Page 8 - GLNG Week 27

GLNG NEWSBASE’S ROUNDUP GLOBAL (NRG) GLNG

then in 2015. quarterly losses for the first time in its history,
Output resumed at both fields in Decem- thanks to the coronavirus pandemic and the
ber 2019, increasing to 260,000 bpd by April, Russian-Saudi oil price war. According to a
with production of 130,000 bpd from each regulatory filing submitted last week, the US
asset. Wafra has remained in production since super-major’s upstream oil and gas unit sus-
December. tained a loss of $3.1bn in the second quarter of
Plans are in place to raise output capacity 2020, while its downstream refining unit lost
at the PNZ to 575,000 bpd, with an increase nearly $1bn. The company is due to release a
coming in the form of a 25,000 bpd ramp-up at full report on its quarterly results at the end of
al-Khafji, which is currently capable of 300,000 this month.
bpd. Dominion Energy and Duke Energy have
Meanwhile in Oman, signs of a rebound in decided against going forward with the con-
exploration came by way of Sweden’s firm Tethys struction of the Atlantic Coast natural gas
Oil signing an exploration and production-shar- pipeline. Even though the partners scored an
ing agreement (EPSA) for the Sultanate’s onshore important victory in the US Supreme Court last
Block 58. month, they have concluded that the risk of fur-
The company has a growing presence in ther litigation is too high to ensure the project’s
Oman and has taken advantage of the downturn viability.
to increase its asset base. However, the move is Also on the legal front, a US district court
unlikely to be echoed throughout the region, has ordered Energy Transfer to shut down and
with only Israel holding an active 2020 bidding empty its 570,000 bpd Dakota Access oil pipe-
round. line (DAPL) within 30 days. Under this ruling,
In the UAE, though, Abu Dhabi National Oil the company must suspend operations pending
Co. (ADNOC) has taken advantage of the dip the completion of a new environmental impact
in demand to take the giant Bab oilfield offline report, which is likely to take more than a year
for scheduled maintenance, with production to to complete.
remain shut-in until late July. Meanwhile in Canada, the Newfoundland
Prior to the shutdown, production from Bab & Labrador Oil & Gas Industries Association
was running above 370,000 bpd of light, sour (NOIA) has urged Seamus O’Regan, the coun-
Murban crude, which has an API gravity of try’s natural resources minister, to uphold his
40.5°. Bab has a capacity of 420,000 bpd. recent pledges to assist offshore oil and gas
The move also aligns well with the UAE’s operators. “We need immediate action to get
OPEC+ commitments, with July the final month people back to work, to remain globally com-
before the reductions are eased. petitive and to retain the investment we have
previously attracted to our industry,” said Karen
If you’d like to read more about the key events shaping Winsor, the chairperson of NOIA’s board. “We
the Middle East’s oil and gas sector then please click need a show of faith in our future and we need
here for NewsBase’s MEOG Monitor . it immediately.”
Facing obstacles in North America If you’d like to read more about the key events shaping
Several North American entities have reported the North American oil and gas sector then please click
setbacks and disappointments over the last week. here for NewsBase’s NorthAmOil Monitor .™
ExxonMobil is set to post two consecutive

P8 www. NEWSBASE .com Week 27 10•July•2020