Thursday, September 19, 2019

Adriatic News

OPT Wave Power System Reaches Milestone

File Image: Ocean Power Technologies

US-owned renewable energy company Ocean Power Technologies (OPT) announced that the Company's PB3 PowerBuoy deployed in the Adriatic Sea has produced more than one MegaWatt-hour (MWh) cumulative energy to date. The cost-effective ocean energy solutions provider said that the PowerBuoy has been deployed for six months, operating continuously and error-free while being controlled remotely from OPT’s NJ facility.George H. Kirby, OPT’s President and Chief Executive Officer said, “We are excited to announce this major power generation milestone for our PB3 PowerBuoy deployed in the Adriatic Sea.

Energean Facing Delays at Epsilon

File photo: GSP Jupiter rig towed to Epsilon Oil Field (Photo: Energean)

Energean trimmed the top end of its 2019 production forecast after facing delays at its Epsilon well in Greece, the oil and gas producer said on Thursday.Energean expects to produce between 5,000 and 5,500 barrels of oil per day in 2019, compared to its earlier outlook range of between 5,000 and 6,000 bopd.The company, which is focused in the Mediterranean, said full-year adjusted core earnings more than doubled, driven by higher output at its Greece operation and lower production costs.Energean said adjusted earnings before interest, taxes, depreciation, amortization and exploration expense (EBITDAX) rose to $52.4 million in the year ended Dec.

Croatia Publishes Tender for Oil and Gas Exploration

© ilijaa / Adobe Stock

Croatia published a tender for gas and oil exploration in mountainous areas of the country's central and southern regions, the state hydrocarbon agency said on Monday."The deadline for submitting bids is Sept.10, 2019 at 1200(1000 GMT). A tentative deadline for awarding licences is December," the agency said.The exploration in the Dinarides region will take place in four blocks with an overall area of 12,134 square km.

First Steel Cut for Karish and Tanin FPSO

(Image: Energean)

Energean Oil and Gas announced that first steel was cut on the Karish and Tanin floating production storage and offloading (FPSO) vessel at the COSCO yard in Zhoushan, China, on Monday. The FPSO is scheduled to be delivered to the Karish field offshore Israel in late 2020, ahead of first production in the first quarter of 2021.The FPSO, which will be installed 90 kilometers offshore, will be the first FPSO to operate in the Eastern Mediterranean. It will have a gas treatment capacity of 800 MMscf/day (8 BCM/per annum) and liquids storage capacity of 800…

Croatia Extends Bidding Deadline Again for Adriatic LNG Terminal

Croatia has again extended a deadline for submitting binding bids for the use of a planned floating liquefied natural gas (LNG) terminal in the northern Adriatic."The deadline has been moved from Sept. 28 to Dec. 20 this year," state-owned LNG Croatia said in a statement on its website on Thursday.The decision was taken after a request from potential bidders, it added.The first time the deadline was extended in early August was for the same reason.The terminal on the northern Adriatic island of Krk is planned as part of the European Union's efforts to diversify from Russian energy imports.

Croatia Extends LNG Terminal Gas Bidding Deadline

A deadline for bids on output from a planned offshore liquefied natural gas (LNG) terminal to be built on Croatia's northern Adriatic island of Krk has been extended until Sept. 28, developers LNG Croatia said on Friday.Demand will dictate the capacity of the 250 million euro terminal, which is part of EU-led efforts to diversify away from Russian energy imports.The deadline on bidding for output was Aug. 3 but was delayed on requests from potential customers who are still in negotiations, LNG Croatia said.The European Commission…

MOL buys Eni's Adriatic Offshore Gas Stakes

Image: ENI

MOL Group’s Croatian INA agreed to buy Eni Croatia BV, a wholly-owned member of Eni Group, through which Eni participated in the joint project of gas production in Croatia’s offshore areas Northern Adriatic and Marica.INA will become the 100% owner and the sole operator of the Northern Adriatic and Marica fields after all conditions are fulfilled, including receiving clearance from the antitrust authorities, which is expected in the coming months.The transaction covers 4.3 million barrels of oil equivalent (boe) proven and probable reserves and would increase hydrocarbon production by around 2…

