Page 12 - EurOil Week 12 2021

EurOil NEWS IN BRIEF EurOil

UK Ascent Resources to group’s Cendere oil field in Turkey as well as the company would use the rig in the
production license 050 for wells 34/10-O-3
four developed, unproduced gas pools on the
initiate arbitration over SASB gas fields in the Black Sea. and 34/10-O-4.
In Bulgaria, Trillion Energy has
Gullfaks is a field located in the Tampen
dispute in Slovenia the Vranino 1-11 block, a prospective area in the northern part of the North Sea.
The water depth in the area is 130-220
unconventional natural gas property.
The UK-based oil and gas company Ascent meters.
Resources said it plans to initiate arbitration Gullfaks was discovered in 1978, and
proceedings against the Slovenian government Bulgartransgaz to invest the plan for development and operation
over the dispute related to the refusal to (PDO) for Gullfaks Phase I was approved
grant a permit for hydraulic fracturing at the €1.28bn in infrastructure by in 1981. A PDO for Gullfaks Phase II was
Petisovci gas field, after the state failed to put approved in 1985. Production started in
forward a damages proposal. end-2023 1986.
In February, Ascent Resources said The field has been developed with
it agreed to postpone the launch of Bulgaria’s state-owned gas network operator three integrated processing, drilling, and
international arbitration until March 19 on Bulgartransgaz plans to invest BGN2.5bn accommodation facilities with concrete
the request of the Slovenian government as (€1.28bn) by the end of 2023, mainly in bases (Gullfaks A, B and C). Production
the country plans to settle the claim in an new infrastructure, it said in its 2021-2030 from Gullfaks in 2020 averaged around 85
amicable manner. development plan. mboe/day..
However, in a bourse filing with the In 2021, the company plans to invest
London Stock Exchange on March 19, Ascent around BGN1.5bn, including BGN1.1bn in
Resources announced that an amicable the construction of natural gas transmission Norwegian oil firm Aker BP
settlement is presently not achievable. and storage infrastructure.
As part of direct pre-arbitration In 2022, the company plans to invest farms into UK North Sea
settlement discussions Ascent Resources BGN1bn. The sum includes BGN65.7mn
had submitted a damages calculation to investment in reconstruction and block
the Slovenian government totalling over rehabilitation works.
€100mn, the company said. In 2023, Bulgartransgaz plans to invest Norway-focused oil and gas company Aker
According to the company, the Petisovci BGN59mn, mainly in new infrastructure. BP, said March 24 it had, through a newly
gas field (PG-11A) is now producing Among the key projects of the company formed subsidiary Aker BP UK, farmed
approximately 7,500 - 10,000 scm per day, are the expansion of the national gas into an offshore block in the UK North
with sales gas being evacuated via the export transmission network, the construction of Sea.
pipeline to INA in Croatia. the gas interconnectors with neighboring Aker BP UK has entered into an
Ascent holds a 75% interest in the Greece and Serbia, the capacity expansion of agreement with Eni UK to take over a 50
Petisovci gas field in Slovenia, with its Chiren underground gas storage facility as percent interest in licence P2511 on the
partner Geoenergo holding the remaining well as the construction of a liquefied natural UK Continental Shelf. Eni UK will remain
25% through a concession signed in 2002 gas terminal near Greece’s Alexandroupolis, the operator. The assignment transaction
with a term of 19½ years, which is due for in which the state-owned company recently is to be formally approved by the UK Oil &
renewal in 2022.. acquired a 20% interest. Gas Authority.
By the end of 2024, Bulgatransgaz plans to The Licence P2511 is located to the
invest round BGN43mn in the construction borderline of the Norwegian continental
Turkey, Bulgaria focused of new hydrogen and low carbon fuels shelf. Aker BP as the operator has several
discoveries in the Alvheim area on the
infrastructure, which will be part of the
oiler Trillion Energy issues company’s network and will be accessible to Norwegian side, following a successful
exploration campaign in 2019.
all users, including coal-fired thermal power
reserves report plants.. established partnership between Eni UK
“The key objective for the newly

Turkey and Bulgaria-focused oiler Trillion and Aker BP UK is to explore the resource
Energy International Inc has issued its 2020 Equinor gets approval to potential across the UK border in the
end of year reserves report, Proactive has greater Alvheim area,” Aker BP said..
reported. use Transocean semi for
Total reserves for 2P (proven and
probable) of discovered but non-producing Gullfaks Chrysaor’s first operated
prospects along with a medium estimate for
risked development prospects was 40.3bn Norwegian energy company Equinor well off Norway reported as
cubic feet (bcf), the company said. With has been granted consent to use the
a combined net present value of EBITA/ Transcoean Norge semi-submersible dry
cashflows, discounted at 10%, they were put drilling rig for drilling and well operations
at $139.8mn, it added. on the Gullfaks field, in the North Sea, off Chrysaor’s first operated well offshore Norway
For 3P reserves (proven and probable and Norway. has failed to unearth enough hydrocarbons to
possible) plus high estimates, the total was The Petroleum Safety Authority warrant development and will be plugged and
given as 62.4 bcf with a value of $243.3mn. Norway, which said on Wednesday it abandoned.
The report assessed oil reserves on the had granted its approval to Equinor, said To remind, OKEA, Chrysaor’s partner

P12 www. NEWSBASE .com Week 12 25•March•2021