The document discusses upstream developments and gas infrastructure implications in the Black Sea region. It provides an overview of exploration and production activities by major companies in Bulgarian and Romanian waters, including discoveries by Total, Shell, OMV, Repsol, Petroceltic, Carlyle, Lukoil, Exxon and OMV Petrom. It also mentions Turkey's plans to perform offshore drilling and seismic exploration in the Black Sea in coming years.
How Albanian legislation facilitates the exploration and development of hydro...Albania Energy Association
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How Albanian legislation facilitates the exploration and development of hydro...Albania Energy Association
Presentation: How Albanian legislation facilitates the exploration and development of hydrocarbons
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Current global industry focus is on the Adriatic Sea where, in 2021, ENI and Novatek are spudding two offshore exploration wells in Montenegro. Hydrocarbon E&P will allow the region to address energy poverty and security as well as climate concerns. Regional E&P results in: lower cost energy and increased competition, decreased import dependency, tax revenue and jobs. Meanwhile climate concerns are addressed via carbon capture, utilization and storage; decreased use of coal and wood, extended use of assets and repurposing of infrastructure. Plus hydrocarbon E&P will address naturally occurring oil and gas seeps throughout the Adriatic Sea. Provided are German comparison examples - Nord Stream 2 and Mittelplate as well as US offshore production examples from Santa Barbara and Long Beach. A regional Greek example is provided from Kavala Bay.
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Presentation at GIOGIE 2014 (Georgian International Oil, Infrastructure and Energy Conference) on Oil in Georgia.
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Andrea Marroni - Expert Leader - Climate Change, AF - Mercados EMI EuropeWEC Italia
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Oil and gas infrastructure of Georgia: ongoing and prospective projectsITE Oil&Gas
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Mediterranean Gas & Energy Week - Southeast Europe Energy Opportunities Intro...George Kovacic
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Abstract: Since the first Energy Summit in 2013 Southeast Europe has made tremendous progress. The Trans Adriatic Pipeline and LNG Croatia projects were built and commenced operations in early 2021.
Current global industry focus is on the Adriatic Sea where, in 2021, ENI and Novatek are spudding two offshore exploration wells in Montenegro. Hydrocarbon E&P will allow the region to address energy poverty and security as well as climate concerns. Regional E&P results in: lower cost energy and increased competition, decreased import dependency, tax revenue and jobs. Meanwhile climate concerns are addressed via carbon capture, utilization and storage; decreased use of coal and wood, extended use of assets and repurposing of infrastructure. Plus hydrocarbon E&P will address naturally occurring oil and gas seeps throughout the Adriatic Sea. Provided are German comparison examples - Nord Stream 2 and Mittelplate as well as US offshore production examples from Santa Barbara and Long Beach. A regional Greek example is provided from Kavala Bay.
AAPG Europe - APPEX Global Presentation by George Kovacic - "Enabling the Ene...George Kovacic
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Presentation at GIOGIE 2014 (Georgian International Oil, Infrastructure and Energy Conference) on Oil in Georgia.
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Andrea Marroni - Expert Leader - Climate Change, AF - Mercados EMI EuropeWEC Italia
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Cogliolo Andrea - Innovation & Research - RINAWEC Italia
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and regulatory authorities should ensure that the institutional capacity is in place to make the approvals process efficient so that the potential benefits of shale gas can be realised.
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Simon Geragthy, Drilling Waste Management Expert, POLYECO S.A
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Entela Çipa, Advisor to the Minister of Energy and Industry
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Global LNG Navigating Risks in a Dynamic MarketCTRM Center
Liquified natural gas (LNG) has been a traded commodity for more than a century. But only in the last couple of decades has the market expanded to meet the ever-increasing demand for energy, through low carbon emissions energy sources. With the development of the massive Qatar LNG facilities in the mid-1990s and the increasing demand for imported gas, global LNG trading has grown from about 50 MTPA in 1990 to more than 350 MTPA in 2020.
