Page 13 - Euroil Week 40 2019

EurOil
NEWS IN BRIEF
EurOil
Total drops frontier Irish licence
France’s Total has relinquished an exploration licence in the Atlantic Ocean containing an undrilled prospect. e move, announced
by its partner Providence Resources, comes a er Ireland’s government ordered a halt to o shore exploration for oil, though not gas.
Total has decided to give up licence FEL 2/14 by year-end, a er being unable to “recommend any further prospect maturation,” Providence said.
FEL 2/14 holds the undrilled Diablo prospect, and the drilled Druid and Drombeg prospects, where wildcats were unsuccessful in 2017. Total has a 35% stake in the project, while Capricorn has 30%, Providence 28% and Sosina Exploration 7%.
October 3 2019
Turkey ‘requires up to
$7bn per year until 2030 to
transform energy sector’
Turkey will need between $5.3bn and $7bn annually for the period between 2019 and 2030 to put the country’s energy industry on a more sustainable path, according to
a report published by the SHURA Energy
Transformation Centre.
e re nery ended 2018 with a net loss of
BAAs of June 2019, Turkey’s total installed electricity generation capacity reached 90.4 gigawatts (GW). Renewables accounted for slightly less than half of this total.
“While total energy demand increased
by more than 90% from 2002 to 2018, both energy investments and energy imports have also increased to meet the rising demand. e share of the private sector in electricity generation rose from 32% in 2002 to 75% by the end of 2018,” the report said.
From 2002 to 2018, gross investment in electricity, gas, steam and air conditioning production and distribution amounted to $110bn. In addition, $10bn was invested in improving energy e ciency.
Investments in renewable energy, including hydropower, accounted for 53% of the $75bn invested in power generation capacity in the same period.
“ e share of borrowing in renewable energy investments is estimated to be between 65%and 70%, slightly above the average of 60%-65% in the energy sector in general,” the report said.
e report underlined that total energy sector outstanding loans currently stood at around $57.4bn and, of this total, $45bn consisted of medium- to long-term loans.
bne IntelliNews, October 3 2019
Czech state distributor of
fuels to sell EuroOil petrol
stations
EuroOil petrol stations are likely to disappear from the Czech market, reports daily Lidove Noviny (LN) on October 3.
According to its owner, state distributor of fuels Cepro´s press release, the company is looking for a strategic partner. e cooperation framework is open and can lead to rebranding of the entire 202 petrol station network.
“ e market remains highly competitive, the shape and function of petrol stations have been changing. Modern technologies and alternative fuels are big challenges
and we do not want to stand away from this development. We want to meet these challenges together and tap the best of both future partners,” said Cepro CEO Jan Duspeva.
e main motivation for strategic cooperation is, according to Cepro, the synergies, among, which the company can include also meeting the obligation to reduce greenhouse gas emissions, which are told
to be one of the main motives for strategic cooperation.
As LN speculated, a petrochemical holding Unipetrol, the domestic market leader with its Benzina petrol stations, the Hungarian MOL
Week 40 10•October•2019
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