Page 12 - EurOil Week 36 2021

EurOil PROJECTS & COMPANIES EurOil

Ithaca strikes oil off UK in “ray of

light” for sector

UK ITHACA Energy has reported the UK’s first oil continues a recent renaissance in UK exploration
discovery of the year at the Fotla prospect, with performance,” Wood Mackenzie analyst Lucy
The field is estimated to Edinburgh-based consultancy describing the King said, estimating that wells had discovered
be 21mn barrels of oil find as a “ray of light” for the country’s belea- 20mn boe each on average since 2020, which is
equivalent in size. guered exploration sector. in line with global averages.
Ithaca’s parent company Delek estimates the “Success rates have improved too. The aver-
discovery some 11 km from the Alba Northern age economically viable and commercial success
platform to hold 21mn barrels of oil equivalent rate for the UK since 2020 sits at over 40% com-
(boe) in best-estimate recoverable resources. The fortably above the global average over the same
low-case scenario places the find’s size at only period,” she said.
10mn barrels, but it could be as much as 41mn The latest discovery could be an “ideal can-
barrels in a high-case scenario. didate for a short-cycle, high-return, tie-back to
In light of the result, Ithaca said it had decided the Ithaca-operated facilities,” she said, given its
to “sidetrack to an appraisal location to delineate sufficient size and its close proximity to the Alba
the discovery.” The company has a 60% interest infrastructure.
in the prospect, while Spirit Energy has 40%. This is Ithaca’s second discovery on the UK
The UK’s exploration sector was hit harder Continental Shelf (UKCS) in the past two years.
than operations in neighbouring Norway In March 2020, TotalEnergies made the Isabella
because of its higher costs and a less support- gas find, in which Ithaca has a 10% stake.
ive tax regime. In a note on September 1, Wood “More opportunities for success are on the
Mackenzie said Ithaca’s discovery was “a ray of horizon, with interests in the Harbour Ener-
light in what’s been a tough year for UK explo- gy-operated Jade South exploration well cur-
ration activity, with 2021 on track for the fewest rently drilling, and its operated Fortriu well – on
number of completed wells since the 1960s.” the same block as Fotla – due to spud next year,”
“Despite the drop in activity, success at Fotla King said. ™

OMV Petrom launches gas sales platform

ROMANIA ROMANIAN oil producer OMV Petrom has OMV Petrom, the largest oil and gas pro-
launched a new digital platform for gas supply ducer in Southeast Europe and majority-owned
The company is services for small and medium-sized enterprises by Austria’s OMV, has said it views natural gas as
expanding its footprint (SMEs) in Romania, as it looks to make further having as major role in Romania’s energy tran-
in the Romanian gas inroads into the country’s gas market. sition. It is looking to develop the 84bn cubic
market. Companies can reach agreements on gas sup- metre Neptun Deep project in the Romanian
ply on the platform utilio.ro, with the process of Black Sea, but has delayed taking a final invest-
concluding and validating contracts only taking ment decision (FID), citing poor regulatory
20 minutes. Utilio.ro can be accessed on a device, conditions.
including tablets and phones, and enables cus- Nevertheless, OMV Petrom is working to
tomers to receive customised supply terms and carve out a greater market in Romania for gas
benefit from efficient control of consumption, from Neptun Deep and its other fields in the
cost predictability and extended payment terms, country. In June it announced it had obtained
OMV Petrom said. a licence to commercialise LNG in Romania,
“We are an integrated energy company and saying the super-cooled gas could be used in
a reliable natural gas supplier, covering approxi- transport as an alternative to conventional
mately 40% of the consumption needs of the mar- oil-based fuels, reducing emissions, and as an
ket in Romania,” OMV Petrom board member energy source in areas lacking connection to the
Franck Neel commented. “Utilio.ro is part of our national gas grid.
strategy to target small and medium enterprises OMV has a 51% stake in OMV Petrom,
with gas supply offers and, through this platform, while other shareholders include the Roma-
we provide an intelligent and transparent service nian state with 20.6% and local fund Fondul
to simplify the interaction with our clients.” Proprietatea.™

P12 www. NEWSBASE .com Week 36 09•September•2021