Most energy commodities struggled with lower trade and consumption volumes under the pandemic-induced industrial shutdowns in 2020. LNG trade was, however, up slightly at 0.4% during the year, continuing its uninterrupted streak of year-over-year growth since 1996. However, that growth was far below rates in the preceding years which averaged 7% since 2004.
Arctic Oil and Gas Resource Development: Current Situation and ProspectsRussian Council
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According to the Organization of the Petroleum Exporting Countries (OPEC) and International Energy Agency (IEA) estimates, by 2040 energy demand will be 40–60 per cent greater than in 2010. Oil will continue to play a leading role in the global energy balance, accounting for 25–27 per cent of the total supply, with gas making up 24–26 per cent (compared to 35 per cent and 26 per cent, respectively, today).1 A large proportion of oil and gas production by 2040 will take place at deposits that have not yet been explored.
Under these circumstances, taking the projected volume of the Arctic shelf’s undiscovered oil and gas reserves into account, the estimated 90 billion barrels of oil and 47 trillion cubic metres of natural gas,2 offshore oil and gas resources in the Arctic could, in the medium and long term, play significant role both in maintaining current oil and gas production levels and in ensuring growth in the future.
Imran Yousaf Khan - General Manager, Sui Northern Gas Pipelines Limited – Pakistan
Shaheryar Qazi - General Manager (Operations), Sui Northern Gas Pipelines Limited - Pakistan
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[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
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Kyiv PMDay 2024 Summer
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CMS
1. Eurasian Natural Gas Infrastructure Conference | 31 May 2017 CMS Firm
UPSTREAM DEVELOPMENTS IN THE BLACK SEA
AND THEIR GAS INFRASTRUCTURE IMPLICATIONS
1
2. Eurasian Natural Gas Infrastructure Conference | 31 May 2017 CMS Firm
GLOBAL SNAPSHOT
2
In international investment climate over the last 12 months
• 2017 Oil and Gas Trends – execs are optimistic, but extremely cautious;
• The industry has survived tough years with weak demand and low prices;
• Brent crude was up around 90 percent in 2016, to USD 50 per barrel —
they are still well below the USD 115 of March 2011;
• Growing number of projects can break even at oil prices in the high USD
20s (Statoil’s Johan Sverdrup field in the North Sea);
• Capital expenditures are expected to increase by 7 percent in 2017 (E&P
Spending Survey of Barclays);
• Private equity is likely to have a bigger hand in the industry:
U.K.’s North Sea: Siccar Point Energy’s acquisition of OMV’s assets and Chrysaor
buying divested assets from Shell
• The future activity - focused on OPEC countries and the U.S;
• Other regions:
Mexico (deep water – COOC, Total, BHP Billiton, Chevron, ExxonMobil, Inpex);
3. Eurasian Natural Gas Infrastructure Conference | 31 May 2017 CMS Firm
BLACK SEA OVERVIEW
3
The upstream market in the Black Sea
• Interest from majors: Total (BG); Shell (TR, BG); OMV (RO, BG); Repsol (RO, BG),
ExxonMobil (RO), Lukoil (RO), etc.
• “The addition of Shell to the companies exploring offshore Bulgaria offers a long-
term boost to upstream potential” (BMI Research);
• “Total has made a deep-water oil discovery in the Black Sea, Bulgaria, opening up a
new play” (Offshore Engineer);
• "Starting next year, a new important natural gas sources of 4 billion cubic metres a
year will be commissioned, namely the natural gas discovered in the Black Sea.
From that moment on, Romania virtually becomes an exporter, because the new
structure will generate a surplus that exceeds normal demand in Romania…"
(Chairman of Romania's National Energy Regulatory Authority (ANRE) Niculae
Havrilet).
• “The Black Sea Oil and Gas (BSOG) company discovered in the Black Sea between
10 and 20 billion cubic meters of natural gas and the production could start in 2019”
(Mark Beacom, CEO of BSOG).
