2022.
LNG supply and gas volumes in storage, this has Its previous record was $45.2bn in 2008,
resulted in prices dropping to their pre-Ukraine when oil was $142 a barrel, 30% higher than in
war levels, despite the steep drop in Russian 2022.™
deliveries.

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