Thursday, May 16, 2019

Egypt to attract $10bln of petroleum in FY2019/20 - industry head - ZAWYA

16 MAY, 2019
Marwa Abo AlMajd, ZAWYA

Egypt’s petroleum sector is set to attract $10 billion of investment in its coming financial year, adding to the $30 billion that has been invested over the past three years, according to an industry head.

Mohamed Saad, head of the oil chamber at the Federation of Egyptian Industries, told Zawya last week investments in current and past financial years have “helped Egypt to achieve self-sufficiency” in natural gas production . Egypt’s new financial year begins on July 1.

Saad said that the natural gas sector had represented “an overload” on the state in the past as a result of weak production, but said the situation had now transformed, with the country transitioning from self-sufficiency towards becoming a natural gas exporter.

“During 2018 Egypt was able to achieve self-sufficiency of gas, where the volume of domestic production (rose) to 6.6 billion cubic feet per day, while the total volume of investments for oil and gas exploration and the development of fields producing them in 2018 amounted to about $10 billion,” he said.

“Shell , Eni And Mobil are playing an important role in pumping these investments in Egyptian petroleum sector,” he said.

U.S. trying to mediate Israeli-Lebanese maritime dispute to avoid war - THE JERUSALEM POST

MAY 16, 2019 13:09 ANNA AHRONHEIM

A senior American official mediating the maritime border dispute between Israel and Lebanon is in Tel Aviv in a push to resolve a maritime border dispute between the two enemy countries.

Acting US Assistant Secretary of State David Satterfield was in Beirut on Wednesday and met with Lebanon’s President Michel Aoun and discussed bilateral relations and the latest local and regional developments, Lebanon’s National News Agency reported.

The two also discussed a “working mechanism” to define maritime borders between Israel and Lebanon, NNA said.

"The demarcation of the southern territorial and maritime borders would reinforce stability along the frontier," Aoun was quoting as telling Satterfield, and called on Washington to "contribute to reaching this goal, especially to respect Lebanon's... right to drill for oil and gas.”

According to diplomatic sources quoted by Lebanon’s NNA, Lebanon had received "positive signals of an American desire to play the role of mediator between Beirut and Tel Aviv."

Wednesday, May 15, 2019

Lakkotrypis: Cyprus ‘ready for all scenarios’ - KATHIMERINI

15.05.2019 : 18:49
Katerina Sokou

‘We hope that the energy developments in the region, and in Cyprus in particular, will be an incentive for Turkey to return to the negotiating table and help solve the Cyprus problem,’ Yiorgos Lakkotrypis told Kathimerini in an interview.

As Turkey raises the stakes in the Eastern Mediterranean with violations and threats of drilling in Cyprus’ exclusive economic zone (EEZ), the Cypriot minister of energy, commerce, industry and tourism notes that “the best response is for us to continue to implement our energy strategy unfettered.”

Indeed, last weekend Yiorgos Lakkotrypis confirmed that the Republic of Cyprus is close to agreement with the Total-ENI joint venture for offshore drilling in another area. In an exclusive interview with Kathimerini, Lakkotrypis focused on the merits of regional partnerships such as the East Med Gas Forum and the role of the European Union and the United States in ensuring stability for investors. As for the Turkish claims, he stressed that Cyprus “is ready for all scenarios” but added that “we need to avoid playing the destabilization game that Turkey is pursuing.”

Tuesday, May 14, 2019

Cyprus Aphrodite gas field partners near deal - KATHIMERINI

14 MAY 2019 : 15:45

Kathimerini reports that stakeholders in the Aphrodite gas field have agreed to commit natural gas from Cyprus’ Block 12 to Egypt’s LNG facilities from where it will be exported to international markets. A few legal details remain and are expected to be clarified within days.

Noble Energy, Royal Dutch Shell and Delek Drilling aim to utilize Egypt’s existing LNG facilities to speed up commercialization of Aphrodite.

The Aphrodite field is located 160 km south of Limassol and 30 km northwest of the Leviathan field. The field was discovered following drilling of the A-1 discovery well, which began on 20 September 2011, continued for 116 days, and reached a depth of 5,860 meters below sea level.

Block 12 is expected to hold 3.6 to 6 trillion cubic feet of natural gas.

The field is estimated to produce about 800 million cubic feet per day in the first production phase, according to Delek.

Monday, May 13, 2019

Block 4 offshore drilling to start in December: Total report - LEBANON GAS NEWS / DAILY STAR

13 MAY 2019

Drilling the first exploration well in Lebanon’s offshore Block 4 is planned to start in December 2019 and Block 9 in December 2020, according to a report by French oil and gas company Total.

In April, Energy Minister Nada Boustani had announced the site in Block 4 where the first drilling would take place in Lebanon’s bid to discover offshore oil and gas resources in its territories.

The site sits just north of Beirut.

“A mobile offshore drilling unit will be mobilized to Block 4 and the exploration well(s) will be drilled vertically in [an] area … where depths range from 1,450 meters to 1,760 meters,” Total’s report said.

The target gas reservoir’s drilling operations will be supported by a logistics base in Beirut Port.

Block 4 will see the drilling of one exploration well, and possibly a second one. A potential appraisal well will also be drilled, “depending upon the results of the previous exploration wells,” the report said.

Friday, May 10, 2019

Energean renews Karish-Cyprus gas line bid - OIL & GAS JOURNAL

HOUSTON, May 10 2019

Energean Oil & Gas, London, has submitted an updated proposal to the Cyprus Energy Regulatory Authority to supply gas to the island nation from deepwater Karish field offshore Israel.

The operator proposes to lay a 200-km pipeline from the Energean Power floating production, storage, and offloading vessel, which will handle production from Karish and Tanin fields, to Vasilicos, Cyprus.

Energean first proposed a pipeline between the FPSO and Cyprus last year. The government rejected the proposal and solicited bids for a floating LNG import facility.

In a press release, Energean called its updated plan “supplementary to the LNG import procedures launched by the Cypriot government.” It said it has signed a letter of intent for supply of gas to “private power generation license holders in Cyprus.”

The FPSO, with treatment capacity of 800 MMscfd of natural gas and storage capacity of 800,000 bbl of liquids, is under construction at Zhousan, China (OGJ Online, Apr. 16, 2019).

Energean plans to develop Karish field before Tanin.

The fields are 40 km apart in water deeper than 1,700 m.

