Page 15 - EurOil Week 40 2021

EurOil PROJECTS & COMPANIES EurOil

Lundin announces first

oil from Solveig field

SWEDEN SWEDEN’S Lundin has announced first oil Solveig’s launch is “a key pillar of our strat-
from the Solveig field in the North Sea off Nor- egy to extend the plateau production period
The field has been way, with the project expected to flow 30,000 at Edvard Grieg,” Lundin CEO Nick Walker
developed as a tieback barrels of oil equivalent per day (boepd) at peak commented.
to the Edvard Grieg flow. “The development has been executed on
field. The field has been developed as a tieback to time and on budget, and the breakeven cost is
Lundin’s flagship Edvard Grieg oil project, where below $20 per boe, making these barrels highly
the company has managed to extend the plateau valuable for us,” he said. “I am also confident
production period by five years until the end of that there is significant potential to bring addi-
2023, and hopes to extend it further. tional resources on stream in the area, to extend
The first stage of Solveig’s development the plateau production period even further at
involves five wells, two of which have already Edvard Grieg.”
been turned on, that will recover 57mn boe of This is the second Lundin field to come
oil and gas. Oil will be dispatched via Grieg to online this year, following the launch of Rolvnes,
the Sture terminal in Norway, while its gas will another satellite of Grieg, in August. That project
be delivered through the SAGE system to the St is targeting up to 78mn boe.
Fergus terminal in the UK. Besides extending its production plateau,
Lundin aims to file a plan of development for Lundin has also invested in electrifying Grieg’s
Solveig’s second phase by the end of 2022, taking platform as part of efforts to make its operations
the total amount of resources that will be recov- carbon neutral. It recently brought forward that
ered to up to 100mn boe. goal by two years to 2023. ™

NEWS IN BRIEF
consolidating its own current working
Romgaz, ExxonMobil to capital,” according to the company’s terminal in Brazil
statement.
continue talks on sale of current debts of Romgaz, which amounted A company set up by Lithuania’s state-owned
Notably, the RON1.6bn exceeds the total
oil and LNG terminal operator Klaipedos
Black Sea offshore block to about RON1.35bn at the end of June 2021. Nafta (Klaipeda Oil), announced on October
At the same moment, Romgaz was carrying
5 it has launched commercial operations of a
for another month in its balance sheets bank deposits and liquefied natural gas (LNG) import terminal
in the Brazilian Port of Acu.
government securities with a total value of
Romanian state-controlled natural gas over RON3.2bn. The terminal was launched
company Romgaz announced the extension The financing contract will be completed, simultaneously with a natural gas-fired
of the exclusivity agreement related to the however, only after the negotiations with thermoelectric plant, the first such facility
negotiation of the acquisition of 100% of Exxon are completed, it is approved by in the port in the northern region of Rio de
ExxonMobil Exploration and Production Romgaz shareholders and endorsed by Janeiro, Klaipedos Nafta.
Romania — the vehicle through which shareholders. Natural gas required for the
ExxonMobil group owns 50% in the Neptun On June 17, the parties signed an thermoelectric plant will be supplied via the
Deep offshore natural gas perimeter in the exclusivity agreement by which the seller LNG import terminal – a FSRU BW Magna,
Black Sea. has granted Romgaz an exclusive right for a a 28mn m3 per day operational LNG floating
On October 5, Romgaz and ExxonMobil period of four months until October 15, with storage regasification unit.
agreed to extend the exclusivity period respect to the negotiations for the acquisition Klaipedos Nafta was appointed the
from October 15 to November 15. All other of all shares issued by ExxonMobil operator of the LNG terminal in Acu back in
clauses of the exclusivity agreement remain Exploration and Production Romania, 2020 for the initial term of 13 years, which
unchanged. company that holds 50% of the rights and might be extended upon mutual agreement.
Romgaz previously announced on obligations under the Concession Agreement The respective agreement for the
September 30 in a note to investors that for petroleum exploration, development and provision of services was signed between
it initiated a non-binding process with a production in XIX Neptun Deep Block. Klaipedos Nafta, its company in Brazil and
view to obtaining offers for financing of Gas Natural Acu (GNA), a joint venture
RON1.6bn (€320mn), or the equivalent in established by Prumo Logistica, BP and
euros. Lithuania’s KN kicks off Siemens.
The purpose of the RON1.6bn loan Klaipedos Nafta plans to become the
is “covering a portion of the acquisition commercial operations of LNG operator of at least five LNG terminals
of 100% in ExxonMobil Exploration and worldwide and a stakeholder in four
Production Romania Holdings Ltd and terminals over the next ten years..

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