Page 4 - GLNG Week 40

GLNG NEWSBASE’S ROUNDUP GLOBAL (NRG) GLNG

Oil enters choppy waters

Coronavirus cases are rising, but how great the impact will be on demand is uncertain

NRG WELCOME the latest edition of NewsBase’s project, had lifted its declaration of force majeure
Roundup Global (NRG), in which our team of on Greater Tortue/Ahmeyim.
international editors reviews how the adoption Meanwhile, Mozambique LNG is moving
of hydrogen is progresssing in their regional forward, as the Indian government has author-
beats. Get the NRG Oil & Gas Editor’s Picks to ised a subsidiary of Bharat Petroleum Corpo-
your inbox every week for free. Just sign up here. ration Ltd (BPCL) to contribute its share of
Oil markets have been choppy over the past investment in the project, which is expected
week, as traders have struggled to interpret what to carry a total price tag of $24bn. New Delhi
the rising numbers of coronavirus (COVID- gave the green light shortly after BPCL signed
19) infections will mean for demand levels. The a 15-year LNG supply deal with the French-led
global tally for infections has topped 35mn, while consortium. (See: India greenlights Bharat Petro-
deaths have exceeded 1mn. This has brought the leum’s Mozambique LNG plans, but with a caveat,
recovery in oil consumption that began in June page 16)
to an end, raising the risk that some excess sup- On a less positive note, India’s Central Bureau
ply will have to be placed in storage during the of Investigation (CBI) has indicated that it
remaining months of the year. intends to investigate the company’s past actions
Oil prices rebounded by over 5% on Octo- regarding Mozambique LNG. The CBI’s probe
ber 5, after doctors said US President Donald will reportedly focus on the company’s decision
Trump could soon be discharged from the hos- in 2008 to purchase only half of the 20% stake
pital, where he is being treated for COVID-19. offered by Anadarko (US), which was then serv-
A strike by Norwegian oil workers that has led ing as operator of the group.
to the shutdown of six fields has also provided In related news, two international consortia
prices with some temporarily support. are talking about their production of LPG as
well as LNG. Angola LNG (ALNG) has released
Africa: Taking a look at LNG updated production data showing that pro-
This week’s AfrOil takes a look at several African pane and butane accounted for more than 15%
LNG projects. of its total production in the month of August.
Golar LNG has struck a deal with BP revising (See: Angola reports oil production up slightly
the schedule for converting the Gimi floating in August, page 15) For its part, Nigeria LNG
LNG (FLNG) vessel into a floating production, (NLNG) is looking to expand LPG production
storage and off-loading (FPSO) unit for the and promote domestic consumption of this fuel.
Greater Tortue/Ahmeyim project offshore Mau- (See: NLNG sees LPG output rising to 350,000
ritania and Senegal. (See: Golar LNG, BP strike tonnes this year, page 17)
agreement on delivery date for Gimi FLNG vessel,
page 15) In a statement, the Bermuda-registered If you’d like to read more about the key events shaping
company said it now expected to complete the Africa’s oil and gas sector, then please click here for
conversion 11 months behind schedule. It also NewsBase’s AfrOil Monitor.
reported that UK-based BP, the operator of the

P4 www. NEWSBASE .com Week 40 09•October•2020