Page 16 - EurOil Week 49 2021

EurOil PROJECTS & COMPANIES EurOil

Centrica follows through with

North Sea divestment

UK CENTRICA is following through with its plan rather than investing in growth.
to scale back in the upstream sector, with its sub- “Over the last 15 years, we have created an
Sval Energi and Equinor sidiary Spirit Energy striking a deal worth over attractive cash-generating business in Norway
are the buyers. $1bn on December 8 to sell its Norwegian off- with producing assets, future developments and
shore assets to Sval Energi and Equinor. exciting exploration opportunities,” CEO Chris
Centrica, which has a 67% interest in Spirit, Cox commented. “Sval Energi is acquiring a suc-
said last year it and its partner Stadtwerke cessful and solid business.”
Muenchen were mooting a sale of Spirit. Spirit Spirit said the divestments would improve the
has interests in 11 producing fields in Norway company’s carbon footprint.
that flowed 55,000 barrels of oil equivalent per Sval Energi, backed by Norwegian private
day for the company last year. equity group HitecVision, said the deal “adds
Sval Energi will buy all Spirit’s Norwegian material production and gives us a good asset
assets except for its interest in the Norwegian base for further growth on the Norwegian con-
part of the Statfjord field that the country shares tinental shelf.” It marks the sixth acquisition in
with the UK, which will go to Equinor. Equinor 2019 for the company, which is targeting an out-
will also pick up a stake in Statfjord’s UK part. put of 60,000 boepd by 2023.
The Sval deal is worth $1.026bn, while the Equinor is already operator of the Statfjord
Equinor transaction is valued at $50mn. Both field. It said it would pay a contingent payment
companies said they expected closures before beyond the $50mn depending on commodities
the middle of 2022. prices between October 2021 and December
Spirit will retain its offshore assets in the 2022. The company recently kicked off plans
UK and the Netherlands, but said that its focus to extend Statfjord’s working life until 2040.
would be on realising value from remaining The mature field has been online since the late
reserves and decommissioning infrastructure, 1970s.™
NEWS IN BRIEF

Swiss Capital values present value at $3.7bn (€3.3bn),” write the regulator HANFA approved INA’s prospectus
analysts from Swiss Capital in a research note for a five-year bond issue with a nominal
Romgaz shares 32.5% released on December 3. value of up to HRK2bn to be offered on the
The price differential between the
domestic market.
above current price shares’ valuation with and without Neptun the bond is at the initially set upper range
The total allocated nominal amount of
Deep project indicates a positive impact of
Romanian brokerage firm Swiss Capital, one RON9.7 per share (27.6% of current market for the issue. The bond has semi-annual
of the biggest operating on the Bucharest price), or RON3.74bn in terms of market interest payments and one-off maturity of the
Stock Exchange (BVB), has revised its price capitalisation. principal after five years.
target for the shares of the producer and Romgaz has a market capitalisation of The principal will be paid at maturity,
supplier of natural gas Romgaz (SNG) to RON13.5bn, based on the December 3 which is on December 6, 2026.
RON46.5 thus implying a potential yield closing price. Hungary’s MOL holds a 49% stake in
of 32.5% versus the market closing price of Its market price rose by 3.85% on INA and exercises management rights in the
December 3. December 3, to RON35.1. company.
The evaluation does not include the
impact of the Neptun Deep project in
the Black Sea. Romgaz is going to pay Croatia’s INA issues €266mn Eni to sell 49.9% stake
ExxonMobil just over $1bn for 50% in the
Black Sea gas perimeter Neptun Deep, bond at 0.875% interest rate in TransMed gas pipeline
indirectly evaluated by Swiss Capital to have
a significant RON3.74bn (€0.75bn) positive Croatian oil and gas group INA said it has system to Snam
net impact on Romgaz’ market value. set the issue price of its HRK2.0bn (€266mn)
“We are updating our view on Romgaz bond at 99.445%. The bond’s yield is 0.989%, Italy’s Eni has struck a deal with its former sub-
with a ‘strong buy ‘ recommendation and and its fixed interest rate is 0.875%, INA said sidiary Snam on the sale of a minority stake
a price target (excluding Neptun Deep) of in a final price and allocation notice on its in Trans Tunisian Pipeline Co. (TTPC) and
RON46.5 per share, resulting in a potential website. Transmediterranean Pipeline Co. (TMPC), the
return of 38% compared to last closing [of INA intends to use the funds raised to operators of the TransMed natural gas pipeline
December 2]. Including Neptun Deep, the service debt, finance acquisitions in system that links Algeria to Italy.
price target would amount to RON56.2 equipment and facilities, and for new Eni announced in a press release dated
per share, implying a potential return of investments. November 27 that it had signed an agreement
66% since the last closing, as we see the net In November, the country’s financial with Snam on the sale of 49.9% stakes in TMPC

P16 www. NEWSBASE .com Week 49 09•December•2021