• “Especially this year, we will take important steps to address exploration and drilling
issues, particularly in the Black Sea…" (Energy and Natural Resources Minister of
Turkey Berat Albayrak).
4. Eurasian Natural Gas Infrastructure Conference | 31 May 2017 CMS Firm
INFRASTRUCTURE IMPLICATIONS - PCIs
4
PCIs are focused to the most
promising parts of Black Sea –
Romania/Bulgaria:
- BRUA (Romania-Hungary-
Austria transmission corridor)
project – EIA;
- Balkan Gas Hub – Feasibility
Study;
- Chiren UGS expansion;
- Expansion of the Bulgarian
TSO system;
- TANAP studies financing
5. Eurasian Natural Gas Infrastructure Conference | 31 May 2017 CMS Firm
EXPLORATION IN BULGARIAN WATERS – TOTAL, OMV
& REPSOL
Success of the largest 3D seismic
exercise in the Black Sea – Bulgarian
public procurement/contractual support;
First deep offshore well in Bulgaria –
Bulgarian regulatory/environmental
support prior and during the works;
The most expensive exploration
project in Bulgaria to date – Legal
support for the delivery below budget
and on schedule;
Legislation changes during
implementation – Legal challenges and
successful recognition;
Preparation for the Second well -
Legal aspect of data interpretation /
environmental and contractual focus;
Extension and Commerciality.
The project Khan Asparuh was started in July 2012:
Total (40%), Repsol (30%) and OMV (30%);
The area of the block covers 14,220 sq. km.
Contract with the Bulgarian Government – obligation
to drill two exploration wells.
First well – summer of 2016;
Total has made a deep-water oil discovery in October
2016
5
6. Eurasian Natural Gas Infrastructure Conference | 31 May 2017 CMS Firm
EXPLORATION IN BULGARIAN WATERS – SHELL
Successful completion of the
Exploration agreement negotiations –
Bulgarian regulatory and contractual
legal support;
Acquiring the seismic data - Dealing
with various challenges / support of the
local community / CSR;
The international synergies - Inter-
Governmental and public international
law assistance for potential synergies;
Changes to the Exploration
agreement – possible approaches and
lessons learned;
Next steps and potential challenges –
Assistance with the regulatory and
administrative support.
Royal Dutch Shell concluded exploration activities on
Bulgaria’s Black Sea shelf in January 2017,
Shell holds the licence for the 1-14 Silistar block,
which covers about 6900 square km;
The company will analyse the data collected in 2016
over a period of six months;
Mr. Alexander Kayes of Shell was quoted by Sofia
Echo saying that the initial results were
“encouraging”.
6
7. Eurasian Natural Gas Infrastructure Conference | 31 May 2017 CMS Firm
EXPLORATION AND PRODUCTION IN BULGARIAN
WATERS – PETROCELTIC
New production concession -
Kavarna East field was discovered in
2010 (9.6 Bcf) – Legal support for final
tie-in completion in 2018;
Kaliakra concession agreement –
Legal support for the extension of the
production term beyond the initial 7
years of production;
Kavarna and Kaliakra concession
agreements – Out-of-court discussions
with the Bulgarian Government over
“minimal production volumes”;
Galata Exploration block – Potential
extension – legal aspects;
Galata Gas Storage Project – Part of
the Bulgarian Energy Strategy to 2020.
Petroceltic is an international Oil & Gas company,
headquartered in the UK with operations in Algeria,
Egypt, Bulgaria and Italy.
The Company, whose shares were formerly admitted
to trading on the AIMS and Irish Stock Exchange,
was subject to a restructuring in June 2016.
