Page 16 - EurOil Week 06 2021

EurOil PROJECTS & COMPANIES EurOil

Providence denies merger talks

IRELAND LONDON-LISTED Providence Resources has oil and gas field, working closely with Irish com-
dismissed a report that it is holding merger nego- panies to progress the project,” Providence CEO
Irish authorities have tiations with Norway’s SpotOn Energy. Alan Linn said. “We will also be engaging regu-
also approved surveys Ireland’s Business Post broke the story on Feb- larly with the coastal communities on the south
to be undertaken at ruary 7 that the company had been approached coast, keeping them fully involved with project
the site. by SpotOn with a merger offer. Providence and progress.”
its partner Lansdowne Oil & Gas reached an Progress at Barryroe comes at a difficult time
agreement in December to farm out a 50% stake for Ireland’s upstream sector. Irish Climate Min-
to SpotOn in Barryroe, Ireland’s largest offshore ister Eamon Ryan obtained Cabinet approval on
oil discovery. The deal is aimed at funding fur- February 2 to ban new licences for oil and gas
ther development of the find. exploration, following through on a campaign
“While Providence, like any public limited pledge the government made last year. How-
company, considers all opportunities to maximise ever, the ban will not have an impact on “existing
shareholder value, we are not currently involved authorisations, with applications for authorisa-
in any merger discussions with any party,” Provi- tions and activities remaining subject to techni-
dence explained in a London stock filing on Feb- cal, financial and environmental assessments as
ruary 8. “We will continue to work closely with appropriate.”
SpotOn Energy to deliver the necessary funding The Irish Offshore Operators’ Association
to develop the world-class Barryroe asset.” (IOOA) responded, saying it welcomed the
Under the terms of the farm-out, SpotOn is government’s clarification. “This will enable
leading a team of international service providers our members to proceed with projects around
Schlumberger, Aker Solutions, AGR, Maersk the Barryroe and Corrib fields with confidence,”
Drilling, Keppel FELS and Aibe to cover the cost IOOA chairman Alan Linn said.
of an early production scheme at Barryroe. However, Linn added the association “ques-
Providence and Lansdowne also said this week tion[ed] the rationale for a future ban on explo-
that Irish authorities had approved surveys at Bar- ration on a legislative basis, as it limits Ireland’s
ryroe, needed to prepare the site for future drilling. options for energy security in the future.”
“With this approval now in place we can Ireland will need more gas discoveries to off-
begin the detailed work required to complete set decline at the Corrib field, its only source of
the environmental and regulatory approvals for domestic supply, the industry argues, or it will
the appraisal and development of the Barryroe become ever more reliant on energy imports. ™
NEWS IN BRIEF

Poland’s PKN Orlen eyes Turkey’s Global Holding with an estimated 25% market share in CNG
(compressed natural gas) and LNG (liquefied
120 OMV filling stations in applies for Naturelgaz IPO natural gas) with a total sales volume of
173.4mn cubic metres in 2020.
Slovenia Global Yatirim Holding (GYH) has applied nine auto-CNG stations constitute the widest
The company’s 13 mother-stations and
to Turkey’s capital markets board to make an
Polish oil refiner and petrol retailer PKN initial public offering (IPO) of shares in its network in Turkey, according to information
Orlen plans to analyse the potential natural gas subsidiary Naturelgaz. on its website.
acquisition of the 120 filling stations in The offering would include the issuance of Naturalgaz also envisages expanding
Slovenia put up for sale by Austria’s OMV, new ordinary shares and the sale of existing its operations to Sub-Saharan countries
Polish media reported. shares. where the lack of pipeline infrastructure is
“We are analysing all offers that appear in the “The company will issue 14.99mn new an opportunity to transport natural gas to
region. So we will also analyse this one,” Polish shares, increasing the total number of shares power and industrial plants.
news agency PAP quoted PKN Orlen board issued to 115mn. In addition, GYH plans
member Patrycja Klarecka as saying on February 8. to sell 16.2mn existing shares and shall also
Last week, OMV said it plans to divest make an additional 3.1mn shares available Tender for construction
its business in Slovenia as part of a 2 billion pursuant to an over-allotment option,”
euro ($2.4 million) asset disposal programme Global said in a statement. of Nis-Dimitrovgrad gas
aimed to reduce its gearing ratio. With its GIH would remain the largest individual
limited integration within the downstream shareholder in Naturelgaz following the pipeline to be launched in
oil value chain, the divestment of the IPO while the free-float was expected to
business in Slovenia represents a further be around 30% upon the completion of the mid-February
step in OMV’s portfolio optimisation, the offering including the over-allotment option,
Austrian company explained. the statement added. The tender to pick a contractor for the works
OMV currently operates filling stations GIH currently holds a 95.5% stake in the on the Nis-Dimitrovgrad gas pipeline will be
under the OMV, Eurotruck, Avanti and company. opened in seven to ten days, said Serbia’s Minister
Diskont brands in Slovenia.. Naturelgaz is Turkey’s leading non- of Mining and Energy Zorana Mihajlovic, as
pipeline natural gas distribution company announced on the ministry’s website.

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