Page 7 - EurOil Week 14 2021

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North Macedonia eyes role in

Alexandroupolis LNG project

GREECE GREEK LNG developer Gastrade has tapped terminal in Revithoussa, launched two decades
another investor for its planned import facility ago. According to Gastrade, it will provide gas to
The Alexandroupolis in Alexandroupolis. customers not only in Greece but also in Bulgaria
LNG facility is expected The company said it had signed a prelimi- and North Macedonia, as well as further afield in
to be up and running in nary agreement on transferring a stake in itself countries like Serbia, Romania, Hungary, Mol-
2023. to North Macedonian gas distribution operator dova and Ukraine.
National Energy Resources Skopje (NER AD). It It is expected to be operational in 2023, but
also reached a second deal with electricity gener- Gastrade has not yet taken a final investment
ation firm AD Power Plants of Northern Mace- decision (FID) on construction.
donia (AD ESM), which is interested in booking Gastrade’s managing director, Konstantinos
some of the terminal’s 5.5bn cubic metres per Spyropolous, said the agreements with North
year of regasification capacity on a long-term Macedonia could be “a basis for further expand-
basis. ing the reach of our project taking also advan-
“The parties will work together in formu- tage of North Macedonia’s strategy location as a
lating the details of both agreements to be pre- gateway to the markets of the Western Balkans.”
sented to their respective governance bodies for The main owner of Gastrade is Elmina
approval,” Gastrade said in a statement on April Copelouzos, of Greece’s Copelouzos investment
1. group. She holds a 40% position in the company,
The Alexandroupolis project calls for the while Bermuda-registered LNG vessel owner
positioning of a floating storage and regasifica- GasLog and Greek gas supplier DEPA Com-
tion unit (FSRU) unit some 18 km south-west mercial each have 20%. Bulgaria’s gas transmis-
of Alexandroupolis, linked to the national grid sion system operator (TSO) Bulgartransgaz also
via a 28-km pipeline. It will join another import closed the purchase of a 20% stake in January. ™

INVESTMENT

Harbour Energy listed on April 1

UK HARBOUR Energy, formed from the merger boepd of oil and gas this year, estimating oper-
of North Sea rivals Premier and Chrysaor, ating costs of less than $15 per barrel and a free
The combined entity is made its debut on the London Stock Exchange cash flow (FCF) breakeven point of $30-35 per
the largest UK-listed oil on April 1. barrel. It has set its capital expenditure budget
and gas independent The combined entity is the largest UK-listed at around $1.1bn, while company debt stands at
and the biggest player oil and gas independent and the biggest player in $2.9bn and liquidity at $700mn.
in the UK North Sea. the UK North Sea. It boasts some 200,000 barrels Premier and Chrysaor announced their
of oil equivalent per day (boepd) of production tie-up in October last year. While technically
from fields in the North Sea and in Southeast a merger, Premier’s shareholders received only
Asia. It will be led by CEO Linda Cook, with Phil 5.45% of the combined company, while its cred-
Kirk serving as president and CEO of Europe. Its itors got 10.6% along with $1.2bn in cash. The
CFO will be Alexander Krane. deal offered these investors a way out of a crip-
“This is a landmark day for Harbour Energy pling $2.7bn of company debt.
and all of those involved with Premier and Chrysaor’s parent company EIG has a 36%
Chrysaor,” Cook said in a statement. “As the stake in the business, while former EIG inves-
largest UK listed oil and gas company, Harbour tors hold 33% and Chrysaor legacy investors
offers a unique opportunity for investors, bring- have 8%.
ing together two complementary portfolios with Harbour is preparing to launch first gas in the
a material North Sea foundation, an attractive second quarter at the Tolmount field, which will
global footprint and a strong balance sheet.” add 20,000-25,000 boepd net to the company
The company also has “a broad set of interna- at the plateau rate. Its other UK assets include
tional growth opportunities,” it said. the J-Area, the Greater Britannia Area and the
Harbour expects to produce 200,000-215,000 Catcher Area. ™

Week 14 08•April•2021 www. NEWSBASE .com P7