Total and ENI set to expand their presence in Cyprus’ EEZ, according to government sources - IN CYPRUS / CNA

May 10, 2019 at 3:23pm
Edited by Bouli Hadjioannou

Energy giants Total and ENI are set to expand their presence in the exclusive economic zone (EEZ) of the Republic of Cyprus, and according to government sources they are expected to cooperate in hydrocarbon activities in offshore block 7.

With official announcements on the matter still pending, the same sources told CNA that the French and Italian energy companies may also cooperate in other blocks, in Cyprus’ EEZ. Discussions are being held on multiple levels, with talks between experts still underway, the same sources said.

Last November, the Ministry of Energy announced that it received a single application from joint venture Total E&P Cyprus B.V. / Eni Cyprus Limited, for a licence to carry out explorations for hydrocarbons in block 7 of Cyprus’ EEZ.

Foreign Minister Nicos Christodoulides said on Thursday that developments should be expected in the next few days, concerning the energy programme of the Republic of Cyprus.

Thursday, May 9, 2019

Offshore Deposits Offer New Horizons for Cyprus - SOUTH EU SUMMIT

May 9 2019
B. Lana Guggenheim

Thanks to new discoveries of offshore natural gas, Cyprus has a real opportunity to expand its reach in the energy market. But to do this, the island-nation needs to navigate tricky geopolitical realities - as well as expand its current infrastructure – or the opportunity may slip away.

Earlier this year, international energy players discovered two more sites rich in natural gas, just offshore of Cyprus, in Blocks 6 and 10, respectively led by Eni and Total on the one hand, and ExxonMobil and Qatar Petroleum, on the other. This follows previous discoveries in the area, starting as early as 2009, when prospectors discovered reserves of natural gas in the Tamar field off the coast of Israel. Subsequently came the discovery of the Leviathan field offshore of Israel, and the Aphrodite and Calypso fields in Cypriot waters. Altogether, these deposits contain an estimated 40 trillion cubic feet of natural gas – or more.

Currently, both Cyprus and Israel import their energy, but these gas fields have the potential to change all of that, as well as generate revenue via energy exports. Both Europe and Egypt are target markets for this new energy resource, especially as Europe’s demand for natural gas is likely to increase – in part to reduce its reliance on Russia, but also because gas is a cleaner alternative to coal, as the continent slowly transitions to renewable energy sources.

Wednesday, May 8, 2019

Sisi authorizes Oil Minister to sign contracts with DEA Suez GMBH Group - EGYPT INDEPENDENT

May 8, 2019, 3:01 pm

Egypt’s President Abdel Fattah al-Sisi authorized Minister of Petroleum and Mineral Resources Tarek al-Mula to sign contracts with the Egyptian General Petroleum Corporation and the German DEA Suez GMBH Group according to law no.9 of 2019.

According to the expected contracts, DEA Suez will explore, develop and take advantage of oil in the Ras Badran and Gulf of Oil development areas in the Gulf of Suez.

Egypt’s Minister of Petroleum and Mineral Wealth Tarek al-Molla signed an agreement in March with DEA for oil and gas exploration in the Gulf of Suez’s Ras Badran and Ziet Bay areas with investments totaling US$20 million.

Molla said in a statement that DEA will undertake drilling activities and the operation and maintenance of the liquefied Natural Gas (LNG) extraction plant in the Gulf of Suez area.

He mentioned that the ministry has been cooperating with DEA for more than 45 years to achieve higher oil and LNG production rates in areas of the Gulf of Suez, the Delta and the Mediterranean Sea.

DEA General Manager Sameh Sabry said that the company injected US$800 million for oil and LNG exploration in the Gulf of Suez, Desouk and North Alexandria’s fields during 2017 and 2018, adding that it would possibly inject another US$700 million in the coming three years.

DEA Suez GmbH operates in the field of exploration and production of natural gas and crude oil. The Company deploys state-of-the-art drilling and production technologies. DEA Suez conducts business worldwide.


Erdogan Crashes the Mediterranean Gas Party - HAARETZ

May 08, 2019 7:16 PM
David Rosenberg 

Last week Turkey sparked another crisis by starting drilling in Cypriot waters. That’s a problem not just for Cyprus but for Israel, too

Even the most avid Erdogan watcher has to work hard up with all the crises the Turkish leader has wrought. This week the No. 1 crisis was election officials caving in to his demand for new elections in Istanbul. There are also the crisis over Turkey’s buying Russian S-400 missiles, the simmering war in the Syrian province of Idlib and, of course, the collapse of the Turkish economy.

If that isn’t enough, add a crisis largely playing out off center stage, but which deserves a lot more attention. That’s because it threatens to upset all the plans Israel, Egypt and Cyprus have for exploiting the vast natural gas resources of the Eastern Mediterranean.

The latest installment of the gas crisis started last Friday when Turkey’s foreign minister, Mevlut Cavusoglu, said the Turkish seismic research vessel Barbaros Hayrettin Pasa would be drilling for oil and gas “in areas of Turkey’s continental shelf.”

So, finally Turkey is joining the East Med gas party? Not exactly. It’s more like crashing the party: The ship is drilling deep inside Cyprus’ exclusive economic zone.

Tuesday, May 7, 2019

Italy opposes Poseidon gas pipeline landfall - REUTERS

MAY 7, 2019 / 7:37 PM

ROME, May 7 (Reuters) - Italy will not allow the Poseidon gas pipeline being developed by Italy’s Edison and Greece’s DEPA to make landfall as planned in southern Italy, the Prime Minister said on Tuesday.

The Poseidon pipeline, which has permits to run from Greece to the southern town of Otranto, is the final section of the EastMed pipeline that aims to bring gas reserves from the east Mediterranean to Italy.

TEKMOR Note: The Poseidon pipeline was planned as the last leg of the Southern Gas Corridor (SGC) to transport gas from Azerbaijan via TANAP & TAP long before the idea of East Med Pipeline came into being!

“The government is certainly not interested at present in building the final tract of Poseidon as originally planned,” Prime Minister Giuseppe Conte said at an event near Rome.

Two years ago DEPA and Edison signed a cooperation agreement with Russia’s Gazprom to set up joint efforts to create a southern route for gas into Europe.

The United States has been pressuring EU member states to find alternative natural gas supply sources not involving Russia.

Case Study: iEPCI at Karish - OFFSHORE ENGINEER

Image: TechnipFMC
April 25, 2019
Willy Gauttier 

An integrated approach to subsea services is the driving force behind a major project being performed by UK-based TechnipFMC at the deepwater Karish field, offshore Israel, in the Mediterranean Sea.

