Page 13 - AsianOil Week 03 2021

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facilities in Ogun and Lagos states, the company was the plant’s capacity before it was damaged
reported earlier this week. during the ISIS invasion and occupation begin-
Ed Ubong, the managing director of SNG, ning in 2014, and again when it was retaken by
commented: “This agreement will enable local Iraqi government troops in 2015.
industries to thrive and create employment oppor-
tunities for Nigerians. We look forward to continu- If you’d like to read more about the key events shaping
ing to grow domestic gas distribution to industries the downstream sector of Africa and the Middle East,
and manufacturing plants in Ogun State and other then please click here for NewsBase’s DMEA Monitor.
parts of Nigeria while unleashing the industrial
potential of Badagry.” EurOil: TechnipFMC split back on track
Franco-American oil services group Technip-
If you’d like to read more about the key events shaping FMC revealed earlier this month that it was
Africa’s oil and gas sector then please click here for resuming plans to split itself into two independ-
NewsBase’s AfrOil Monitor. ent companies.
TechnipFMC, formed four years ago through
DMEA: Qatar raises climate ambitions the merger of Technip and FMC, launched plans
Qatar Petroleum (QP) launched a new sus- to separate its engineering and construction
tainability strategy last week, targeting a 25% activities from its oil services and technology
reduction in the emissions intensity of its LNG business in August 2019. But it put the process
facilities by 2030. on hold in March last year because of the market
The national gas company is among a number turmoil created by the coronavirus (COVID-19)
of LNG exporters across the world taking steps pandemic.
to address their environmental impact, as inves- Work on the separation is once again under-
tors and buyers grow increasingly climate-con- way and should be completed in the first quarter
scious. The world’s biggest LNG producer is also of this year, TechnipFMC said in a statement on
looking to cut its upstream emissions by at least January 7. Technology and services will remain
15% and reduce flaring intensity by over 75% under the TechnipFMC name, while the new-
within ten years. It has set its emissions level in ly-formed Technip Energies will handle engi-
2013 as a baseline for the cuts. neering and construction.
QP aims to sequester 7mn tonnes per year Existing shareholders will receive 50.1% of
(tpy) of its CO2 emissions by 2027. Its equity stock in Technip Energies on a pro-rate basis.
upstream emissions reached 28.1mn tonnes TechnipFMC will retain the rest, which it intends
of CO2 equivalent in 2019, while total emis- to divest “over time.” BpiFrance, already a major
sions were 39.1mn tonnes. The company investor in TechnipFMC, will become a signif-
hopes to leverage its very low costs to invest in icant shareholder in Technip Energies through
CO2 without compensating too much on its a $200mn investment. The new business will be
cost-competitiveness. listed on the Euronext Paris bourse in France.
In other news, Iraq has reported nearly dou- Meanwhile in Ireland, prospects for LNG
bling the capacity of the Sumood oil refinery in imports have dimmed further after a prelimi-
Baiji to 140,000 barrels per day (bpd) following nary deal between US exporter NextDecade and
rehabilitation work. Eventually the government the port of Cork for a floating storage and regas-
wants to restore production to 310,000 bpd. This ification unit (FSRU) expired at the end of last

Week 03 21•January•2021 www. NEWSBASE .com P13