Page 6 - AfrOil Week 47

AfrOil NEWSBASE’S ROUNDUP GLOBAL (NRG) AfrOil

NRG: Forward momentum

Various oil and gas plans around the world are moving forward despite

ongoing uncertainty related to the COVID-19 pandemic and oversupply jitters

COMMENTARY WELCOME to the latest edition of NewsBase’s Chinese firms are reported to have shown an
Roundup Global (NRG), in which our team of interest in acquiring ExxonMobil’s 34.7% stake
international editors provide you with a snap- in the supergiant West Qurna-1 oilfield. Positive
shot of some of the key issues affecting their news has also come from elsewhere in the Middle
regional beats. Get the NRG Oil & Gas Editor’s East, with the Abu Dhabi National Oil Company
Picks to your inbox every week for free. Just sign (ADNOC) announcing it has found 24bn barrels
up here. of oil across one unconventional and one conven-
Lingering uncertainty over the impact of the tional discovery.
coronavirus (COVID-19) pandemic on energy Elsewhere, two separate memoranda of under-
demand is not stopping various oil and gas ini- standing (MoUs) have been signed for LNG-to-
tiatives from cautiously moving forward. Over power projects in Vietnam.
the past week, Norway launched its 25th frontier All these separate moves appear to point to
licensing round, aimed at driving forward explora- expectations of more oil and gas activity globally as
tion in relatively unexplored regions. the industry looks ahead to 2021.
Meanwhile, buyers have emerged for stakes in
various oil projects. Russian state oil company Ros- Asia: Japan’s OPEC+ expectations
neft appears to have finally succeeded in attracting The Japanese oil industry expects OPEC+ to
a foreign partner to its flagship Vostok Oil project delay plans to ramp up production from the
in the Arctic, agreeing to sell a 10% stake in the start of 2021 owing to coronavirus’ (COVID-19)
venture to Trafigura. And in Iraq, two state-owned downward pressure on global oil demand.

P6 www. NEWSBASE .com Week 47 25•November•2020