The integrated engineering, procurement, construction and installation (iEPCI) award for Energean Oil & Gas’ Karish development at 1,750 meters water depth marks the largest iEPCI project the company has undertaken to date.

The $1.4 billion Karish gas project is one of 12 iEPCI projects TechnipFMC has been awarded throughout the globe. The company’s approach to comprehensive integrated solutions is designed to strengthen the economics of subsea projects and help unlock first oil and gas faster.

The integrated full-field subsea offer includes subsea architecture design; subsea development and integrated project execution; and optional performance enhancement via inspection, maintenance and repair.

“Bringing together complementary skills and advanced technologies through integrated solutions can boost efficiency, lower costs and accelerate schedules,” said Senior Project Director Steve Duthie.

KOGAS investment in Cyprus a 'new horizon' for economic ties - KNEWS / KATHIMERINI CYPRUS

07 MAY 2019 - 14:55
Newsroom / CNA

The Republic of Korea has been a steadfast and strong partner of the Republic of Cyprus’ efforts to reach a comprehensive settlement of the Cyprus issue, said Tuesday the country’s new ambassador, stationed in Athens, Soosuk Lim during a formal ceremony at the Presidential Palace.

Presenting his credentials to President of the Republic Nicos Anastasiades, the Ambassador said this year marks 24 years of diplomatic relations between the Republic of Korea and the Republic of Cyprus.

The major political concerns, respectively the Korean Peninsula issue and Cyprus problem have brought the two countries closer, based on the affinity out of same historical background of division and the common national vision for reunification, the ambassador said, adding that the two countries have also demonstrated solid cooperation in an international arena, sharing universal values of liberal democracy and human rights.

He said bilateral trade volume has increased by 25% for the past ten years from 1.2 billion dollars in 2009 to 1.5 billion dollars in 2018. The Korea Gas Corporation’s investment in the development of offshore natural resources in Cyprus is expected to open a new horizon for economic ties, the new ambassador said, while more Korean tourists find Cyprus as favourable travel destination.

Monday, May 6, 2019

Cyprus sends UN its EEZ coordinates over Turkey drilling - KATHIMERINI

06.MAY.2019 : 13:25

Cypriot authorities have submitted to the United Nations the coordinates delineating the boundaries of Cyprus' Exclusive Economic Zone (EEZ) and the continental shelf in the wake of Turkey's decision to start drilling within Cyprus' EEZ.

Cypriot Foreign Minister Nicos Christodoulides said on Saturday that President Nicos Anastasiades will be convening the National Council to discuss the latest Turkish actions off Cyprus.

The coordinates would also be published in the government gazette, he said.

Christodoulides added that Nicosia is in contact with European Union member states concerning Turkey’s illegal actions and discussions are under way about preparing countermeasures.

Meanwhile Cypriot authorities have launched procedures to have an international arrest warrant issued for the crew of Turkey's Fatih drillship off Cyprus.

US calls on Turkey to cancel drilling plans - KATHIMERINI

MONDAY MAY 6, 2019, 07:25

The State Department is calling on Turkey to reverse its decision to begin drilling operations within Cyprus’ Exclusive Economic Zone.

In a statement, State Department spokeswoman Morgan Ortagus calls the decision “highly provocative” that “risks raising tensions in the region.”

"The United States is deeply concerned by Turkey's announced intentions to begin offshore drilling operations in an area claimed by the Republic of Cyprus as its Exclusive Economic Zone," Ortagus said Sunday.

"This step is highly provocative and risks raising tensions in the region. We urge Turkish authorities to halt these operations and encourage all parties to act with restraint."

Foreign Minister says Cyprus monitoring Turkish vessel in cooperation with other states - CYPRUS NEWS AGENCY

06/MAY/2019 13:16 CYPRUS/Nicosia 
Athena Arsalidou

Minister of Foreign Affairs Nikos Christodoulides said on Monday that the Republic of Cyprus is monitoring the moves of Turkish vessel “Fatih” (Conqueror) in cooperation with other states, and announced that President of the Republic Nicos Anastasiades will be convening the National Council on Saturday.

Christodoulides also said that he informed the Council of Ministers that on May 4 the geographical coordinates of the exclusive economic zone and the shelf, on the basis of the mean line between the Republic of Cyprus and Turkey, were submitted to the UN Secretary General.

He added that on Monday a meeting will be taking place at the Ministry of Foreign Affairs, as a follow up of the meetings in the presence of the Attorney General, the Minister of Defence, the Minister of Energy, the Minister of Justice and Public Order, and the Deputy Minister for Shipping.

Saturday, May 4, 2019

EU and Egypt warn Turkey against drilling off Cyprus - ARAB NEWS

May 04, 201918:37 
  • Turkey said its vessels would be carrying out drilling operations in the Mediterranean until September
  • According to reports in the Cypriot media, the operation will encroach on Cyprus’s exclusive economic zone
BRUSSELS: The EU and Egypt on Saturday urged Turkey to reconsider plans to start exploratory drilling for oil and gas off Cyprus, already condemned as illegal by the European Union.

The Egyptian foreign ministry warned of the repercussions of "any unilateral measures on the security and stability of the Eastern Mediterranean region."

"Any actions by states in the region need to abide by the rules of international law and its provisions," the ministry statement said.

The EU's diplomatic chief Federica Mogherini said: “We express grave concern over Turkey’s announced intention to carry out drilling activities within the exclusive economic zone of Cyprus”.

Statement by High Representative/Vice-President Federica Mogherini on Turkey's intended drilling activities within the exclusive economic zone of Cyprus - EUROPEAN UNION

Bruxelles, 04/05/2019 - 12:34, UNIQUE ID: 190504_2

Press releases

We express grave concern over Turkey's announced intention to carry out drilling activities within the exclusive economic zone of Cyprus. In March 2018, the European Council strongly condemned Turkey's continued illegal actions in the Eastern Mediterranean. In this context, we urgently call on Turkey to show restraint, respect the sovereign rights of Cyprus in its exclusive economic zone and refrain from any such illegal action to which the European Union will respond appropriately and in full solidarity with Cyprus.

New technologies for Eastern Mediterranean offshore gas exploration - EUROPEAN PARLIAMENT

Cyprus expects first gas output from Aphrodite field by 2025 - CYPRUS MAIL

MAY 4, 2019
Devika Krishna Kumar

Cyprus expects initial natural gas production from the Aphrodite field will begin between 2024 and 2025, Cyprus’ Minister of Energy Yiorgos Lakkotrypis said on Friday, after negotiations with operators and an ownership squabble delayed output.

