Tuesday, July 1, 2014

Charles Ellinas talks Gas Markets in Cyprus | Flame



Published on Jul 1, 2014
Flame Conference Website -http://www.informaglobalevents.com/yt...

Charles Ellinas provides his views on where Cyprus are placed in the energy markets, with Europe currently in a flux.



Link to source: https://www.youtube.com/watch?v=fRWp2-VAJto

Monday, June 30, 2014

NOBLE ENERGY ANNOUNCES LETTER OF INTENT FOR LEVIATHAN EXPORT / Noble Energy

June 30, 2014

NOBLE ENERGY ANNOUNCES LETTER OF INTENT FOR LEVIATHAN EXPORT

Agreement to Provide Substantial Natural Gas to BG LNG Facility

HOUSTONJune 30, 2014 /PRNewswire/ -- Noble Energy, Inc. (NYSE: NBL) today announced the execution of a non-binding Letter of Intent (LOI) between the Leviathan field partners and BG International Limited (BG) for the supply of natural gas from the Leviathan field, offshore Israel, to BG's existing natural gas liquefaction (LNG) facilities in Egypt.  The LOI contemplates a total gross sales quantity of up to 3.75 trillion cubic feet (Tcf) of natural gas over a 15-year period, or the equivalent of approximately 700 million cubic feet per day over the term.  Delivery of the natural gas to BG is expected at the outlet of the Leviathan floating, production, storage, and offloading vessel, with planned connection to the LNG facilities by way of subsea pipeline.
Keith ElliottNoble Energy's Senior Vice President, Eastern Mediterranean, commented, "The LOI for the export of natural gas from Leviathan is a very positive development for the project and continues to evidence the strong demand for our discovered resources.  Phase 1 of the Leviathan project is designed to provide significant quantities of natural gas to Israel and regional markets.  This transaction, in combination with regional cooperation, will also provide access for Eastern Mediterranean gas into global markets.  Negotiations with other potential customers for Leviathan natural gas are progressing, and I anticipate additional agreements to be executed this year in support of the development of the first phase of Leviathan."
A final gas purchase and sales agreement is to be negotiated and will be subject to the receipt of regulatory approvals in Israel and Egypt.
Noble Energy operates Leviathan with a 39.66 percent working interest.  Other interest owners are Delek Drilling with 22.67 percent, Avner Oil Exploration with 22.67 percent, and Ratio Oil Exploration (1992) Limited Partnership with the remaining 15 percent.  The Leviathan field has an estimated 19 Tcf of discovered natural gas resources.
Noble Energy is a leading independent energy company engaged in worldwide oil and natural gas exploration and production.  The Company has core operations onshore in the U.S., primarily in the DJ Basin and Marcellus Shale, in the deepwater Gulf of Mexico, offshore Eastern Mediterranean, and offshore West Africa.  Noble Energy is listed on the New York Stock Exchange and is traded under the ticker symbol NBL.  Further information is available at www.nobleenergyinc.com.
This news release contains certain "forward-looking statements" within the meaning of federal securities law.  Words such as "anticipates," "believes," "expects," "intends,"  "will," "should," "may," and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect Noble Energy' s current views about future events. They include estimates of oil and natural gas reserves and resources, estimates of future production, assumptions regarding future oil and natural gas pricing, planned drilling activity, future results of operations, projected cash flow and liquidity, business strategy and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this news release will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, without limitation, the volatility in commodity prices for crude oil and natural gas, the presence or recoverability of estimated reserves, the ability to replace reserves, environmental risks, drilling and operating risks, exploration and development risks, competition, government regulation or other actions, the ability of management to execute its plans to meet its goals and other risks inherent in Noble Energy's business that are discussed in its most recent annual report on Form 10-K and in other reports on file with the Securities and Exchange Commission. These reports are also available from Noble Energy's offices or website,http://www.nobleenergyinc.com. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Energy does not assume any obligation to update forward-looking statements should circumstances or management's estimates or opinions change. 
The Securities and Exchange Commission requires oil and gas companies, in their filings with the SEC, to disclose proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. The SEC permits the optional disclosure of probable and possible reserves, however, we have not disclosed the Company's probable and possible reserves in our filings with the SEC. We use certain terms in this news release, such as "discovered natural gas resources," which are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of being actually realized. The SEC guidelines strictly prohibit us from including these estimates in filings with the SEC. Investors are urged to consider closely the disclosures and risk factors in our most recent annual report on Form 10-K and in other reports on file with the SEC, available from Noble Energy'soffices or website, http://www.nobleenergyinc.com.  
SOURCE Noble Energy
News Provided by Acquire Media


