Page 18 - EurOil Week 13 2021

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Romania needs its offshore association EPGIS, reacted to the cap by from the sale of a solar park and a recent
Fesih Aktas, head of fuel retailers
Opus financed the TIGAZ transaction
natural gas to avoid surge saying that the organisation would sue the bond issue.
EPDK.
As part of the deal, MET Group acquired
in imports absorbed within tax margins applied to fuel a 77 MW solar park in southern Hungary as
Fluctuations in oil prices have been
the Swiss-based energy company’s primary
Romania’s natural gas consumption prices on the domestic market. focus shifted to renewable energy sources.
may increase by 50% in 2020-2030 if the On March 16, a day before the EPDK Opus issued HUF30bn, 10-year bonds
authorities plan to replace coal with natural announced the price cap, Aktas said that in the framework of the Bond Funding for
gas in the energy basket, according to the special consumption tax on liquified Growth Scheme (BGS) of the National Bank
estimates voiced by Dumitru Chisalita, the petroleum gas (LPG) prices drew almost launched in the summer of 2019 to beef up
president of the Smart Energy Association. zero while the government had lost around Hungary’s relatively small corporate bond
Romania’s government wants to use the Turkish lira (TRY) 4bn in tax revenues on market.
country’s natural gas reserves as a “transition fuel sales since September.. Opus is planning to use part of the
fuel” but it needs to unlock the offshore proceeds for the acquisition of electricity
projects in the Black Sea by amending the distributor Titasz from the local unit of
Offshore Law. Holding company of Viktor Germany’s E.ON. The company signed a
Amendment of the law could start within binding agreement in December, which set a
a few weeks, by which time state controlled Orban’s ally expands reach March 31 deadline. The acquisition could be
company Romgaz is expected to announce closed by September 30.
it will replace ExxonMobil in the biggest in energy sector Titasz had revenue of HUF50bn last
offshore project, Neptun Deep, according to year, public records show. It had assets of
sources familiar with the deal. Opus Global, the investment holding HUF103.8bn at year-end.
Under the baseline scenario sketched by company of Hungary’s most powerful
the authorities, Romania will retrofit its coal- oligarch, has expanded its energy portfolio
fired power plants to burn natural gas and with the purchase of gas distributor TIGAZ. Eni, Novatek tie-up
will connect another 1.8mn households to The deal was cleared by competition
the natural gas network. watchdog GVH on March 29. Earlier this starts exploratory oil and
National gas transport system operator month the company signed a deal with
Transgaz estimates that Romania’s gas Swiss-based MET Group to acquire 49.57% gas offshore drilling in
consumption, which is currently 11bn-12bn of the stakes in TIGAZ, boosting its stakes
cubic metres per year, could increase even to 100%. The company is the largest natural Montenegro
more, by 8bn cubic metres. Some 4.4bn cubic gas distributor, with 33,000km of network in
metres would be generated by connecting the northeast Hungary. A tie-up of Italy’s Eni and Russia’s Novatek
population to the gas grid and the rest from “TIGAZ will be a valuable element of started the exploratory oil and gas offshore
commissioning new cogeneration capacities. Opus’ asset portfolio, which, by providing drilling in Montenegro on March 25, under
Under this scenario, the natural gas predictable, stable revenue, will significantly the concession deal signed in 2016, local
projects in the Black Sea must go ahead as contribute to the profit-generating capacity media reported.
planned, or Romania will become dependent of our group. The acquisition provides a Exploratory drilling will be performed
on gas imports from Russia, Chisalita solid basis for the further expansion of Opus’ at a depth of 6,530 metres in the sea
concluded. Romania became the second- energy division”, CEO Attila Dzsubak said. between Bar and Ulcinj, and will last four
largest gas producer in the European Union TIGAZ reported sales revenue of and a half to six months.
after the United Kingdom left the bloc. HUF32bn (€88mn) in 2019, its operating After that, the potential of the deposit
Romania has proven natural gas profit was HUF6.7bn and its after-tax profit will be determined, while the production
reserves of 100bn cubic metres, and most was HUF2.3bn could start three to five years after the
of its natural gas resources are located in BSE-listed Opus is a rapidly growing completion of the first drilling, broadcaster
Transylvania, with a share of about 75%. In business portfolio, spanning hotels, RTCG reported.
the Black Sea, estimates point to a reserve of agriculture, industrials, media, and energy. The Topaz Driller rig that will perform
up to 200bn cubic metres.½ years, which is Lorinc Meszaros, Hungary’s richest man, a the drilling headed to Montenegrin
due for renewal in 2022.. close ally of Prime Minister Viktor Orban waters on March 7. The consortium has
holds 24% of the shares. Over four years established a logistics base in the port of
the company’s consolidated net assets have Bar, where most of the material that will be
Turkey’s energy watchdog jumped from HUF37bn to HUF635bn, used during drilling has been delivered.
boosted by acquisitions at the end of 2020.
Montenegro has so far concluded two
and fuel retailers head for the pandemic. In the first nine months it concession agreements for offshore drilling
Opus managed to grow in 2020 despite
in the region of Ulcinj and Bar.
court over price cap realized HUF3.5bn in profit after HUF5.4bn 2017 with the London-based company
The other contract was signed in
loss a year earlier.
Turkey’s energy watchdog EPDK on March 17 Last year the company has divested from Energean, which currently is looking for
introduced a price cap on gasoline and diesel Hungary’s second-largest power plant Matrai a partner to set up a consortium for the
for two months. Previously, the EPDK capped Eromu, selling its stakes for HUF17bn to project.
prices in 2009, 2014 and 2015. state utility giant MVM.

P18 www. NEWSBASE .com Week 13 01•April•2021