Page 10 - EurOil Week 04 2022
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EurOil                                 PIPELINES & TRANSPORT                                           EurOil

       Greece-Bulgaria gas link operator

       joins capacity platform

        BALKANS          THE operator of a gas pipeline connecting Bul-  suffered delays and asked for more time. ICGB’s
                         garia and Greece due to be commissioned later  operator now says the pipeline should be up and
       ICGB will provide   this year has joined Europe’s Prisma platform for  running in 2022.
       Bulgaria with up to 3   auctioning transmission capacity.  In its own statement, ICGB said that more
       bcm per year of gas.  In a statement on January 25, Prisma said that  than half of the pipeline’s capacity, or 1.57 bcm
                         Interconnector Greece Bulgaria (ICGB) join-  per year, has already been reserved. The rest will
                         ing the platform “represents an important step  be offered on Prisma.
                         towards the integration of the Eastern European   “Four out of the five shippers that have
                         market into our well-established community of  booked capacity are entirely new to the Bulgar-
                         European operators, thus increasing the harmo-  ian market and that leads us to believe the inter-
                         nisation and transparency of the gas market.”  national and market interest in the project will
                           ICGB will provide Bulgaria with up to 3bn  only be growing after its commercial launch,”
                         cubic metres of gas, ending Russia’s monopoly  ICGB said.
                         over the country’s gas market. This will be gas   Forty infrastructure operators in 19 Euro-
                         that has arrived in Greece in LNG form, or has  pean gas markets auction off their capacity on
                         been sent from Azerbaijan via the Southern Gas  Prisma, with some 660 shippers participating.
                         Corridor (SGC). There is a proposal to expand   While reaching out to gas from Greece, Bul-
                         the pipeline’s capacity to 5 bcm per year at a later  garia is also cementing its energy relationship
                         stage.                               with Russia by hosting part of the European
                           The pipeline had been scheduled for start-up  extension of TurkStream, known as Balkan
                         in 2020, but Greek construction contractor Avax  Stream. ™


       Var Energi reveals IPO plan

        NORWAY           ENI’S Norwegian joint venture with private  Norway. The business included shares in 20 pro-
                         equity firm HitecVision plans to stage an initial  ducing fields.
       Var Energi is banking   public offering (IPO), banking on strong pros-  Var Energi is the largest pure play on the Nor-
       on a strong outlook for   pects for natural gas, the company reported on  wegian Continental Shelf (NCS). It produced on
       gas.              January 24.                          average 247,000 barrels of oil equivalent per day
                           Var Energi will also apply for a listing on the  (boepd) for the three months ending September
                         Oslo stock exchange, Eni said, giving it access to  30, 2021. It had 1.1bn boe in net reserves as of
                         Norwegian and international capital markets  that date. ™
                         and diversifying its ownership structure. The
                         company added that the sale would free up capi-
                         tal it could use to accelerate its energy transition
                           Eni will retain a majority ownership in Var,
                         the company said, adding that the offering would
                         take place in Norway, Sweden, Finland and Den-
                         mark. It will also make a private placement to
                         certain institutional investors internationally, it
                           Eni has a 69.9% interest in Var, launched in
                         2018, while HitecVision has 30.2%. It expanded
                         its portfolio significantly in 2019 through the
                         $4.9bn purchase of ExxonMobil’s business in

       P10                                      www. NEWSBASE .com                        Week 04   27•January•2022
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