Page 15 - EurOil Week 42
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EurOil                                PIPELINES & TRANSPORT                                           EurOil


       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. ™





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