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Spain’s Enagas enjoys bump in
profits despite COVID-19
SPAIN SPANISH gas grid operator Enagas achieved a terminals grew by nearly 4% y/y, with the facili-
modest 4.7% growth in net profits from Janu- ties unloading some 190 carriers.
Supplies at its LNG ary to September to €349mn ($413mn), despite Commenting on the market’s state, Ena-
import terminals grew headwinds caused by the coronavirus (COVID- gas said the return in gas demand to pre-pan-
almost 4% year on year. 19) pandemic. demic levels in September was cause for
Enagas cited cost control and stable revenues optimism. It sees full-year consumption
as key factors behind its resilient performance. reaching 353 TWh, which is down from 398
Revenues came down by 4.8% year on year to TWh in 2019 but still more than the level in
€831mn, but expenses also fell 4% to €222mn. 2018. Its grid has worked at maximum tech-
The company also benefited from a non-recur- nical and commercial capacity and its storage
ring €18.4mn gain from changes in exchange facilities are almost full.
rates. The operator has not recorded any significant
The company, which operates Spain’s LNG financial impact from the pandemic, and neither
import terminals, also said it still expected have the companies in which it has interests, it
to earn €440mn in full-year income, as per its said. Enagas can also look forward to the launch
previous guidance. It has kept its commitment later this year of the Trans-Adriatic Pipeline
to reward shareholders with €1.68 per share in (TAP) that will pump gas from Azerbaijan to
dividends for the year. southern Europe. Enagas has a 16% interest in
Supplies taken in at its regasification the project.
INVESTMENT
Valeura sheds shallow
gas business in Turkey
TURKEY LONDON-LISTED oil and gas explorer Valeura Valeura is continuing to look for a new part-
Energy said on October 20 it has agreed to sell its ner to join it at Banarli, with Guest telling S&P
The buyer is UK-based conventional gas production business in Turkey Global Platts in May that it expected offers from
TBNG. to UK-based TBNG for $15.5mn in cash. potential partners by the end of 2020.
Under the signed deal, the buyer will pay The transaction to sell the convention gas
Canada-based Valeura an additional $1mn to business will be processed through the sale of
$2.5mn in royalties over a five-year period upon all shares in Thrace Basin Natural Gas (Tur-
the closing of the transaction, Valeura said in a kiye) Corporation and Corporate Resources
statement. Valeura added that it plans to plough B.V. These are the subsidiaries through which
the proceeds from the sale into mergers and Valeura holds its conventional gas production
acquisitions that will accelerate its growth. assets in Turkey.
Valeura plans to develop the deep gas play Valeura’s is retaining its interest in its 20 Tcfe
at the Banarli block in the Thrace Basin took a unconventional gas play in the Thrace Basin.
blow earlier this year when Norwegian partner It will also keep access to local gas markets via
Equinor exited the project. The partnership was existing gas transportation and processing infra-
working on developing the unconventional gas structure for use in its ongoing deep gas appraisal
accumulation following a successful explora- activities.
tion well—Yamalik-1—announced in 2017. An Valeura expected that the transaction would
appraisal well, Inanli-1, was drilled at the site in be closed in the first quarter of 2021.
2019. Despite Valeura saying subsequent flow “We are continuing in our commitment to
tests from the well and a second well, Devepi- Turkey as we appraise our 20 Tcfe unrisked mean
nar-1, were encouraging, Equinor decided to prospective resource deep tight gas play,” Valeura
exit. CEO Sean Guest said.
Week 42 22•October•2020 www. NEWSBASE .com P15