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Other Rosneft assets, including the West-Irkin- Separately, two separate projects that will
sky block and potentially the Baikalovskoye field have an LNG import component were reported
it operates with BP, will also come into the fold. over the past week to be advancing in Vietnam.
Production is expected to reach 25mn tonnes On November 19, Nikkei Asian Review reported
per year (500,000 bpd) by 2024, rising to 1mn that PetroVietnam Power and a Vietnamese con-
bpd by 2027 and 2.3mn bpd by 2030, and Ros- struction firm had signed an MoU with Japan’s
neft has also suggested that up to 50mn tpy of Tokyo Gas and Marubeni to build an LNG-to-
LNG could also be developed from the fields’ power project. The facility would be built in Viet-
gas. These supplies will be delivered to markets nam’s Quang Ninh Province at an estimated cost
on tankers via Russia’s Northern Sea Route. of JPY200bn ($1.9bn). The power plant would
Rosneft estimates Vostok Oil’s liquids have a capacity of 1,500 MW and start-up is tar-
resource base at 6bn barrels of oil equivalent geted for 2026.
(boe), although its fields have not been inde- Then, on November 21, General Electric
pendently appraised, creating doubts about the (GE) signed an MoU with Vietnam’s EVN
company’s lofty targets for future output. Genco3 to develop the Long Son LNG-to-power
Analysts at BCS Global Markets (GM) com- project in Ba Ria-Vung Tau Province. GE will be
mented that the deal was good for Rosneft’s stock contracted to install the gas turbine technology
“more for signalling that the ambitious project is and certain other equipment, according to US GE signed an
‘a go’ than for the size of the investment, which government officials on a visit to Hanoi. That MoU with
itself has yet to be fully determined.” They added: project is being planned to start up by 2025.
“Attracting a significant amount of foreign The MoUs come as various other projects Vietnam’s EVN
investment to the Vostok Oil project has been are also advancing in Vietnam, where power
a Rosneft goal from day one, and this deal is demand is rising and new capacity is urgently Genco3 to
important more for getting the process started.” needed.
develop
If you’d like to read more about the key events shaping If you’d like to read more about the key events shaping the Long Son
the former Soviet Union’s oil and gas sector then please the global LNG sector then please click here for
click here for NewsBase’s FSU Monitor . NewsBase’s GLNG Monitor. LNG-to-power

GLNG: Steps forward on Asian projects Latin America: Argentina’s gas incentives project
Over the past week, significant developments Argentina’s government has kept tight currency
have come for LNG projects in Asia, on both the controls in place for more than a year in the
import and export front. hope of protecting foreign reserves following a
According to media reports dated November collapse in the peso, the national currency. Last
23, Chevron restarted Train 2 at its Gorgon LNG week, though, the Central Bank said that natural
export terminal in Australia. The production gas producers taking part in the country’s new
train was shut down in May for scheduled main- “Gas Plan” would have free access to the official
tenance and subsequently had to be kept offline foreign exchange market.
for repairs after weld quality issues affecting The “Gas Plan, ” a much-anticipated stimulus
its propane heat exchangers – or kettles – were plan designed to lift natural gas production, was
discovered. unveiled by President Alberto Fernández last
Chevron had initially aimed to restart the month. This package of measures, known as Plan
train in September but needed additional time Gas 4, calls for the national oil company (NOC)
to complete the repairs. The super-major will YPF to invest $1.8bn in gas production over the
now take Trains 1 and 3 offline – one after the next three years.
other – to inspect their kettles for similar issues YPF, which suspended nearly all drilling
and carry out any repairs that may be neces- activity in the spring following the introduction
sary. Preparations for shutting down Train 1 are of strict public health measures, has spoken pos-
reported to be underway. itively about the new forex policy.

Week 47 25•November•2020 www. NEWSBASE .com P9