Page 9 - AfrOil Week 30

AfrOil NRG AfrOil

The venture is considered likely to end up buying for the construction of three new floating pro-
at least a portion of its LNG from the US, assum- duction, storage and off-loading (FPSO) vessels.
ing it goes ahead. The company will use all of the new FPSOs to
Later in the week, Myanmar’s government develop the Buzios oilfield, one of its largest off-
gave written approval to plans by three Japanese shore discoveries to date.
trading companies – Marubeni, Sumitomo and Meanwhile, the national oil regulator ANP
Mitsui & Co. – to carry out an LNG-to-power has reported that Royal Dutch Shell’s latest
project. Media agencies reported that the next exploration campaign at the Saturno field turned
steps include finalising detailed plant designs out to be a disappointment. After wrapping up
and negotiating on power pricing with a local drilling last month, Shell concluded that the new
utility, with this process anticipated to take 18-24 well contained no hydrocarbons. In response,
months. Petrobras began talking about using an artificial
These steps forward come as Russia continues intelligence (AI) solution to reduce the possibil-
to carve out a market for its LNG exports in Asia. ity of dry holes.
This week, Russia’s LNG exports to China were In neighbouring Guyana, ExxonMobil (US)
reported to have reached 396,000 tonnes of LNG has reportedly brought oil production levels at
in June, compared with 340,000 tonnes arriving the offshore Liza field up to 100,000 bpd. This
in the Asian country from the US. puts Guyana’s government on track to load its
Meanwhile, an LNG delivery from Russia third 1mn-barrel cargo of crude in early August,
to Japan also made the news. The ice-breaking according to Mark Bynoe, the head of the coun-
Vladimir Rusanov LNG carrier departed the try’s energy department.
Yamal LNG terminal on June 29, and made its Further west, a subsidiary of Colombia’s nat-
maiden call at Ohgishima, Tokyo Bay. It became ural gas transportation and distribution concern
the first ice-breaking LNG carrier to arrive in Promigas has paid nearly $5bn for a 100% stake
Japan using the Northern Sea Route (NSR). in Peru’s Gascomprimido (Gascop). The deal
And news of a potential long-term deal – a will allow the former company to expand its
rarity in the current market – also emerged in operations in Peru.
the past week. Industry sources told Reuters that Elsewhere in the region, Mexico’s govern-
China’s Sinopec was seeking LNG for delivery ment appears to be preparing for its next oil
over a 10-year period as it sought to take advan- hedge. The Finance Ministry has reportedly
tage of intense competition among sellers and asked US lenders to submit quotes for the yearly
low prices.. risk management programme, which helped it
weather the crash in crude prices earlier this year.
If you’d like to read more about the key events shaping
the global LNG sector then please click here for If you’d like to read more about the key events shaping
NewsBase’s GLNG Monitor. the Latin American oil and gas sector then please click
here for NewsBase’s LatAmOil Monitor.
Latin America: Brazil offshore
In Latin America, Brazil continues to focus on Ticking upwards in the Middle East
the development of its offshore oil resources. An increase in commercial activity in the Middle
Petrobras, the state-owned oil and gas oper- East this week provided further evidence that the
ator, has announced plans to tender contracts sector is on its way towards recovery.

Week 30 29•July•2020 www. NEWSBASE .com P9