Page 6 - MEOG Week 15 2021

MEOG HYDROGEN & ENERGY TRANSITION MEOG

Turkey prepares to blend

hydrogen into gas network

TURKEY TURKEY is reportedly preparing to start blend- cover two- to three-year tests targeting around
ing hydrogen into its gas distribution network 20 homes and some industrial consumers start-
following the successful completion of labora- ing from 2022. Gazbir and research arm Gazmer
tory tests in recent months. have performed a series of blending tests in a lab-
Mehmet Serif Sarikaya, the projects and oratory over the last year, after which a roadmap
international relations manager of the distribu- was published in March.
tion association Gazbir, told Independent Com- A clean energy centre, meanwhile, has been
modity Intelligence Services (ICIS) on April 12 launched in Konya, central Anatolia. Its focus
that distribution companies would apply for will be hydrogen and biogas.
permission for blending to the regulator EPDK Observers expect a wider national hydrogen
in July. If permission is granted, Izmir Gas would strategy to be published by the government in
be looking to start blending hydrogen into the the first quarter of 2022 at the latest.
system in the western Izmir industrial region. Turkey is seen as having major potential to
Meanwhile, Aksa Natural Gas, another produce electrolysed hydrogen produced from
important distribution company would be renewable energy. Its installed hydro capacity is
expected to do similar tests for households, with at around 30GW, with wind capacity approach-
the scale of the project to be determined in rela- ing 9GW and total licensed and unlicensed solar
tion to the level of funding offered by the regula- capacity approaching 7GW.
tor, the ministry of energy or the private sector, Turkey’s wind potential is estimated by the
ICIS reported. ministry of energy at 48GW. Thus, Turkey could
Sarikaya was cited as saying that an estimated further expand its renewable fleet to contribute
Turkish lira (TL) 30m (€3m) would be needed to to the production of hydrogen.™

FINANCE & INVESTMENT

ADNOC keeps monetising assets

as it considers listing drilling arm

UAE FOLLOWING the success of moves completed the transaction by Citigroup and Moelis & Co.
over the last few years, Abu Dhabi National Oil ADNOC Drilling’s fleet will be key to the par-
Co. (ADNOC) is continuing with its asset mon- ent firm achieving its crude production goals of
etisation efforts as it considers listing its drilling raising output from 3.5mn bpd to 4mn barrels
arm on the local stock exchange. per day by 2020 and to 5mn bpd by 2030.
Speaking to Reuters last week, three sources
said that the company had held talks with Asset monetisation
banks about an initial public offering (IPO) for The move further emphasises ADNOC’s efforts
ADNOC Drilling, which it says is the largest to control the entire hydrocarbon value chain
driller in the region. for its production, and by monetising assets and
Having moved quickly on previous deals to infrastructure it has raised billions of dollars,
monetise infrastructure and property as well as inspiring fellow NOCs in the region to follow its
the listing of ADNOC Distribution on the Abu lead.
Dhabi Stock Exchange, the company is appar- The company’s innovative approach to cash-
ently intent on completing the deal by the end ing in on its assets is best demonstrated by the
of the year, with one source saying that the IPO ‘lease out and rent back’ premise of deals relating
could fetch $1bn. to its oil and gas pipeline networks.
The subsidiary has a fleet of 63 onshore rigs, In February 2019, US private equity giants
20 offshore jack-up rigs and 11 island rigs. BlackRock and KKR acquired a 40% stake for
In October 2018, GE subsidiary Baker $4bn in ADNOC Oil Pipelines.
Hughes (BHGE) acquired a 5% stake in The newly formed venture was assigned long-
ADNOC Drilling for $550mn, valuing the sub- term leases for 18 of ADNOC’s domestic crude
sidiary at $11bn, with the companies advised on oil and condensate pipelines. The move followed

P6 www. NEWSBASE .com Week 15 14•April•2021