Page 9 - LatAmOil Week 40

LatAmOil NEWSBASE’S ROUNDUP GLOBAL (NRG) LatAmOil

NRG: Oil enters choppy waters

Traders are struggling to interpret what the rising number of COVID-19 infections will mean for demand

COMMENTARY WELCOME to the latest edition of NewsBase’s the schedule for converting the Gimi floating
Roundup Global (NRG), in which our team of LNG (FLNG) vessel into a floating produc-
international editors provide you with a snap- tion, storage and off-loading (FPSO) unit for
shot of some of the key issues affecting their the Greater Tortue/Ahmeyim project offshore
regional beats. Get the NRG Oil & Gas Editor’s Mauritania and Senegal. In a statement, the Ber-
Picks to your inbox every week for free. Just sign muda-registered company said it now expected
up here. to complete the conversion 11 months behind
Oil markets have been choppy over the past schedule. It also reported that UK-based BP, the
week, as traders have struggled to interpret what operator of the project, had lifted its declaration
the rising numbers of coronavirus (COVID-19) of force majeure on Greater Tortue/Ahmeyim.
infections mean for demand levels. The global tally Meanwhile, Mozambique LNG is moving
for infections has topped 35mn, while deaths have forward, as the Indian government has author-
exceeded 1mn. This has brought the recovery in ised a subsidiary of Bharat Petroleum Corpo-
oil consumption that began in June to an end, rais- ration Ltd (BPCL) to contribute its share of
ing the risk that some excess supply will have to be investment in the project, which is expected
placed in storage for the rest of the year. to carry a total price tag of $24bn. New Delhi
Crude prices jumped by over 5% on October gave the green light shortly after BPCL signed
5, after doctors said US President Donald Trump a 15-year LNG supply deal with the French-led
could soon be discharged from hospital, where he consortium.
is being treated for COVID-19. A strike by Norwe- On a less positive note, India’s Central Bureau
gian oil workers that has led to the shutdown of six of Investigation (CBI) has indicated that it
fields also provided prices with temporary support. intends to investigate the company’s past actions
regarding Mozambique LNG. The CBI’s probe
Africa: Taking a look at LNG will reportedly focus on the company’s decision
This week’s AfrOil takes a look at several African in 2008 to purchase only half of the 20% stake
LNG projects. offered by Anadarko (US), which was then serv-
Golar LNG has struck a deal with BP revising ing as operator of the group.

Week 40 08•October•2020 www. NEWSBASE .com P9