Page 16 - AsianOil Week 45

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US-China LNG trade stopped altogether in target, and intends to sink its next well at a sec-
March 2019, resuming in March 2020, after the two tion of the block known as Bonboni.
countries agreed to a preliminary trade deal and Meanwhile in Brazil, Enauta, an independ-
China agreed to ramp up purchases of US energy. ent company, has said it may not proceed to full
China introduced a tariff waiver programme in commercial development of the Atlanta heavy
a bid to increase imports, but the country’s largest crude field following the decision of its partner
buyers of LNG remained hesitant to strike long- Barra Energia to exit the project. With Barra
term deals amid still-fragile bilateral relations and Energia is talking about farming out its 50%
ongoing market volatility. However, there are hopes stake in Atlanta, Enauta has pledged to speed up
that relations are now starting to improve. its consideration of proposals to return its own
According to US government data, Cheniere stake to the Brazilian government.
sent nine LNG cargoes to China between March In related news, Australia’s Karoon Energy
and August 2020, after trade resumed. However, a has wrapped up its acquisition of a 100% stake in
deal that the company had been trying to finalise Baúna, an offshore field in the Santos basin, from
with China’s Sinopec prior to the trade war has still Petrobras. The company said in a statement that
not materialised. it had agreed to pay $380mn in “firm” consid-
eration and up to $280mn in “contingent” con-
If you’d like to read more about the key events shaping sideration. It also described Baúna as “a quality
the global LNG sector then please click here for production asset supported by prudent funding
NewsBase’s GLNG Monitor. arrangements” and said the field “remains cash
flow-positive at current oil prices.”.
Latin America: Apache’s Suriname plans
US-based Apache has indicated that it remains If you’d like to read more about the key events shaping
enthusiastic about the prospects of the offshore the Latin American oil and gas sector then please click
Guyana-Suriname basin. here for NewsBase’s LatAmOil Monitor.
John Christmann, the company’s CEO, told
analysts that his company saw Block 58, the Middle East focus turns to US relations
site offshore Suriname where it has already With the election of Joe Biden in the US,
made three discoveries, as a higher priority focus has turned to Middle Eastern coun-
than US shale. “We’re making a long-term tries’ relationships with Washington. Top of
decision because we think there’s going to be the pile is Iran, which has cautiously wel-
much, much greater benefit,” he said during a comed his appointment as it seeks to return
conference call last week. from the global economic wilderness.
Christmann was speaking around the Biden’s predecessor Donald Trump pulled
same time that Apache reported that it had out of the Joint Comprehensive Plan of Action
filed appraisal plans for two of its discover- (JCPOA) in 2018, leading to increased ten-
ies at Block 58, Maka Central and Sapakara. sions with Tehran, and the Islamic Republic
The company expects to take similar steps for is hopeful that a change of leader will bring
Kwaskwasi, its third discovery, before the end an end to its isolation and allow international
of the year. It is also proceeding with explo- companies to develop its world-class oil and
ration drilling at the Keskesi field, its fourth gas assets.

P16 www. NEWSBASE .com Week 45 12•November•2020