Page 11 - EurOil Week 01 2021

EurOil PROJECTS & COMPANIES EurOil

Corallian files plan for

Victory gas field

UK UK junior Corallian Energy has filed a draft Oza said the discovery was fully appraised
field development plan for the Victory gas field and so would need no further pre-development
Corallian plans to take north-west of the Shetland Islands with the Oil drilling.
a final investment and Gas Authority (OGA), one of the company’s Reabold has a 49% stake in Corallian, but has
decision towards the shareholders Reabold Resources said on Decem- been courting buyers for 100% of the firm’s share
end of next year. ber 13. capital, and the prospects for Victory’s develop-
Victory holds 179bn cubic feet (5bn cubic ment will help decide how successful this search
metres) of gas in mid-case recoverable resources, is. Victory lies near TotalEnergies’ Laggan-Tor-
according to a competent person’s report, and is more pipeline, which is the preferred tie-back
valued at GBP193mn ($261mn) based on a his- option.
toric average gas price of GBP0.50/therm. Cor- Corallian expects to issue an environmental
allian’s document is expected to be reviewed by statement for Victory in the first quarter of 2022,
the OGA during the first half of this year, with and according to Reabold’s website, gas produc-
approval sought towards year-end. That is about tion is on track to start in the fourth quarter of
when Corallian plans to take a final investment 2024.
decision (FID). There is growing concern among operators
“Submission of a draft field development plan about project approvals given the recent cam-
is a significant milestone for this important gas paign by NGOs to put pressure on the UK gov-
field,” Reabold co-CEO Sachin Oza said. “Victo- ernment to block the Cambo oil development.
ry’s shallow-water location near existing infra- This opposition likely factored into Shell’s deci-
structure will enable a “cost-effective tie-back sion to withdraw from the Siccar Point Energy
solution.” project. ™

NEWS IN BRIEF

OPEC picks new Secretary- as saying that he expects global oil demand to it wants to install 100 fast and ultra-fast
Meanwhile, he was quoted by Al Arabiya
recharging stations for electric vehicles
General as restrictions ease reach pre-pandemic levels by the end of the (EVs) in Moldova, Bulgaria and Serbia, to
year.
be located in filling stations operated under
OPEC this week elected its new secretary- With OPEC+ having been nervous about the OMV and Petrom brands, by the end of
general, voting in Kuwaiti industry veteran the impact of the mutating coronavirus 2022.
Haitham al-Ghais, who will replace Nigerian (COVID-19) when it last met, a JTC report The number of such stations delivering
Mohammed Barkindo in August. His election on January 2 played down the impact of alternative solutions for mobility will rise to
was announced a day before the group and the Omicron variant. It said Omicron “is 500. OMV Petrom would become the first
its OPEC+ partners decided to proceed with expected to be mild and short-lived, as the energy company in the region with a network
their planned easing of output restrictions in world becomes better equipped to manage of recharging stations in four Southeast
February. COVID-19 and its related challenges”, European countries.
Al-Ghais told Reuters that supporting suggesting that the group was unlikely to OMV Petrom is developing the
“the continuation of this Declaration of make any knee-jerk reactions. infrastructure for powering EVs together
Co-operation” into 2023 is one of his top This indeed turned out to be the case when with partners from the electric mobility
priorities. “It’s in the wider interest of the the group reached a quick decision on January sector.
industry and all the 23 countries that have 4, proceeding with plans to ease production “We are expanding our electromobility
signed up to this agreement,” he added, noting cuts by a further 400,000 barrels per day (bpd) offer in all the countries in the region where
that he would work to “preserve and nurture” next month. However, with some members we have filling stations. Basically, by the end
relations with Russia. having struggled to reach their targets, only of 2022, about 15% of the OMV and Petrom
The secretary-general-elect spoke of a fraction of this is seen making its way on to regional network will have recharging
his “unwavering” commitment to the Joint the market. stations. By 2030, we will provide our
Technical Committee (JTC) and the Joint customers with approximately 500 stations
Ministerial Monitoring Committee (JMMC). with alternative solutions for mobility such
“I have hands-on experience of what the JTC OMV Petrom targets 100 EV as electro-mobility, and gas mobility such
does, what the JMMC does. I’ve attended all as with LNG and CNG and hydrogen,”
these meetings since 2017, I haven’t missed a charging stations in region said Radu Caprau, the member of OMV
single meeting, even when I had a broken leg,” Petrom’s executive board, responsible for
he said. Al-Ghais’ appointment was welcomed by end-2022 downstream oil.
by Saudi Energy Minister Prince Abdulaziz
bin Salman, who offered his “cordial OMV Petrom, the largest energy company
congratulations”. in Southeast Europe, has announced that

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