Page 15 - EurOil Week 37 2022

EurOil NEWS IN BRIEF EurOil

Bulgargaz to book additional is obliged to sell the produced gas to HEP for would fund further seismic testing and a new
UKOG said in a statement that the money
€41 per MWh.
500 mcm per year capacity at government’s decision, although it had not appraisal well in the Resan licence in Turkey.
Filipovic said that MOL cannot block the
Oil production from the well was expected in
Alexandroupolis LNG terminal been previously agreed with the Hungarian 1H23, it added.
UKOG has run a series of placings to raise
company. However, the economy minister
Bulgaria’s state-owned natural gas supplier said the decision was taken according to money for operations in Turkey. It raised GBP
Bulgargaz will apply to reserve additional Croatian laws. 1.5m in July and GBP 5m in July 2021.
storage capacity of 500mn cubic metres Sandor Fasimon, Ina’s board chairman, The company said: “The placing has been
(mcm) of liquefied natural gas (LNG) at the said that the company is already selling all its undertaken to provide the Company with a
floating liquefied natural gas (LNG) terminal gas to local companies. However, Filipovic source of general working capital and to help
in Greece’s Alexandroupolis, the caretaker said this was true technically as many deliver the Company’s previously stated near
government in Sofia decided on September international companies set up local units to term goals of completing the Phase 2 Turkey
14. buy the gas but then it is being exported. seismic programme and the subsequent
The Alexandroupolis terminal, which has a drilling of a new appraisal well in the Basur
total send-out capacity of 5.5bn cubic metres oil discovery, anticipated to be able to add
(bcm) of natural gas, will be connected to Rising shale oil demand creates near-term oil production to the Company in
Greece’s National Natural Gas Transmission H1 2023.”
System (NNGΤS) with a 28-kilometre long 500 new jobs in eastern Estonia The shares were issued at GBP 0.0875.
pipeline. The regasified LNG will flow to the That marked a 20% discount on the previous
markets of Greece, Bulgaria and the Southeast An additional 500 people have been recruited closing price of UKOG..
Europe (SEE) region with the supplies by Estonian companies in Ida-Viru County
expected from the US, Algeria and Qatar. reacting to the increased demand for shale oil
The application for the additional LNG, this winter, ERR.ee, an Estonian news website, Hungary calls EC proposal for
which is equal to 5.3mn MWh per year, reported on September 13.
will be submitted to the terminal’s operator Workers have been sought in the mines, Russian gas price cap absurd
Gastrade for 10 years starting on the date of oil industries and maintenance companies
commissioning of the facility. The terminal by Eesti Energia’s subsidiaries, Enefit Power Hungary’s radical rightwing government
should become operational by the end of and Enefit Solutions, TV show Terevisioon has criticised EU proposals for imposing a
2023. reported on September 12. price cap on Russian gas imports and has
After receiving the requested capacity, Andres Vainola, chairman of the board of threatened to block any proposal it does not
Bulgargaz intends to launch a tender for LNG Enefit Power, which brings together Narva agree with.
supply within the total reserved capacity of Quarry, the Estonia Mine (the largest oil shale A meeting of EU energy ministers agreed
the terminal for 2024-2034. The price terms mine in the world) and the electricity and oil on Friday to impose a price cap on all gas
for this supply would align with the reference industry, said the companies are expecting imports – not just Russia’s – a measure
prices on liquid gas hubs worldwide. to employ 100 more people in the coming that can be passed by qualified majority,
Bulgarian gas transmission system months. overriding any Hungarian veto. They also
operator Bulgartransgaz owns 20% stake in “If you look at the dynamics of the year agreed to pass a levy on power producers.
the Alexandroupolis terminal in exchange for — the beginning of the year and the end of However, the details of the plans have yet
a 20% of the cost of its construction. the year — we will hire about 600 additional to be worked out. EU energy ministers
people over the year,” said Vainola. discussed ways to curb energy prices, which
A total of 2,800 people work at Enefit have surged as Russia has halted delivery
Croatia orders Ina to sell all gas Power and Enefit Solutions. through the North Stream 1 pipeline. The
European Commisison had proposed to put
Ida-Viru County is Estonia’s most
produced to HEP eastern county and has the country’s highest a price cap just on Russian gas delivered
to Europe, an idea that Foreign Minister
unemployment rate.
Croatian oil and gas company Ina will have to The demand for shale oil has risen due to Peter Szijjarto called absurd, and against
sell all the natural gas extracted in the country rising electricity and gas prices and several European and Hungarian interests.
to the national electricity provider HEP and local councils have applied to use the resource Hungary will not accept a “political”
is also obliged to increase its production of this winter to lower district heating costs, measure that would leave its citizens
natural gas by 10%, Economy Minister Davor ERR.ee said. lacking heat, gas to cook with or warm
Filipovic said on September 14. water, Foreign Minister Peter Szijjarto,
Ina is partially state-owned with the state who led the delegation, told Hungary’s
holding 45% of the company, while Hungary’s UKOG raises further GBP 3m state news agency after the meeting.
MOL holds a 49% stake. Nine member states were opposed to or
“All gas produced in Croatia will remain for Turkey operations from expressed reservations concerning the
in Croatia,” Filipovic said following a gas price, he added. There is a “prevailing
government session as quoted in a statement. new share placing view” that a price cap is needed, but the
HEP will sell the produced natural gas European Commission and EU countries
to households, hospitals, kindergartens and AIM-listed UK Oil & Gas (UKOG) need more time to fine-tune how it should
other institutions. announced on September 12 that it has raised be implemented, said Czech Industry
This measure is temporary and will be in GBP 3m ($3.5mn) to spend in Turkey from a and Trade Minister Jozef Sikela, who was
force between October and end-March. Ina placing of more than 3bn new shares. chairing the Brussels meeting.

Week 37 15•September•2022 www. NEWSBASE .com P15