Page 6 - AfrOil Week 50 2020

AfrOil NEWSBASE’S ROUNDUP GLOBAL (NRG) AfrOil

NRG: Brent soars

to nine-month high

The benchmark has been supported by further vaccine progress,
US political developments and tensions flaring in the Middle East

COMMENTARY WELCOME to the latest edition of NewsBase’s package are also making progress, albeit slowly.
Roundup Global (NRG), in which our team of The package has also been cut to $748bn, from
international editors provide you with a snap- $908bn previously.
shot of some of the key issues affecting their Instability in the Middle East has also had an
regional beats. Get the NRG Oil & Gas Editor’s impact. Attacks on infrastructure and political
Picks to your inbox every week for free. Just sign unrest have reintroduced an element of geopo-
up here. litical risk into pricing in recent weeks. This week
Brent topped $50 per barrel on December an explosion on an oil tanker in Saudi Arabia has
10 for the first time since March, supported by raised concerns about stability in the Jeddah oil
growing positive sentiment about vaccine devel- hub.
opments. The benchmark regained this level
again on December 14, before dipping slightly AsianOil: Acquisition in Australia
below the $50 watermark in the early hours of Australian junior Tamboran Resources has
December 15. agreed to acquire Longview Petroleum’s 100%
There are several other factors besides vac- stake in Sweetpea Petroleum, securing control of
cines that have been pushing oil prices higher. exploration acreage in the Northern Territory’s
The US Supreme Court dismissed yet another Beetaloo shale play.
suit to overturn the election results in key swing The privately owned developer said on
states on December 11 and then members of December 10 that the all-scrip deal would see
the Electoral College on December 14 affirmed Longview receive a 29.95% equity stake in Tamb-
President-elect Joe Biden’s victory in a vote. oran as well as the ability to appoint a non-execu-
Negotiations on a bipartisan US stimulus tive director to the former company’s board.

P6 www. NEWSBASE .com Week 50 16•December•2020