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Rosneft’s EBITDA performed better, arriving at a blow this year when previous talks with India’s
RUB366bn ($5bn) in the third quarter of 2020, Petronet failed to result in a supply deal amid the
beating a forecast by BCS Global Markets (BCS global downturn in LNG demand and prices.
GM) by 6%. This is versus RUB544bn of earn- Last week, Tellurian’s chairman, Charif Souki,
ings in the same period of 2019 and RUB170bn told Bloomberg that his company had other
in the second quarter of 2020. Its net loss was potential customers interested in buying 12mn
also 7% less than the Moscow-based brokerage tonnes per year (tpy) of output from Driftwood.
projected. The facility would produce 27.6mn tpy in total if
Core earnings outperformed thanks to solid it goes ahead.
free cash flow (FCF), BCS GM said. This “con- According to Souki, the deals would be final-
firmed a significant recovery in the macroeco- ised during the first half of 2021, with construc-
nomic environment for Russian oil producers,” tion on the terminal beginning in the middle of
it said. “We consider this to be a positive for the the year. He also said Tellurian would no longer
stock.” will employ memorandums of understanding
Revenues totalled RUB1.44 trillion ($20.1bn) (MoUs) as a precursor to more in-depth talks,
in the three-month period, down 42% year on after the failure of the company’s MoU with Petr-
year but up 40% quarter on quarter. Oil prices onet to lead to a firm deal.
slumped in March and April, only to recover in For now, Total remains Driftwood’s only cus-
the subsequent months, thanks to a recovery tomer, so on top of Papua LNG progress, Souki’s
in fuel demand after historic lows during lock- comments come as welcome news for the French Tellurian is
downs, as well as OPEC+ cuts to supply. company.
These cuts led Rosneft to reduce its overall reportedly in talks
hydrocarbon output by 9.5% in the first nine If you’d like to read more about the key events shaping
months of the year to 5.232mn barrels of oil the global LNG sector then please click here for with Asian buyers
equivalent per day (boepd). This was led by a NewsBase’s GLNG Monitor. to sell almost
10% drop in oil and condensate output to 155mn
tonnes (4.14mn barrels per day). Latin America: Brazil launches Marlim sale half of its output
In Brazil, the national oil company (NOC) Petro-
If you’d like to read more about the key events shaping bras has launched the teaser stage for its planned from a proposed
the former Soviet Union’s oil and gas sector then sale of the Marlim cluster, a group of deepwater
please click here for NewsBase’s FSU Monitor . oil and gas fields in the Campos basin. The four terminal on the
fields within the group are currently producing Gulf Coast
GLNG: Projects moving forward about 217,000 barrels per day of crude oil and
Various LNG projects around the world are tak- more than 3.6mn cubic metres per day of gas,
ing steps forward despite an increasingly chal- according to a company statement.
lenging market. Among those making progress The NOC said last week that it intended to
in recent days is the Papua LNG project, which stay on as operator of the licence area but was
received a major boost last week after the Papua looking to unload half of its 100% stake. Mean-
New Guinea (PNG) government passed six while, Houston-based Welligence Energy
pieces of legislation that allow operator Total to Analytics described Marlim as “the biggest
proceed with the $20bn development. acquisition opportunity” in the region and spec-
PNG Prime Minister James Marape said ulated that the sale might draw bids from major
Total would send a delegation to the country in international oil companies (IOCs).
the coming weeks for talks on how the project Meanwhile, Suriname’s NOC Staatsolie is
would proceed, and talks are reportedly also gearing up to offer eight shallow-water offshore
planned with the other partners. blocks to foreign investors. The company said
Elsewhere in the world, US-based Tellurian last week that it was on track to launch a new bid-
is reportedly in talks with unidentified Asian ding round on November 16. The winners of the
buyers to sell almost half of its output from a auctions will be able to negotiate contracts that
proposed terminal on the Gulf Coast. Telluri- provide for the collection of new 3D seismic data
an’s planned Driftwood LNG facility was dealt from the blocks in the first phase of exploration.

P12 www. NEWSBASE .com Week 46 18•November•2020