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prevalent geological structure, the The drilling programme for well 6407/1- The engineering and construction
Carpathian Foredeep Basin miocene 8 S & A relates to the drilling of wildcat specialist recognised quarterly net loss of
formation. wells in production licence 263 D. $922mn, against profit of $24mn in Q2
According to PGNiG’s estimates, annual Equinor is the operator with an 2019.
gas production from Korzeniówek-2K will ownership interest of 80% and its partner is Diluted loss per share was $3.06 in Q2
be close to 17.4 mcm, plus approximately Pandion Norge with the remaining 20%. 2020 versus diluted earnings per share of
6.6 mcm from the previously drilled The area in this licence consists of part of $0.09 in Q2 2019.
Korzeniowek-1K. block 6407/1. Second quarter revenue of $754mn
The well will be drilled about 9 km east was 21% lower than the prior-year
of the Maria field. period, but broadly in line with the first
INA swings to net loss in H1 out on 2 March 2018 in APA 2017. This is quarter of 2020.
Production licence 263 D was carved
This reflected continued low activity
Croatian oil and gas company INA the first exploration well to be drilled in the levels in the North Sea, an absence of
[ZSE:INA-R-A] said on Tuesday it turned licence. conventional activity offshore Africa and
to a consolidated net loss of HRK965mn the Middle East.
($150.8mn) in the first half of 2020, from SURF and Conventional revenue
a profit of HRK188mn in the same period Petrofac wins two-year well for the second quarter was $625mn, a
last year. decrease of $217mn or 26% in Q2 2019.
INA’s net sales revenue fell 28% year- deal Revenue in the Life of Field business
on-year to HRK7.08bn in the January- unit was $62mn, a decrease of $4mn
June period, as the price of oil and gas Oilfield services provider Petrofac has compared with Q2 2019.
plummeted due to the coronavirus been awarded a two-year contract with Revenue in the Renewables and Heavy
pandemic, the company said in an NEO Energy, which doubled Petrofac’s Lifting business unit was $66mn, up
unaudited consolidated financial report UK portfolio. $17mn from Q2 2019.
filed with the Zagreb Stock Exchange (ZSE). The contract was awarded to Petrofac’s The company booked a restructuring
“With the easing of the restrictive Engineering and Production Services (EPS) charge of $104mn and $30mn costs
measures connected to COVID-19 business. associated with Covid-19.
pandemic, the global oil market has started Petrofac said on July 29 that, under the It also took impairment charges
to stabilise, but the oil and gas industry is terms of the agreement, it will provide totalling $807mn.
far from a full recovery,” INA said. Well Management and Well Operator These included $229mn relating to
Six-month EBITDA excluding special support for 25 production wells across the property, plant and equipment and right-
items turned to a negative HRK54mn, from Affleck, Balloch, Dumbarton, Flyndre, and of-use assets and $578mn relating to the
a positive HRK1.1bn in January-June 2019. Lochranza fields. impairment of goodwill.
Capital expenditure plummeted 56% to NEO Energy has acquired a portfolio of
HRK518mn in the review period. assets in four producing areas of the UK
“Capex was significantly lower compared North Sea from Total. The contract also Ignitis expands its operations
to H1 2019 due to the high base effect, as a positions Petrofac to support future well
major turnaround in the Rijeka refinery in construction and intervention campaigns. in Poland
2019 boosted investments last year,” INA The new contract builds on Petrofac’s
added. previously awarded Integrated Services Ignitis Polska, a Polish subsidiary of
Net sales in the exploration and Contract for NEO Energy, through which it Ignitis, entered the country’s market of
production segment fell by 41% to provides ongoing operational, maintenance, electricity and natural gas supply for
HRK1.18bn and the segment’s EBITDA engineering and construction support in business customers. Strengthening the
excluding special items decreased by 55% to support of the operator’s UK activities. position in the Polish market is one of
HRK554mn. As Well Operator, Petrofac will be the goals set in the renewed long-term
Moreover, net sales in the refining and responsible for direct procurement and corporate strategy of Ignitis Group.
marketing segment fell 27% to HRK6.8bn, management of all subcontracted services. Founded in 2017, Ignitis Polska so far
with the segment’s EBITDA excluding Petrofac will also deploy its project engaged only in the wholesale electricity
special items amounted to a negative management software, Turus, to ensure trading on the stock exchange, selling up
HRK682mn, compared to a negative efficient project delivery. to five terawatt-hours of electricity per
HRK63mn in the same period last year. Commenting, Nick Shorten, Managing year in the Polish wholesale electricity
Director for Petrofac Engineering and market.
Production Services in the Western “We have been operating in the Polish
Equinor cleared for wildcat Hemisphere, said: “This award builds on market for several years, we’ve accumulated
considerable experience, therefore we are
our existing track record for delivering Well
wells in Norwegian Sea Operator services for clients in the UKCS, aware of the needs and expectations of local
bringing the size of our well portfolio in the
customers,” Diana Kazakevic, Regional
The Norwegian Petroleum Directorate basin to 50”.. Manager of Ignitis Group for Poland, said.
(NPD) has granted Equinor a drilling “As a result, entering the segment of energy
permit for wells located in the supply to business customers is natural for
Norwegian Sea. Subsea 7 slumps in Q2 loss the further development of the company.”
The well 6407/1-8 S and A will be
drilled from the West Hercules drilling Subsea 7 has booked a major loss in Q2
rig after concluding the drilling of wildcat 2020 on restructuring and impairment
well 34/11-24 S for Equinor in production charges as well as activity drop in the
licence 248 C. SURF and conventional business units.

Week 30 30•July•2020 www. NEWSBASE .com P21