Page 11 - EurOil Week 17 2022

EurOil NEWS IN BRIEF EurOil

neighbour Algeria ceased pumping to Europe installation (T&I) work for 175km of pipelines the three months were up 48% at 2.36 billion
through The so-called Maghreb Pipeline that to tie Sakarya back to the Turkish mainland. euros.
passes through Morocco in October 2021. A week later UK-based Wood Group was The results come a month after the
The country is seeking to compensate brought in as integrated project management company announced a 2 billion euro capital
for Algerian gas supplies, by accelerating consultant (PMC) for the first engineering, increase in a rescue plan that scaled back its
investments in gas exploration.. procurement, construction and installation green ambitions to focus on more traditional
(EPCI) phase, covering EPI of the subsea oil and gas business.
production system, gas transport pipeline and A global rush to secure more oil and gas
Turkey grants tax cuts umbilical, and the onshore processing facility after Russia’s invasion of Ukraine is reshaping
in Filyos..
energy markets and creating opportunities for
to project to develop energy service firms.
“Results are confirming the good
discovered Black Sea gas Azerbaijan’s Socar denies momentum in investments in oil and gas in
the market... particularly for our offshore
field reports of potential purchase activities,” Saipem Chief Executive Francesco
Caio said in a call with analysts.
Turkey is to provide tax cuts to back a of Serbia’s NIS Saipem, a market leader in subsea
Turkish lira (TRY) 145.1bn ($9.9bn) Turkish engineering and construction (E&C), had
Petroleum (TPAO) project to develop the The State Oil Company of Azerbaijan (Socar) been looking to develop new lines of business
Sakarya natural gas field discovered in the has denied speculation that it is interested to meet an increasing customer focus on
Black Sea in 2020, according to an April 20 in buying a controlling stake in Serbian oil green technologies.
announcement in the Official Gazette. company Naftna industrija Srbije (NIS), But steep losses on offshore wind projects
Turkey is fully dependent on gas imports, Azernews reported on April 13. that helped drag the group into the red last
mainly from Russia. The current boom in NIS’ future is uncertain after the sanctions year have led it to take more time on making
energy prices is a sore burden on the Turkish imposed by western countries on Russian the transition.
current account. companies. GazpromNeft owns 51% of NIS, The company, which last year posted an
The Sakyra development project will be while Serbian government is the company’s adjusted core loss of 1.2 billion euros, stuck
exempted from customs tax, value-added other shareholder. to its guidance for earnings of more than 500
tax and some other taxes, according to a Earlier Demostat reported that Socar had million euros this year.
presidential decree published in the Official been in contact with the majority owner of The results provided positive signs in terms
Gazette. NIS, the Russian state company GazpromNeft, of margin recovery, Italian broker Bestinver
TPAO discovered 320bn cubic metres of as well as the government of Serbia on a said on Thursday. The guidance “can be
gas at the Tuna-1 well in August 2020 and this potential transaction. considered prudent”, it said.
was subsequently upgraded to 405bcm two At 1250 GMT Saipem shares were up
months later and renamed Sakarya. In June 12.6%.
2021, the company announced that it had Norway’s March output lags Besides the capital increase which is
found another 135bcm with the Asmara-1 expected to be launched some time this year,
well, taking the total volume discovered so far behind the forecast Saipem also expects to raise more than 1.5
at Sakarya to 540bcm. The company noted billion euros from asset sales.
that the well flow tests are being carried out by Norway’s crude oil output in March missed Chief Operating Officer Alessandro
its Kanuni drillship. the official forecast but gas output exceeded Puliti said the aim was to have an agreement
In August, TPAO lit the first gas flare at expectations, preliminary data from the in place for the sale of the group’s onshore
Sakarya and performed the first flow test at Norwegian Petroleum Directorate (NPD) drilling business by the end of May.
Türkali-2. That well flowed at 0.623mcm per showed on Thursday. Puliti, a former top manager at Eni, also
day, less than the 0.75mcm per day recorded Crude oil output fell to 1.74 million barrels said Saipem’s involvement in two projects in
in July during a test which suggested the per day (bpd) in March from 1.78 million bpd Russia would cease by the end of May.
reservoir could flow at around 1.2mcm per in February, lagging a forecast of 1.85 million
day. bpd, the NPD said.
First gas is expected to be delivered to Natural gas production in March rose to CCB Energy, Northern Lights
processing facilities at the port of Filyos on 10.4 billion cubic meters (bcm) from 9.8 bcm
Turkey’s northern Zonguldak coast during a month ago, and was 6.3% above forecast, it to develop CO2 valuechain in
2023. added.
TPAO has drilled six wells and is working Norway’s Øygarden
on a seventh of a 10-well drilling campaign
designed to achieve a rate of 3.65bcm per Saipem exceeds Norwegian company CCB Energy which is
year by 2023 and a further 30 wells will be working to build a green industrial park at
drilled to reach an annual plateau of 15bcm by expectations in Q1 the Energy Park in Øygarden municipality,
2025. Capital expenditure of around $3.2bn is Norway, is partnering up with carbon capture
believed to be required to achieve first gas. Italy’s Saipem beat expectations for first- and storage joint venture Northern Lights to
In Q4 last year, TPAO awarded major quarter earnings as an upturn in global oil develop a CO2 value chain for the local and
contracts for the gas field development project and gas spending lifted the energy contractor’s regional industry in the area.
to international services firms. In October, core business, putting it on track for a better The initiative includes handling and
US-based Schlumberger and Luxembourg- year. processing of CO2 deliveries to the
registered Subsea 7 were awarded an EPCI Adjusted core earnings in the period rose Northern Lights facilities at the Energy Park.
contract covering subsurface solutions to 65% to 145 million euros ($157 million), ensuring that the CO2 will meet predefined
onshore production. Italy’s Saipem was hired above a Refinitiv consensus of 103 million specifications.
in November to carry out transport and euros, Saipem said on Thursday. Orders in Northern Lights carbon capture and

Week 17 27•April•2022 www. NEWSBASE .com P11