Page 16 - EurOil Week 29 2021

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JKX increases hydrocarbon per share paid last year. advance towards a low carbon future.”
Croatia’s Ministry of State Assets holds
Arnaud Pieton, Chief Executive Officer
production in Ukraine in around 52% stake in Janaf, followed by the of Technip Energies, said: “We are very
proud to partner with TotalEnergies, a long-
state centre for enterprise restructuring and
2Q21 privatisation, CERP, with 26%, and energy standing client and partner to bring together
firm INA with 12%.
our expertise and know-how in LNG and
JKX Oil & Gas (JKX LN) produced 4,101 Janaf operates 622 kilometres of pipelines Offshore projects to accelerate the transition
barrels of oil equivalent per day (boepd) of and has crude oil and oil products terminals towards a low-carbon society. This agreement
hydrocarbons in Ukraine in 2Q21, which is on the island of Krk, as well as in Sisak, Virje, reflects our commitment to provide tangible
7% more quarter on quarter, according to the Slavonski Brod and Zitnjak.. and decarbonized solutions from the earliest
company’s trading update of July 19. Its total concept to delivery and beyond.”
output increased by 2% q/q to 9,332 boepd Technip Energies was formed back
in 2Q21, as production at its Russian assets TotalEnergies, Technip in February 2021, after oilfield services
declined 2% q/q. On a year-on-year basis, the giant TechnipFMC completed its spin-off
company’s 2Q21 output in Ukraine was 17% Energies team up to transaction to create two independent,
less, and total output was 6% less. publicly traded companies, TechnipFMC and
The key driver for JKX’ q/q increase of decarbonize offshore and Technip Energies.
Ukrainian output was the commissioning Technip FMC, created in 2017 through
of new well IG149. The well produced an LNG sectors a merger between France-based Technip
average 915 boepd in June, the company and U.S.-based FMC Technologies,
reported. Another new well, IG21, TotalEnergies, a France-based oil major with announced its intention to separate into
has produced on average 50 boepd of green energy aspirations, is partnering up two independent public firms in August
hydrocarbons since mid-April. The company with energy services giant Technip Energies 2019 - one focused on upstream activities
is not drilling new wells now, as it is to develop low-carbon solutions for LNG - Technip FMC - the other on midstream
expecting to spud the next well in September. production and offshore facilities. and downstream - Technip Energies. The
Meanwhile, it is engaged in some well As part of the partner-up, which the new company was then described as an
workover operations in Ukraine. duo says is set up to accelerate the energy engineering & technology company for the
In 1H21, the company’s total production transition, TotalEnergies and Technip energy transition, “with leadership positions
reached 9,177 boepd (or 11% less y/y), Energies will explore new concepts and in LNG, hydrogen and ethylene as well as
including 3,973 boepd in Ukraine (23% less technologies, aimed at reducing the carbon growing market positions in blue and green
y/y). footprint of existing facilities and greenfield hydrogen, sustainable chemistry and CO2
The company reported that its end-June projects, in areas such as LNG production, management.”
cash balance is $35.6mn, which is 2.5x more cryogeny, production and use of hydrogen
y/y and 1.5x more YTD. for power generation, or processes for
“Relative success of the IG149 well Carbon Capture, Utilization and Storage Aker BP makes small gas
allowed JKX to show a q/q increase (CCUS).
in Ukrainian output in 2Q21, after six The qualification of new architectures find
consecutive quarters of decline. However, and equipment that will be developed in
June’s average output of the IG149 well (915 these areas is also part of the agreement, Norwegian oil and gas company Aker
boepd) does not look encouraging, taking TotalEnergies, which recently changed its BP has made a minor gas discovery in
into account that in early June JKX stated name from Total to reflect its ambitions the Barents Sea offshore Norway, which
that the well’s output had “stabilised” at to transition from being an oil major into is currently seen as not big enough to
1,340 boepd. If the well’s output continues becoming a broader energy company, said. warrant development.
declining, the company’s hydrocarbon output “This partnership is based on a common According to the Norwegian Petroleum
in Ukraine will decrease about 20% y/y in belief that cooperation across the industry Directorate, the oil firm has concluded the
2021. We remain sceptical on JKX’s ability is needed to achieve energy transition drilling of wildcat well 7234/6-1, located
to increase its value in the mid-term,” an goals. By partnering, Technip Energies some 160 kilometers south of the Korpfjell
analyst at the Kyiv-based Concorde Capital and TotalEnergies rely on complementary gas discovery in the eastern part of the
brokerage said in a research note.. expertise to decarbonize LNG plants Barents Sea and 290 kilometres northeast
and offshore facilities, supported by of Vardø.
their leadership positions in these areas,” The objective of the well, drilled by
Janaf to distribute €10.94mn TotalEnergies said in a statement. Odfjell Drilling’s Deepsea Nordkapp
Arnaud Breuillac, President Exploration
drilling rig, was to prove petroleum in
as dividend for 2020 & Production at TotalEnergies, said: “For carbonate reservoir rocks from the Late
TotalEnergies as a global LNG player, this
Carboniferous and Early Permian (the Ørn
Croatian state oil pipeline operator Janaf said collaboration brings opportunities to further Formation).
on July 19 its shareholders have approved to innovate and strengthen our expertise in “The well 7234/6-1 encountered a
distribute part of the profit for 2020, equal to reducing GHG emissions, improving energy gas column totalling 57 metres in the
HRK82.1mn (€10.94mn). efficiency for our LNG and offshore assets, Ørn Formation, of which 26 metres in
The company reported a HRK288mn net and developing innovative technologies such carbonate rocks (dolomite) with poor
profit for 2020. The shareholders decided to as hydrogen. It is in line with our company’s to moderate reservoir quality. The gas/
pay a dividend of HRK81.49 per share for ambition to be Carbon Neutral by 2050. We water contact was not encountered, but
2020 to shareholders on record as of July 22, are looking forward to cooperating with water samples have been collected. The
which is higher compared to the HRK74.08 Technip Energies to find solutions helping to gas discovery has a high CO2 content,”the

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