Page 16 - EurOil Week 45 2021

EurOil NEWS IN BRIEF EurOil

Bulgartransgaz resumes ConocoPhillips files plan for routing gas via Ukraine, which would deprive
Kyiv of billions of dollars in lucrative transit
natural gas deliveries to Tommeliten A offshore field fees and, it says, imperil its security.
Russia’s state energy company, Gazprom,
Serbia, Hungary ConocoPhillips presented on Monday plans and its Western partners have raced to finish
for the development of Norway’s Tommeliten
the pipeline to send natural gas under the
Bulgartransgaz, Bulgaria’s gas network A gas and condensate discovery, with total Baltic Sea.
operator, said on November 3 it has resumed investments expected to amount to 12.5
delivery of natural gas to Serbia and Hungary billion crowns ($1.46 billion), the U.S. oil firm
after repairing a pipeline rupture. said. Ireland to halve its
The deliveries were put on hold on Located in the southern sector of Norway’s
November 1 due to the rupture of the pipeline North Sea, Tommeliten A is estimated to hold emissions
near the village of Vetrino. reserves corresponding to 125 million barrels
Deliveries to Romania, which were reduced of oil equivalent, it added. The Irish government on November 5 set out
due to the rupture, were also restored. ConocoPhillips, the operator of the climate targets for key sectors of the economy
As of October 1, the main transit of discovery, and its partners plan to produce it said were needed to cut greenhouse gas
Russian gas to Hungary goes via the extension the reserves with an installation on the emissions by 51% by 2030, a plan it said will
of Turkish Stream dubbed Balkan Stream that seabed connected to existing infrastructure at require around 125 billion euros ($144 billion)
runs from Russia under the Black Sea to Conoco’s Ekofisk field, some 25 km (16 miles) of private and public investment.
Turkey. It has a capacity of 31.5bn cubic away. Under the climate budget, the agriculture
metres (bcm) of gas per year, part of which “We are pleased to achieve this milestone sector must reduce its emissions by 22-30%
is earmarked for several Southeast European for the Tommeliten A project. The field from 2018 levels. The energy sector must cut
countries. development will unlock production of new 62-81% while transport’s emissions must fall
resources in the area and further strengthen 42-50%.
the Ekofisk legacy and future,” said Steinar The ranges will be replaced by specific
Romgaz to pay Exxon up to Vaage, ConocoPhillips President Europe, targets next year as more detailed plans are
Middle East and North Africa.
produced. Government ministers will have to
$1.07bn for 50% in Neptun start production in 2024, with gas transported answer to a parliamentary committee every
The company expects Tommeliten A to
year on progress in reaching the goals.
Deep offshore perimeter via Norpipe to Emden, Germany, and oil measures including a target of 1 million
A 200-page plan listed around 1,000
liquids piped to Teeside in Britain.
The board of directors of Romgaz endorsed ConocoPhillips holds a 28.3% stake in electric vehicles and the retrofitting of 500,000
on November 2 the purchase of ExxonMobil’s the licence where the discovery is located, homes by 2030. An additional 500,000 people
50% stake in the Black Sea natural gas project while Poland’s PGNiG has 42.4%, France’s should switch from driving to walking, cycling
for a price of $1.06bn that can be adjusted TotalEnergies 20.2% and Italian Eni’s Vaar or public transport.
upwards by maximum of $10mn, according Energi 9.1%. Grants, incentives and taxes will be used
to a note to investors submitted to the to nudge individuals towards investing in
Bucharest Stock Exchange. climate-friendly technology, while the public
Currently, ExxonMobil and OMV US Republicans push to sector will be banned from purchasing
Petrom are equal partners in the deep- vehicles and heating systems powered by fossil
sea Neptun Deep project, where exploration sanction Nord Stream 2 gas fuels.
has revealed deposits estimated at 42bn-84bn The vast majority of the 125 billion euro
cubic metres. pipeline storage investment required is likely to be provided
Last month, Romanian state-controlled by the private sector, Environment Minister
natural gas company Romgaz announced that They had introduced legislation that would Eamon Ryan told a press briefing.
it reached an agreement with ExxonMobil on impose mandatory sanctions on Nord Stream Up to 80% of electricity generation should
the terms and conditions for the acquisition 2, a Russian-backed natural gas pipeline that be produced by renewable electricity, much of
of 100% of ExxonMobil Exploration and opponents believe would be harmful to U.S. it from offshore wind, the report said.
Production Romania Limited, the vehicle allies in Europe. The report stopped short of calling for a
that holds 50% of the offshore perimeter XIX The six lawmakers, led by Senator Jim reduction of Ireland’s national cattle herd, a
Neptun Deep Block. Risch, the top Republican on the Senate major source of methane, but called for the
Romgaz shareholders are invited to clear Foreign Relations Committee, offered the better use of fertilizer and animal feed and the
the deal on December 9. The contract will measure as an amendment to the National use of methane-reducing feed additives.
be signed after the shareholders of Romgaz Defense Authorization Act, or NDAA, a Prime Minister Micheal Martin rejected a
and the relevant corporate bodies of Exxon sweeping defense policy bill that is one of Farmers Journal study that cutting emissions
approve the deal. the few pieces of major legislation Congress by 30% would cost 56,000 jobs, saying he
Upon signing the sale-purchase contract, passes every year. believed that measures in the industry as part
Romgaz will have the obligation to pay President Joe Biden and German of the plan would add to employment.
Exxon an amount of $106mn representing an Chancellor Angela Merkel earlier this year
advance payment/deposit. . reached an agreement that allows the pipeline
After the suspensive conditions necessary that will take Russian gas to Germany to
to complete the transaction, as specified in the proceed.
sale-purchase contract, are fulfilled, Romgaz Ukraine has long opposed the nearly
will pay the rest of the money. completed $11 billion project because it will
give Moscow the theoretical option to stop

P16 www. NEWSBASE .com Week 45 11•November•2021