Cyprus’ Aphrodite was first discovered in 2011, but production has been delayed since as stakeholders Noble Energy, Israel’s Delek Drilling and Royal Dutch Shell renegotiate a production-sharing agreement with the government.

There has been a flurry of successful exploration efforts in recent years that identified natural gas plays in the eastern Mediterranean, where gas output has begun to soar.

Eastern Mediterranean countries including Cyprus, Israel, Egypt and Italy have formed a partnership to deliver more natural gas to Europe and transform the region into a major energy hub.

Lakkotrypis said he will meet with Aphrodite’s stakeholders next week to discuss the revenue sharing mechanisms between the government and the companies, infrastructure plans and the price at which companies will sell the gas.

Friday, May 3, 2019

US strongly discourages any activity that could escalate tensions - CYPRUS MAIL

US Assistant Secretary of State for Energy Resources Francis Fannon
with Energy Minister Giorgos Lakkotrypis
MAY 3, 2019 

Assistant Secretary for the bureau of energy resources in the US Department of State Francis Fannon has said that the US was strongly discouraging any activity that could escalate tensions in the region.

He was commenting on the Turkish threats over its planned drilling activity within Cyprus’ exclusive economic zone (EEZ).

Energy diplomacy and the new geopolitical landscape in the Eastern Mediterranean, coupled with the transformation of the region into an energy hub, were the topics of the last panel of the EastMed-New York Investment Summit organised by The Economist.

Answering questions, Fannon reiterated the long-standing US position that the US recognises Cyprus`s right to develop its resources within its EEZ and that resources should be distributed fairly within the framework of an overall solution to the Cyprus problem. He added that the US was considering energy as a catalyst for dialogue.

Noble Energy posts $313M loss as it gears up for big growth - MySA / HEARST NEWSPAPERS

Friday, May 3, 2019
Jordan Blum

Houston's Noble Energy reported a $313 million quarterly loss Friday as it gears up for big growth from West Texas to the Eastern Mediterranean.

Noble's loss compares to a $554 million profit a year ago. Noble's first-quarter revenues also fell from $1.29 billion in 2018 down to $1.05 billion at the start of 2019.

However, Noble said it is growing production and keeping costs down as it develops its large acreage holdings in West Texas' booming Permian Basin that it has acquired within the last four years.

Also, Noble plans to bring its massive Leviathan natural gas project offshore of Israel online by the end of this year. Noble said Friday that the project is 81 percent complete.

Wednesday, May 1, 2019

Greece and Cyprus: Grand Challenges and Great Opportunities in East Mediterranean Gas - MODERN DIPLOMACY

May 1, 2019
Antonia Dimou

Greece is a country with many unexplored promising oil and gas fields.In fiscal terms, investments in hydrocarbon development and production throughout the country are highly competitive and attractive. From a hydrocarbon exploration perspective, offshore Crete in Southern Greece presents a frontier area that faces two major challenges namely a combination of very complex geological history and ultra-deep waters exceeding three thousand meters in most areas.

Following the “Call for Tenders for the exploration and exploitation of hydrocarbons Offshore West Crete and Southwest Crete” in March 2018, the consortium of French Total, American ExxonMobil and Hellenic Petroleum (Helpe) was granted by Ministerial Decision in July 2018 rights of hydrocarbon exploration and production for two offshore blocks in West and Southwest Crete. The exploration stage is expected to last up to eight years, and in the event of a commercial discovery, the production lease agreement is set tobe valid for 25 years plus two five-year extensions. Currently, the concessions awarded to the consortium are expected to pass in the Greek Court of Audit. This will prompt a swift parliamentary ratification permitting the initiation of exploration activities.

Additionally, the Hellenic Hydrocarbon Resources Management Authority intends to declare a new licensing tender for other offshore blocks in south Crete. To this end, the Authority published in February 2019 a tender for the Environmental Study that is prerequisite for companies to commence exploration once they are awarded certain concessions.

Monday, April 29, 2019

Cyprus ponders gas monetisation options - PETROLEUM ECONOMIST

Nicosia, 29 April 2019
Gerald Butt

New natural gas discoveries offshore Cyprus have revived the possibility of the island hosting an LNG plant

Cyprus is finally in a position where it can realistically start exploring a number of ways of getting natural gas to market. Seven years after the first discovery in Cyprus' offshore economic exclusion zone (EEZ) — the Aphrodite field in Block 12 (4.5tn ft3 of gas in place) — the island has notched up two more finds.

Last year, an Eni-Total consortium struck gas at Calypso in Block 6 (estimated 3-5tn ft3). The most recent newcomer is Glaucus-1 (5-8tn ft3) in Block 10, discovered by ExxonMobil, partnered by Qatar Petroleum.

Energy minister Yiorgos Lakkotrypis, addressing Gulf Energy's Eastern Mediterranean Gas Conference in Nicosia in early March, said the "quality of the reservoir in Block 10 allows us to be optimistic about the very high recoverability potential" of the ExxonMobil discovery. Last year, the first well drilled on Block 10 failed to find commercial reserves. With the Glaucos success, "we are waiting for the remodelling or re-calibrating of geological data and will look again at Block 10 targets".

Thursday, April 25, 2019

Signs of progress on maritime border between Lebanon and Israel - THE NATIONAL

Nabih Berri supportS larger UN role in the border dispute. AP

April 25, 2019 01:34 PM
Sunniva Rose and Joyce Karam

The US has been actively mediating, and ideas for United Nations supervision role are under consideration

Lebanon says it is ready to demarcate its maritime border with Israel, following US mediation efforts and attempts backed by Cyprus and Greece to broker a deal under United Nations (UN) supervision governing both land and sea borders.

“Lebanon is ready to delineate the maritime borders and the special economic zone through the mechanism adopted for the demarcation of the blue line under the supervision of the United Nations”, Lebanese Parliament speaker Nabih Berri said on Tuesday.

Mr Berri was speaking during a meeting with Major General Stefano Del Col, head of mission and force commander of the United Nations Interim Force in Lebanon (UNIFIL), the Lebanese state-run National News Agency (NNA) reported.

Gen Del Col agreed that a UN role in the talks could strengthen maritime security and stability. In the absence of a demarcation, UNIFIL has historically used an unofficial land border, known as a blue line, between Lebanon and Israel land border to maintain peace. Both sides have agreed to the blue line.

