Page 6 - AfrOil Week 30

AfrOil NEWSBASE’S ROUNDUP GLOBAL (NRG) AfrOil

NRG: Beyond oil

Oil prices have continued their steady ascent, but governments

and businesses are more focused than ever before on life after oil

COMMENTARY WELCOME to the latest edition of NewsBase’s prices rise.
Roundup Global (NRG), in which our team of There were expectations that the global eco-
international editors provide you with a snap- nomic collapse brought about by COVID-19
shot of some of the key issues affecting their would result in governments and businesses scaling
regional beats. Get the NRG Oil & Gas Editor’s back their decarbonisation plans to focus on more
Picks to your inbox every week for free. Just sign immediate concerns. But it seems the opposite has
up here. happened, with many nations doubling down on
Oil prices are continuing on their slow and efforts to reduce their emissions. Besides renew-
steady ascent, with Brent closing on July 27 at $43.4 able energy, countries are looking more seriously
per barrel, while West Texas Intermediate ended than ever before at hydrogen energy. Gas producers
at $41.60. However, as coronavirus (COVID-19) hope to play a key role in the fuel’s development..
infections continue to increase across the world,
many forecasters are incorporating a second wave Asia: Eni strikes gas off Vietnam
of the pandemic into their base-case scenarios for Italian major Eni’s second exploration well on
oil demand. OPEC+ is preparing to ease its supply Block 114 offshore Vietnam has confirmed a
cuts at the start of August – a move the cartel says is significant natural gas and condensate discovery
justified given the market’s recovery. that was first announced in 2019.
Indeed, if OPEC+ keeps too much supply back, Eni said on July 27 that the Ken Bau-2X
it risks losing market share to US shale oil, which exploration well was drilled in 95 metres of water
will become increasingly profitable again as crude to a total depth of 3,658 metres below sea level.

P6 www. NEWSBASE .com Week 30 29•July•2020