Page 19 - MEOG Week 03 2021

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pay in Santonian reservoirs.” If you’d like to read more about the key events
Keskesi-1 is the fourth discovery made at shaping the Middle East’s oil and gas sector then
Block 58. Total and Apache also found oil in the please click here for NewsBase’s MEOG Monitor.
first three wells drilled within their licence area:
Maka Central-1, Sapakara West-1 and Kwask- North America: Keystone XL on the chop-
wasi-1. The partners’ next target will be the Bon- ping block
boni section of the block. The future of the planned Keystone XL pipeline
could be decided this week. CBC News reported
If you’d like to read more about the key events shaping that US President-elect Joe Biden had indicated
the Latin American oil and gas sector then please click plans to cancel the pipeline’s presidential permit
here for NewsBase’s LatAmOil Monitor. via an executive order on his first day in office.
The news services cited a briefing note
MEOG: H2 and climate on the agenda reported to be from the Biden transition team,
While concerns about the long-term demand citing the cancellation as being among the first
for oil have fallen from the headlines following executive actions scheduled. The move would
the upside shock of Saudi Arabia’s decision to not be surprising, given that former US Presi-
cut production for February and March, gov- dent Barack Obama, under whom Biden served
ernments in the Middle East are taking steps to as vice president, had previously rejected the Joe Biden
shore up long-term energy strategies that main- pipeline before it was approved by outgoing
tain their relevance as other countries reduce President Donald Trump. In addition, Biden is reportedly
their reliance on oil and gas. expected to move swiftly to undo some of the
With regional powerhouse Riyadh announc- Trump administration’s decisions. indicated plans
ing NEOM’s highly publicised The Line ini- However, Keystone XL’s developer, TC
tiative, the UAE and Qatar have followed by Energy, is not yet ready to give up on the pro- to cancel the
making their own statements of intent. Abu ject and unveiled a plan this week for the pipe- Keystone XL
Dhabi unveiled the Abu Dhabi Hydrogen line to achieve net zero greenhouse gas (GHG)
Alliance (ADHA), comprised of state oil firm emissions when it is put into service, targeted pipeline’s
ADNOC, investment company Mubadala and for 2023. The company said net zero emissions
holding firm ADQ. would be achieved by buying renewable energy presidential
This announcement followed the signing of a from electricity providers, and purchasing
wide-ranging collaboration deal between Japan renewable energy credits or carbon offsets where permit via an
and the UAE to jointly explore opportunities and direct access to renewable power is not available. executive order
uses for fuel ammonia and carbon recycling with TC Energy also pledged that additional
Tokyo looking to source supplies of blue ammo- renewable sources would be developed along the on his first day in
nia for use in its power sector. pipeline’s route by 2030, phasing out any poten-
The urgency for acting on the climate front tial need for renewable credits or carbon offsets. office.
has not escaped Qatar whose NOC Qatar Petro- Biden has a long-term goal of putting the US
leum launched a new sustainability strategy last on the path towards net zero emissions by 2050,
week that aims to reduce the emissions intensity and in the immediate term, he will be focused
of its operations by 2030. on driving an economic recovery following
Meanwhile, contracting appears to be resum- the coronavirus (COVID-19) pandemic. TC
ing in Saudi Arabia as Aramco has issued tender Energy will be hoping that Keystone XL’s job
documents to its onshore LTA cohort for main- creation potential, combined with these new
tenance and upgrade work at the vital Abqaiq environmental goals, will help to sway Biden in
plant which handles up to 7mn bpd of oil. his stance on the pipeline.
The news follows the cancellation of tenders
for major expansion work at the Berri and Mar- If you’d like to read more about the key events shaping
jan oilfields as well as slowing start-up at the flag- the North American oil and gas sector then please click
ship Jafurah unconventional gas field. here for NewsBase’s NorthAmOil Monitor.™

Week 03 20•January•2021 www. NEWSBASE .com P19