Page 15 - EurOil Week 07 2021

EurOil PROJECTS & COMPANIES EurOil

Repsol, Sinopec JV teams up with service

providers to boost North Sea recovery

UK SPANISH-CHINESE joint venture Repsol Sino- marginal fields across the UKCS, small pools
pec and service providers Petrofac and Technip- represent a big opportunity,” Petrofac said in
The group aim to FMC have formed an alliance to maximise the a statement. “Industry-level collaborations
provide other operastors recovery of oil and gas from the UK Continental such as this will drive the standardisation
with an easier means Shelf (UKCS). required to reduce the time and cost of tie-back
of developing fields The alliance, announced on February 15, developments.”
using Repsol Sinopec’s will aim to provide North Sea operators with “As an industry we must get better at recog-
infrastructure. a quicker and cheaper means of developing nising the benefits of utilising existing North Sea
fields using Repsol Sinopec’s platforms. These infrastructure,” Repsol Sinopec said, “to maxim-
operators will be offered “an integrated, tech- ise the economic recovery of the basin, minimise
nically robust and commercially flexible carbon emissions and transition to a lower-car-
solution to meet their near to mid-term devel- bon economy.”
opment objectives,” the companies said in a TechnipFMC added it was looking forward
statement. “to working with Repsol Sinopec to deliver a cul-
Petrofac will provide all services connected ture of efficiency, standardisation and sharing of
with topsides engineering and operational sup- best practice as we adopt this unique and impor-
port, while TechnipFMC will offer its subsea tant alliance in the UK.”
technology. Repsol Sinopec, meanwhile, will Repsol Sinopec, an Aberdeen-based partner-
ensure access to its platforms and other facilities ship between Spain’s Repsol and China’s Sinopec,
under the industry-led infrastructure code of has interests in 48 fields on the UKCS, including
practice. 38 that it operates. It is also present at 11 offshore
“With more than 3bn barrels locked in installations and two onshore terminals. ™

Prospex eyes February 28 closure

of Spanish gas-to-power deal

SPAIN LONDON-LISTED junior Prospex Energy The project consists of three licence areas
has said it now expects to close the purchase hosting three wells that supply gas to an 8.1-
Approvals were received of a Spanish gas-to-power project on Febru- MW power station. The acreage also contains
towards the end of last ary 28, nearly a month later than it previously two development locations and 11 very-low risk
year. anticipated. prospects with gross contingent and prospect
Prospex and Australia’s Warrego Energy gas resources of 142mn cubic metres and 2.55bn
announced the purchase of the El Romeral pro- cubic metres respectively.
ject in December 2019 from Petroleum Oil and There is no committed work programme
Gas Espana, through their joint venture Tarba at the licences. But Prospex intends to
Energia. Warrego has a 50.1% interest in Tarba, expand gas production by sinking new wells
while Prospex has 49.9%. and possibly working over existing ones, in
They obtained necessary approvals from turn increasing power generation. The elec-
Spanish authorities towards the end of last year tricity plant currently works at only 22%
and had hoped to close the deal on January 31. utilisation.
But “slower than anticipated progress” this year Prospex’s other main focus is in the Po Val-
means completion is now on track for February ley of northern Italy, where it has a 17% interest
28. Tarba will use the added time to prepare for a in Po Valley Energy-operated Podere Gallina
smooth transfer of operations. exploration permit. Podere Gallina contains the
When it announced the acquisition, Prospex Selva gas field, where the project partners plan to
said El Romeral “not only promises reve- start production before mid-year.
nues from day one, but also significant upside Prospex also had a 50% interest in an onshore
potential.” Romanian block but sold it last October. ™

Week 07 17•February•2021 www. NEWSBASE .com P15