Page 11 - EurOil Week 11 2021

EurOil INVESTMENT EurOil

Bulgartransgaz to invest €1.28bn

in infrastructure by end-2023

BULGARIA BULGARIA’S state-owned gas network oper- Among the key projects of the company are
ator Bulgartransgaz plans to invest BGN2.5bn the expansion of the national gas transmission
The plan includes (€1.28bn) by the end of 2023, mainly in new network, the construction of the gas intercon-
investments in infrastructure, it said in its 2021-2030 develop- nectors with neighboring Greece and Serbia, the
hydrogen and ment plan. capacity expansion of Chiren underground gas
low carbon fuels In 2021, the company plans to invest around storage facility as well as the construction of a liq-
infrastructure. BGN1.5bn, including BGN1.1bn in the con- uefied natural gas terminal near Greece’s Alex-
struction of natural gas transmission and storage androupolis, in which the state-owned company
infrastructure. recently acquired a 20% interest.
In 2022, the company plans to invest By the end of 2024, Bulgatransgaz plans to
BGN1bn. The sum includes BGN65.7mn invest round BGN43mn in the construction of
investment in reconstruction and rehabilitation new hydrogen and low carbon fuels infrastruc-
works. ture, which will be part of the company’s net-
In 2023, Bulgartransgaz plans to invest work and will be accessible to all users, including
BGN59mn, mainly in new infrastructure. coal-fired thermal power plants. ™

POLICY

UK reportedly mulls licensing ban

UK THE UK government is considering following UK will need for decades to come while cutting
in the footsteps of Ireland and Denmark and the impact on the environment,” OGUK Sus-
The move comes ahead banning the issue of new oil and gas exploration tainability Director Mike Tholen said in a state-
of COP26 in November. licences, the Sunday Telegraph report on March ment. “Any curtailment of activity by licensing
14, citing sources. constraints risks impeding the UK’s ability to
The move comes ahead of the UK’s hosting of deliver a net-zero future, damaging our domes-
the 2021 United Nations Climate Change Con- tic supply chain and increasing energy imports
ference (COP26) in Glasgow in November. UK whilst exporting the jobs and skills.”
authorities have sought to present the country The North Sea was among the first sectors
as a frontrunner in the battle against climate to promise net-zero emissions and is “leading
change. Indeed, the UK in June 2019 became the way” in developing green technologies like
the first G7 country to announce it would reach hydrogen and CO2 capture and storage.
net-zero emissions by 2050. It also plans to ban “Achieving this through UK companies will
the sale of internal combustion engine vehicles require significant investment and we continue
by 2030. to work constructively with government to show
However, an outright ban on exploration this industry has the essential expertise and
would be an even more drastic step, consider- commitment to ensure delivery,” Tholen said.
ing the UK oil and gas industry employs nearly The upstream Oil & Gas Authority (OGA)
300,000 people. Industry association OGUK regulator announced in September last year it
has criticised the move, which it warned could would put the UK licensing process on hold to
undermine rather than support the country’s allow time for a more “coherent” policy that is
efforts towards net-zero emissions. aligned with national climate goals.
“By working together, we can help deliver the The government has not commented on the
energy transition, providing the oil and gas the Telegraph report. ™

Week 11 18•March•2021 www. NEWSBASE .com P11