Page 15 - NorthAmOil Week 12 2021

NorthAmOil NEWSBASE’S ROUNDUP GLOBAL (NRG) NorthAmOil

NewsBase’s Roundup Global (NRG)

GLOBAL WELCOME to NewsBase’s Roundup Global with the government reportedly suggesting the
(NRG), in which the reader is invited to join issue of new shares in Gazprom as a solution.
our team of international editors, who provide a The shares would be bought by the government,
snapshot of some of the key issues affecting their according to a state report seen by Vedomosti
regional beats. We hope you will like NRG’s new this week.
concise format, but by clicking on the headline link
for each section the full text will be available as GLNG: Russia’s long-term strategy and a
before. US project scrapped
Russia approved a long-term LNG strategy this
AfrOil: Pros and cons of PIB week, targeting up to a three-fold increase in
Obo Idornigie, vice-president of sub-Saharan production to 140mn tonnes per year (tpy) by
African research for Welligence Energy Ana- 2035. Several Russian LNG projects are in various
lytics, recently discussed the strengths and stages development, mainly led by Novatek and
weaknesses of Nigeria’s Petroleum Industry Bill Gazprom.
(PIB) with AfrOil. He praised the legislation for Meanwhile, in the US, the field of new export
establishing a stronger foundation for the devel- terminal proposals continues to thin, with
opment of Nigeria’s abundant reserves of natural Annova LNG scrapping its project in South
and associated gas, as well as crude oil. Texas this week.

AsianOil: Velesto wins drilling contracts LatAmOil: Disappointment offshore Suri-
from Petronas name
Malaysia’s state-owned Petronas has awarded Tullow Oil (UK/Ireland) and its partners in
drilling contracts for up to six shallow-water Block 47 offshore Suriname have finished drill-
wells to local service provider Velesto Energy. ing the Goliathberg Voltzberg North-1 (GVN-1)
Velesto said in a stock exchange filing on March exploration well without making a commercial
19 that wholly owned subsidiary Velesto Drilling discovery. In a statement, Tullow said the well
had won two contracts worth more than $20mn had encountered a good-quality reservoir but
for the NAGA 2 and NAGA 5 jack-up rigs. registered only minor shows of crude oil.

DMEA: Jazan launch and Nigerian scrutiny MEOG: Aramco’s results and Iraq’s budget
Two refineries that have previously faced com- Finance took centre stage in the Middle East
plications made the news this week for very this week as Saudi Aramco announced its 2020
different reasons. In Saudi Arabia, state oil firm results and Iraq’s parliament postponed a vote on
Aramco announced that operations had begun the country’s budget by a week.
at its Jazan refinery on the Red Sea coast near Aramco’s results made for fascinating read-
the border with Yemen. Meanwhile in Nigeria, ing, with the company posting massive profits
following the approval of $1.5bn of state funds despite a $39bn reduction in net income on the
to be provided for the rehabilitation of the Port back of the coronavirus (COVID-19) pandemic.
Harcourt refinery, politicians have cast asper-
sions on the move. NorthAmOil: Decarbonisation in the spot-
light for oil sands players
Euroil: Ineos picks up Danish assets for Two leading Canadian oil sands producers –
$150mn Suncor Energy and Imperial Oil – are in the
The UK’s Ineos announced on March 18 it had news for reasons related to decarbonisation.
reached a deal to buy the Danish arm of US In Suncor’s case, the company announced
oil firm Hess for $150mn. The move comes last week that it was investing in Svante, a carbon
months after Ineos closed its $5bn takeover of capture technology company, as it seeks ways to
BP’s petrochemicals division. Ineos also con- offset greenhouse gas (GHG) emissions from
trols upstream assets off Denmark, Norway its oil and gas operations. Imperial, for its part,
and the UK. has urged investors to vote against a shareholder
proposal to set a target of net zero emissions on a
FSU OGM: Russia mulls Gazprom share company-wide basis by 2050.
sale
Russia continues to weigh up options for fund- See the archive and sign up to receive NRG Editor’s
ing a $25bn, 10-year gasification programme, Picks for free by email each week here.™

Week 12 25•March•2021 www. NEWSBASE .com P15