Page 13 - EurOil Week 08 2022

EurOil NEWS IN BRIEF EurOil

Brokerage house complex in western Libya through its a net loss of TRY2.49bn in the fourth quarter
partnership with the state-owned National
of 2020, the year in which pandemic impacts
BRK issues Buy Oil Corp. (NOC). were most pronounced.
The new platforms, which will be
Tupras noted: “While the increase in
recommendation for known as Structure A and Structure E, will cracks and strong sales supported the
operating profit of the company in the last
have a combined weight of 85,000 tonnes.
Romanian gas company Together, they will be able to handle quarter, increase in natural gas costs limited
around 760mn cubic feet of gas, 42,000
the improvement in refining operations.
Romgaz barrels per day of condensate and 5,000 Tupras recorded a pre-tax profit of 669
bpd of crude oil.
million TL in the fourth quarter, backed by
BRK Financial Group, the only brokerage inventory gain resulting from elevated Brent
house listed on the Romanian Stock Exchange prices. The company’s profit before tax for
(BVB), has initiated coverage for the shares Mihajlovic says Serbia’s 2021 was 2.2 billion TL.
of the producer and supplier of natural gas “While maintaining strong balance sheet
Romgaz with the recommendation Buy and a priority is to diversify gas with well-disciplined and effective financial
target price of RON47.1 (€9.51) per unit, cal- policies Tupras’s performance continues to
culated by the discounted cash flows method, suppliers and build new approach pre-pandemic levels in terms of
Ziarul Financiar daily reported. ratios with improved operating profitability.”
Compared to the price of RON37 per share storage
of February 16, the growth potential is 27%.
“With the inclusion of the Neptun Deep The political crisis in Ukraine will have an Croatia’s INA turns to €174mn
project, whose value is estimated at RON3.2bn impact on Europe’s energy and financial
(€640mn for the 50% stake of the project), the stability, but Serbia has secured sufficient consolidated net profit in 2021
growth potential could reach up to 50%,” a quantities of gas for the economy and
BRK research note dated February 17 and pub- households, Minister of Mining and Oil and gas firms in Norway have raised this
lished on the bvbresearch.ro platform reads. Energy Zorana Mihajlovic said in an year’s investment forecasts as they seek to
Last December, Swiss Capital, one of the interview with Al Jazeera, announced by benefit from pandemic-era tax incentives
biggest operating on the Bucharest Stock the government of Serbia. intended to boost activity, a national statistics
Exchange (BVB), has revised its price target The conflict in Ukraine will reflect on office (SSB) survey showed on Thursday.
for the Romgaz to RON46.5. the entire continent, and the prices of gas, The biggest business sector in Norway
The evaluation did not include the impact as well as other energy sources, are not now expects to invest 159.5 billion
of the Neptun Deep project in the Black Sea. expected to return to the pre-2021 levels, Norwegian crowns ($17.9 billion) in 2022, up
Romgaz is going to pay ExxonMobil just over she added. from a forecast of 154.4 billion crowns made
$1bn for 50% in the Black Sea gas perimeter The priority of Serbia, Mihajlovic in November, SSB said.
Neptun Deep, indirectly evaluated by Swiss underlined, is to diversify its gas suppliers, Investments are still set to decline this
Capital to have a significant RON3.74bn posi- to expand and build new underground gas year however by an estimated 8.1% when
tive net impact on Romgaz’ market values. storage facilities and to prepare a regional compared to 2021, SSB said, a lingering effect
crisis plan and strategic reserves of this of drawdowns made during the pandemic,
energy source. but will likely increase in 2023 as major
Libya’s gas to Italy resumed gas inflow through Ukraine and Hungary, development projects gather speed.
Earlier, Serbia had only one direction of
In 2023, oil investment numbers are
through Green Stream while since last year there is another one, provisionally seen dropping further to 131.4
billion crowns, but this could quickly change
through Bulgaria, which does not touch
pipeline, says Eni the route through Ukraine, the minister as more plans are laid, the agency said.
pointed out.
“If the schedules for the expected projects
Libya’s gas pumping to Italy was resumed Mihajlovic added that the Serbian idea are maintained, there will be significantly
through the Green Stream pipeline after a was to try to make common strategic higher investments in field development in
maintenance period that lasted for nearly gas reserves with Hungary, Romania and 2023 than what is currently included in the
two weeks, according to a statement from Bulgaria and that it had been discussed survey,” SSB said.
Italy’s energy group Eni. with the Bulgarian prime minister during Yet-to-be approved projects include
The resumption of gas flow came inside his recent visit to Belgrade. the development of a cluster of oil and gas
Mellita Oil and Gas Complex, Eni said, discoveries in the so-called NOAKA area by
explaining that the gas quantities will be Aker BP and Equinor, as well as Equinor’s
increasing gradually until they reach the Top Turkish refiner Tupras Arctic Wisting oil discovery.
normal levels.
Eni said earlier this month that the swings to TRY1.4bn net
Libyan gas flow would drop remarkably Black Sea Oil and Gas
due to maintenance work and expected the profit in 4Q2021
resumption of gas flow by February 19. confirms start of offshore
The Italian company said in October Turkey’s top refiner Tupras has posted a
last year it is giving potential contractors 4Q2021 net profit of Turkish lira (TRY) production in Romania in Q2
more time to bid on the construction of 1.39bn ($102.7mn) compared to TRY376mn
two new fixed offshore platforms and in the same quarter a year ago. Black Sea Oil and Gas (BSOG), the vehicle
related facilities opposite the Mellitah Nett profit for 2021 was TRY3.31bn versus controlled by the US fund Carlyle, has

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