Page 10 - EurOil Week 17 2022

EurOil PROJECTS & COMPANIES EurOil

Harbour brings Tolmount gas field online

UK UK oil and gas player Harbour Energy has It also earned $1.6bn in operating cash flow and
launched production at the Tolmount gas field in $678mn in free cash. Production was up slightly
The launch will help the North Sea, a source told Reuters on April 25. at 175,000 boepd, versus 173,000 boepd in the
Harbour reach its The field, which Harbour operates with a 50% previous year.
195,000-210,000 stake alongside South Korea’s Dana Petroleum, The company also managed to trim $800mn
boepd output target for was earlier on track to start up in the first quarter from its debt pile to $2.3bn, and proposed a final
the year. of this year and produce at a plateau rate of 40,000 dividend for 2021 of $100mn. Moving forward,
barrels of oil equivalent per day. Harbour took Harbour is forecasting between $1.5 and $1.7bn
over the project through its merger with Premier of free cash flow in 2022, which means it should
Oil last year, and its contribution is expected to be able to pay off its remaining debt.
enable Harbour to reach its 2022 output target of About half of the oil that Harbour produces
between 195,000 and 210,000 boepd. is hedged at $61 per barrel this year, providing
Premier took a final investment decision some stability but also meaning it will not capi-
(FID) on Tolmount back in 2018, and originally, talise fully on soaring spot prices. The company
the field was due online in the summer of 2021. has more than $5bn of decommissioning provi-
But Harbour warned of a delay after identifying sions on its balance sheet, and expects to boost
issues with offshore electric systems during the capital expenditure by 40% this year to $1.3bn. ™
commissioning and testing of the field’s platform.
The revised schedule was also a conse-
quence of a delayed restart at TotalEnergies’
Elgin-Franklin complex.
Premier also discovered the Tolmount East
field in October 2019 and took an FID on that
development last year. Tolmount East is sched-
uled for launch next year.
Harbour delivered a strong set of results for
2021 earlier this month, delivering a 36% growth
in EBITDAX to $2.4bn, and a post-tax profit of
$101mn, in contrast to a $778mn loss in 2020.

NEWS IN BRIEF

Croatia’s Janaf resumes Morocco signs pipeline

crude oil deliveries to Turkey’s Botas ‘obtains maintenance deal with
Serbia’s NIS $400mn loan from two local Spain’s Maetel ahead of

Croatian oil pipeline operator Janaf said on banks’ reverse flow deliveries
April 22 it has resumed deliveries of crude oil
to Serbian oil refinery NIS. Turkey’s government-run natural gas importer Morocco’s National Office of Hydrocarbons
On March 29, Janaf haled deliveries to NIS Botas has obtained a $400mn short-term and Minerals (ONHYM) has reportedly
following the European Union’s sanctions loan from two unnamed Turkish banks, signed a maintenance agreement with Spanish
against Russia imposed due to its war in anonymous sources told Bloomberg on April firm Maetel for the country’s part of the
Ukraine. 21. Medgas pipeline, before the Algeria-sourced
NIS is majority owned by Russia’s Gazprom On April 20, Bloomberg quoted unnamed gas is pumped from Spain to Morocco via the
Neft, which holds 56.15% stake in the Serbian sources as saying that Deutsche Bank Maghreb gas pipeline.
refinery. The Serbian state holds 29.87% of (Frankfurt/DBK) was in the final stage of talks The agreement to manage the maintenance
NIS. Unlike EU member Croatia, Serbia has to extend a €1bn five-year loan to Botas under and safety of the Moroccan part of the gas
not imposed sanctions on Russia. a guarantee that would be provided by the pipeline was initially discussed in February.
Janaf said in a statement on its website Turkish Treasury. Maetel has already started work on the
that it was allowed to resume the deliveries In January, sources told Bloomberg project, according to Africa Intelligence.
following a decision of the EU. that Botas was seeking a $2bn loan to pay Morocco is currently preparing to receive
Janaf did not clarify how the new EU upcoming debts to suppliers, including the first shipments of natural gas from the
decision changed the rules, or the details on Russia’s Gazprom (Moscow/GAZP). international market.
the amounts of oil meant for NIS held up due Since November, the Turkish central bank Gas-processing units in Spain and in the
to the sanctions. has sold USD amounting to $18bn to state- Moroccan part of the Medgas pipeline will
NIS has reserved Janaf capacities for the owned enterprises, mainly Botas. be used to re-convert gas and transport it to
transportation of 3.2mn tonnes of crude oil, Morocco via reverse flow technology.
plus or minus 10%, for 2022. Morocco faces a gas shortage after

P10 www. NEWSBASE .com Week 17 27•April•2022