Page 4 - NorthAmOil Week 28

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This week, topics covered include depressed margins, deal-making, marginal elds, hydro- gen revolution, strategic LNG eet, new discov- eries and contracts, restoring pipeline and shale ows and the ups and downs of energy exports. NewsBase’s monitors report on both new devel- opments and continuing coverage of worldwide oil and gas.
Setbacks in Africa
Several African countries have reported disap- pointments this week.
Libya’s National Oil Corp. (NOC) has expe- rienced a major setback. A er announcing on July 10 that it was moving towards recovery and had li ed force majeure on its export terminals, the company reported on July 13 that Khal- ifa Ha ar’s Libyan National Army (LNA) had renewed the blockade that caused oil production to drop so precipitously between January and June. NOC chairman Mustafa Sanalla described
this development as “a grave threat to Libyan and global security.”
Further south, Ghana expects the global fall in energy demand and oil prices to hurt its economy this year. e country’s oil revenues are likely to fall short of the target by $1.04bn in 2020, while its GDP may shrink 2.6-6.8%. Meanwhile, licensing rounds remain suspended as a result of the coronavirus (COVID-19) pandemic.
Meanwhile, Botswana is continuing to report widespread fuel shortages as a result of reduced imports from South Africa. President Mokgweetsi Masisi has said his government will ration fuel sales and review lling stations’ operating hours in a bid to help balance supply and demand.
On a more upbeat note, Nigeria saw natural gas output rise by 3.73% in April. According to Nigerian National Petroleum Corp. (NNPC), the West African state, more than 60% of total pro- duction was exported or sold on the domestic
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w w w . N E W S B A S E . c o m Week 28 16•July•2020