Page 6 - AfrOil Week 43

AfrOil NEWSBASE’S ROUNDUP GLOBAL (NRG) AfrOil

NRG: Time for guarded optimism

Certain recent developments illustrate the scale of ongoing challenges for

the oil and gas industry, but various players are forging ahead undeterred

GLOBAL WELCOME to the latest edition of NewsBase’s Asia: CNOOC’s gas pledge
Roundup Global (NRG), in which our team of China’s state-run CNOOC Ltd has pledged to
international editors provide you with a snap- boost natural gas’ share of its overall production
shot of some of the key issues affecting their by 2035 after announcing weaker third-quarter
regional beats. Get the NRG Oil & Gas Editor’s results on the back of falling crude oil prices.
Picks to your inbox every week for free. Just sign The company, which is the listed arm of
up here. state-owned China National Offshore Oil Corp.
In this week’s NRG, our editors highlight prom- (CNOOC), said on October 22 that it wanted
ising signs of progress in Africa, Brazil and the Rus- gas to account for half of its total production by
sian Arctic, developments in natural gas by China’s the middle of the next decade, up from 21% at
CNOOC and a re-evaluation by Saudi Aramco of present. Company CFO Xie Weizhi told report-
its Yanbu oil-to-chemicals complex. ers that CNOOC Ltd would speed up gas explo-
Meanwhile, efforts to move towards the adop- ration and production at home and abroad in
tion of cleaner energy are having an impact. One order to achieve the target.
such effort has involved LNG, and our report on The move comes after the company’s
this development spills also addresses the compet- third-quarter revenue shrank by 26.8% year on
ing angles of price sensitivity and lowering carbon year to CNY35.55bn ($5.32bn). While realised
emissions. gas prices gained 2% on the year to $5.85 per
A spotlight falls on Qatar’s LNG, while major 1,000 cubic feet ($206.56 per 1,000 cubic metres),
deal moves in Canada also feature. oil prices shrank 29% to $43.03 per barrel.

P6 www. NEWSBASE .com Week 43 28•October•2020