Page 17 - EurOil Week 47

EurOil POLICY EurOil

Slovenian parliament rejects

motion to ban fracking

SLOVENIA THE Slovenian parliament has rejected the infrastructure ministry.
motion filed by opposition parties to ban the During his address in the parliament on
London-listed Ascent extraction of natural gas through hydraulic November 19, MP Natasa Sukic from the Left
Resources is seeking fracturing, local media reported on November highlighted the dispute with British oil and gas
damages for Slovenia’s 20. company Ascent Resources, which wants to use
failure to grant a permit This was the second attempt by the Slove- fracking at its Petisovci gas field in north-eastern
for hydraulic fracturing. nian opposition to ban the hydraulic fracturing Slovenia.
process known as fracking. The first motion to Sukic argued that fracking is a “dirty technol-
change the mining law to ban fracking was filed ogy” which is “destructive for the environment
by the opposition Left party and was rejected at and the health of local populations”.
committee level in October. The second motion In September, Ascent Resources filed a law-
was tabled by four left-oriented opposition suit against Slovenia seeking €50mn in damages
parties. caused by the authorities’ refusal to grant a per-
The motion was rejected by a narrow 39 to mit for the use of hydraulic fracturing, needed to
40 vote in the assembly on November 20, news boost production at its Petisovci gas field.
agency STA reported. Later in October, Ascent Resources said it was
Even though some some coalition mem- entering into direct negotiations with the Slove-
bers agree with a ban, they want to wait for a nian government to settle their dispute amicably
comprehensive solution to be drafted by the in the short term. ™

PROJECTS & COMPANIES

Parkmead to pick option for

GPA project in 2021

UK ENERGY investor Parkmead Group aims to year before. The company took on a GBP1.6mn
decide on a development option for its Greater non-cash impairment charge from the release of
GPA is expected to Perth Area (GPA) oil project next year, its chair- non-core assets, while its gross profits slumped
recover some 130mn man Tom Cross said on November 20. 78% year on year to GBP1.3mn.
barrels of oil equivalent. GPA is situated in the outer Moray Firth in Revenues halved to GBP4mn, the company
the North Sea and is expected to recover some reported, citing oversupply in European markets
130mn barrels of oil equivalent. According to and the impact of the coronavirus pandemic on
Cross, Parkmead has completed “major studies” demand, which led to a sharp decline in gas
showing that its oil could be transported to shore prices.
via Chinese firm CNOOC’s Scott platform and Parkmead currently produces from four
the Ineos-operated Forties system without any onshore gas fields in the Netherlands, where it
“technical hurdles.” Parkmead has been in com- is considering further development opportu-
mercial talks with CNOOC for over a year about nities. It is also weighing up several acquisition
linking GPA to Scott, situated 9.7 km away. and investment options in upstream gas in the
Alternative options for GPA are still on the Dutch and the UK North Sea, as well as in the
table, though, such as a standalone floating pro- renewables industry.
duction vessel and tie-backs to other platforms Parkmead is planning to establish a wind
in the area, Cross explained. Scott is in “pole farm in Aberdeenshire, where last year the com-
position” to host the project’s oil, however. pany bought farmland belonging to the Cross’
The chairman said technical and support family.
studies showed that GPA was both a “robust” The producer also has a 15% interest in the
and “bona fide” development. Platypus gas field in the southern North Sea,
Cross was speaking after Parkmead published operated by South Korean-owned Dana Petro-
its results for the 12 months that ended June 30, leum. The project partners had hoped to take a
in which it sustained GBP792,000 ($1.05mn) in final investment decision earlier this year, but
pre-tax losses versus a GBP4.8mn income in the have delayed the move. ™

Week 47 26•November•2020 www. NEWSBASE .com P17