Croatia Reopens Bidding for LNG Terminal Capacity

LNG Hrvatska launched a second round of bidding for potential operators of an offshore liquefied natural gas (LNG) terminal in Croatia's northern Adriatic on Friday, after the previous round drew little interest.Last week, Croatia's parliament passed a law to enable the construction of the terminal, part of a European Union drive to diversify away from Russian gas imports.The project, which will be built on the island of Krk will be partly funded by the EU but has been criticised by environmental groups and local councils.LNG Hrvatska…

Croatia Acts to Cut Red Tape for FSRU Terminal Project

© Wojciech Wrzesien / Adobe Stock

The Croatian government proposed a special law on Thursday to facilitate the construction of an EU-backed liquefied natural gas (LNG) terminal in the northern Adriatic.The floating terminal is expected to start operations in 2020.The European Union wants the facility to help diversify sources of supply and reduce dependence on Russian gas, most notably for countries in central Europe.Brussels will invest 101.4 million euros ($121 million), or 28 percent of the project's assessed value.The law, which will help untangle property issues and other factors…

Croatia Seeks Fresh Bids to Supply Future LNG Terminal

© Wojciech Wrzesien/ Adobe Stock

Croatia on Tuesday issued a fresh tender to provide a ship-based import terminal for a planned liquefied natural gas (LNG) terminal on the island of Krk in the northern Adriatic, part of an EU drive to diversify away from Russian gas imports.LNG Croatia, the firm behind the project, said the previous tender has been cancelled because of the need to scale down the size of the project and its cost, but did not provide details.The initial projected capacity of the terminal was 2.6 billion cubic metres of gas a year.A June 8 deadline has been set for submitting bids for delivery of floating storage and regasification unit (FSRU)…

First Wind Farm Operational in Coal-reliant Bosnia

© Rob Bouwman / Adobe Stock

Bosnia's maiden wind farm began producing electricity on Wednesday as part of the country's efforts to cut greenhouse gas emissions and meet the renewable energy standards of the European Union it aspires to join. The 50.6 megawatt (MW) Mesihovina wind power plant, located near the northwestern town of Tomislavgrad, consists of 22 turbines and can produce 165.2 gigawatt-hours (GWh) of power a year, or enough to supply 27,500 households. The turbines are set in rocky-mountainous terrain ascending the Duvanjsko field. The project was commissioned by majority state-run power utility Elektroprivreda HZHB (EHZHB)…

EIB Approves $1.85 Bln Loan to TAP Gas Pipline

The European Investment Bank on Tuesday approved a 1.5 billion euro ($1.85bln) loan for the Trans-Adriatic Pipeline (TAP) to bring new gas supplies to Europe and reduce dependence on Russia, a spokesman for the EIB told Reuters. TAP, the end piece of the $40 billion Southern Gas Corridor, is slated to bring up to 10 billion cubic metres of gas from the giant Azeri Shah Deniz II field to Italy by 2020, crossing Georgia, Turkey, Greece, Albania and the Adriatic Sea. Shah Deniz 2 is one of the world's largest gas fields and is developed by a BP-led consortium. TAP shareholders include Azerbaijan energy group Socar, BP and Italian gas group Snam.

Croatia to Speed up Building of LNG Terminal in Adriatic

© Carabay / Adobe Stock

Croatia will pass a special law to speed up the construction of a liquefied natural gas (LNG) terminal in the northern Adriatic, Prime Minister Andrej Plenkovic said on Thursday. Croatia produces more than half of its gas consumption, some 2.5 billion cubic metres (bcm) a year. Once the LNG terminal is built it hopes to be able to supply both its own market as well as central and eastern European countries. "Our aim (is) to pass a special law as a key message that it is a strategic project for us. We want to better position Croatia on the European energy map and diversify energy sources," Plenkovic told a cabinet session.

$500 Mln Loan Approved for TANAP Gas Pipeline Project

The board of the European Bank for Reconstruction and Development (EBRD) has approved a $500 million loan for the Trans-Anatolian Natural Gas Pipeline (TANAP), the largest part of a $40 billion project to bring new gas supplies to Europe. The so-called Southern Gas Corridor is expected to bring around 16 billion cubic metres per year to Europe by 2020 from the Shah Deniz 2 field in Azerbaijan via TANAP through Turkey, the South Caucasus pipeline extension through Georgia and the Trans-Adriatic Pipeline (TAP) to Greece, Albania and Italy. Shah Deniz 2 is one of the world's largest gas fields and is developed by a BP-led consortium.

