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the existing infrastructure. To ensure the The government has previously slated state Neptune comes up dry in
adaptation of gas networks for blending of electricity transmission company Teias for
methane and hydrogen, TSOs must avoid an initial public offering (IPO) by the end of North Sea
potential adverse effects of hydrogen injection, 2022, while it’s been selling assets from state
and potential damage that may occur during power producer Euas’ portfolio for decades. Oil and gas company Neptune Energy has
usage of the infrastructure. No major Turkish state company has concluded the drilling of a wildcat well near
Timely measures to prevent infrastructure offered a stake for sale in recent years. the Snorre field in the Norwegian North Sea,
damage and system security threats will be Turkey’s privatisation revenue fell to a but the well turned out to be dry.
introduced. 33-year-low of $22mn in 2020 versus a peak The well 33/6-5 S is located in production
of $12.5bn in 2013, according to Privatization licence 882, and Neptune is the operator,
Administration data cited by Bloomberg. while Concedo, Idemitsu Petroleum, and
Latvia’s Virsi fuel company Petrolia NOCO act as partners. This licence
contains the Dugong discovery, which
announces date for IPO Bulgartransgaz seeks was one of the largest discoveries on the
Norwegian Continental Shelf in 2020.
The Latvian Financial and Capital Market funding for expansion of The Norwegian Petroleum Directorate
Commission (FKTK) approved on October (NPD) reported on Wednesday that the
20 the fuel and alternative energy trader Chiren gas storage wildcat well was drilled about 10 kilometres
Virsi’s prospectus for an initial public offering northwest of the Snorre field in the northern
(IPO) that will take place from October 25 to Bulgaria’s state-owned gas network operator part of the North Sea and 160 kilometres west
November 5 this year. Bulgartransgazhas has filed an application of Florø.
Retail investors from all of the Baltic states for an EU grant that would fund part of the The well’s primary exploration target
will have an opportunity to subscribe for expansion of the country’s Chiren gas storage was to prove petroleum in Middle Jurassic
the shares in AS Virsi-A and related group facility, it said in a statement. reservoir rocks (the Rannoch Formation).
companies. The project for the expansion of what is NPD explained that the secondary exploration
The company will offer up to 1,509,121 the country’s sole gas storage facility has been target was to prove petroleum in the Statfjord
shares with an over-allotment option for delayed for years, while it is seen a project of Group in the Lower Jurassic, depending on oil
an additional 226,368 shares (and the total common interest for the EU. Bulgartransgaz in the Rannoch Formation.
number of shares would then reach up to hopes to get funds under the Connecting The well 33/6-5 S encountered around
1,735,489). The price per one share is €4.49. Europe Facility – CEF. 90 metres of the Rannoch Formation with
The minimum investment is one share. Bulgartransgaz has already completed sandstone of moderate to good reservoir
part of the preliminary research needed for quality.
the expansion, including 3D seismic probes. It also encountered around 30 metres of
Turkey ‘preparing to These were co-financed by the EU. the Draupne Formation in the Upper Jurassic,
The value of the project is estimated at
with 5 metres of intra-Draupne sandstone of
reorganise Botas, other €308mn and would allow for the storage of poor to moderate reservoir quality.
The well is dry and it was terminated at a
1bn cubic metres of active gas.
large state companies to invest BGN2.5bn by the end of 2023, shallower level than the planned secondary
In March, Bulgartransgaz said it intended
exploration target in the Statfjord Group.
ahead of stake sales or mainly in new infrastructure. exploration well in production licence 882,
NPD confirmed that this is the fourth
Among the key projects of the company
IPOs’ are the expansion of the national gas which was awarded in APA 2016.
The well was drilled to a vertical depth of
transmission network, the construction of gas
Turkey is reportedly preparing to reorganise interconnectors with neighbouring Greece 3,428 metres and a measured depth of 3,488
some of its largest state companies ahead of and Serbia, the capacity expansion of the metres below sea level and was terminated in
possible stake sales or public offerings, with a Chiren underground gas storage facility as the Drake Formation in the Lower Jurassic.
focus on energy companies including state gas well as the construction of a liquefied natural The water depth at the site is 315 metres
importer and pipeline operator Botas. gas terminal near Greece’s Alexandroupolis, and the well has been permanently plugged
People with knowledge of the plan in which the state-owned company recently and abandoned.
divulged the scenario, Bloomberg reported on acquired a 20% interest. It was drilled by the Deepsea Yantai drilling
October 20. By the end of 2024, Bulgatransgaz plans to rig, which will now drill development wells in
The government is said to want to split invest around BGN43mn in the construction production licence 586 in the Norwegian Sea,
Botas into three entities and organise trading of new hydrogen and low carbon fuels where Neptune Energy is the operator of the
and pipelines as separate businesses, in line infrastructure, which will be part of the Fenja field.
with legislation aimed at liberalising the company’s network and will be accessible to
gas market. Botas’s natural gas trade, gas all users, including coal-fired thermal power
infrastructure and crude pipeline operations plants.
would be established as separate corporations.

Week 43 28•October•2021 www. NEWSBASE .com P17