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Gas Supplies for and from the Balkans Lessons Learned from the Exploration in the Black Sea

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Gas Supplies for and from the Balkans Lessons Learned from the Exploration in the Black Sea Gas supplies for and from the Balkans Lessons learned from the exploration in the Black Sea Kostadin Sirleshtov 3rd Balkan&EastMed Energy Law Forum | 29 Nov 2019 Is commerciality sufficient? Lessons learnt from Romania − Estimated gas reserves of 200 − Gas price cap for household bcm, offshore Romania; consumers and heating − ExxonMobil and OMV Petrom companies; spent around 2 billion USD for − The measures a likely to cost their deep offshore project the government $540 million in Neptune to prepare for taxes lost per year; production; − Transgaz shareholders − Final investment decisions rejected its 1.9 billion euro under questions given the legal ($2.1 billion) investment constraints; program including works on − Fiscal stability not in place; BRUA and a domestic pipeline for future offshore gas − Export restrictions on offshore production. gas; 3rd Balkan&EastMed Energy Law Forum | 29 Nov 2019 CMS Sofia Dry deep-water wells, what are the next steps Lessons learnt from Bulgaria − Three deep water wells in the biggest offshore Han Asparuh area, Bulgaria, operated by Total E&P Bulgaria Branch; • Announcement of oil discovery by Total in 2016 for the first well, Polshkov 1; • No quantities revealed; • No announcements on the following two deep water wells, Rubin 1 and Melnik 1; − First deep water well, offshore Bulgaria, Han Kubrat area, operated by Shell Exploration and Development International, Bulgarian Branch • No announcement on the results of the campaign 3rd Balkan&EastMed Energy Law Forum | 29 Nov 2019 CMS Sofia Dry deep-water well, what are the next steps Lessons learnt from Bulgaria − What we have seen so far: • Initially both permits were • Lack of infrastructure; awarded to a single permit • More elaborate environmental holder; protection procedures; • Subsequent transfer of rights • Expected legislative changes and obligations to form joint in the Underground Resources operations; Act to give regulation of matters • Vast areas to be examined and which currently lack regulation; explored; • Growing gas supply demand; • Insufficient legislative term • Growing needs for gas for prospecting and storage facilities as Chiren gas exploration – 5 years plus 2 storage facility is in practice with plus 2 plus 1 (for appraisal of full capacity; commerciality); • Scarce output date. • Rather slow administration; 3rd Balkan&EastMed Energy Law Forum | 29 Nov 2019 CMS Sofia Dry deep-water well, what are the next steps Lessons learnt from Bulgaria − Offshore Bulgaria oil and gas production below radar because: • No major discovery offshore Bulgaria yet; • Only Galata Gas field production operation, offshore Bulgaria, below 5 % of gas supply for the country; • clear royalties paying scheme. − Offshore Bulgaria oil and gas production possible concerns: • Gas price volatility impact; • Border dispute issues – Romania; exploration borderline - Turkey; • Gas pipeline infrastructure run by state owned company / full capacity. 3rd Balkan&EastMed Energy Law Forum | 29 Nov 2019 CMS Sofia The stability clause – key factor for the success of the drilling campaigns − The existing stability clause: − “art. 63 In the event of changes in the Bulgarian legislation that may restrict the rights or may cause material damage to the holder of license for prospecting and exploration or for exploration or to the concessionaire, upon request thereby the terms and conditions of the concluded contract shall be amended so as to restore his rights and interests in conformity with the initially concluded contract.” − No changes proposed to this text in the upcoming amendment of the Underground Resources Act; − Issues stemming from the existing stability provision: • No clarity whether it applies to tax stability and royalties payable; • No linkage between exploration and prospecting phase and production; 3rd Balkan&EastMed Energy Law Forum | 29 Nov 2019 CMS Sofia The stability clause – key factor for the success of the drilling campaigns − No court practice available as − The investors’ understanding regards stability clause of the stability clause on − Ministry of Energy: offshore projects, Bulgaria: • Precedents slightly improved • Cover the whole project, towards wording of stability including prospecting and clause; exploration, and following • Their understanding of the production; concept of stability to cover • Fiscal stability ensured, each phase of the project including royalties payment; separately and not the whole • Date of signing of the process; prospecting and exploration • No direct application and agreement is the ‘freeze day’ as arguable enforceability; regards legislative changes. 