The Petroceltic Group is now private, owned by an
Investment Funds managed by Worldview Capital
Management (Cayman Islands) with associated
operations in the UK and the USA
7
8. Eurasian Natural Gas Infrastructure Conference | 31 May 2017 CMS Firm
EXPLORATION AND PRODUCTION IN ROMANIA –
CARLYLE’s RECENT DISCOVERY
Final Investment Decision in 2017
following the conclusion of Front End
Engineering and Design (FEED)
Contract for Midia Gas Development
with Xodus Group in November 2016;
Engineering and design for the Midia
Gas Development:
• Well-head platform (water depth ~
69,5m);
• In-field pipeline (~18km) and offshore
export pipeline (~121km);
• Onshore pipeline to Gas Treatment
Plant (“GTP”) (~5km) and
commissioning of GTP;
Production depends on some
actions that the Government should
take to settle the fiscal regime – a
common theme in Romania these days.
Romania to become a net exporter of natural gas in
2018;
Black Sea Oil & Gas SRL, wholly owned by Carlyle
International Energy Partners, is a Romanian based
independent oil and gas company;
Black Sea Oil & Gas SRL discovered in the Black
Sea between 10 and 20 billion cubic meters of natural
gas and the production could start in 2019;
The total investment by now is 200 million US dollars
8
9. Eurasian Natural Gas Infrastructure Conference | 31 May 2017 CMS Firm
EXPLORATION AND PRODUCTION IN ROMANIA – EX 30
Trident block of LUKOIL
LUKOIL will continue to explore at the
EX30 Trident block where, according
to preliminary estimates, the natural gas
reserves exceed 32 billion cubic
meters;
There have been ongoing debates over
the country's taxation of the industry,
with new regulation on the issue raising
investment concerns.
32 mature oil fields ended operation
over the past five years as they lost
commercial viability; as the same trend
is estimated to continue in the next few
years, Romanian Government is
considering a new approach to the
industry.
Regional integration and
interconnections
LUKOIL, PanAtlantic and Romgaz discovered large
deep-water gas field offshore Romania in 2015;
Concession Agreement with the Government of
Romania of 2011; LUKOIL's share is 72%,
PanAtlantic Petroleum owns 18% and Societatea
Nationale de Gaze Naturale Romgaz owns 10%;
The Lira-1X well is located at a distance of about 170
km (90 miles) from the coast, where the depth of the
sea is about 700 meters;
The well was drilled to a depth of 2,700 meters.
9
10. Eurasian Natural Gas Infrastructure Conference | 31 May 2017 CMS Firm
EXPLORATION AND PRODUCTION IN ROMANIA –
NEPTUN DEEP BLOCK
Exxon and OMV Petrom estimate Black
Sea gas deposits at 100 billion cubic
meters;
The activity in the Black Sea deep water
area is of a frontier, pioneering nature,
involving high investment risks and
therefore requiring a stable investment
framework;
Romania plans to increase royalties
for oil and gas produced from the
current 3 per cent to 13.5 per cent;
Exxon and OMV Petrom just decided to
gave up Midia Deep (ex Sterling) to
focus on Neptun Deep.
Final investment decision is
expected for 2018.
Exxon and Petrom (OMV) - started exploration in the
Neptun block in 2011;
So far Exxon and OMV invested USD 1.5 bn in the
block.
10
11. Eurasian Natural Gas Infrastructure Conference | 31 May 2017 CMS Firm
UPDATE ON TURKEY
“The western part of the Black Sea is
one of the most promising
hydrocarbon bearings in South East
Europe. The likelihood is that there is
much oil and gas to be retrieved from
the Black Sea, and some companies
are bolder than others at putting their
money into exploring.” (Offshore
Technology);
In March 2017 the seismic detection
vessel "Barbaros Hayrettin Paşa,"
belonging to the Turkish Petroleum
Corporation, has started shooting
seismic in Samsun, Ordu and Giresun
in the Black Sea.
Turkey plans to perform deep-sea
drilling and seismic exploration of oil
and natural gas resources in the Black
Seas over the next years.
In 2014, TPAO and Shell began a joint USD 300m
drilling project 100km off the coast of Istanbul.
