Page 10 - EurOil Week 46 2021

EurOil PIPELINES & TRANSPORT EurOil

Naftogaz gets involved in Nord

Stream 2 certification

UKRAINE NAFTOGAZ will participate in the certification anticipiated in January; however, according to
of Nord Stream 2, the German energy regulator recent reports, the final decision may now be
The approval process BNetzA said on November 15. delayed until May.
is expected to take four BNetzA is currently considering an applica- Ukraine is adamantly opposed to the new
months. tion by the Russians for certification of the $11bn pipeline that could cost it some $2bn in fore-
controversial pipeline that will allow Russia to gone transit fees. The national gas company Naf-
bypass Ukraine in delivering gas to Europe. togaz has been lobbying to have the pipeline
The pipeline was completed in September and mothballed and also insisted on being included
has been filled with technical gas so it could go into in the process of assessing its application for
operation tomorrow, but gas has not been allowed certification.
to flow until the German regulator signs off on it. Naftogaz CEO Yuri Vitrenko said: “The regu-
In a preliminary result BNetzA has already lator must consider our position and arguments
said that Nord Stream 2 does not threaten Ger- in the certification process.”
man or the EU’s energy security. Those who are admitted to the certification
The approval process is expected to take process have the right to give their assessment,
four months and a decision had initially been but no veto rights. ™
INVESTMENT

Neptune divests non-core

Norwegian assets

NORWAY NORTH Sea-focused player Neptune Energy year. The acquisition adds to the 0.55% stake
has sold its interests in a package of assets off Okea already has in the field.
The company is the coast of Norway for $35mn, the company “Okea is very pleased to announce this
divesting its holdings announced on November 12. transaction, which strengthens our position in
in the Draugen, Brage The company is divesting its holdings in the the Ivar Aasen area and represents a first step
and Ivar Aasen fields, Draugen, Brage and Ivar Aasen fields, as well towards the realisation of our growth strategy,”
as well as the Edvard as the Edvard Grieg oil pipeline and the Utsira CEO Svein J. Liknes said. “We also welcome M
Grieg oil pipeline and High gas pipeline, to Norwegian firms Okea and Vest as a new partner in the Draugen licence
the Utsira High gas M Vest Energy. Neptune said it was looking to together with Okea and Petoro.”
pipeline. hone its focus on what it sees as its core assets Ivar Aasen came on stream in 2016. Okea said
in Norway, namely the Gjoa, Gudrun, Njord, that the closure of the deal with Neptune would
Dugong and Snohvit fields. raise its production outlook for 2022 to 18,000-
“The transaction underpins Neptune’s corpo- 19,000 barrels of oil equivalent per day, up from
rate strategy to focus its portfolio on core areas,” 17,000-18,000 boepd previously. ™
the company said.
Okea will acquire a 2.2% stake in Ivar Aasen,
while M Vest will take a 7.6% position in Drau-
gen, 4.4% in Brage, 1.2% in the Edvard Grieg
pipeline and 1.8% in the Utsira High pipeline.
Okea and M Vest will assume all liabilities for
the fields. The deal should be effective on Jan-
uary 1, 2022, subject to Norwegian government
approval.
Besides Norway, Neptune also works in Alge-
ria, Australia, Egypt, Germany, Indonesia, the
Netherlands and the UK.
Okea said separately it was paying up to
$12.7mn for Neptune’s stake in Ivar Aasen,
depending on how oil prices change over next

P10 www. NEWSBASE .com Week 46 18•November•2021