Wednesday, April 24, 2019

ICGB selects contractor for supervision for construction of the gas interconnector Greece-Bulgaria - ICGB AD


The project company finalized one of the last key public procurements to start the construction work for the IGB project

The project company ICGB successfully completed the public procurement procedure with subject “Selection of contractor for construction supervision for the construction of the gas interconnector Greece-Bulgaria”. Three offers were submitted within the announced deadline. The estimated value of the public procurement is BGN 1 300 000 excluding VAT.

The construction supervision will be carried out by the joint venture “EKO BUL CONTROL”, which consists of three legal entities: ECOENGINEERING LTD, BUL STROY CONTROL ENGINEERING and CONTROL ENGINEERING. The selection of a contractor for this procedure is based on the selection criteria price/quality ratio. The total cost for the construction supervision activities for the IGB gas pipeline proposed by “EKO BUL CONTROL” is BGN 766 000 excluding VAT.

"The finalization of this procedure is a great success for the project as the tender for construction supervision is one of the key steps to ensuring the management of the construction in the most professional and efficient way", announced the Executive Officers of ICGB Teodora Georgieva and Konstantinos Karayannakos.

Tuesday, April 23, 2019

J&P AVAX files lowest bid to build Bulgaria-Greece gas link - KATHIMERINI / REUTERS

TUESDAY APRIL 23, 2019, 15:04

Greece’s J&P AVAX filed the lowest offer in a tender to design and build a gas pipeline between Bulgaria and Greece, project manager ICGB said on Tuesday.

The company offered a price of 144.85 million euros ($163 million) to build a 182 km (113 mile) pipeline which Sofia hopes will become operational in 2020 to transport Azeri gas to Bulgaria and end its almost complete dependence on Russian gas supplies.

A consortium of two Bulgarian companies and Italy’s Bonatti submitted an offer of 229.3 million euros in the tender.

ICGB said it would examine the offers and pick a winner by the end of May. The pipeline will have an annual capacity of 3 billion cubic metres.

The European Commission has said it would invest 33 million euros of European Union funds in the project.

ICGB is 50 percent owned by Bulgaria’s state-held BEH energy holding company. The remaining shares are held by the Greek gas company DEPA and Italy’s Edison. 

Saturday, April 20, 2019

Egypt- Zohr gas condensates production increases to 4,000 tonnes per day - MENAFN / DAILY NEWS EGYPT

APRIL/20/2019 7:17:08 PM

(MENAFN - Daily News Egypt) [The source] pointed out that completing the development of the second phase of Zohr will take place in June, increasing the total production capacity to 2.7bn scf/day.

He added that Eni aims to invest about $4bn in the development of the second phase of Zohr this year, increasing the company's total investments in the project to $16bn.

The source stressed that the ministry of petroleum seeks to speed up the implementation of the next phase of Zohr upon the directives of President Abdel Fattah Al-Sisi to speed up connecting the project's production to the national grid.

Thursday, April 18, 2019

Israel's Natural Gas Discoveries Are Bridging Political Divides And Are Forging Economic Ties - FORBES

Apr 18, 2019, 08:16am
Ken Silverstein

Even more natural gas has been found off Israel’s coastline, which may help shift the global energy paradigm. Greek oil and gas developer Energean has discovered what it says is between 28-42 billion cubic meters of natural gas, all on top of the 67 billion cubic meters that it has already located.

The discovery comes atop earlier ones a decade ago that are getting tapped and will be eventually distributed to former adversaries of Israel: Jordan and Egypt. And there are also plans to sell the natural gas to Turkey, Greece and Cyprus. Indeed, if Israel blossoms into a regional energy powerhouse, it could have profound implications for geopolitics — and possibly extend as far as East as Iraq.

East Med Gas Forum ‘evolving into international organisation’ - CYPRUS MAIL

APRIL 18 2019 

The East Med Gas Forum (EMGF) will be meeting again in June with the purpose of evolving into an international organisation, energy minister Giorgos Lakkotrypis said Thursday.

Speaking at the 9th Nicosia Economic Congress, Lakkotryrpis said that he hoped the forum – consisting of Egypt, Cyprus, Greece, Italy, Israel, Jordan, and the Palestinian Territories – will take the form of an international organisation.

The forum is necessary in order for eastern Mediterranean gas to be competitive, while member states are discussing issues such as the preferred infrastructure for the optimal exploitation of hydrocarbons wealth.

The region faces many “challenges,” Lakkotrypis said, which is one of the reasons why the United States and the EU support are supporting the EMGF as observers.

Tuesday, April 16, 2019

'Whole new day' for Cyprus' relationship with US, says senator - KATHIMERINI

16.04.2019 : 11:35

Cyprus is in a position to “find a whole new day in its relationship with the United States and with the West,” US Senator Robert Menendez said during a visit to Nicosia on Tuesday.

The New Jersey senator's comments came after he held informal talks with Cyprus President Nikos Anastasiades during a visit that comes a week after he announced a bipartisan bill seeking to lift the US arms embargo on Cyprus, which has been in place since 1987.

The discussion with Anastasiades was “excellent, extensive and very positive,” Menendez said, according to Cypriot media.

“We talked about many important subjects; the Eastern Mediterranean’s security strategy and energy strategy, Cyprus’ continuous engagement with the United States, questions of our foreign policy in the region, economic questions, the changing dynamics of Cyprus in its banking zone,” the US senator was reported as saying.

Monday, April 15, 2019

Ambassador Pyatt’s Remarks at the 2nd Energy Union Leaders Academy Aikaterini Laskaridis Foundation - US EMBASSY ATHENS GREECE

Aikaterini Laskaridis Foundation
Panorama City Hall
April 12, 2019, 16:00

Let me start this short address by thanking the Greek Energy Forum and the American College of Thessaloniki for organizing this “Energy Union Future Leaders” Academy, bringing together young leaders from 18 countries to discuss the opportunities and challenges in the vitally important energy sector. I can’t think of a better location for this event than Thessaloniki, exactly at the moment that northern Greece is reestablishing its role as the commercial and energy hub of the Balkans. I’m also especially glad that this is happening on the campus of Anatolia College, which is really one of the hidden gems of the U.S. legacy of support in northern Greece, and I’m delighted to be on the campus on such a beautiful day.

Two of the Academy’s main objectives are the promotion of energy diversification and energy security, which happen to mirror priorities of the United States government. And I think the energy security of our European partners and allies has been a longstanding priority for the United States, but it’s only over the past few years, that Greece has become a real leader in these efforts. I know that the Greek Minister of Energy, Minister Stathakis, heard this message very clearly from our Secretary of State and our Secretary of Energy when he was in Houston last month, and Secretary Pompeo repeated a similar message when he recently participated in the first 3+1 summit meeting in Jerusalem with Prime Ministers Netanyahu, Anastasiadis, and Tsipras.

