Page 16 - EurOil Week 38 2021

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Croatia’s INA considers some shutdowns at industrial users and a second wells to be drilled in the license
awarded in 2018.
possible knock-on effect on food supplies
issuing 5-year bond in the country. is slated to start at the end of September.
Drilling of the Mugnetind prospect
Neptune said a change in regulations
Croatian oil and gas group INA said that determine the way gas was blended The Mugnetind prospect is estimated to
it is considering issuing a bond on the would allow the company to safely produce contain gross mean prospective resources
domestic market that would be worth up to 13% more gas at its Cygnus gas field in the of 24 mmboe with further potential upside
HRK2bn (€267mn) and would have a one- North Sea. estimated at 47 mmboe on a gross basis.
off principal maturity of up to five years. “Enabling the proposed relaxation The chance of success associated with the
A decision on the bond issue was of the specification immediately under Mugnetind prospect is 51%, Longboat, Aker
adopted by INA’s management board on emergency powers would allow the use BP’s partner, said earlier this week.
September 15. It would be listed on the of gas at a lower calorific value ... This
Zagreb Stock Exchange. would enable producers to supply more
INA said that it would carry out gas,” the letter to Business Secretary Gazprom and Shell talk
the bond issue if it gets regulatory Kwasi Kwarteng from Neptune Executive
approval. The company has already hired Chairman Sam Laidlaw said. Sakhalin II project
Erste&Steiermaerkische Bank, Privredna The letter, dated September 20, was seen
banka Zagreb and Raiffeisenbank Austria by Reuters on September 21. Alexey Miller, chairman of Gazprom, and Ben
as agents for the issuance. van Beurden, CEO of Shell, held a working
A day earlier, INA said it is increasing meeting on 22 September 2021.
its stake in Slovenia’s second largest fuel Aker BP gets approval for Besides Sakhalin II activities, the
retailer OMV Slovenija to 33% from 7.75%. parties also discussed the efforts of the two
Hungarian oil company MOL holds drilling off Norway companies in reducing their carbon footprint
a stake of almost 50% in the Croatian across the LNG value chain.
company. Norwegian oil and gas company Aker BP The executives paid particular attention
has received approval from the Norwegian to the situation in the European gas market.
Petroleum Directorate to drill offshore wells That is to say, the continent has been facing an
Neptune seeks permission 7/11-14 S and A, in the North Sea, off Norway. unusually tight market for natural gas.
Europe also recently hit the all-time record
Aker BP will use Maersk Drilling’s Maersk
to boost Cygnus flow Integrator jack-up drilling rig to drilling one natural gas prices. European inventories have
wildcat well at the Mugnetind prospect and
been under 70 per cent capacity, below the
Oil and gas firm Neptune Energy has one appraisal well, both in production licence 85 per cent five-year average, due to lower
written to Britain’s energy minister asking 906. Russian imports.“
for a change in regulation to allow it to Aker BP ASA is the operator with an
produce more domestic gas from its North ownership interest of 60 percent. The other
Sea field amid record gas prices, a letter partners are Longboat Energy Norge AS (20
seen by Reuters showed. percent) and DNO Norge AS (20 percent).
Benchmark British gas prices have The wells will be drilled about 13 kilometers
risen more than 250% this year leading to west of the Ula field. These are the first and

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