Link to source: http://investors.nobleenergyinc.com/releasedetail.cfm?ReleaseID=856984

Sunday, June 29, 2014

UPDATE 1-Israel's Leviathan in talks to sell gas to BG's Egypt LNG plant | Reuters

UPDATE 1-Israel's Leviathan in talks to sell gas to BG's Egypt LNG plant

Sun Jun 29, 2014 5:29am EDT

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(Adds details, background, BG comments, share reaction)
(Reuters) - The partners in Israel's giant Leviathan natural gasfield said they had signed a preliminary agreement with British oil and gas company BG Group to negotiate a deal to export gas to BG's liquefied natural gas (LNG) plant in Idku,Egypt.
In the deal under discussion, Leviathan - off Israel's Mediterranean coast - would supply 7 billion cubic metres (bcm) annually for 15 years via an underwater pipeline, the partners said in a statement on Sunday.
An energy source in Tel Aviv said such a deal would be worth about $30 billion - providing a windfall to Israel's coffers from royalties. The source said the pipeline would be built by BG and a final agreement was expected by the end of 2014.
Such a a deal would be among the largest in Israel's fledgling energy sector and would help the partners develop Leviathan - which holds an estimated 19 trillion cubic feet of gas (530 bcm) and is expected to go online in 2017. Much of the reserves are earmarked for export.
BG said the Leviathan talks were one of several options it was considering to increase the supply of gas to its Egyptian plant. "While this non-binding letter of intent with the Leviathan partners is a first step, it is very early days," said a spokesman.
The talks with BG - which exports to more than 20 countries - come after Woodside Petroleum, Australia's top gas producer, last month ditched plans to take a stake worth up to $2.7 billion in Leviathan.
Texas-based Noble Energy is the field's operator with a 39.66 percent stake. Avner Oil and Delek Drilling, subsidiaries of Delek Group, hold a combined 45.34 percent, and Ratio Oil has the remaining 15 percent.
Shares of Avner were 1.8 percent higher, while Delek Drilling's shares were up 1.1 percent and Ratio's shares gained 3.5 percent in midday trading in Tel Aviv.
Delek and Avner last month raised $2 billion in an international bond offering to help fund Leviathan's development.
The gas unit of Turkish fuel retailer Turcas is holding non-binding talks with another company to jointly procure natural gas from Leviathan, while Leviathan's partners have also started looking into selling gas through a pipeline to Cyprus.
BG's first-quarter exploration and production volumes fell 4 percent, hit by output problems in Egypt where the company's LNG project failed to deliver any cargoes in the quarter.
Production in Egypt fell 35 percent compared with the fourth quarter as the reservoir feeding its plant is in decline and the local Egyptian market took more supply, for which BG receives lower payments.
BG said Egypt's government has not honoured its agreements and is diverting more gas for the domestic market. (Additional reporting by Tova Cohen; Editing by Andrew Heavens)


Link to source: http://www.reuters.com/article/2014/06/29/israel-natgas-bg-group-idUSL6N0PA04Z20140629

Israel's Leviathan partners in talks to sell natgas to Egypt plant | Reuters

Israel's Leviathan partners in talks to sell natgas to Egypt plant

Published: 06.29.14, 12:48 / Israel News
The partners in Israel's Leviathan giant natural gas field said on Sunday they signed a non-binding letter of intent with BG Group to export gas BG's liquefied natural gas (LNG) plant in Egypt.

The parties are holding talks to reach a deal under which Leviathan will supply 7 billion cubic metres annually for 15 years via an underwater pipeline, the partners said in a statement. An energy source in Tel Aviv said such a deal would be worth about $30 billion. (Reuters)



Link to source: http://www.ynetnews.com/articles/0,7340,L-4535767,00.html