3rd Balkan&EastMed Energy Law Forum | 29 Nov 2019 CMS Sofia Financing upstream and mid-stream projects – the developments on the Balkans Options: Precedents: − Asset disposals (farm - in / farm − Transfers of partial interest in out options, change of control / Han Asparuh – OMV; Repsol; share transfer, operational current − Farm-in/Farm - out in Han Kubrat and future cashflows) – Woodside; Repsol; − Change of control in Melrose / − Equity sources (IPO, Cash calls Petroceltic exploration and under JOA, shareholder loans, production concessions share subscriptions, etc.) − Quazi-IPO for Pleven oil & gas − Upcoming IPO for SPM − Third party financing (reserve − Cash-calls under the JoA (Han Asparuh permit) based lending, project finance, − Reserve based lending (Galata acquisition financing, corporate loans) Gas Storage project) − Shareholder loans 3rd Balkan&EastMed Energy Law Forum | 29 Nov 2019 CMS Sofia Financing upstream and mid-stream projects – the developments on the Balkans − Transfer / acquire interest in the permit (farm - in / farm out options) the usual case we see in Bulgaria: • the transferee shall prove the Ministry of Energy (“MoE”) it meets the requirements to hold the permit; • The transferor shall give its explicit consent to the transfer; • The MoE verifies that the transferee actually meets the requirements of the Tender and the Exploration / concession agreement; • The MoE prepares the addendum for the transfer; • The transfer is approved by CoM and promulgated in State Gazette; • Appeal period is awaited in order the addendum to be signed; • The process is likely to take around 3 months before having CoM’s approval of the transfer. 3rd Balkan&EastMed Energy Law Forum | 29 Nov 2019 CMS Sofia Greece as an alternative source of gas supply for the Balkans − Ongoing prospecting and exploration works; − LNG terminals; − Gas supply pipelines; − Interconnectors; − Reverse flow in case of demand; 3rd Balkan&EastMed Energy Law Forum | 29 Nov 2019 CMS Sofia IGB Interconnector (Greece – Bulgaria) − PCI project for the EU; − Total length of the pipeline of 182 km.; out of which 150 km in − Special tax treatment of the Bulgaria; pipeline; − Technical capacity between 3 to − Financing extended from the 5 billion cubic meters annually European Investment Bank of and extension possibility of up Eur 109,000,000; to 10 billion cubic meters; − Pipeline suppliers: Corinth − Start of operation, second half Pipework Industries S.A. and of 2020; АVAX S.A.; − Possibility for the connection to the Alexandropoulos LNG terminal; 3rd Balkan&EastMed Energy Law Forum | 29 Nov 2019 CMS Sofia The Bulgarian section of Balkan Stream pipeline − EPC contract for the Bulgarian section of Balkan stream signed on 18 Sept 2019; − Commencement of the project announced; − Completed the first 11 km. of the pipeline by 21 Oct 2019; − Expected completion of the first stage of the project by the first quarter of 2020; 3rd Balkan&EastMed Energy Law Forum | 29 Nov 2019 CMS Sofia Update on upstream projects – offshore and onshore Bulgaria − Han Asparuh block – − New offshore tender in 2020 extended term and new well; − SPM Block Vratsa West 1-25 − Han Kubrat block – first well • Signed in 2019 – the largest completed; new shareholders; onshore block in Europe • Undergoing approval of OWP/AWP for the project; − Galata Block developments: • Ongoing implementation of the • The production from Galata and Kavarna concessions is continuing; Corporate Social Program under • The extension of the term of the agreement; Kaliakra concession is progressing; • Preparatory steps for the • Galata gas storage license in commencement of the work process; program; • Production from Kavarna East in • Funding of the project; 2020 3rd Balkan&EastMed Energy Law Forum | 29 Nov 2019 CMS Sofia Han Asparuh block − Partners: Total (40%); OMV (30%) and Repsol (30%); - Record signing bonus – 40 million EUR; - First exploration period 2012- 2018 – full 2D/3D seismic and two deep-water wells; - Second exploration period 2018-2020 – third deep-water well and analysis - Third exploration period and potential drilling 3rd Balkan&EastMed Energy Law Forum | 29 Nov 2019 CMS Sofia Block Han Kubrat − Partners: Shell (50%); Woodside (30%) and Repsol (20%); − First exploration period 2016- 2021; - Full 2D/3D seismic acquired; - First deep-water well drilled in 2019; - Expected next wells - CSR program to be completed 3rd Balkan&EastMed Energy Law Forum | 29 Nov 2019 CMS Sofia Galata Block – Petroceltic Operations − 2019 saw Petroceltic’s Bulgaria Operations sold to an undisclosed buyer − The production continues - decrease of the volumes; − Pending extension of Kaliakra concession agreement; − On going licensing procedure for the transformation of Galata field into gas storage; − Production from Kavarna East deposit to be commenced − Part of the Balkan Gas Hub project 3rd Balkan&EastMed Energy Law Forum | 29 Nov 2019 CMS
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