Significant New Gas Discovery at Karish North - ENERGEAN OIL & GAS

London, 15 April 2019 - Energean Oil and Gas plc (LSE: ENOG, TASE: אנאג) the oil and gas producer focused on the Mediterranean, is pleased to announce that the Karish North exploration well has made a significant gas discovery.

Preliminary analysis indicates:
  • Initial gas in place estimates of between 1 Tcf (28 Bcm) and 1.5 Tcf (42 Bcm).
  • High quality reservoir in the B and C sands.
The well reached an intermediate TD of 4,880 meters approximately 7 days ahead of schedule. A gross hydrocarbon column of up to 249 meters was encountered and a 27 meter core was recovered to surface. Further evaluation will now be undertaken to further refine resource potential and determine the liquids content of the discovery.

Drilling of the initial phase of the Karish North well is now complete. As planned, Energean will now deepen the well to evaluate hydrocarbon potential at the D4 horizon.

Once operations are completed on Karish North, the Stena DrillMAX will return to drilling the three Karish Main development wells. Following this four well programme, Energean has six drilling options remaining on its contract with Stena Drilling. 

The Karish North discovery will be commercialised via a tie-back to the Energean Power FPSO, which is located 5.4km from the Karish North well. The FPSO is being built with total processing and export capacity of 8 Bcm/yr (775 mmcf/d), which will enable Karish North, and future discoveries, to be monetised. 

Sunday, April 14, 2019

‘We will no longer accept Turkey’s aggression’ - CYPRUS MAIL

APRIL 14, 2019

The US senator that introduced a bill in the Senate that covers concerns of Cyprus has said “We made it clear that we will no longer accept Turkey’s aggression in the Eastern Mediterranean region”.

Speaking to Phileleftheros on Sunday, Democratic senator Robert Menendez, of New Jersey, who heads the Democratic Group in the powerful International Relations Committee, underlined his interest and support for Cyprus.

He also stressed that the Americans “have to do more – we need to increase the support that will allow Greece to fulfill its commitments under NATO” and to lift the arms embargo against the Republic of Cyprus.

In 1987 the US placed restrictions on the transfer of arms and defensive material to Cyprus in an attempt to encourage reunification efforts and to avoid an arms race on the island.

Menendez and Republican Florida Senator Marco Rubio submitted the bill aimed at lifting the embargo on the sale of arms to Cyprus, US security relations with Cyprus and Greece, and enhancing energy security in the region this week.

Friday, April 12, 2019

Greece, Cyprus, Jordan cement East Med Gas Forum relationship - NEW EUROPE

APRIL 12, 2019, 20:48
Kostis Geropoulos

Closer cooperation among the countries of the region can only add to peace and stability – much needed in the East Med.

ATHENS – The leaders of Greece, Cyprus and Jordan will hold a trilateral summit in Amman on 14 April to expand cooperation in the East Mediterranean region, which has strategic significance in the areas of energy and security.

In the second summit between Greece, Cyprus and Jordan, the leaders will focus on means to expand cooperation between the three countries in various fields, mainly economy and investment, and building on the outcomes of the first summit hosted by Cyprus in January 2018 where the three parties signed several agreements, including renewable energy.

(Former) Natural Hydrocarbons Company CEO Charles Ellinas told New Europe on 12 April that the summit would boost energy and security partnership in the region.

Thursday, April 11, 2019

Cyprus mulls ratification of Lebanon EEZ delineation agreement - KNEWS / KATHIMERINI

11 APRIL 2019 - 10:49

The Ministers of Foreign Affairs and Energy Nikos Christodoulides and Giorgos Lakkotrypis are in Beirut for meetings with their Lebanese counterparts as Cyprus seeks to strengthen cooperation with Lebanon in the field of energy and energy security.

Christodoulides said that one of the issues that is high on the agenda is the outstanding issue of ratifying the agreement on the delineation of the limits of the exclusive economic zones between Cyprus and Lebanon.

To this end, he added, he will have a meeting with the President of the Lebanese Parliament.

Christodoulides expressed the hope that tomorrow, there will be a preliminary agreement to start talks on a cooperation framework with Lebanon, similar to the one agreed with Egypt.

Referring to the tripartite ministerial meeting between Cyprus, Greece and Lebanon, he described it as historic.

Wednesday, April 10, 2019

Repsol and Hellenic Petroleum partner on offshore Greece exploration - OFFSHORE TECHNOLOGY

10 APRIL 2019

Spanish energy company Repsol and Greece-based Hellenic Petroleum have signed lease agreements to conduct exploration in two offshore blocks in Greece.

The joint venture (JV) of the two companies will conduct oil and gas exploration in an offshore block in the Ionian Sea. Hellenic Petroleum will also carry out exploration in another block off the Peloponnese peninsula.

Reuters reported that the two blocks are situated in the western region of the country, an under-explored area with very little information on its hydrocarbon potentiality.

The agreement comes at a time when Greece is working to bolster its oil and gas sector with major discoveries in the eastern Mediterranean region.

Hellenic also has rights to explore oil and gas in other offshore and onshore areas of the country, with plans to conduct the first test drilling off the Peloponnese peninsula in 2020.

“A big round of lease agreements for the exploration and development of hydrocarbons is closing with these two agreements we are signing today.”

Trump's energy dominance agenda hinges on Egypt - WASHINGTON EXAMINER

April 10, 2019 11:59 AM
John Siciliano Josh Siegel

President Trump needs Egypt’s economy to grow up fast if he wants his vision of “energy dominance” to come into full force, seeing that the North African country is a key lynchpin in the global oil market, yet in desperate need of infrastructure investment.

At Tuesday’s meetings at the White House, Trump and Egyptian President Abdel Fattah Al-Sissi discussed a new, loosely organized natural gas collaboration between Egypt, Israel and Southern Europe as necessary for the two countries’ ambitions.

“One of the things we’ve been particularly encouraged by over the course of recent years is the increasing leadership role the Egyptians are playing in terms of developing the [natural] gas assets in the Eastern Mediterranean, which has been a very productive area of cooperation,” said a senior White House official with the National Security Council ahead of the meeting.

Trump wants Al-Sissi to use Egypt’s newfound natural gas discoveries to modernize the country’s economy and upgrade the global trade infrastructure at the Suez Canal.

