Friday, August 5, 2016

The Israel-Egypt partnership deepens - THE HILL

August 05, 2016, 02:26 pm
By Oren Kessler, contributor

Egypt last week marked Revolution Day, the day commemorating the 1952 Free Officers' revolt that toppled the playboy King Farouk. Next door in Israel, the Egyptian embassy threw a party.

Israel's Prime Minister Benjamin Netanyahu and his wife attended, as did its president. Flags of both nations flew; anthems of both were sung. Balloons in the Egyptian colors were strewn over the embassy pool, and a woman dressed like Cleopatra delivered remarks. It was the first time in six years that Egypt's embassy in Tel Aviv publicly marked the event.

It was an extraordinary gesture, and these are extraordinary times in the relationship between two of Washington's keystone allies in the Eastern Mediterranean. Two weeks prior, Sameh Shoukry became the first Egyptian foreign minister in nine years to visit Israel — breaking years of unwritten government protocol that ties with the Jewish state would be handled by the intelligence services.

Thursday, August 4, 2016

Noble says its Israeli gas output rose 28% in quarter - HAARETZ / THE MARKER

TheMarker Aug 04, 2016 1:25 AM

Noble Energy said yesterday that it pumped 28% more natural gas in Israel in the second quarter, a record average of 276 million cubic feet of natural gas equivalent per day. Israel Electric Corporation is increasingly substituting natural gas for coal and signing up industrial customers. Even though sales volumes globally for the Texas-based company climbed 43% year on year to 427,000 barrels of oil equivalent per day, Noble reported an adjusted net loss of $103 million, or 24 cents per diluted share, turning around a $101 million, or 26-cent-a share, profit over the same period in 2015. The company raised its full-year sales volume guidance to approximately 415 million barrels per day and maintained its capital budget of less than $1.5 billion for the year. Noble’s loss was narrower than analysts‘ forecasts of 29 cents, but the share was nevertheless down 2.6% to $33.56 in New York midday local time. (Eran Azran)

Israeli Arab Expat Buys Rights in Two Energy Projects From Globe - HAARETZ / THE MARKER

TheMarker Aug 04, 2016 1:25 AM

Saed Sarsur, an Israeli Arab residing in London, has come to the rescue of energy group Globe Exploration. The company said Wednesday that Sarsur’s closely held SOA Energy Israel bought 70% of the rights in the Yahel and Ofek licenses in order to resume drilling. Sarsur isn’t known in the Israeli capital markets, but sources close to him called him an Israeli “patriot” and said SOA stands for “Son of Abraham.” Ofek was unable to complete the tests needs to confirm oil reserves because the partners didn’t have the cash to pay for them, but preliminary estimates said it could hold 2.17 trillion cubic feet of gas and 181 million barrels of oil. Globe, which will continue holding a minority stake in the two licenses along with publicly traded Capital Point, faces a government deadline to compete drilling or lose their rights. Shares of Globe Exploration closed up 18.6% at 4.38 shekels ($1.15). (Eran Azran)

Wednesday, August 3, 2016

Petroleum Ministry to rerun [Idku] and Damietta liquefaction factories by 2020/2021: minister - DAILY NEWS EGYPT

Wednesday August 3, 2016

The ministry agreed with Shell to adjust the 9B gas prices and export 125m cubic feet daily
Mohamed Adel

The Ministry of Petroleum and Mineral Resources aims to rerun [Idku] and Damietta factories for liquefaction in their full capacity in order to export gas shipments to global markets by 2020/2021.

Petroleum Minister Tarek El-Molla told Daily News Egypt that the ministry is currently looking to speed up the rerunning of the liquefaction factories with foreign partners, including the Spanish company Union Fenosa Gas and the Dutch company Shell, as well as the obtainment of gas from [Cyprus] for both factories.

He noted that the ministry is having ongoing discussions with partners in the liquefaction factories in order to eliminate the crisis, waive the arbitration case, and rerun factories that will provide the state with US dollar revenues.

Ministry of Foreign Affairs press release on yesterday’s statements by the Spokesman of the Turkish Foreign Ministry - REPUBLIC OF CYPRUS

03/08/2016 15:31

Yesterday's statements by the Spokesman of the Turkish Foreign Ministry, concerning the third licensing round and Block 6 of Cyprus’ Exclusive Economic Zone constitute a repetition of the familiar, unacceptable and legally unfounded position of Turkey and an expression of provocative and destabilizing attitude.

The Republic of Cyprus, member of the United Nations and the European Union, fully exercises, as any other member state of the international community, all its sovereign rights under international law, including its sovereign rights over its Exclusive Economic Zone and Continental Shelf, as those rights are provided for by the UN Convention on the Law of the Sea. The Republic of Cyprus is determined to protect these sovereign rights by using all means provided by international law. If Turkey disputes these rights it can peacefully make use of the available international dispute-settlement mechanisms.

Egypt studies 8 state-owned oil companies for IPO or share - HYDROCARBON PROCESSING / REUTERS

3 August 2016

(Reuters) Egypt's Ministry of Investment will assess eight state-owned petroleum companies for their suitability for a possible listing on the Egyptian Stock Exchange or share issuances, Petroleum Minister Tarek El Molla told Reuters on Tuesday.

The Egyptian presidency announced in January that Egypt would soon offer shares of "successful" state-owned companies and banks on the local bourse - its first public offering of government-owned firms since 2005, when it offered shares in Telecom Egypt, AMOC, and Sidi Kerir.

