Page 17 - AsianOil Week 33

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the April-June period, down by 154.8% on the American oil and gas companies. On August
loss of ARS33.36bn ($458.7mn) reported in 14, the US government approved ConocoPhil-
the same period of 2019. lips’ Willow project in the National Petroleum
Reserve-Alaska (NPR-A). The US Bureau of
If you’d like to read more about the key events shaping Land Management (BLM) published a final
the Latin American oil and gas sector then please click Environmental Impact Statement (EIS) for
here for NewsBase’s LatAmOil Monitor. the project, saying it could produce more than
160,000 barrels per day (bpd) of oil over the
Iranian contract awards continue as output next 30 years.
increases If constructed, Willow will be the west-
Iran this week announced the award of 13 con- ernmost development on the North Slope. Its
tracts with 14 local companies for field develop- approval comes as the administration of US Pres-
ment projects that are expected to increase the ident Donald Trump continues its broader push
country’s crude production capacity by more to spur oil development in Alaska. Within days
than 180,000 barrels per day once complete. of Willow being authorised, the US Department
A signing ceremony was held on August of the Interior (DoI) approved a sweeping plan
17, during which the National Iranian Oil Co. to allow oil leasing across the Arctic National
(NIOC) said that the deals were for the second Wildlife Refuge’s (ANWR) entire 1.56mn acre
phase of a plan to maintain and increase produc- (6,313 square km) coastal plain. The area has
tion capacity. Of the 13 projects for which con- been off-limits to oil drilling for decades, and
tracts were signed, 10 have already implemented authorisation of drilling there will run into high
their first phase, reaching 25% completion. levels of opposition from environmental and
Meanwhile, three new wells were com- conservation groups.
pleted at South Pars Phase 22, raising output But despite strong support for oil develop-
from the overall SP 22-24 project by 200mn ment from the Trump administration, a number
cubic feet (5.7mn cubic metres) per day. of major producers are diversifying beyond oil,
SP22-24 had been earmarked to produce a likely encouraged by ongoing crude price vola-
combined 18.6bn cubic metres per year by tility. A prominent example of this recently has
March 20, 2019, but a lack of foreign currency been Chevron, which said last week that it was
after the US withdrawal from the nuclear deal investing in nuclear fusion start-up Zap Energy.
derailed these ambitions. The super-major joins Italy’s Eni and Norway’s
M&A activity continued to rebound as Equinor in backing nuclear fusion start-ups to
the UAE’s Senaat and other minority share- reduce their carbon footprint.
holders of the National Petroleum Construc- The announcement came shortly after
tion Co. (NPCC) submitted a bid to merge Chevron also unveiled a plan to build 500
the firm with the National Marine Dredging megawatts (MW) of renewable energy plants
Co. (NMDC). The deal would create a new to power some of its operations in the US’ Per-
regional EPC major, which already has an mian Basin and overseas. The plants will be
established footprint in MENA and South Asia developed under a four-year agreement with
and a combined revenue of $2.4bn. Algonquin Power and Utilities, and appear to
mark a new level of engagement with renew-
If you’d like to read more about the key events shaping ables for Chevron. At the same time, though,
the Middle East oil and gas sector then please click the super-major continues to move forward
here for NewsBase’s MEOG Monitor. with oil projects, with the Wall Street Journal
reporting on August 17 that Chevron is in
Forward momentum on both projects and talks over an investment in an Iraqi oilfield.
diversification in North America
Differing approaches to the energy transition If you’d like to read more about the key events shaping
mean that there is momentum on both oil pro- the North American oil and gas sector then please click
jects and diversification efforts among North here for NewsBase’s NorthAmOil Monitor.™

Week 33 20•August•2020 www. NEWSBASE .com P17