Page 19 - Euroil Week 19 2020

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NEWS IN BRIEF
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OMV Petrom pledges higher dividends in 2019
Romania’s top oil and gas group OMV Petrom [BSE:SNP] said on May 14 it would distribute a dividend of 0.031 lei ($0.01) per share for 2019, starting June 5.
The dividend payout would be made through the Central Depository and payment agent Groupe Societe Generale, OMV Petrom said in a statement filed with the Bucharest Stock Exchange, BVB.
Last year, OMV Petrom distributed as dividend some 1.53bn lei, or 0.027 lei per share, for 2018.
On April 27, OMV Petrom shareholders approved a proposal to distribute as dividend 1.75bn lei from last year’s net profit. The company said in February its net profit fell by 11% year-on-year to 3.6bn lei in 2019.
OMV Petrom shares traded 0.71% higher at 0.3570 lei by 1430 CET on May 11 on the BVB.
OMV Aktiengesellschaft, one of the largest listed industrial companies in Austria, holds a 51.011% stake in OMV Petrom. The Romanian state, through the energy ministry, owns 20.639%, and 20.35% is in free float on the Bucharest Stock Exchange and the London Stock Exchange.
Work on the well was scheduled to begin in December 2019 and was estimated to last for at least 56 days.
MET Croatia Energy offers to book half of Krk LNG capacity
Croatian gas supplier MET Croatia Energy Trade said on May 11 it had submitted
a binding offer to LNG Croatia to book capacities in the yet-to-be-built Krk liquefied natural gas (LNG) terminal for a three-year period in the amount of 1.3bn cubic metres (bcm), or half of its planned capacity.
“Significant changes on the international energy markets are spearheaded by the rapid growth of global LNG trade, a development that MET Group welcomes. The Croatian LNG project will help Central and Eastern Europe to become an integral part of this global market,” MET Croatia said in a statement.
It added that the Croatian LNG
imports will help its parent - Switzerland- headquartered energy company MET Group, to link most of its downstream markets both from pipeline gas and from an LNG perspective.
The group has been operating an LNG desk since 2016, making LNG deliveries primarily to its natural gas supply markets in Spain and Italy, and sees the LNG terminal project, now under construction
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on Croatia’s Adriatic island of Krk, as a new supply point for the region of Central and Eastern Europe.
“To succeed on the LNG market, apart from the specific knowledge with a global LNG desk, it is necessary to have a local presence, i.e. a market access for gas placement. We are the only player in the region that has both. Therefore, we have no doubt that booking the capacity in the LNG terminal in Krk will highly contribute to our long-term business strategy,” MET Croatia Energy Trade’s CEO, Mario Matkovic, said in the statement.
The LNG terminal project on the Krk island comprises the construction and operation of a LNG terminal featuring a floating storage and regasification unit and its connections to the national gas transmission network. The Krk LNG terminal will deliver gas to the Croatian national transmission network connected to EU member states Slovenia, Italy and Hungary, as well as non-EU members Serbia and Montenegro. The terminal will have a capacity to transport 2.6 bcm of natural gas per year as from 2021.
In July 2019, the European Commission approved Croatia’s plans to support the development of the 233.6mn euro ($255.4 million) project with 100mn euro in state aid.
Polish LNG terminal unloads US cargo
Poland’s LNG import terminal in Swinoujscie, has received a new cargo from the US.
It was the 89th delivery since the project started operation, Polskie LNG said in a brief statement through its social media channels.
The cargo was delivered onboard the 173,000-cubic metre Oak Spirit LNG carrier.
AIS data provided by VesselsValue shows that the cargo was loaded at the Corpus Christi LNG facility in the United States. The data shows that the vessel is heading back to the United States.
Polish Oil and Gas Company (PGNiG) is in charge of all the LNG supplies coming to the import terminal operated by Gaz- System’s unit Polskie LNG.
GTT appoints deputy CEO
French LNG gas containment specialist GTT has appointed Eric Dehouck as deputy CEO. Dehouck will support the acceleration of GTT’s development and will assist Philippe Berterottière in his responsibilities as chairman and CEO of GTT, the company said in a statement.
Dehouck brings to GTT his experience
in management, in international business development, as an investor in technology and service companies, and as a head of research and innovation for a global group.
Aged 43, Dehouck is a graduate from the Ecole Nationale Supérieure des Arts et Métiers and from HEC-Entrepreneurs.
He is also a national IHEDN (French Institute for Higher National Defence) auditor.
He began his career with the Suez
Group holding operational and then executive positions in several group entities, especially in international business in the water treatment technologies, and more specifically membrane area.
In 2016, he was promoted vice president and head of research and innovation of Suez Group.
Philippe Berterottiere said in the statement that Dehouck’s expertise and extensive experience would enrich and strengthen GTT’s capabilities and ambitions to face the challenges of the LNG shipping market and LNG as a marine fuel.
“He will also have a leading role in the evolution of GTT’s research and innovation strategy”, Berterottière said.
Odfjell sees higher Q1 profits
Offshore drilling contractor Odfjell Drilling was able to book a higher profit in the first quarter, as the COVID-19 pandemic had a limited impact.
Odfjell Drilling said on May 14 it had recorded a profit of $23mn in the quarter, an increase when compared to the $10mn profit in the Q1 2019.
The company’s operating revenues decreased slightly to $197mn, only $4.4mn less than in the corresponding period of 2019.
The company said in its financial report that the decrease in revenues was mainly due to increased revenue in the MODU segment, offset by decreased revenue in the Well Services segment.
Odfjell’s contract backlog stands at $2.2bn, $1.2bn of which is firm backlog. The comparable figure at the end of Q1 was $2.3bn, $1.3bn was firm backlog. As for Odfjell Well Services (OWS), it is still facing fierce competition for its services globally.
Even though the company observed
an increase in operational activity in the European and Middle East markets recently, the current market turbulence is expected to impact the demand for OWS’ activities in the short to medium term.
COVID-19 and negative shift in oil price
Odfjell stated that the COVID-19 outbreak and negative shift in oil price, which both occurred during 1Q 2020, have affected and will continue to affect the global economy negatively going forward.
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