Page 10 - Euroil Week 08 2020
P. 10
EurOil POLICY EurOil
Albania launches antitrust probe against Bankers Petroleum
ALBANIA
ALBANIA’S Competition Authority has launched an in-depth investigation against the biggest oil producer in Albania, Chinese-owned Bankers Petroleum, for possible violations of competition rules in the production and trade of crude oil.
The move followed media reports on protests and a hunger strike launched by employees of Balsh oil refinery operated by local company Tosk Energy, which accused Bankers Petroleum of creating such a situation. Bankers denied Tosk Energy’s claims.
“The subject of the Competition Authori- ty’s activity is not the contractual relationship between the parties, but the establishment of free and effective competition in the market, against any entity that violates competition rules,” the agency said in a statement.
“Tosk Energy failed to fulfill terms and conditions of the Crude Sales Contract from 2019 being in full breach with the clauses
many times,” Albanian Daily News reported on February 27 citing a statement from Bankers.
It added that it has already filed a defamation lawsuit in a Tirana court.
Bankers launched operations in Albania in 2004. In 2016 the company was purchased by Chinese Geo-Jade Petroleum for CAD575mn (€400mn).
Albania’s Competition Authority announced in October 2019 that it planned to launch a six-month investigation into whether Bankers Petroleum abused its dominance in the oil pro- duction sector in the country after local refiners Tosk Energy and Al.Global Oil complained to the regulator.
Bankers Petroleum is the biggest oil producer in Albania and also the country's biggest foreign direct investor. According to its website it was producing 20,000 barrels per day of oil in the country prior to the 2014 oil price crash.
PROJECTS & COMPANIES
Aker BP gets nod to develop Skogul field
NORWAY
Skogul is one of the smallest fields on the Norwegian shelf.
NORWAY’S Aker BP has been given the all-clear from regulators to start production at the Skogul oilfield in the Norwegian North Sea.
The Skogul field was discovered in 2010 within production licence 460, which Aker BP operates with a 65% stake alongside its partner, Poland’s PGNiG. A development and operation (PDO) plan for the project was approved in early 2018.
Skogul holds 9.4mn barrels of recoverable oil, making it one of the smallest fields on the Nor- wegian shelf.
The Norwegian Petroleum Directorate (NPD) announced on February 24 it had granted Aker BP approval to launch the field.
“Skogul contributes to good resource exploitation in the Alvheim area,” NPD Assistant Director for Development and Operations Arvid Osthus said in a statement. “The project serves as an example that even small fields can create value for the licensees and the Norwegian society.”
Aker BP aims to bring the field on stream in March as stated in its PDO, which estimated development costs at around NOK1.5bn ($160mn). Skogul will be exploited using a two-slot subsea template tied back to the Alvheim floating production storage and operating (FPSO) unit, also operated by Aker BP.
Exploration in the area surrounding Alvheim has led to a number of new discoveries, several of which have been developed using a tie-back to the main field. As a result, the Alvheim area is now assessed to contain double the reserves it was thought to hold when its development plans were approved in 2004.
Skogul lies in waters 100 metres deep some 30 km north-east of Alvheim. Its reservoir are located at a depth of 2,100 metres and contain oil with a minor gas cap in Eocene-age sandstone with excellent quality, according to the Norwe- gian petroleum ministry.
P10
w w w . N E W S B A S E . c o m Week 08 27•February•2020
