Page 18 - EurOil Week 38

EurOil PROJECTS & COMPANIES EurOil

Zennor pushes back Finlaggan

launch by one year

UK PRIVATE equity-backed Zennor has delayed Zennor plans to complete most of the remaining
the launch of its main Finlaggan gas conden- subsea work at Finlaggan, including installing
Production is now sate project by one year until the fourth quarter the manifold structure on the seabed and linking
slated to start in the of 2021, citing the impact of the coronavirus it with the pipeline and umbilical.
fourth quarter of 2021. (COVID-19). Zennor was bought by private equity fund
Finlaggan in the central UK North Sea holds Kerogen Capital in 2015, and Finlaggan is its
27mn barrels of oil equivalent (boe) in recovera- main focus. But it also has interests in the pro-
ble reserves. Zennor plans to use two subsea pro- ducing Mungo, Monan, Bacchus and Cormo-
duction wells tied back to the Britannia platform rant East fields, netting an output of 2,370 barrels
20 km away to exploit it. of oil equivalent per day from those assets last
Work on the project was 80% finished at the year, up from 1,680 boepd in 2018.
end of 2019, with production scheduled to start Thanks to this bump in production, Zennor
in the fourth quarter of 2020, Zennor said in a was able to increase its revenues from $44.6mn
financial report published by Companies House. to $60.8mn this year, according to the report. It
“However, as a result of the COVID-19 pan- also achieved a pre-tax profit of $12.7mn, versus
demic, the production start date is now expected a $5.4mn loss in the previous year.
to be delayed until Q4 2021,” Zennor explained. There were reports in October last year that
“The delay was necessitated by the deferral of the Hong Kong-based Kerogen was looking to sell
planned Britannia platform maintenance shut- Zennor, but no deal was reached.
down, during which the tie-in of the Finlaggan Zennor also revealed in the report that it had
wells is scheduled to occur.” agreed to sell its 11% interest in the Dana Petro-
Britannia and the connecting Forties Pipeline leum-operated Platypus gas project to one of
System (FPS) were due to go offline for main- its partners for a “nominal amount.” The others
tenance in June but the downtime was pushed involved in the project are CalEnergy Gas and
back to May next year. In the second half of 2020, Parkmead. ™

Maersk Drilling to halve CO2

emissions by 2030

DENMARK DANISH rig owner Maersk Drilling aims to do our part in addressing this,” Maersk Drilling
halve CO2 emissions from its drilling operations CEO Jorn Madsen said.
Maersk Drilling says the by 2030, it announced on September 18, follow- “The global energy demand is rising and the
ambition dovetails with ing similar pledges by many in the European oil expert consensus is that renewable energy will
its focus on improving industry. not be able to replace all traditional energy pro-
efficiency. The company said the ambition dovetailed duction within the foreseeable future,” he contin-
with its focus on improving efficiency. The ini- ued. “Therefore, the answer must be to provide
tiatives for achieving this goal include the devel- affordable energy, including oil and gas, while
opment of the first-ever rig to run on power keeping CO2 emissions under control.”
supplied from the shore. It is also upgrading two Maersk Drilling said its 2030 target supported
of the world’s largest jack-up rigs, Maersk Inte- the goals set out in the Paris Agreement.
grator and Maersk Intrepid, to produce lower By lowering its own emissions, Maersk Drill-
emissions. The upgrades include the installation ing will also help its customers lower theirs. It
of power batteries. estimates that it can get halfway towards reach-
Maersk Drilling has also joined a consortium ing its goal with further efficiency gains and
maturing one of the most advanced carbon cap- known technical solutions and concepts. The
ture and storage (CCS) projects in Denmark. remaining reductions will be achieved through
The scheme aims to capture emissions from investments in innovation.
onshore sites and transport them for storage in The company will measure its progress based
offshore reservoirs. on tonnes of CO2 emissions in connection with
“Climate change is one of the greatest chal- contracted days, drilling meterage and revenue.
lenges facing our society today, and we want to 2019 will serve as the baseline year. ™

P18 www. NEWSBASE .com Week 38 24•September•2020