Saturday, January 14, 2017

Israel eyes energy source to mend regional relations - SANTA FE NEW MEXICAN / THE NEW YORK TIMES

Saturday, January 14, 2017 10:00 pmPeter Barker

ABOARD THE ATWOOD ADVANTAGE — In the ship’s control room, facing four video screens, a driller from Mississippi in dark shades and a black baseball cap with a skull on it held what could be the future of Israel in his hands.

The massive drill he controlled extended down 11,345 feet, more than 2 miles below the surface of a calm Mediterranean Sea, as it plunged deeper and deeper into one of the biggest natural gas fields discovered in the world in recent years.

Once a barren energy island in a part of the planet otherwise awash in resources, Israel is, after years of delay, finally pushing ahead with an ambitious strategy to tap offshore reserves that could transform its economy and, it hopes, its place in a historically hostile region.

If all goes according to plan, Israel will not only become largely energy-independent, it will also supply neighbors that will have new reason to be friends.

Drilling down: Dana Gas CEO Dr Patrick Allman-Ward - ARABIAN BUSINESS

Saturday, 14 January 2017, 1:16 AM
Neil Halligan

Years of frustration appear to be ending for Dana Gas, who look set to capitalise on investments in both Kurdistan and Egypt to spur its next cycle of growth.
Dana Gas should have made more headlines than it has.

The Middle East’s largest private sector natural gas company has the potential to become one of the major regional players in the energy industry. But its less-than-expected real growth has little to do with the fall in oil prices, and more to do with government frustrations and a lack of opportunities.

When the Sharjah-based firm listed in 2005, investors clamoured for the opportunity to take part in the initial public offering. The interest saw the share price skyrocket five-fold within a week, but it has since crashed from AED4.71 ($1.28) in December 2005 to 55 fils (15 cents).

But prospects are brightening.

Friday, January 13, 2017

Erdogan Vows to Keep Turkish Troops in Cyprus as Talks Stall - BLOOMBERG

Majority Christian areas in blue, before the 1974 illegal Turkish
invasion and the forced population movement. Roughly, 85% of
property in every district of Cyprus legally belongs to Christians,
w/
titles from a land registry set up in the 19th centure by the UK.   
13 January 2017, 2:01am EETPaul Tugwell, Selcan Hacaoglu, Georgios Georgiou
  • Hurdles remain over security guarantees and property rights
  • Negotiations will continue at technical level on Jan. 18
Turkish President Recep Tayyip Erdogan vowed to keep troops in Cyprus as future security arrangements turned into the biggest obstacle to a deal on reunifying the Mediterranean island after more than four decades.

Talks on a landmark accord will resume next week after top officials from Cyprus, Greece and Turkey failed to reach an agreement in Geneva. Hurdles also remain over property rights and a rotating presidency for a proposed federal state. Negotiations on Jan. 18 will be at a technical level to seek proposals to resolve the differences and comments from Turkey and Greece suggest there’s plenty of work to do.

“We will be there forever,” Erdogan said in Istanbul after Friday prayers. “Full withdrawal of Turkish soldiers is out of the question.” He said Greece and the Greek Cypriots “are still under different expectations.”

Subsea projects dominate regional investment - OFFSHORE SUPPORT JOURNAL

Pioneering Spirit will be laying gas pipelines across the Black Sea
from the second half of 2017
Fri 13 Jan 2017
Martyn Wingrove

Allseas will install 900km of pipeline for the TurkStream project in the Black Sea, while Subsea 7 and Saipem will deploy subsea systems in Egypt

With significant investment going into the Black Sea, the region will be a main focus area for subsea operations in 2017. So will the Eastern Mediterranean after partners in the Leviathan gas field offshore Israel approved a development plan for a huge production and export project.

Gazprom May Start Price Dispute With Turkey-Based Private Gas Importers - SPUTNIK NEWS

 © Sputnik/ Mikhail Voskresenskiy
13.01.2017, 11:22

Russia's state-owned gas exporter Gazprom plans to initiate a trade dispute via international arbitration with its private gas import partners in Turkey, local media said Friday.
MOSCOW (Sputnik) – The company's Gazprom Export subsidiary has already prepared documents needed to file the lawsuit in what is a dispute over prices for 2017, the Kommersant newspaper reported, citing sources from Gazprom and Turkey. 