"We sent the names of eight petroleum companies to the Ministry of Investment last week to be studied, paving the way to issuing some of their shares on the bourse or increasing their capital," El Molla said in a phone interview with Reuters.

Four companies expressed interest in exploration blocks tendered by EGPC - ENERGY EGYPT / ENTERPRISE PRESS

August 3, 2016

Four companies have expressed interest in the 11 E&P projects in the Gulf of Suez and the Western Desert tendered by EGPC earlier this year, including US firms Apache Crop, Eos Petro, Greece’s Aegean Oil, and a Chilean company, sources at EGPC told Al Mal.

The authority has not received bids from any of the companies, the source added, despite the tender being issued two months ago, with a deadline at the end of August. Meanwhile, Eos Petro regional manager Yousry Hassan and Petrosilah Chairman Taher Abdel Rehim both said their companies wait until the last minute to submit bids in fear of the details being leaked.

Tuesday, August 2, 2016

Turkey warns companies not to explore in Cyprus' block 6 - SIGMA LIVE

02.08.2016

Turkey’s Foreign Ministry has warned energy companies signing agreements for exploration and drilling in Cyprus’ block 6, saying that they will not allow exploration in “their exclusive economic zone.”

In statements made to Milliyet newspaper, the Ministry’s spokesperson Tanju Bilgic said: “The unauthorised hydrocarbon exploration and extraction activities by foreign companies in our maritime jurisdiction is not possible.”

He added that the location of block 6 is an important part of Turkey’s continental shelf, as was stated in a statement in March.

GASCO to hire domestic companies for transporting natural gas from Raven field to Western Desert Gas Complex - ENERGY EGYPT / ENTERPRISE PRESS

August 2, 2016

The Egyptian Natural Gas Company (GASCO) could potentially hire domestic energy companies such as Enppi and Petrojet to provide technical support as well as engineering and design services to transport gas from the Raven field in the North Alexandria Concession to the Western Desert Gas Complex, an unnamed source told Al Mal.

Natural gas would be transported from the BP-operated field at a rate ranging between 400 and 450 mcf/d, with the project expected to be completed between two and three years. Last week, it was reported that GASCO is also studying investing USD 500 mn in the second phase of the project to increase the production of the ethane-propane mix from the complex.

Monday, August 1, 2016

Hydrocarbon Developments in the Eastern Mediterranean - ATLANTIC COUNCIL


AUGUST 1, 2016

BY CHARLES ELLINAS, WITH JOHN ROBERTS AND HARRY TZIMITRAS

“The Eastern Mediterranean’s hydrocarbon discoveries have massive consequences for the region, even though when considered on a global scale they are relatively small,” writes David Koranyi in the foreword to the Atlantic Council report,Hydrocarbon Developments in the Eastern Mediterranean. This report offers an important examination of the technical and geopolitical obstacles to and opportunities for creating a vibrant hydrocarbon market in the Eastern Mediterranean.

Read the Publication (PDF)

The lead author, Charles Ellinas, who is joined by John Roberts and Harry Tzimitras in exploring the extraction, export, and refining capabilities in the Eastern Mediterranean, makes the case that in this “era of plenty,” low oil prices are here to stay and this necessitates realistic approaches to natural gas exploration and extraction in the Eastern Mediterranean. Although the central theme of the report calls for a realism in expectations, Ellinas takes an optimistic perspective on the role of natural gas in the region.

Energy activity high at Limassol port - IN CYPRUS / CYPRUS WEEKLY

August 1, 2016

French technology giant Technip is applying for the necessary permits from the Cyprus Ports Authority for the installation at Limassol port of underwater gas pipelines assembling unit, daily Phileleleftheros reported on Monday.

At the same time, Saipem’s pipelayer Castoro Sei (Beaver Six) was fully ensconced at Limassol port on Sunday afternoon before starting work on underwater pipelines for Egypt’s giant Zohr gasfield.

The Zohr gas field was discovered by Eni in August 2015, using the drillship Saipem 10000, which is still operating in the area.

The ‘floating factory’ Castoro Sei will remain in Cyprus for six months and is expected to boost the local economy.

Ganope launches International Bid Round for oil and gas exploration in Western Desert and Gulf of Suez - ENERGY EGYPT

August 1, 2016

Egypt’s state-owned Ganoub El-Wadi Petroleum Holding Company (Ganope) issued a new international tender for oil and gas drilling and exploration in 10 sectors in the southern areas of the Western Desert and Gulf of Suez.

Egyptian oil minister Tarek El-Molla stated Sunday that the bid includes five areas notably in West Gabal El Zeit, South East Ghara area, and South Sinai, in addition to another five areas in Egyptian Western Desert.

The minister added that this is the second bid that oil sector issue during 2016 to attract new global investments to Egypt for oil and gas drilling and explorations.

He noted that issuing bids and signing new contracts with global firms is the major factor in achieving Egypt’s strategy that aims at securing energy supplies sustainably to enhance economic and social development plans.

Sunday, July 31, 2016

Saipem’s pipelayer platform for Zohr work docks at Limassol, staying six months - CYPRUS MAIL

Photos by CNA
JULY 31ST, 2016

Saipem’s pipelayer Castoro Sei (Beaver Six) was fully ensconced at Limassol port on Sunday before starting work on underwater pipelines for Egypt’s giant Zohr gasfield.

The Zohr gas field was discovered by Eni in August 2015, using the drillship Saipem 10000, which is still operating in the area.

The ‘floating factory’ Castoro Sei will remain in Cyprus for six months and is expected to boost the local economy, according to Limassol harbour master Giorgos Pouros.