Page 6 - AfrOil Week 02 2021

AfrOil NEWSBASE’S ROUNDUP GLOBAL (NRG) AfrOil

NRG: Pushing ahead with plans

Companies and countries alike are taking steps forward with various oil and gas

plans, though some continue to tread carefully in uncertain market conditions

COMMENTARY WELCOME to the latest edition of NewsBase’s said they will proceed with caution regardless of
Roundup Global (NRG), in which our team of higher oil prices, calling for restraint in order to help
international editors provide you with a snap- bring about a more lasting oil recovery.
shot of some of the key issues affecting their
regional beats. Get the NRG Oil & Gas Editor’s AsianOil: IOC’s return to LNG spot markets
Picks to your inbox every week for free. Just sign State-run Indian Oil Corp. (IOC) has reportedly
up here. returned to the spot liquefied natural gas (LNG)
There were signs of progress on various oil and market despite prices surging to record highs in
gas plans around the world in recent days, while oil recent weeks.
prices rose, buoyed by Saudi Arabia’s pledge to cut The company has launched a tender for
production by 1mn barrels per day (bpd) above its an LNG cargo to be delivered on February 13,
current quota in February and March. Reuters reported on January 11 citing unnamed
Progress on new production projects has been sources. The sources added that the tender,
reported by countries such as Senegal. Meanwhile, which is set to close on January 13, was the first
two companies have pledged to work together to since IOC bought a cargo for February 21 deliv-
promote, identify and develop new opportunities ery at more than $13 per mmBtu ($359.58 per
in Bolivia’s hydrocarbon and renewable energy sec- 1,000 cubic metres).
tors. Iran is also on a drive to raise its production, The Indian refiner is looking for LNG at a time
and has committed nearly $3bn to the endeavour. of increased regional demand, which has been
In North America, however, shale drillers have stoked by plummeting winter temperatures.

P6 www. NEWSBASE .com Week 02 13•January•2021