Turkey and Shell remain confident of their long-term
projects. TPAO alone has invested around USD 4bn
in offshore oil exploration in the Black Sea.
The exploration block of TPAO and Shell is adjacent
to the Silistar block in Bulgaria currently explored by
Shell;
International publications suggest further interests of
majors in the region.
11
12. Eurasian Natural Gas Infrastructure Conference | 31 May 2017 CMS Firm
BLACK SEA – DISCOVERIES AND INFRASTRUCTURE
12
West Black Sea region – Romania / Bulgaria / Turkey – the most
promising part for oil and natural gas discoveries with majors actively
involved over the last years;
This region is the main focus of the EU PCIs in the gas sector –
interconnectors, UGS facilities and expansion; Southern gas corridor,
assistance to the TSOs;
Countries in the region put the oil & gas exploration on the top of their
political agenda;
Challenges:
• Geo-political risks: the pol & gas majors were the first to abandon their
projects following the situation with Crimea;
• Issues with the national legislation: tax challenges (Romania);
unreasonable sanctions (Bulgaria); local exploration ambitions (Turkey);
• Lack of sufficient regional integration.
13. Eurasian Natural Gas Infrastructure Conference | 31 May 2017 CMS Firm
CMS – ONE OF THE LARGEST GLOBAL LAW FIRMS
13
14. Eurasian Natural Gas Infrastructure Conference | 31 May 2017 CMS Firm
Kostadin Sirleshtov
Partner, CEE Head of Energy
T +359 2 9219910
F +359 2 9219919
kostadin.sirleshtov@cms-
cmck.com
CMS Cameron McKenna LLP
Landmark Center
14 Tzar Osvoboditel Blvd
Sofia , Bulgaria
Languages
English, Bulgarian
Relevant experience
Advising Melrose Resources
and Petroceltic on the Galata
Exploration Agreement and
Production Concessions in the
Black Sea.
Advising Total/OMV/Repsol on
their successful bid for Han
Asparuh block and deep-water
exploration in the Black Sea.
Advising Shell on their
successful bid Silistar block and
exploration in the Black Sea.
Kostadin Sirleshtov is a partner at CMS Sofia and Head of Energy for CEE. His particular area of
expertise is in conventional, nuclear, renewables, oil & gas, infrastructure, projects, PPP, public
procurement, underground resources. He has worked as the Chief of the Minister’s cabinet for the
Ministry of Energy and Energy Resources. Kostadin has a vast experience in the conventional
power and electricity sector. He has represented clients, including renewables organisations, in
negotiations with the Bulgarian Government, National Electricity Company and the Electricity
Transmission System Operator. He has also advised major international oil & gas prospecting
and exploration companies in Bulgaria on various onshore and offshore projects. In addition, he is
particularly focused on advising renewables companies (in relation to wind, hydro, solar and
biomass projects) on the development, operation and/or sale of their projects in Bulgaria,
including on litigation matters. Kostadin is ranked as one of the top Bulgarian energy experts in
the world's leading legal directories Chambers & Partners and Legal 500.
Education
LLM (Hons) Law Faculty Sofia
University,
EU & UK law diploma, Cambridge
University
Memberships
Bulgarian Bar Association,
International Bar Association
Lectures and Publications List
Available upon request
14
15. Eurasian Natural Gas Infrastructure Conference | 31 May 2017 CMS Firm15
CMS Legal Services EEIG (CMS EEIG) is a European Economic Interest Grouping that coordinates an
organisation of independent law firms. CMS EEIG provides no client services. Such services are solely
provided by CMS EEIG’s member firms in their respective jurisdictions. CMS EEIG and each of its
member firms are separate and legally distinct entities, and no such entity has any authority to bind any
other. CMS EEIG and each member firm are liable only for their own acts or omissions and not those of
each other. The brand name “CMS” and the term “firm” are used to refer to some or all of the member
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