Page 8 - EurOil Week 42

EurOil NEWSBASE’S ROUNDUP GLOBAL (NRG) EurOil

NRG: Challenges ahead

Certain developments in recent days illustrate the scale of ongoing

challenges for the oil and gas industry, but various players are forging ahead
undeterred

GLOBAL WELCOME to the latest edition of NewsBase’s expands its liquefaction capacity.
Roundup Global (NRG), in which our team of And in North America, mergers and acqui-
international editors provide you with a snap- sitions (M&As) are gaining pace, with Cono-
shot of some of the key issues affecting their coPhillips confirming this week that it will acquire
regional beats. Get the NRG Oil & Gas Editor’s Concho Resources. At the same time, reports of
Picks to your inbox every week for free. Just sign merger talks between Pioneer Natural Resources
up here. and Parsley Energy have also emerged.
A number developments over the past week or
so have highlighted the scale of challenges facing Africa: Policy initiatives
the oil and gas industry. Members of the OPEC+ Several African countries have moved forward
oil alliance have warned that the oil market could with the development of new laws and institu-
be pushed back into surplus next year as the coro- tions to govern the oil and gas sector over the last
navirus (COVID-19) pandemic continues to hang week.
over demand while new supply threatens to upset In Nigeria, members of the House of Repre-
the balance. sentatives are gearing up for the second reading of
Meanwhile, Rystad Energy has warned that the Petroleum Industry Bill (PIB), which is slated
hydrocarbon production on the UK Continental to take place next week. They are doing so as more
Shelf (UKCS) is unlikely to exceed 2mn boepd details of the legislation, which has been in the
again and the International Energy Agency (IEA) works for years, come to light.
highlighted the challenges that lie ahead for the In Mozambique, the central bank has publicised
LNG market. details of its plan to set up a new sovereign wealth
Such challenges are not stopping progress fund for future earnings from natural gas and LNG
on various fronts, though. The Philippines has projects. According to officials in Maputo, the gov-
lifted a six-year moratorium on exploration in ernment could deposit as much as $96bn worth of
disputed waters of the South China Sea and has revenue into the fund.
begun signing off on the development of LNG In Somalia, a new government agency is work-
import capacity. Meanwhile, Qatar has embarked ing to ensure that all regions of the country are rep-
on a push to find more buyers for its LNG as it resented within its governing structures. Last week,

P8 www. NEWSBASE .com Week 42 22•October•2020