Exxon Is in Talks Over Floating LNG Partnership in Israel - BLOOMBERG

April 10, 2019, 8:59 PM GMT+3Yaacov Benmeleh
  • Project reflects Exxon’s growing ambitions in East Med region
  • Talks come as unofficial energy boycott on Israel seen fading
Exxon Mobil Corp. is in discussions to build a platform that would expand the export reach of Israel’s biggest natural gas field, according to people familiar with the matter. Israeli gas stocks rose.

The world’s largest publicly-traded oil and gas company is in talks with the firms developing Israel’s Leviathan reservoir to build a floating liquefied natural gas ship, the people said, requesting anonymity because the matter is private. Such a project would allow the Leviathan partners to export to countries not reachable with pipelines and avoid the need to build expensive infrastructure to connect to LNG facilities in Egypt.

It’s possible the discussions ultimately won’t lead to a partnership, the people cautioned. An Exxon representative declined to comment on its intentions in Israel. The company recently made a major gas discovery nearby, off the coast of Cyprus.

“It’s too early to comment on specific development and production timelines” for the Cyprus discovery, the representative said.

Despite considerable gas discoveries in the Eastern Mediterranean region over the past decade, viable export routes have proven tough to find and global energy firms haven’t rushed in. The Leviathan partners have signed deals to meet surging demand in Egypt, Jordan and Israel, but haven’t yet found a way to export to Europe or East Asia.

Tuesday, April 9, 2019

Aphrodite gas talks at ‘advanced stage’ - CYPRUS MAIL

APRIL 9, 2019 

The Cyprus Hydrocarbons Company (CHC) is in “advanced talks” with Noble Energy and its partners over the renegotiation of the production-sharing contract for the Aphrodite gas reservoir, the organisation’s chairman said on Tuesday.

Toula Onoufriou was speaking to reporters after a meeting with President Nicos Anastasiades, where she handed over a report recapping the CHC’s activities over the past five years.

Other major challenges going forward, she said, included ongoing negotiations for a gas sale agreement between the Aphrodite partners and buyers in Egypt.

There is also the matter of awarding an exploration licence for block 7. Last October the government invited bids from companies already licensed to explore offshore Cyprus to express an interest in the block. Energy companies Total and ENI applied.

According to Onoufriou, over the next period of time energy companies will be informing the government of their plans and timetables to drill offshore Cyprus. This would include exploratory as well as appraisal drilling.

Monday, April 8, 2019

Energean Oil and Gas successfully completes drilling at EA-H3 in the north - ENERGY PRESS


Energean Oil and Gas, the oil and gas producer focused on the Mediterranean, has successfully completed its drilling operations of the extended reach well, EA-H3, in northern Greece, the company has announced.

The well was brought into production on April 1 and is currently producing at a stable dry oil rate of more than 1,000 bopd on a restricted choke, Energean noted.

The well was drilled to a total measured depth of 5,679 meters and has penetrated 689 meters of the Epsilon sandstone reservoir, in line with pre-drill expectations, Energean informed, adding it will continue to monitor and finetune production parameters to ensure optimal production from the well.

Noble Energy Wins Big Gas Deal From Israel Electric Corporation - HAARETZ

Apr 08, 2019 4:27 AM
Eran Azran

Israel Electric awarded the deal to the partners in the Leviathan gas field over the Tamar field partners

It was Yitzhak Tshuva and Noble Energy competing against Yitzhak Tshuva and Noble Energy for a giant contract to supply the Israel Electric Corporation with natural gas. One side bid to supply the gas at a price of $4.78 per thousand cubic feet and the other put in a bid for $4.78, too.

In the end, no surprise, the winners, who were revealed on Sunday, were Yitzhak Tshuva and Noble Energy with a bid of $4.78, although it in the end the two rivals may split the contract.
That strange bidding process was possible because on one side, there were the partners who control the Tamar gas field, which include Noble, Tshuva’s Delek Drilling and Isramco, and the other side were the partners who control the Leviathan field, which include Noble, Delek Drilling and Ratio.

State-owned IEC said it opted for Leviathan’s identically priced bid because it was seeking to diversify its sources of natural gas, which is now supplied exclusively by Tamar. Tamar will lose a major part of its sales to IEC because the Leviathan contract will replace much of the gas Tamar is now supplying.

Sunday, April 7, 2019

Egypt, Jordan sign agreement for operation, maintenance of natgas pipeline - ENTERPRISE

Sunday, 7 April 2019

Egypt and Jordan signed on Friday a long-term contract to operate and maintain Jordan’s natural gas pipeline, according to an Oil Ministry statement. 

State energy companies Enppi and Petrojet are also currently working on a project to expand the natural gas network in Jordan, which should be inaugurated this October, Minister Tarek El Molla previously said.

Saturday, April 6, 2019

Egypt’s gas exports can give it a foreign policy edge, petroleum minister says - CNBC

SAT, APR 6 2019 • 10:33 AM EDT
  • Cairo is expected to become a net gas exporter by the end of 2019.
  • Energy consultancy Wood Mackenzie estimates that Egypt’s existing fields have gas reserves of 61 trillion cubic feet, with a further 45 trillion cubic feet yet to be discovered.
Egypt’s goal to be a net gas exporter by the end of this year will strengthen it politically, Egypt’s petroleum minister said Saturday, stressing the opportunities for growth that would come from the recently-launched Eastern Mediterranean Gas Forum.

“We cannot deny that if we are able to have our own energy this will give us some — not independence but let us say some strength, edge,” Tarek el Molla told CNBC’s Hadley Gamble at the World Economic Forum on the Middle East and North Africa in Amman, Jordan.

The minister was speaking in response to a question about many Middle Eastern countries’ reliance on their wealthier Gulf patrons like Saudi Arabia — and the fact that economic support from the Gulf also often means forfeiting independence in the foreign policy arena.

Friday, April 5, 2019

Lebanon launches its second offshore oil & gas licensing round - MIDDLE EAST STRATEGIC PERSPECTIVES

April 5, 2019

The cabinet approved the launching of Lebanon’s second offshore oil & gas licensing round in its latest session on April 4, 2019. Energy Minister Nada Boustani officially announced the launching of the tender in a press conference on April 5.

Five blocks are on offer: Blocks 1 and 2 in the northern part of Lebanon’s Exclusive Economic Zone, Blocks 8 and 10 in the south, and Block 5 in the middle of the EEZ.

As in the first licensing round, interested companies must form a consortium of at least three companies, one of which an operator, to place bids. The deadline to place bids is on January 31, 2020.

