Page 10 - EurOil Week 12 2021

EurOil POLICY EurOil

EU to hold off on blacklisting more

TPAO executives

TURKEY THE European Union has reportedly frozen and travel bans over Turkey’s “unauthorised
plans to blacklist more senior executives at Tur- drilling activities” for natural gas in disputed
Biden’s administration key’s state-owned Turkish Petroleum Corpora- waters in the eastern Mediterranean, although
has also urged tion (TPAO). they did not specify individuals. The EU also
Brusesels not to impose Reuters on March 18 reported four unnamed agreed to weigh tougher economic sanctions at
sanctions on Turkey. diplomats as describing the situation. It said it a summit on March 25-26, after a year that saw
was the clearest sign yet that a diplomatic offen- Turkish President Tayyip Erdogan expressing
sive by Ankara this year was bearing fruit. The publicly his hope that protests in France would
early months of this year has seen the Erdogan topple President Emmanuel Macron.
administration attempting to build bridges with But a more constructive tone from Erdogan
a number of countries with which it spent last this year, German Chancellor Angela Merkel’s
year in wars of words. support for a more conciliatory approach and
Also on March 18, Human Rights Watch the first direct talks between old foes Turkey and
(HRW) issued an open letter to EU High Rep- Greece in five years have all helped to change the
resentative for Foreign Affairs and Security Pol- mood, according to Reuters.
icy Josep Borrell saying: “We are concerned that The new administration of US President Joe
over the past year, the human rights situation in Biden has also urged Brussels not to impose
Turkey appeared to be largely absent from both sanctions at a time when Turkey, a Nato ally and
European Council discussions on EU-Turkey EU candidate country, appears more willing to
relations and high-level EU meetings with the compromise, European and US diplomats said,
Turkish authorities. Instead, these discussions the news agency reported.
focused primarily on the situation in the eastern “Work has stopped on additional blacklist-
Mediterranean and cooperation with the Turk- ings of Turkish individuals, and we are not talk-
ish authorities in the field of migration.” ing of economic sanctions anymore,” one EU
EU leaders in December tabled asset freezes diplomat said.™

PROJECTS & COMPANIES

Romgaz to bid for Exxon’s stake in

Neptun Deep within two weeks

ROMANIA ROMANIA’S government has deferred amend- this would increase Neptun Deep’s value and
ing the Offshore Law until local gas producer therefore ExxonMobil will likely seek a higher
The government Romgaz takes over the 50% stake and the leading price, the sources consulted by Hotnews.ro
reportedly wants to give position in the Neptun Deep gas block rom Exx- explained.
Romgaz a leading role onMobil, Hotnews.ro reported, quoting sources The government reportedly wants Romgaz to
in the project. familiar with the deal. play a leading role in the Neptun Deep project
The government reportedly wants to give rather than OMV Petrom, the same sources said.
Romgaz the leading role in the project to secure Putting Romgaz in charge is a change in plans
the support of the opposition Social Demo- compared to the strategy announced last year
crats, who are more inclined to give the state a by the government, which aimed to give OMV
bigger role in the economy. This support will Petrom’s Austrian parent OMV the leadership
be needed for the amendments to the Offshore role. At that time, Romgaz was expected to be
Law, designed to provide more favourable terms accompanied by a Polish partner in taking over
to gas investors, to pass. Exxon’s stake. However, Poland’s PGNiG pulled
The amended Offshore Law should unlock out of the deal.
the projects currently on hold in the Black The Offshore Law was introduced in 2018,
Sea, including Neptun Deep, which contains a imposing extra taxes and sales restrictions on
84bn-cubic metre gas discovery. ExxoMobil’s offshore projects. The move led OMV Petrom
partner in the project is OMV Petrom. to delay taking a final investment decision on
If the amended terms are too favourable, Neptun Deep. ™

P10 www. NEWSBASE .com Week 12 25•March•2021