Page 11 - Euroil Week 46 2019

EurOil
NEWS IN BRIEF
EurOil
supply, as it is supplementary to the LNG import procedures launched by the Cypriot government. We expect that the Republic of Cyprus will take advantage of the options that the market offers for the benefit of the Cypriot economy and the consumers.”
November 19 2019
OMV Petrom
decommissions first
offshore rig in Romania
Austro-Romanian oil producer OMV Petrom has completed the removal of its Gloria platform from its location in the Black Sea offshore Romania, the company said on November 19.
OMV Petrom announced that the platform would be decommissioned back in May, after it reached the end of its operational life following more than 40 years in service.
The Gloria platform has been transported
to Agigea harbour in Constanta, OMV Petrom said. It had been producing oil and gas from the shallow-water Sinoe field.
“We will continue to operate the other six offshore production platforms, which provide over 16% of the Group’s production,” Peter Zeilinger’s board member in charge of upstream operations, said in a statement.
Production at the Sinoe field has been halted, and remaining wells have been preserved in a
safe condition.
OMV Petrom employed Romania’s GSP
Offshore to remove the rig for EUR5mn. The Gloria platform was Romania’s first
drilling platform to be deployed in the Black Sea in 1976. Four years later it identified the Sinoe field after completing the Lebada-8 well.
November 19 2019
Norway reports on October output
Norwegian oil production during October 2019 rose above expected levels, according to a report by the Norwegian Petroleum Directorate (NPD) published on November 19.
Preliminary production figures for October 2019 show an average production of 1.828mn barrels per day of oil, NGL and condensate, marking an increase of 264,000 bpd on September’s level. Total gas sales were 9.3bn cubic metres, up 3.3 bcm from the amount produced in September. Liquids production last month included 1.519mn bpd of oil, 279,000 bpd of NGL and 30,000 bpd of condensate. Oil production in October was 4.5% higher than the NPD’s forecast, and 3.2% below the forecast so far this year.
November 19 2019
Romania plans to sell 8% of OMV Petrom to employees
Romania’s new Prime Minister Ludovic Orban said that he will discuss the sale of an 8% stake in oil and gas company OMV Petrom to its employees with Finance Minister Florin Citu next week, according to Ziarul Financiar daily. The sale of the stake is provisioned in the privatisation contract signed with OMV, but was repeatedly delayed. The price should be the price paid by OMV for Petrom’s shares, which is now well below the market price. The recipients of the shares are still to be established — they will either be the employees at that time, or current employees.
The government hasn’t made any steps to implement the share sale although the High Court (ICCJ) ruled earlier this year that the state must keep its promise from 2004, when it privatised the company, and sell 8% of the company’s shares to the employees at the same price at which it sold to Austrian group OMV.
The RON980mn (€200mn) sale would increase the free float of OMV Petrom with a significant impact on the stock exchange.
Since May 8, the government has been paying a fine of RON1,000 per day for the employees entitled to the shares and will pay the fine until the 8% stake is distributed to the company’s shareholders. The money has been put in an accrual account.
bne IntelliNews, November 20 2019
Week 46 21•November•2019
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