Page 14 - EurOil Week 25 2022

EurOil PROJECTS & COMPANIES EurOil

ConocoPhillips makes minor gas

find off Norway

NORWAY CONOCOPHILLIPS has made a minor gas dis- off Norway this month, but both were minor in
covery southwest of the Skarv field in the Norwe- scale. On June 1, Aker BP found 0.6-1.9mn cubic
Two more minor gian Sea, the Norwegian Petroleum Directorate metres of recoverable oil equivalent near the
discoveries were made (NPD) reported on June 20. Valhall field, and on June 9, Equinor discovered
this month. Preliminary estimates indicate that the dis- 0.8-1.6mn cubic metres near the Johan Castberg
covery is less than 0.1mn cubic metres of recov- field in the Barents Sea.
erable equivalent in size, the NPD said. But it Norway has produced around 50% of the
added that the result may be used by the licen- recoverable resources on its shelf, according to
sees to study further prospectivity in the area. the NPD. A further 24% of these resources are
The well was not formation-tested, but extensive undiscovered, while 17% are reserves and 4% are
data acquisition and sampling were carried out. contingent.
The well was drilled to a vertical depth of “Of course, it is impossible to say exactly how
3,914 metres below the sea bed, and was termi- much is yet to be discovered, but our analyses
nated in the Lange formation in Late Cretaceous indicate that it can be 24% of the total,” NPD
rock, the directorate said. The water depth at the Director General Ingrid Solvberg said in a state-
site is 436 metres. ment last week. “Therefore, it is important to
Two other discoveries have been reported explore all the sea areas.” ™

NEWS IN BRIEF
OMV Petrom’s board clears Kosovo government to Milorad Dodik, the Serb member of the
country’s tripartite presidency.
capital increase and special regulate fuel prices Russian President Vladimir Putin in the
Dodik is one of the most loyal allies of
dividend Kosovo’s government led by PM Albin Kurti region, and has blocked efforts by other
said on June 22 it had decided to regulate the
Bosnian leaders to impose sanctions on
OMV Petrom on June 21 announced that, prices of petroleum products and renewable Russia following the invasion of Ukraine.
based on the authorisation received from the fuels in order to protect customers from He announced the planned investment
extraordinary general meeting of shareholders variable prices. shortly after a trip to Russia for the St
on 27 April, the executive board approved a In a statement, the government did not Petersburg International Economic Forum
share capital increase of up to RON585mn provide other details, but Industry and (SPIEF), where he met with the Russian
(€118mn) - 8.9% of the current share capital. Trade Minister Rozeta Hajdari was cited by president and voiced strong support for
The capital increase is prompted by the broadcaster RTK as saying that there are Moscow.
RON120mn in-kind contribution of the state discrepancies in prices in Kosovo compared Each of the power plants will have a
(the equivalent of 1,379 ha of land), which with the prices in the world markets, which is 600-MW capacity that would secure the
the other shareholders are entitled to match a reason for maximum prices of fuels to be set energy stability of the entity, Dodik said in
with cash contributions in order to prevent immediately. an interview for ATV news channel.
dilution. “The administrative instruction was Republika Srpska would be a minority
The share capital increase was also adopted in order to protect the consumers shareholder in the joint projects and would
approved by the supervisory board in its from competition and to avoid market have the task of carrying out the necessary
meeting held on June 21. disturbances,” Hajdari was cited as saying. procedures, while Russia would fund and
The subscription period will be for at least “Non-adjustment of prices is one of the build the plants.
one month, estimated to occur during the reasons why the government will set the One of the power plants should be
September to October 2022 timeframe. maximum allowed price, or limit the trade built in Banja Luka, the regional centre of
OMV Petrom also announced that the margin,” she added. Republika Srpska, while the other will be
executive board’s proposal for distribution built near Prijedor.
of special dividends published on June “This is green energy, these are
14, namely a gross special dividend of Russia to back €1.5bn renewable energy [sources], it does not
RON 0.0450/share (resulting in a gross cause pollution,” Dodik said. He added the
dividend yield of 9.4%), was approved by the investment in two gas-fired two plants would provide the entity energy
supervisory board and will be submitted for security.
approval to the ordinary general meeting of power plants in Bosnia’s However, in order to carry out these
shareholders convened on July 26, 2022. projects, Republika Srpska needs authorise
The total value of special dividends is Republika Srpska to the construction of a gas link with Russia,
RON2.55bn (€0.5bn). The profit of the Dodik said. To fulfil this, Republika Srpska
company tripled y/y to RON1.74bn in Q1 this Bosnia & Herzegovina’s Republika Srpska and needs the co-operation of Bosnia’s other
year, after it more than doubled to RON2.8bn Russia will jointly build two gas-fired power autonomous entity – the Muslim-Croat
in 2021. plants in the Serb-dominated entity through Federation.
investments worth a combined €1.5bn, said Meanwhile, Republika Srpska’s Gas-

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