Page 13 - Euroil Week 04 2020

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NEWS IN BRIEF
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Responding to the verdict on
Thursday, Greenpeace said that, while
the Norwegian Court rightly upheld the Constitution which guarantees everyone’s right to a healthy environment, it did not acknowledge the environmental boundaries breached by awarding 10 oil drilling licenses in the Arctic.
Greenpeace said it would appeal the judgement to the Supreme Court. It is worth noting that the groups’ request to take the case to the Supreme Court, following the ruling by the District Court in 2018, was denied.
“Still, the Court finds that the threshold for invalidating the oil drilling licences is not breached. The co-plaintiffs will appeal the judgement to Supreme Court, as it is clear that this necessitates further review by the judiciary,” said head of Greenpeace Norway Frode Pleym.
Greenpeace also said that the Court of Appeal additionally found that the case raises important principles pertaining to the environment and the living conditions for current and future generations. Thus it has ruled that Greenpeace and Nature and Youth do not need to bear the government’s costs from the District Court nor the Court of Appeal, Greenpeace said.
January 23 2020
Bulgaria hopes to complete
gas link with Greece by
October
The construction of the Gas Interconnector Greece-Bulgaria (ICGB) chould be completed by October, Bulgaria’s Energy Minister Temenuzhka Petkova said on January 24.
The construction of the interconnector, which will help Bulgaria to diversify natural gas sources and reduce its dependence from Russia, has been delayed by numerous objections in Bulgaria.
In May 2019, ICGB picked Greece’s J&P- Avax to build the gas link for €144.8mn, while Corinth Pipeworks Industry was selected to supply line pipes worth €58.2mn. In October, contracts were signed with J&P-Avax and Corinth Pipeworks Industry.
The interconnector will have a length of 182 km, of which 151 km will be on Bulgarian territory. Its capacity is planned to be 3bn cubic metres. Bulgaria and Greece signed a delayed final investment decision on building the interconnector in December 2015.
J&P AVAX is supposed to complete the construction within 18 months of the signing of the contract.
bne IntelliNews, January 24 2020
Lundin to change name, plans
reach carbon neutrality by
2030
Lundin Petroleum said on January 27 that, in relation to its decarbonization strategy and to better reflect the business today and the clear actions and targets towards a lower carbon future, the board had proposed to change the name of the company to Lundin Energy.
Lundin said it had recognised the challenges of climate change combined
with the increasing energy needs linked to growing global population, the international community’s commitment to reduce global carbon emissions and the role that forward- thinking companies can play in this.
With the strategy, the company has formalised its ongoing commitment to reduce its carbon footprint to the lowest possible levels, through an effective combination
of emissions reductions, energy efficiency, targeted research and development, and carbon capture mechanisms.
Also, as previously announced,
investment in renewable energy projects
will be undertaken to replace net electricity consumption, providing these generate a good return to shareholders on a leveraged basis, Lundin added.
Lundin’s roadmap to reaching carbon neutrality by 2030 includes limiting average operated and non-operated portfolio carbon intensity to below 4kg CO2 per boe and from 2023 to below 2kg CO2 per boe starting from 2020.
In 2022, the company plans to fully electrify Edvard Grieg and Johan Sverdrup Phase 2 projects, to achieve carbon intensity for these assets of less than 1kg CO2 per boe.
From 2022, the company will replace all net electricity usage from power from shore, through investments in renewable power generation.
Effective from 2018, Lundin has been working to offset all business and operationally related air travel emissions through natural carbon capture.
Finally, by 2030, Lundin plans to achieve carbon neutrality across its operations as an oil and gas producer.
The board of Lundin Petroleum has proposed to change the name of the company to Lundin Energy. The proposed name change remains subject to shareholder approval at the company’s Annual General Meeting on March 31, 2020.
The board believes that with the production growth pathway set towards
the target of 200,000 boepd, coupled with sustainable, low operating costs, and a carbon intensity which will be below 2 kg CO2 per boe in 2023 versus the world average of 18 kg CO2 per boe, it is clear that the company is
transforming what it delivers as well as how it is delivered.
According to the company, Lundin Energy better reflects what the company is doing as an explorer and producer today and its role in supplying the energy transition with the most sustainable oil and gas production possible as an essential part of the future energy mix.
Alex Schneiter, President and CEO of Lundin Petroleum commented: “I am personally
very proud to announce the launch of our Decarbonization Strategy, through which we
are seeking to formalize our commitment to reducing emissions and our carbon footprint, in order to supply the growing demand for all types of energy with the most sustainably produced product we can. We have a target of 2030 to reach carbon neutrality across our operations and we have set out a realistic and deliverable pathway towards this, which clearly differentiates us as an independent oil and gas producer in our industry.
“I am also pleased to announce that the board is proposing to change the name of
the company to Lundin Energy. It represents our ambition to become carbon neutral, our position as a leading provider of oil and gas in the future and recognition of our role in the changing energy mix.”
January 27 2020
TurkStream pipeline carries first bcm of gas
Gazprom has supplied the first billion cubic metres (bcm) of gas through the TurkStream Gas Pipeline.
Approximately 54% of this volume was delivered to the Turkish gas market, while the remaining 46% was transported to the Turkish-Bulgarian border, the Russian energy major said in a statement.
The official launch ceremony for TurkStream was held on January 8 in Turkey. It was attended by Turkish President Recep Tayyip Erdogan and Russian leader Vladimir Putin. .
TurkStream stretches across the bottom of the Black Sea to unite the gas transportation grids of Russia and Turkey.
The pipeline consists of two lines, with a total capacity of 31.5 bcm.
The first line is intended for gas supplies bound for Turkey, while the second line is to deliver gas to southern and southeastern Europe via a hub on Turkish territory. Bulgaria is supposed to forward some gas supplies that arrive via Turkey onwards
to other markets in southeastern Europe but has suffered delays in constructing its stretch of the TurkStream system.
bne IntelliNews, January 28 2020
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