NRGBriefs: Exxon Exits Sakhalin-1; LyondellBasell On Seasonal Demand

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(Energy Analytics Institute, 29.Apr.2022) — Energy briefs including Exxon discontinuing operations at the Sakhalin-1 venture; and LyondellBasell Industries (NYSE: LYB) expecting typical improvements in summer seasonal demand will extend market strength for its products.

LATIN AMERICA AND THE CARIBBEAN

Guyana

Eco Atlantic Oil & Gas “is proud of the role it plays in Guyana, having made two significant discoveries on the Orinduik Block to date, and with plans for further drilling activity in the near-term,” the co. revealed 29 Apr. 2022 over Twitter. “The company believes the future of the country’s energy industry is bright.”

Cuba

Heard on the Street: Cuba’s official inflation rate reached was 70% in 2021.

ASIA

China

LyondellBasell Industries (NYSE: LYB) made the following comments regarding seasonal demand: “We expect typical improvements in summer seasonal demand will extend market strength for LyondellBasell’s products as the global economy continues to navigate geopolitical uncertainty and volatile costs for energy and feedstocks.  Outside of China, we anticipate benefits from continued demand for consumer packaging, improving volumes for automotive polymer compounds, seasonal demand for durable goods used in building and construction markets, as well as strong markets for our oxyfuels products.  We forecast a favorable outlook for our refining segment as we work toward exiting the business by the end of next year.  In the second quarter, LyondellBasell’s margins are likely to improve as the prices for our products catch up with increased feedstock and energy costs.  Additionally, we expect reductions in European and Asian industry operating rates driven by maintenance downtime in Europe and unsustainable production economics in China to tighten market supply over the coming months.  We continue monitoring risks on supply chains and inflation.”

Singapore

Ecopetrol Asia Trading employees. Source: Pedro Fernando Manrique

Ecopetrol announced the official start of work at its recently inaugurated Singapore affiliate, Ecopetrol Trading Asia. Salvador Alarcón Alacio will be the head of the team, and Sebastian Correa and Li Chen will lead Ecopetrol’s trading activities, Ecopetrol Commercial and Marketing VP Pedro Fernando Manrique announced on LinkedIn.

RUSSIA

Exxon announced 29 Apr. 2022 in an official stmt that it is discontinuing operations at the Sakhalin-1 venture. As operator of Sakhalin, Exxon “remains focused on the safety of people, protection of the environment, and integrity of operations. In the first quarter the company recorded a charge of $3.4 billion related to its investment in the project, which is reflected as an identified item and mainly impacts the upstream segment,” the Texas-based co. said in the stmt.

RELATED STORY: Exxon Releases 1Q:22 Earnings Overview

RELATED STORY: Exxon Mobil Corp. CEO Darren Woods on Q1 2022 Results – Earnings Call Transcript

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By Ian Silverman, Aaron Simonsky and Piero Stewart. © Energy Analytics Institute (EAI). All Rights Reserved.

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