Page 12 - EurOil Week 04 2022

EurOil NEWS IN BRIEF EurOil

the EU’s climate policy objectives.
Turkey’s oil imports up one Fondul Proprietatea wants Union will support studies enabling
“We are very pleased that the European
fifth to 4.28mn tonnes in to sell quickly 3-5% of OMV expansion of the Northern Lights
infrastructure to over 5 million tonnes
November Petrom per year. The FEED study will cover the
expansion of the facilities, including the
Turkey’s oil imports grew by 19.9% to Franklin Templeton, in its capacity of alterna- receiving terminal located in Øygarden in
4.28mn tonnes in November, according tive investment fund manager of Romania’s western Norway,” said Cristel Lambton,
to a report issued by the country’s energy largest investment fund Fondul Proprietatea Technical Director in Northern Lights JV.
regulator on January 26. (FP), on January 19 announced the launch The planned expansion will include
Crude oil shipments increased by 15.7% of an accelerated bookbuild offering of up subsea facilities and capacity increase
to 2.98mn tonnes. Imports of diesel types to 1.7bn ordinary shares (representing a 3% of the onshore receiving terminal in
expanded by 27.3% to 947,290 tonnes. stake) in OMV Petrom. Øygarden: A second jetty to cater for
Also in November, oil-poor Turkey— Book building will commence immediately. additional volumes of imported CO2
almost entirely dependent on imports for Petrom will not receive any proceeds from from larger ships; Additional intermediate
oil and gas—imported most crude oil and the transaction. storage for CO2 with additional volume;
oil products from Iraq at 1.64mn tonnes, The Fund, depending on the investors’ Additional CO2 export pumps.
followed by Russia at 1.43mn tonnes and interest, may decide to add another 1.15bn (2% The Northern Lights project comprises
India at 424,797 tonnes. of total) shares, resulting in a total of up to 5% transportation, receipt, and permanent
Total domestic oil product sales were up stake in OMV Petrom potentially for sale. storage of CO2 in a reservoir in the
by 1.2% to 2.65mn tonnes. Diesel sales were The latest data show that FP owns 7% of northern North Sea, and will be open to
down 3.1%. Petrom after making several such accelerated third parties. The project will initially
sales recently. include the capture of CO2 from
Usually, such sales are immediately reflected Norwegian industrial capture sources.
Turkey’s natural gas imports in the share price of the target company (OMV The project is planned to be the first-
Petrom in this case) in a negative sense, given ever cross-border, open-source CO2
fall 2% in November though the fact that the Fund sells at prices below the transport and storage infrastructure
network, offering European industrial
market price prevailing at the time of the accel-
LNG imports up 135% erated bookbuild offering. emitters the opportunity to store their CO2
The main buyers of such offers are the Pillar permanently underground. Once the CO2
Turkey’s natural gas imports fell by 2% y/y II pension funds. The most recent such sale of is captured onshore, it will be transported
in November last year, with pipeline imports Petrom dates from the autumn of 2020, when by newly designed ships, injected, and
falling 29.6% and liquefied natural gas FP sold a 3% stake for RON560mn (€120mn). permanently stored 2,600 meters below the
(LNG) imports rising 135.1%, data from the The offer was completed within one day at that seabed of the North Sea.
country’s energy watchdog EPDK showed on time. Phase one of the project is planned to
January 25. be completed in mid-2024 with a capacity
The data was issued with Turkey in the to store up to 1.5 million tonnes of CO2
midst of an energy crisis, with gas shortages EU clears Norwegian CCS per year, in the Johansen formation south
blamed for a move by the authorities of the Troll offshore field. As demand
to introduce temporary suspensions of project for funding from industrial sectors in Europe grows,
production at industrial zones. Northern Lights will increase storage
Natural gas imports last November Norwegian carbon capture and storage capacity.
decreased to around 5.04bn cubic metres project Northern Lights is set to receive
(bcm) from approximately 5.15 bcm in four million euros from the EU under the
November 2020. Pipeline gas shipments Connecting Europe Facility (CEF) funding Wellesley sinks dry well in
amounted to 3.02 bcm, while LNG deliveries scheme.
reached 2.02mn cubic metres (mcm). The Northern Lights joint venture, Norwegian North Sea
Russia supplied 1.61 bcm of natural gas, owned by Equinor, TotalEnergies, and
while the US and Iran shipped 833 mcm and Shell, said Thursday that the European Oil and gas company Wellesley Petroleum
796 mcm, respectively. Other gas suppliers Commission had announced that EU has completed the drilling of the wildcat
were Algeria, Greece, Kazakhstan and Libya. countries had agreed to provide the well 36/1-4 S in the North Sea off Norway,
The country’s total gas consumption funding. and the well is dry, the Norwegian
increased by 5.6% y/y to approximately 4.86 The funding is planned for Front-End Petroleum Directorate said January 26.
bcm in November. Engineering Design (FEED) studies for Wellesley Drilled the well some 40
Household consumption grew by 6.9% to the expansion of the Northern Lights CO2 kilometers west of Kristiansund and
1.23 bcm while the use of gas in power plants transport and storage capacity to over 5 about 44 km north of the Gjøa field in
decreased by 3% to 1.58 bcm during the million tonnes per year. the northern part of the North Sea, using
same period. Northern Lights will be awarded the the Borgland Dolphin semi-submersible
The natural gas volume in storage in funding based on its designation as a drilling rig.
November 2021 declined by 18.5% y/y to Project of Common Interest (PCI) in The objective of the well was to prove
around 2.41 bcm. Europe under the 4th PCI list, a key cross- petroleum in Middle Jurassic reservoir
border infrastructure project that supports rocks in the Krossfjord Formation. The

P12 www. NEWSBASE .com Week 04 27•January•2022