Page 12 - EurOil Week 04 2022
P. 12

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
   7   8   9   10   11   12   13   14   15