Page 12 - EurOil Week 40 2022

EurOil POLICY EurOil

Norway to patrol seas near oil, gas assets

NORWAY THE EU will not include details of an oil price four referenda being held this week in occupied
cap in the upcoming eight package of sanctions regions of Ukraine on seceding to Russia.
This follows suspected as the details have not been worked out yet, UBN The European Commission will present
sabotage at the Nord reported on September 26. proposals for the eighth package this week and
Stream pipelines and Oil price cap sanctions have been under dis- EU leaders may approve it during a meeting in
sightings of unidentified cussion for months, where oil would be bought Prague on October 6-7.
drones near Norwegian from Russia at a fixed price. The scheme would Despite the difficult discussions several EU
oil and gas platforms. be enforced by using secondary sanctions to members remain strongly in support of an oil
target anyone offering Russia maritime services price cap. Poland, Ireland, Latvia, Lithuania and
such as tankers or insurance. The plan is to set Estonia have all demanded increased pressure
the cap at a level where Russia would be willing on Russia in the new package of sanctions.
to continue to export oil and prevent shortages, Poland, Ireland and three Baltic countries
but low enough so that the Kremlin's most want the EU to expand its sanctions on Russian
important source of revenues is heavily reduced. energy, including a ban on liquefied natural gas
The Kremlin has responded to the proposed (LNG) and restrictions on co-operation in the
scheme, saying it will simply cut off supplies of field of nuclear energy, Bloomberg reports.
oil to any country that attempts to participate in These proposals also exclude a larger number
the scheme. of Russian banks from the SWIFT international
The idea of an oil price cap is very popular, payment system, starting with Gazprombank
but it is proving to be very difficult to agree on that currently handles the EU payments for gas
the details in practice. imports from Russia.
There will probably be no limit on the prices The five EU member states above have also
of Russian oil in the eighth package, according to proposed banning insurance services and tight-
Radio Svoboda, because the G7 is still working ening restrictions on crypto transactions. These
out the details for capping them. countries are also proposing to ban the use
However, the next round of sanctions will of products from Russian cybersecurity firm
contain new measures on chemicals, machinery, Kaspersky Lab in the EU and to strengthen exist-
steel products and individuals involved in the ing restrictions on technology exports. ™

PROJECTS & COMPANIES

Deltic raises funds for drilling, licence

applications

UK LONDON-LISTED Deltic Energy announced meeting last week.
last week it had raised GBP16mn ($18mn) from “I am very pleased to report that, subject to
The funds will cover two fundraising efforts in September, stating it shareholder approval, we will have raised fund-
costs at the Selene and would use the money for North Sea drilling and ing of approximately GBP16mn, which is an
Pensacola plays. applying for new licences. excellent result for the company and means that
The company launched an open offer that the company is funded for both the Selene and
allowed existing investors to increase their Pensacola,” Deltic CEO Graham Swindells said
stakes in the company, and received “valid in a statement. “We are very grateful to our share-
acceptances” for almost 27.4mn shares, raising holders for their continued support and we are
GBP0.96mn. Deltic earlier in September under- excited about the next phase of our development,
took a separate placing and subscription, raising particularly as we are about to drill our first well
GBP15mn. with Shell on the Pensacola gas prospect.”
Cash secured from the fundraisers will help Deltic, formerly Cluff Natural Resources,
cover Deltic’s ongoing operational costs, includ- took a decision along with Shell to invest in a
ing at the Selene and Pensacola plays. It will also high-impact exploration well at Pensacola ear-
apply for new licences in an upcoming UK round lier this year, and drilling is due to kick off in
– the first that the country has held in three years. October. The pair are expected to spud a well at
The issue of some 456mn new ordinary Selene in the next 12 to 18 months. Both of the
shares was approved at the company’s general prospects are natural gas prone. ™

P12 www. NEWSBASE .com Week 40 06•October•2022