The lawsuit, likely to be filed at the Arbitration Institute of the Stockholm Chamber of Commerce, will involve private companies importing Russian gas to Turkey, including Akfel Gas, Enerco Enerji, Avrasya gaz, Bosphorus gaz, Shell, Bati Hatti and Kibar Enerji, according to the publication. 

The companies had rejected a Gazprom price offer, which involved settling for a temporary arrangement, above 2016 levels, lasting until the company settles its ongoing dispute with Turkey's state-owned BOTAS Petroleum Pipeline Corporation. 

Thursday, January 12, 2017

LNG demand in southeast Europe – a tale of three countries - LNG WORLD SHIPPING

Marios Demetriades: considering Cyprus' LNG options
Thu 12 Jan 2017
Karen Thomas

Greece, Italy and Cyprus have individual and collective plans for LNG-import and small-scale distribution infrastructure

Although it is a relatively mature LNG-import market, Europe is developing significant new import and small-scale capacity and new capacity is concentrated in the south and east of the continent.

Several factors are driving this shift. Falling prices and slowing demand from Asia’s mature importers have made LNG more competitively priced, compared with piped gas, for buyers in Europe.

WoodMac: Egypt’s gas market faces more changes - LNG WORLD NEWS

Egypt’s FSRU’s in the port of Ain Sokhna (image: Höegh LNG)

Egypt’s FSRU’s in the port of Ain Sokhna (Image courtesy of Höegh LNG)

Egypt’s gas market would undergo significant change over the next five years, impacting global LNG market, according to a research by the natural resources consultancy WoodMackenzie.

After five years of falling gas production and switching from a net exporter to a net importer, the new production capacity coming on stream over the next few years will push the country’s gas market back into surplus.

From being the world’s eight largest LNG exporter in 2009, the country turned to the world’s eight largest LNG importer in 2016, however the market could swing to surplus as soon as 2019.

Lebanon and Syria: Stuck between a rock and a hard place on natural gas - MODERN DIPLOMACY

JAN 12, 2017Antonia Dimou

The East Mediterranean’s gas resources can promote cooperation, resolve conflicts and turn the region into an energy hub presenting new prospects for Lebanon and Syria.

Lebanon is currently in need to diversify its energy mix away from oil in order to strengthen its security of supply but lags behind neighboring Israel and Cyprus in developing its gas reserves in the East Mediterranean. 3D seismic surveys carried out by the Norwegian Spectrum company have estimated recoverable Lebanese offshore gas reserves at 25.4 trillion cubic feet. The development of Lebanon’s hydrocarbon resources nevertheless faces significant challenges at political and economic levels, namely the skyrocketing public debt, an unstable regulatory framework, and a weak administration attributable to the sectarian nature of the country’s political system.

Qarun Petroleum plans $190 million in investments for FY 2017-18 - ENERGY EGYPT / MUBASHER

January 12, 2017

Qarun Petroleum Company (QPC) plans to inject $190 million in investments in the fiscal year 2017 – 2018, said a press release. “The company seeks to drill 14 wells in FY2017 – 2018,” said Mohsen El-Noby, Chairman.

The company’s average daily production recorded 37 barrels up 11% from the previously established target at the first half of the current fiscal year 2016 – 2017, added El-Noby.

QPC was established on August, 13th 1995, as an operating company for EGPC and the group consisting of Phoenix Resources Company of Qarun, Apache Oil Egypt Inc, and GNR Seagull at Qarun area of the Western Desert covered by the concession agreement.

Khalda Petroleum plans to invest $810 million in FY 2017-18 - ENERGY EGYPT / MUBASHER

January 12, 2017

Khalda Petroleum Company said it plans to inject $810 million in investments in the fiscal year 2017 – 2018, said CEO, Mohamed Abdel Azim. “The company plans to drill 33 exploratory wells,” added Abdel Azim.

Earlier, the company said has reduced the cost of oil produced from the Apache concession area in the western desert to $4.5 per barrel in the first quarter of the current fiscal year, down from $5.

