Page 12 - Euroil Week 42 2019

EurOil
EurOil
for marketing said. “First oil to Mongstad only a few days a er production start con rms
that the eld is producing well. is day
also marks the start of a new phase as we prepare to bring Johan Sverdrup oil to the international market.”
Production at Sverdrup, started earlier this month, should reach 440,000 barrels per day next summer, under its rst stage of development.
October 22 2019
Albania’s Competition
Authority to probe Bankers
Petroleum
Albania’s Competition Authority plans to launch a six-month investigation into whether Bankers Petroleum has abused its dominance in the oil production sector in the country, the agency said on October 22 as quoted by Reuters.
e probe was reportedly announced following complaints from oil re ners Tosk Energji and Al.Global Oil in December
2018. ey claimed that although Bankers Petroleum produces 97% of Albania’s crude oil it only supplied them with a small amount of the oil they needed.
“ e behaviour of Bankers Petroleum Albania Ltd could constitute an abuse of its dominant position in the market,” said the Competition Authority, the newswire reported.
Bankers Petroleum began exploration
in Albania in 2004 and was bought from
its Canadian owners by China’s Geo-Jade Petroleum Corp bought Bankers Petroleum from its former Canadian owners in a CAD575mn (€400mn) deal in 2016.
bne IntelliNews, October 24 2019
Serica gains renewed US waiver for Rhum gas project
e UK’s Serica Energy has secured a renewed waiver from US sanctions for operations at the Rhum gas eld in the North Sea, which it operates in partnership with the Iranian Oil Company.
e new licence replaces the one due to expire at the end of October, and will be valid until February 2021.
“ e receipt of the renewed and extended License and assurance is an excellent outcome which protects this valuable British asset,” CEO Mitch Flegg said. “Serica appreciates the support
of the UK Oil and Gas Authority (OGA) and the relevant departments of the UK Government for its application.”
Serica bought its 50% share in Rhum in November last year, along with shares in nearby elds held by other operators.
October 24 2019
Equinor slumps into the red on impairments
Norway’s Equinor has booked a net loss of $469mn for the third quarter, versus a pro t of $4.6bn a year earlier, because of impairment charges of $2.79bn, of which $2.24bn was related to its onshore shale oil and gas assets in North America linked to “more cautious price assumptions.” e new licence replaces the one due to expire at the end of October, and will be valid until February 2021.
Equinor also cut back on gas production because of lower prices, hoping to release extra volumes when market conditions improve. Production dropped 8% y/y to 1.909mn barrels of oil equivalent per day as a result of this decision, as well as high turnaround activity. Adjusted earnings before interest and tax declined 46% to $2.59bn while revenues fell 18% to $15.7bn.
“We maintain strong cost and capital discipline, but our results are impacted by lower commodity prices in the quarter. In addition, we have decided to use our exibility to defer gas production to periods with higher expected prices,” CEO Eldar Saetre commented in a statement.
October 24 2019
Total to form $400mn carbon neutrality fund
France’s Total has announced plans to create a fund worth $400mn within ve years
to support e orts by businesses to lower their energy consumption and their carbon emissions.
Total Carbon Neutrality Ventures (TCNV), as the fund is known, will invest in start-ups working on innovative technologies and solutions, including smart energy, energy storage, smart mobility, bioplastics and recycling, Total said.
“ e Total Carbon Neutrality Ventures fund will fully support Total’s ambition to become the responsible energy major. It will allow us to expand the reach of our low carbon- businesses beyond our own borders,” CEO Patrick Pouyanne explained. “Over ve years, the $400 million fund will invest in start-ups whose technologies or innovative solutions could contribute to carbon neutrality”.
October 24 2019
OMV completes Iris appraisal well off Norway
Austria’s OMV is nishing an appraisal well at the Irish gas and condensate discovery some 20 km west of the Asgard eld in the Norwegian Sea.
Preliminary results from the well at the OMV-operated production licence 644 suggest. Recoverable oil equivalent of 25-75mn barrels. Prior to drilling, the target was expected to contain 19-132mn barrels.
October 24 2019
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Week 42 24•October•2019