The Lebanese Petroleum Administration has recently announced some changes to the process. The tender won’t be preceded by a separate pre-qualification round, as in the first licensing round. The pre-qualification round will be mainstreamed in the process, giving companies more time to consider participating. The evaluation of pre-qualification applications will take place in the first weeks of February 2020, with pre-qualification results expected to be announced on the third week of February. It will be followed with the evaluation of submitted bids, a step that should be completed by mid-March 2020. Negotiations with the provisional winners will then take place, and if results are satisfactory, the Council of Ministers would be expected to approve the licensing by mid-April 2020.

Wednesday, April 3, 2019

Greece's Hellenic Petroleum sell-off stalls as no bids made - REUTERS

APRIL 3, 2019 / 7:03 PM
Angeliki Koutantou
  • Glencore/CIEP and Vitol/Sonatrach were shortlisted
  • 50.1 pct stake in Hellenic worth about $1.5 bln
  • Privatisation agency’s board to discuss next steps 
ATHENS, April 3 (Reuters) - No binding bids have been submitted for a majority stake in Greece’s biggest oil refiner Hellenic Petroleum, dealing a blow to a key part of a planned sell-off of state assets mandated by international bailouts.

Switzerland-based commodities trader and miner Glencore had teamed up with CIEP Participations, and Vitol, the world’s largest oil trader, with Algeria’s Sonatrach after they were shortlisted to bid for a 50.1 percent stake in Hellenic.

Greece’s privatisation agency said the lack of bids was “due to reasons related to the short-listed parties and recent developments in the international environment that affect the consortia.” It did not elaborate.

Israel Electric Corp. Passed Up $1.3b to Let Delek, Noble Export Gas to Egypt - HAARETZ

Apr 03, 2019 5:21 AM
Ora Coren

The utility took an 85% haircut on Egyptian gas companies’ debt, saying this was 'important from a diplomatic standpoint'

The Israel Electric Corporation voluntarily gave up $1.3 billion in compensation after Egypt reneged on a gas-sale contract in order to let private-sector companies – led by Israel’s Delek and Houston-based Noble Energy – export Israeli gas to Egypt.

The electricity utility took an 85% haircut on the Egyptian gas companies’ debt, and intentionally did not inform the public, it emerged on Tuesday.

The IEC argued that its approach was “important from a diplomatic standpoint,” the Government Companies Authority said.

The agreement with the Egyptian gas companies came after two years of secret negotiations, after they reneged following the unrest in the country in 2011.

The companies had been ordered to pay the IEC $1.76 billion, not including interest and linkages due to inflation, under an international arbitration agreement.

Greece’s DEPA to Begin Selling Natural Gas to Bulgaria - GREEK REPORTER

Apr 3, 2019Tasos Kokkinidis

Greek energy provider DEPA on Tuesday became the first Western company to strike a deal with Bulgaria’s state-owned Bulgargaz to provide natural gas to the country.

This is the first time Bulgaria has ever bought gas from another provider outside its long-term contract with Russia’s Gazprom. Currently, more than 95 percent of the Balkan country’s gas needs are met by supplies from Gazprom, and the product is delivered through a pipeline which crosses Ukraine, Moldova and Romania.

Bulgargaz will complete the purchase of 1.5 million megawatt hours of fuel from DEPA in the second quarter, pumping the gas into its Chiren underground storage facility, the company said on Tuesday.

Bulgargaz said DEPA had offered the lowest price in a tender in which the state provider also received offers from Bulgaria’s Dexia Company and the Dutch-registered Kolmar NL.

The deal was hailed by the United States Ambassador to Athens Geoffrey Pyatt, who tweeted that the development was “another welcome example of Greece’s growing role as a facilitator of European energy diversification.”

Tuesday, April 2, 2019

ELPE, seeing growth, to reopen northern pipeline late this year - ENERGY PRESS


An oil pipeline stretching 213 kilometers from an ELPE (Hellenic Petroleum) facility in Thessaloniki to its Okta company refinery and storage facility in the Republic of North Macedonia is expected to be reopened towards the end of this year, roughly six years after the Greek petroleum group shut it down.

The matter has been included on the agenda for a meeting in Skopje today between officials from both sides of the border, led by their respective heads of state, Greek Prime Minister Alexis Tsipras and his North Macedonian peer Zoran Zaev. The two leaders have agreed to sign a series of bilateral agreements and memorandums of cooperation.

Swift progress is being sought in efforts to finalize a customs agreement, align the oil pipeline plan with EU standards and facilitate its licensing.

ELPE intends to utilize the relaunched oil pipeline to transport fuel, especially diesel, in annual quantities of around one million metric tons, far greater than the total consumption in North Macedonia for exports to Bulgaria, Serbia and Kosovo, besides local sales.

Monday, April 1, 2019

Petrobras to Bid in Israeli Gas Tender - OFFSHORE ENGINEER

April 1, 2019

Israel's energy minister said on Sunday that Brazilian state-run oil firm Petrobras will take part in a tender to explore for oil and gas off Israel's shore, Reuters reports.

"It was agreed that Petrobras ... will take part in a process of oil and gas exploration in Israel," Energy Minister Yuval Steinitz told Army Radio as Brazilian President Jair Bolsonaro began a visit to Israel.

A previous auction elicited bids from only two groups of companies, but prospects in the waters offshore Israel have become potentially more lucrative following a number of large gas discoveries offshore Israel and in nearby eastern Mediterranean in the last decade.

Israel will tender 19 new offshore blocks, and the energy ministry said it expects more oil and gas companies to compete this time as conditions have improved.

ExxonMobil is reportedly considering bidding in the auction.

Sunday, March 31, 2019

Dana Gas receives a further $19m from Egypt - ARABIAN BUSINESS

Sun 31 Mar 2019 12:58 PM

The payment is part of the government's ongoing efforts to reduce their receivables position to zero in 2019

In 2018, Dana made good progress in reducing its outstanding balance of overdue receivables.

UAE-based natural gas company Dana Gas has received a payment of $19 million (AED 70 million) from its operations in Egypt.

The payment was made up of a $10 million payment from the government in Egyptian pounds and $9 million from the sale of a shipment of El Wastani condensate.

The payment is part of the government’s ongoing efforts to reduce their receivables position to zero in 2019.

In 2018, Dana made good progress in reducing its outstanding balance of overdue receivables. As at 31 December 2018, the net receivables position reduced by 39% to $140 million, the lowest level since 2011.