Page 16 - EurOil Week 16 2022

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main seaports – should be enough cover for managed assets and identifying opportunities “What we will do in the next couple
the shortage of imports from Russia, although to maximise gas production in the short term. of weeks is work towards what I call the
at a higher cost. Under the agreement, Eni will also improve Repower EU initiative, and as part of that we
exploration campaigns in existing concessions want to accelerate the energy transition. So
and newly won areas in the Nile Delta, eastern in that context we might revisit our targets,”
Bulgaria extends oil, gas Mediterranean and Western Sahara regions. Timmermans told reporters, according to
Egypt and Eni have a long history of
Reuters.
exploration permit of mutual support and co-operation that led to renewable energy for 2030,” Timmermans
This will mean a “higher percentage of
Eni’s discovery of the super major Zohr gas
TotalEnergies, OMV Petrom field in the eastern Mediterranean in 2015. said.
The Italian company became part-owner of
“The core of what I’m offering is a long-
by two years Damietta liquefaction plant last year, giving it term strategic relationship that starts with
a further stake in the value chain of Egyptian
LNG then quickly moves also into renewables,
Bulgaria’s energy ministry said it has natural gas deliveries to Europe. especially hydrogen,” he told reporters.
extended by two years the oil and natural gas
exploration permit for the 1-21 Han Asparuh
offshore block in the Black Sea that has been EU developing more Istanbul-listed Aygaz ‘buys
granted to units of French energy major
TotalEnergies and Romanian oil and gas ambitious targets for LPG from Russia’s Sibur’
group OMV Petrom.
The ministry noted that the project is renewable energy, says Russian petrochemical producer Sibur
of significant importance for the country’s diverted two tankers carrying liquefied
energy security. climate policy chief petroleum gas (LPG) to Turkey after
The extension was requested by the two finding itself unable to offload the tankers
companies who reported they had discovered The European Union will establish higher at the original planned destination in the
a promising area in the block that allows for targets for renewable energy as it seeks more Amsterdam-Rotterdam-Antwerp (ARA)
additional testing for potential deposits. energy independence from Russia, the bloc’s region in the Netherlands and Belgium,
Total E&P Bulgaria and OMV Offshore climate policy chief Frans Timmermans has unnamed industry sources told Reuters on
Bulgaria intend to invest around €1.46mn told reporters. April 11.
during the next period of exploration. Out of The European Commission, the executive Four tankers loaded with 48,000 tonnes of
the total, €900,000 will be spent on geological branch of the EU, is to unveil its new ‘Repower LPG set sail from the Baltic Sea port of Uts-
and geophysical works, €335,000 on health, EU’ plan in May. The plan will lay out a Luga in Russia, destined for arrival in ARA in
safety and environmental safeguard measures roadmap for ditching Russian fossil fuels. the second half of March.
and €200,000 on training local staff. The news is important because of fears One of the tankers, namely the Navigator
The two companies have already been that climate concerns – and decarbonisation Leo, has remained at the port of Rotterdam
granted another two-year extension, which – might be pushed aside as Europe rushes to since March 17, unable to offload its bulk. The
expires in mid-May this year. wean itself from Russian fossil fuels because two other tankers, namely Navigator Luga and
The 1-21 Han Asparuh block is located of Moscow’s invasion of Ukraine. The EU is Navigator Libra, were reportedly diverted to
in deep waters in the Bulgarian sector of the seeking more LNG imports. the Turkish port of Dortyol in Hatay.
Black Sea. It covers an area of 14,220 sq km. Europe is planning to slash consumption The cargoes were reported as bought by
of Russian natural gas by almost two-thirds Aygaz (AYGAZ), Turkey’s largest importer
by the end of this year, and completely phase and distributor of LPG.
Italy’s Eni signs framework it out by 2027. Germany hopes to halt all loaded onto another tanker, the Eco Freeze, in
A cargo from the Sibur Tobol was re-
imports of Russian oil by the end of 2022.
agreement with Egypt to of Europe’s gas and a quarter of its oil. Europe the port of Rotterdam on April 2-3.
Before the invasion, Russia supplied 40%
Sibur has not been placed under sanctions
boost LNG exports to Europe in fact relies on imports for fully 90% of its amid the Russian invasion of Ukraine but
banks in the Netherlands are refusing to
natural gas and 97% of its oil products.
Italy’s Eni and Egyptian Natural Gas Holding Under the current EU plan, the 27 member facilitate payments for products from Russia.
Co. have signed a framework agreement to states are set to increase the electricity they Sanctions also place no restrictions on
boost natural gas production and liquefied source from renewables by 40% by 2030. purchases of Russian oil products, including
natural gas (LNG) exports to Europe to the Member states will – as a bloc – reduce their LPG, but restrictions on the Russian financial
tune of 3bn cubic metres in 2022, media net greenhouse gas (GHG) emissions by 55% system have complicated payments, insurance
sources reported. The importance of natural from 1990 levels by the end of the decade. and freight.
gas supplies from Algeria and LNG supplies The EU plans to become net zero in terms of In March, Turkey boosted imports of
from Egypt for Eni, and Europe at large, has emissions by 2050, making it the first carbon- Russian Urals crude oil to 7.42mn barrels
increased over the past couple of months neutral region in the world. (1mn tonnes) from 2.7mn barrels in February
as the European Union tries to gain greater Timmermans said that the target for in a bid to benefit from hefty discounts of
energy independence from natural gas renewables will be hiked, but he declined to be around $35 per barrel.
supplied from Russia in light of the latter’s more specific. He spoke with reporters during
invasion of Ukraine. a visit to Cairo. Egypt is the location of the
The two parties agreed to enhance next COP climate conference, convened by
Egyptian gas reserves by increasing jointly the UN. COP27 will be held in November.

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