MET International Plans to Boost LNG Trades

Switzerland-based MET International AG plans to boost its liquefied natural gas (LNG) trades in Europe by 50 to 100 percent next year, the company's chief executive said on Tuesday. Gyorgy Vargha said that while the company had traded one cargo, or 60,000 tonnes of LNG, per month this year, this is expected to rise to between 1.5 and two cargoes per month in 2018 as MET seeks to increase its role in that segment. MET International was established in 2010 as the natural gas trading arm of parent MET Group, whose activities include gas, oil and power generation in Hungary, Croatia, Romania, Slovakia, Switzerland and the United Kingdom, among others.

Gastrade Signs LNG Deal with State-owned DEPA

Greece's state controlled natural gas firm DEPA signed a cooperation agreement on Thursday with natural gas company Gastrade to participate in the development of a liquified natural gas terminal in northern Greece, DEPA said. Greece currently has one LNG terminal on an islet off Athens. Gastrade, part of Greek energy group Copelouzos, is planning a second LNG terminal near the northern city of Alexandroupolis. The project has been described as a 'project of common interest' by the European Union. Gastrade will hold at least 20 percent stake in the scheme, a source close to the matter said, with LNG carrier operator GasLog another 20 percent.

TAP Pipeline Appoints New Country Manager for Greece

Trans Adriatic Pipeline (TAP), the end piece of the $40 billion Southern Gas Corridor, has appointed a new country manager for Greece, it said on Wednesday. TAP, which will bring Azeri gas into Europe by 2020 via Greece and Albania, said Katerina Papalexandri will take over from Rikard Scoufias on Sept. 1. Papalexandri previously worked for BP, where she has held numerous senior positions since 1998, including senior commercial manager for the Southern Gas Corridor. BP holds a 20 percent stake in TAP. Azerbaijan's SOCAR, Italy's Snam, Belgium's Fluxys, Spain's Enagas and Axpo are the remaining stakeholders.   Reporting by Angeliki Koutantou

Hungary Joins Gazprom Pipeline, as Trump Touts US LNG

Hungary signed a deal with Russia's Gazprom to link the country with the Turkish Stream pipeline by end-2019 on Wednesday, a day ahead of President Donald Trump's trip to Poland, where he is expected to promote U.S. LNG exports. "This will improve Hungary's energy security a great deal, so it is in our strategic interest for this cooperation to start," state news agency MTI quoted Foreign Minister Peter Szijjarto as saying. Natural gas supplies to eastern Europe have been a major area of competition between incumbent pipeline power Russia and the United States…

Trump to Promote US Natgas Exports in Russia's Backyard

President Trump (File photo: Gage Skidmore)

President Donald Trump will use fast-growing supplies of U.S. natural gas as a political tool when he meets in Warsaw on Thursday with leaders of a dozen countries that are captive to Russia for their energy needs. In recent years, Moscow has cut off gas shipments during pricing disputes with neighboring countries in winter months. Exports from the United States would help reduce their dependence on Russia. Trump will tell the group that Washington wants to help allies by making it as easy as possible for U.S. companies to ship more liquefied natural gas (LNG) to central and eastern Europe, the White House said.

Snam in Talks to Buy LNG Terminal Stake from Edison

Photo: Adriatic LNG

Italian gas group Snam is in exclusive talks with EDF's Italian unit Edison to buy a stake in a liquefied natural gas terminal in northern Italy as part of plans to develop its LNG business, two sources said. Snam, controlled by state lender Cassa Depositi e Prestiti, is looking to buy Edison's 7.3 percent stake in Terminale LNG Adriatico and the gas pipeline that connects it to Italy's gas transmission backbone, the sources said. Adriatic LNG, which has a capacity of 8 billion cubic metres per year, is 70.7 percent owned by ExxonMobil and 22 percent by Qatar Petroleum. Exxon and Qatar have a pre-emption right on Edison's stake.