Page 14 - EurOil Week 48 2021

EurOil PROJECTS & COMPANIES EurOil

Serica starts up Columbus field

UK LONDON-LISTED Serica Energy has Columbus would suffer a “short delay” because
announced the start-up of the Columbus oil of capacity constraints at the Shearwater plat-
The field will flow and gas field in the UK North Sea, marking the form. And earlier in the year it also had some
7,000 barrels of oil launch of its first development project as an issues with development drilling, resulting in a
equivalent per day operator. cost overrun of GBP3mn ($4.3mn).
Hydrocarbons from the C1Z development Serica has said before that the field will flow
well began flowing into the Arran subsea system around 7,000 barrels of oil equivalent per day
on November 24, Serica reported. They are now (boepd) at its stable rate, about three quarters of
being exported to the Royal Dutch Shell-oper- which will be gas. This gas will be pumped via
ated Shearwater platform for processing and the SEGAL pipeline to St Fergus, while oil will be
onward export to sales points for gas and liquids. exported through the Forties system to Cruden
The field is expected to reach its full capacity Bay.
in early December, coming at a time when the Serica’s partners in the project at Waldorf Pro-
UK and Europe as a whole are facing a significant duction and Tailwind Energy.
gas supply crunch that has caused gas and power “Serica’s approach to increasing its pro-
prices to spike. Serica will issue another update duction base and providing much needed
on flow rates in mid-December, it said. energy to the UK while seeking lower-carbon
“I am delighted that first production has been emission solutions has been achieved by using
achieved, as planned, during Q4 2021,” CEO shared existing infrastructure to progress the
Mitch Flegg said. “This marks a significant mile- development of Columbus,” Flegg continued.
stone for Serica as it reaches the successful con- “This has been a complex project and I would
clusion of its first development project.” once again like to acknowledge the skill, hard
Serica was involved in the initial discovery of work and dedication of our project team, the
Columbus in 2006 and now has taken it all the Shearwater and Arran operators and our joint
way into production. venture partners Waldorf Production and Tail-
The company warned in late October that wind Energy.” ™

NEWS IN BRIEF

Ukraine supplies bulk of carries significant risks for Hungary. will be announced on December 2, while
the bonds will be listed on the Zagreb Stock
“But Ukraine is always ready to help,”
gas to Hungary Makogon said. Exchange on December 9.
Principal payment is one-off, at maturity.
Earlier it was reported that gas supplies
Ukraine supplies the bulk of gas to Hungary, through Bulgaria to Romania, Serbia and The fixed-rate unsubordinated and
but this is not transit from Russia, Serhiy Hungary had been stopped due to an unsecured bond will mature on December
Makogon, the head of the Gas Transmission accident on the Bulgartransgaz gas pipeline 6, 2026. The bonds will have a par value of
System Operator of Ukraine (GTSOU), has that occurred on Sunday night. HRK1mn each and will bear a fixed interest
said. At the same time, Bulgartransgaz notes rate. Coupon payment will be due semi-
“After the pompous signing of a long-term that in the morning gas transportation to annually.
contract with Gazprom and the launch of the Romania was partially restored. Bulgarian INA intends to use the raised funds
Turkish-Bulgarian-Serbian flow, Hungary gas workers are working on the restoration of to service debt, finance acquisitions in
continues to receive most of the gas for the the gas pipeline. equipment and facilities, and for new
country’s needs through Ukraine, but this investments. Hungary’s MOL holds a 49%
is not transit from the Russian Federation. stake in INA and exercises management
At present, Hungary receives from Ukraine Croatia’s INA to open bond rights in the company.
almost twice as much gas than from Serbia
via the TurkStream,” Makogon wrote on his issue for Dec subscription
Facebook page on 20 November. Turkey’s energy import bill
He posted a graph showing that after the Croatian oil and gas group INA said that
explosion of a new gas pipeline in Bulgaria, will open subscription books for its up to soars 159% y/y in October
Hungary receives the bulk of its gas from HRK2bn (€266mn) bond issue on December
Ukraine. 1. The minimum subscription amount is Turkey’s energy import bill increased by
“It should be noted that Gazprom does HRK1mn for the company to consider the 159.3% y/y to $5.42bn in October, state-run
not transit gas through Ukraine to Hungary issue successful. news service Anadolu Agency reported,
from October 1, although it has fully paid In November, the country’s financial citing data from the Turkish Statistical
transit capacities in the amount of 24mn regulator HANFA approved INA’s prospectus Institute (TUIK).
cubic metres per day,” the head of the for a five-year bond issue with a nominal The significant rise in the country’s energy
operator stressed. value of up to HRK2bn to be offered on the bill was due to an increase in global energy
According to him, dependence on the gas domestic market. prices, said Anadolu. The fact that Turkey is
pipeline that does not have reserve branches The final price and details of the issue almost entirely reliant on imported oil and gas is

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