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supplier Bulgargaz asked for as KEVR ruled the NOAKA area, and a decision on the
Poland’s state-controlled that the company had taken from its clients concept is planned for the third quarter of
slightly more than it was supposed to in
2021, Hersvik said.
refiner PKN Orlen to spend previous period. was expected to be lower due to planned
Production in the second quarter
The decision was delayed due to a check
PLN47bn on energy by 2030 by the energy ministry of the state-owned maintenance activities, and the company
kept its full year guidance unchanged at
natural gas supplier Bulgargaz over its higher
State-controlled Warsaw-listed refiner PKN revenue in previous months. The ministry 210,000-220,000 boepd.
Orlen is going to spend PLN47bn (€10.32bn) ruled the company had not breached the law. “The company has the potential to almost
on investments in energy, chiefly onshore KEVR also noted that the new price double production from current levels at
wind, by 2030, an executive of the company reflects the agreement between Bulgargaz a break-even price of less than $30 (per
said on April 23. and Russia’s Gazprom Export on the price barrel),” said Citigroup, which rates the
Poland assumes that building from 5 at which the Bulgarian company is buying shares a “buy”.
gigawatts (GW) to even 11 GW of offshore natural gas, as well as the price of the gas While it primarily plans to focus on
wind power installations will be a key step imported from Azerbaijan. organic growth, with around 10 new projects
in reducing emissions from the coal- and in its pipeline, Hersvik said he also saw
lignite-dependent electricity generation some opportunities to combine this with
sector. Aker BP Q1 swings to record acquisitions. .
By building new zero-emissions sources
of energy, Poland is looking to reduce the operating profit
role of coal from the current 70% to even Wintershall Dea breaks
as low as 11% in 2040, President Andrzej Norway’s Aker BP posted record first-quarter
Duda said during last week’s climate summit operating profit and revenue on higher quarterly production record
convened by US President Joe Biden. prices and production on Wednesday as the
Orlen plans to begin production from independent oil and gas producer looks to German oil and gas company Wintershall
its 1.2GW offshore wind project in 2026, approve several developments this year. Dea has had a record quarterly production
the company’s executive director for energy, Earnings before interests and tax (EBIT) in the first quarter of 2021 with 659,000
Jaroslaw Dybowski, told the state newswire of $591 million contrasted with a loss of barrels of oil equivalent a day and reduced
PAP. $266 million a year earlier and was close to its net debt by almost a third.
Canadian company Northland Power is the $596 million expected by analysts in a Wintershall Dea said in its financial
Orlen’s partner in the project, named Baltic Refinitiv poll. results announced on Tuesday that it
Power. “This is a strong quarter with good was on track to deliver on its full-year
Apart from Orlen, companies involved production and on-track oilfield guidance. The production outlook for the
in Poland’s onshore wind include another developments, and the cash flow is record full year is now 620-640,000 boe per day.
state-run company, PGE, private company high,” CEO Karl Johnny Hersvik told According to the company, it performed
Polenergia in cooperation with Equinor, as reporters. better at all levels year on year – 1Q 2021
well as Ocean Winds and RWE. “The cost measures we’ve been working versus 1Q 2020.
on for a while are really starting to gain Average daily production for the quarter
traction,” he said. came in at 659,000 barrels of oil equivalent
Bulgaria hikes natural gas oil equivalent per day (boepd), a new high, a day – a second consecutive quarter above
Production rose 7% to 222,200 barrels of
650,000. Wintershall Dea added that it
price by 16% as of April while the price per barrel of crude increased was done with low production costs by
comparison with the rest of the industry,
to $60.10 from $44.20.
Bulgaria’s Energy and Water Regulatory Aker shares fell slightly, trading 1.1% just €3.2 ($3.86) a barrel.
Commission (KEVR) said on April 21 it has lower on the Oslo Bourse at 0847 GMT and The company claimed that it was able to
approved new, higher price of natural gas, lagging a 0.1% fall in European oil and gas break two records in one go – Wintershall
valid as of April 1. The new price is almost stocks. Dea has never produced such large
16% higher, reaching BGN33.19. Aker BP expects to make final investment volumes at such low costs in its history as
The natural gas price is rising due to decisions for its Kobra East Gekko and it did in the first three months of 2021.
the situation on the oil and oil derivatives Frosk developments in the second and With this, the company remains
markets and due to the higher oil price on third quarters respectively, aiming to add confident that it will be able to deliver full-
the European bourses, KEVR said in the net reserves of 40 million barrels of oil year production costs below $4.83/boe,
statement. equivalent. trending towards a targeted $4.23/boe in
On the other hand, the price was lower The company is also on track with concept the medium term.
than the one that state-owned natural gas studies for its biggest potential development, Despite the coronavirus pandemic

Week 17 29•April•2021 www. NEWSBASE .com P15