01
Sep
2019

Weekly news roundup (27-30 August 2019)

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Analysis

BP is selling its upstream and midstream positions in Alaska to private player Hilcorp Energy, highlighting the UK major’s need to de-leverage after acquiring BHP’s US shale assets in 2018.

International

TechnipFMC has unveiled plans to split into separate upstream and mid/downstream-focussed entities, in a bold move that market observers described as “truly remarkable”.

Africa

Nigeria – Italian energy company Eni has made a major onshore discovery in the Niger Delta that will come on-stream “immediately” and could help backfill the Nigeria LNG liquefaction plant on Bonny Island.

Asia Pacific

Japan – TEPCO is considering decommissioning some or all idle reactors at its Kashiwazaki-Kariwa nuclear plant in Niigata Prefecture amid concerns over the safety of having seven working reactors located in the same place.

Australasia

Australia / Timor Leste – A new maritime boundary between Australia and Timor Leste came into force last week, with Santos announcing a new production sharing contract with Bayu-Undan field partners following the action.

Australia – Growing LNG production has driven up greenhouse gas emissions in the country, the federal government has said, adding that CO2 output would have declined without the LNG factor.

Europe

UK – The Oil and Gas Authority has indefinitely suspended hydraulic fracturing at Cuadrilla’s Preston New Road site after a strong fracking-induced tremor, and is assessing whether the operator’s fracking plan is still adequate.

Latin America

Argentina – Shares in Argentina-focussed President Energy tanked on Wednesday after the company suspended oil drilling and boosted gas production in response to the government’s recent price cap on fuel.

Middle East

Egypt / Israel – The East Mediterranean Gas pipeline is filled with Israeli gas and is ready to start flowing to Egypt once the Leviathan field comes on-stream at the end of the year, Delek Drilling has said.

Iraq – Basrah Gas Company has secured power supply for a new natural gas liquids (NGL) plant that will process condensates and associated gas from southern oil fields that would otherwise be flared.

North America

Mexico – The government has struck new agreements with developers of several pipelines, ending months-long contractual disputes and paving the way for flows to begin along key domestic routes.

US – Midstream player Tallgrass Energy’s share price rocketed last week after the outfit received a surprise takeover offer from the world’s largest infrastructure fund held by private equity firm Blackstone.

The developer of the first proposed US FLNG project has played down the potential impact of Golar LNG opting to leave Delfin LNG, with Golar’s CEO citing difficulties in securing finance and offtakers as reasons to abandon the project.

Russia & CIS

Ukraine – Polish state oil and gas company PGNiG has bought and sold on a cargo of US LNG to a Ukrainian buyer, setting up a rare delivery of what the Trump administration has termed “freedom molecules” – on the eve of a likely cessation of transit volumes from Russia.

South Asia

India – Bharat Petroleum has unveiled plans to build its maiden LNG terminal that is expected to provide an outlet for cargoes contracted from the Mozambique LNG project, in which it holds a stake.

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