Page 14 - Euroil Week 32 2021

EurOil
NEWS IN BRIEF
EurOil
Bulgarian Stock Exchange, through its wholly owned subsidiary Eastern European Electric Company B.V. (EEEC), the direct owner of the units that the holding acquired from Czech energy group CEZ in Bulgaria, Eurohold said in a statement on August 4, according to See News.
EEEC offered to the minority shareholders of electricity distribution company CEZ Distribution BGN276.88 per share, or a total of BGN176.2mn for a little over 636,000 shares of BGN1 in par value each.
As at 13:45 CET on August 6, shares in CEZ Distribution traded flat at BGN280 on the Bulgarian Stock Exchange.
The tender offer to the minority shareholders of power supplier CEZ Electro stood at BGN26,070 per share or a total of BGN43.02mn for 1,650 shares with a nominal value of BGN10 apiece.
Shares in CEZ Electro closed at BGN28,000 on the Bulgarian Stock Exchange on August 6.
Last month, Eurohold finalised the acquisition, through EEEC, of 67% interest in CEZ Distribution Bulgaria and CEZ Electro Bulgaria from Czech energy group CEZ, as well as 100% of the shares of licensed electricity trader CEZ Trade Bulgaria, IT services company CEZ ICT Bulgaria, solar park Free Energy Project Oreshetz, biomass- fired power plant Bara Group, and CEZ Bulgaria, the coordinator of CEZ Group’s units in Bulgaria, for a total of €335mn.
Under the Public Offering of Securities Act, Eurohold has been obliged to make public tender offers to the minority shareholders of CEZ Distribution Bulgaria and CEZ Electro Bulgaria.
The Financial Supervision Commission has not yet expressed its opinion on the public tender offers, Eurohold said.
As at 12:45 CET on August 5, shares in Eurohold traded 1.59% higher at BGN2.56 on the Bulgarian Stock Exchange, bourse data showed.
Aker BP installs Hod platform
Norwegian oil company Aker BP has installed the Hod platform topsides in the North Sea, offshore Norway.
In cooperation with Aker Solutions and ABB, Aker BP placed the 2000-tonne topsides on the jacket on the Hod field in the southern part of the North Sea on Sunday, August 8. The jacket was installed in July by Heerema Marine Contractors.
The Hod B platform will be remotely operated from Valhall facilities, and the field will have extremely low CO2 emissions thanks to power from shore. Aker BP and partner Pandion expects Hod to produce 40 million barrels of oil equivalent.
Valhall Asset Manager Ole Johan Molvig said the plan was to bring Hod on stream in the first quarter of 2022.
“Aker BP will continue to increase value creation from the Valhall giant through new projects and a major ongoing modernization of the area. Hod is an important contribution towards achieving the Valhall ambition of a total of two billion produced barrels from the area,” he said.
Several subsea campaigns will be conducted in the Hod project leading up to production start in 2022, such as installation and connection of the gas lift pipelines, production flowlines, and umbilicals. Modification work is underway at the Valhall field center, and the Maersk Invincible drilling rig will be arriving this autumn to drill production wells.
DNO starts drilling Gomez offshore well
Norwegian oil and gas company DNO has started drilling at the Gomez exploration well on the PL006C license offshore Norway.
The well was spudded over the weekend using the Borgland Dolphin semi-submersible drilling rig. It will be drilled to a depth of around 3,300 meters below sea level, targeting Paleocene age formations.
The Borgland Dolphin rig arrived on location on August 7 following the successful completion of plugging and abandonment
of the three wells at the Oselvar field on the DNO-operated license PL274 and started drilling the Gomez well which is expected to take 45 days. Pre-drill estimates range 26-80 million barrels of oil equivalent. The well is close to existing infrastructure, including the Tor and Ekofisk complexes.
DNO holds a 65% operated interest in the license with the remaining stake held by Aker BP.
Aker BP originally had a 15% interest but recently acquired another 20% interest in PL006C from DNO under a swap agreement in which DNO picked up a 25% participating interest in PL1085 (Tanumåsen) and increased its share from 20 to 30% in PL906 (Mugnetind), diversifying its position in the southern North Sea. The swap is subject to government approval.
The Gomez well is one of DNO’s three exploration wells scheduled in 2021. The first well, Røver Nord (DNO 20%), resulted in what is likely a commercial discovery, DNO said. Following Gomez, the third exploration well is Mugnetind expected to spud in the fourth quarter of this year.
Lundin starts flows at Edvard Grieg tie-back
Lundin Energy, a Swedish oil firm focused on the Norwegian Continental Shelf, on Tuesday said it had started production from the Extended Well Test (EWT) at its Rolvsnes offshore field, the first subsea tie back development for the Edvard Grieg platform.
The Rolvsnes field is located in a production license on the southern side of the Edvard Grieg field and is a weathered and fractured granite basement reservoir.
During 2018, the drilling and testing
of a horizontal appraisal well (16/1-28)
was completed, which flowed 7,000 bopd, demonstrating good reservoir productivity.
“The appraisal well has been converted to a development well and tied back the 3 km distance to the Edvard Grieg platform, with the project being completed on schedule and on the budget cost estimate,” Lundin said.
The resource estimate for the Rolvsnes field is between 14 and 78mn barrels of oil equivalent gross.
Full field development plan by 2022 end
“The objective of the EWT is to gain
a better understanding of the reservoir properties, reservoir connectivity and long term production performance of the field and if successful, this test has the potential to unlock a full field development for Rolvsnes, further extending the plateau production period for Edvard Grieg,” Lundin said.
Once sufficient data and production experience has been gathered, a Plan for Development and Operation (PDO) could be submitted by the end of 2022, benefitting from the temporary tax regime in Norway.
A successful test could also derisk significant additional resource potential in weathered and fractured granite basement reservoirs on the Utsira High.
Lundin Energy Norway AS, a subsidiary of Lundin Energy, is the operator of the license PL338C with an 80% working interest, with the remaining interest held by OMV (Norge) AS.
P14
w w w . N E W S B A S E . c o m
Week 32 11•August•2021