Fuels & Lubricants Magazine

NEWS CORNER
IEA Introduces New
Approach to Energy
- Sustainable
Development Scenario
In 2017 World Energy Outlook,
released on November 14, 2017,
IEA introduced a new scenario
that provides an integrated way to
achieve three critical policy goals
simultaneously: climate stabilisation,
cleaner air and universal access
to modern energy.
The new Sustainable Development
Scenario, provides benchmark
for measuring progress towards a
more sustainable energy future in
contrast with other WEO’s scenarios
that track current and planned
policies.
Sources: www.iea.org; www.greenbiz.com
INA Becomes 100%
Owner & Sole Operator
of Croatia’s Offshore
Exploration Gas Fields
in Northern Adriatic &
Marica
By signing the contract on June
20, 2018, 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. As a result, INA will
become the 100% owner and sole
operator of the Northern Adriatic
and Marica fields after all conditions
are fulfilled, including receiving
clearance from the antitrust
authorities.
The transaction covers 4,3
mmboe proven and probable
reserves and would increase production
by around 2.500 boepd.
Following the transaction, all gas
produced in the Northern Adriatic
concession area will be directed towards
the Croatian supply system.
The gas produced in the Marica
area will continue to be transported
to Italy, under a gas sales contract
signed by INA and Eni.
Source: www.ina.hr
OPEC Meeting
June 22, 2018
The 174 th Meeting of the Conference
of the Organization of the
Petroleum Exporting Countries
(OPEC) was held in Vienna, Austria,
on 22 June 2018.
The Conference analysed oil
market developments since it
last met in Vienna at the end of
November and reviewed the oil
market outlook for the remainder
of 2018. The Conference noted
that the oil market situation has
further improved over the past six
months, with the global economy
remaining strong, oil demand
relatively robust, albeit with some
uncertainties, and with the market
rebalancing evidently continuing.
Moreover, the return of more
stability and more optimism to the
industry has been welcomed by all
stakeholders.
The Conference decided that
countries will strive to adhere to
the overall conformity level of
OPEC-12, down to 100%, as of 1
July 2018 for the remaining duration
of the above mentioned resolution
and for the JMMC to monitor
and report back to the President of
the Conference.
Source: www.opec.org
32 Fuels&Lubricants No. 3 OCTOBER 2018