Page 9 - Euroil Week 33 2019
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EurOil INVESTMENT EurOil
Romgaz considers 20% stake in Greek LNG terminal
ROMANIA
The project’s rst market test was successful, but Greek has had problems procuring an FSRU.
ROMANIA’S state-owned gas company Romgaz, which produces some 45% of the country’s gas and operates local storage facil- ities, is considering investing in a Greek liq- uefied natural gas (LNG) terminal project. e proposed plant on the Aegean Sea is to be developed by Gastrade - part of the Greek pri- vate energy group Copelouzos. e decision is pending shareholders’ approval, expected on September 25.
Bulgaria’s national gas transmission sys- tem operator (TSO) Bulgartransgaz, as well as Cheniere Energy, one of the largest US LNG exporters, have expressed interest in the project as well.
e Alexandroupolis LNG terminal would have an import capacity of over 6bn cubic metres of gas per year and a storage capacity of
170,000 cubic metres of LNG. It aims to sell its gas both locally in Greece and across southeast- ern Europe.
Gastrade undertook the rst stage of market tests at the plant in January, with 20 companies ling expressions of interest for up to 12.2bcm of regasi cation capacity. Another binding market test will take place later this year.
Despite this warm reception, the project has fallen a year behind schedule and is now antici- pated online in 2021. e delay has been blamed on unavailability of a oating storage and regas- i cation unit (FSRU).
In separate news, Romgaz reported a net pro t of RON976mn (€205mn), up 24.7% year on year. Its business grew by 16.2% y/y to RON- 2.87bn (€604mn). e company’s market capi- talisation is RON12.7bn (€2.67bn).
Romgaz seeks partner for offshore blocks
ROMANIA
Romgaz feels it lacks the expertise to develop offshore blocks on its own.
ROMANIAN natural gas producer Romgaz announced that it has started negotiations with large foreign oil companies to nd a partner able to help it bid for o shore perimeters auctioned by the National Mineral Resources Authority (ANRM).
Romgaz will bid on its own for onshore acre- age, for which it has the needed capabilities, but it lacks expertise to develop o shore blocks and therefore needs a partner, the company’s CEO Adrian Volintiru commented quoted by Eco- nomica.net.
ANRM announced at the end of July that it will auction the rights for the exploration, devel- opment and exploitation of 28 contract areas. Of these, 22 are onshore blocks and six are o shore.
Romgaz already is part of an association led by Russian group Lukoil operating the Trident block in the Black Sea. According to the latest estimates, the area might have gas reserves of up to 30bn cubic metres (bcm) of gas, or three times Romania’s annual consumption.
e deadline for bids in Romania’s licensing contest is late November, with awards likely to be announced the following month. Authorities will then have 15 days to initiate contract talks,
which will run on for no more than nine months. Romania is an established producer with developed infrastructure and a capable service industry. But there are concerns that recent gas legislation that has delayed Black Sea projects
could sti e interest.
Week 33 22•August•2019 w w w . N E W S B A S E . c o m P9
