Page 14 - Euroil Week 40 2019

EurOil
NEWS IN BRIEF
EurOil
concern, the British Shell, the Austrian OMV and also the French Total, could have been addressed in the bidding process. “It [Total] sold its stations in the Czech Republic some time ago, but it still plays a part as supplier
of oils and grease in the Czech Republic and Cepro buys a signi cant amount of fuel for Czech petrol stations from its re nery in Saxony, Leuna,” LN said.
Cepro is a highly pro table state giant with a turnover of CZK58bn (€2.25bn) with almost a monopoly on the storage of gasoline and diesel, including state emergency reserves, a strong share in distribution, transportation and wholesale. EuroOil is told to be unpro table.
“ e retail fuel market has been changing radically. Lately. Modern biofuels, CNG, electric propulsion and other alternative fuels have been gradually emerging, and thus the importance of complementary goods and gastronomy has been growing at the stations. at’s all we want to solve by working with a selected strategic partner,” said Duspeva for LN.
bne IntelliNews, October 4 2019
Whalsay to farm out Bentley oilfield
Whalsay Energy has launched a farm-out process as it looks to bring in an operator to help develop the Bentley heavy oil eld in the UK northern North Sea.
Whalsay acquired Bentley’s former operator Xcite Energy for just $1 in 2017
a er the UK minnow fell into liquidation when it hit nancial problems and a nancial restructuring was rejected by bondholders.
Whalsay, led by North Sea veteran Paul Warwick, has retained Gneiss Energy as advisers to run the farm-out process.
Since acquiring its 100% interest in Bentley, Whalsay has been drawing up new plans for a phased conventional development of the Block 9/3b eld centred on a 20-slot platform linked to a oating storage and o oading vessel.
e cost to rst oil is estimated at $729 million, according to a marketing teaser being distributed by Gneiss.
Under Whalsay’s new plans, a proposed initial development phase would target
131 million barrels of oil, with production expected to peak at up to 45,000 barrels per day.
October 4 2019
Tusk tells Turkey “illegal” drilling in Cyprus EEZ will damage ties between Ankara and EU
European Council President Donald Tusk on October 7 weighed into the dispute over Turkey’s drilling in the exclusive economic zone (EEZ) of European Union member state Cyprus. He said the “illegal” oil and gas exploration activity would damage ties between the European Union and Turkey.
“Turkey’s continued illegal drilling activities only undermine good neighbourly relations between the EU and Turkey,” Tusk said in remarks posted on Twitter. “ e EU stands united behind Cyprus.
Turkish Energy Minister Fatih Donmez said the Turkish drillship Yavuz will begin drilling for oil and gas southwest of Cyprus on October 7 or 8,
Turkey’s longstanding application to become an EU member has essentially remained frozen for the past two years or more because of a series of rows between Ankara and Brussels over issues including human rights and lack of progress in building a fully functioning democracy in Turkey. e dispute over the drilling looks likely to set back Ankara’s EU aspirations even further.
When news broke prior to last weekend that the Yavuz vessel was being deployed to an area already licensed for exploration by Nicosia to energy companies, the Cypriot presidency put out a strongly-worded statement, accusing Ankara of “bullying tactics of an era long gone”.
It added: “ is new provocation is exemplary of Turkey’s de ance of the European Union’s, and the international community’s, repeated calls to cease its illegal activities. It is yet another proof of the utterly provocative and aggressive behaviour of Ankara, which has chosen to speedily and irreversibly depart from international legality, thus putting security and stability in the Eastern Mediterranean at risk.”
bne IntelliNews, October 7 2019
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Week 40 10•October•2019