Energean to Invest $1.5 Billion in Offshore Gas Facilities - HAARETZ / REUTERS

Energean's Mathios Rigas
Reuters Jan 12, 2017 6:45 AM


Greek company says it will set up its own facilities to deliver gas from Karish and Tanin fields.

Greek company Energean Oil & Gas plans to build its own production system (FPSO) on the eastern Mediterranean at a cost of up to $1.5 billion to tap two Israeli offshore gas fields, the group’s CEO told Reuters in an interview on Wednesday.

Greece’s only oil producer is also looking to bring a financial partner into the project to develop the Tanin and Karish fields, which are situated in deep waters around 100 kilometers off Israel’s coast and have combined gas reserves estimated at 2.4 trillion cubic feet.

Energean bought Karish and Tanin last August for $148 million from U.S.-Israeli partners Delek Group and Noble Energy, who are developing two much larger fields nearby and were required by Israel to sell off other discoveries in an effort to open up the sector to competition.

SDX Energy set to acquire Circle Oil’s Egypt and Morocco assets - PROACTIVE INVESTORS

12 Jan 2017, 07:24 

“Circle's assets present an attractive opportunity to add material production and reserves at an attractive price,” says SDX Energy boss Paul Welch.

SDX has 30 days of exclusivity to finalise a deal

SDX Energy Inc (LON:SDX, CVE:SDX) revealed it has agreed to acquire the Egyptian and Moroccan assets of failed AIM firm Circle Oil.

A non-binding heads of terms agreement has been signed, and it gives SDX 30 days exclusivity to finalise a deal.

Circle Oil’s AIM quoted shares were suspended in June amid financial turmoil and its investors were warned a number of times through the second half of 2016 that there would be ‘little or no value left’ for equityholders.

Wednesday, January 11, 2017

Israel - Turkey pipeline hangs on Cyprus peace talks - JERUSALEM POST

Espen Barth Eide, Special Adviser of the UN Secretary-General on
Cyprus, on the start of the Cyprus talks at the Palais des Nations
11 JANUARY 2017 22:07
Michael Tanchum

The greatest beneficiary of a failure in Geneva would be Russia and its efforts to further expand its widening strategic footprint in the Eastern Mediterranean.

Israel hopes to market its natural gas to Turkey, and via Turkey to the EU, but this aim may hang on the outcome of the potentially historic Cypriot peace negotiations currently underway in Geneva. Since an undersea gas pipeline from Israel’s Leviathan natural gas field to Turkey requires crossing Cyprus’s economic exclusion zone, failure to reach an agreement could force Israel to return to an older plan of marketing its natural gas via Egypt. However, in the new energy and geopolitical realities of the region that emerged in 2016, Israel’s selection of Egypt as its major export option could result in the Russia’s rise as a central player in Eastern Mediterranean energy.

Stathakis upsets DESFA sale plans - KATHIMERINI

DESFA import terminal on Revithoussa, near Athens
11.01.2017 : 09:58
Chryssa Liaggou

The government is taking the privatization of gas network operator DESFA back to square one, reversing what has been agreed with Greece’s creditors on the fast-track process and the immediate restart of the existing tender.

Energy Minister Giorgos Stathakis on Tuesday informed the creditors of a new plan providing for the state to retain a 51 percent controlling stake in DESFA, along similar lines to the recent sell-off of 24 percent of power grid operator ADMIE.

Stathakis added in his letter that the government is not responsible for what DESFA’s other main stakeholder, Hellenic Petroleum, decides regarding the sale of its 35 percent stake. Therefore, given that the state’s stake comes to 65 percent, the Stathakis plan provides for the sale of just 14 percent of DESFA, which would hardly be attractive for investors if Hellenic Petroleum were to decide against putting its stake up for sale.

Update on Israeli natural gas industry - ENGINEER LIVE

11th January 2017

Israeli natural gas industry – where do we go now?

Partners Shiri Shaham and Simon Weintraub at Israeli law firm Yigal Arnon & Co. explore the natural gas industry in Israel

After years of deliberations, negotiations and amendments, the Israeli government recently adopted its final framework for the regulation of the burgeoning natural gas sector. This exciting development is a reflection of the country’s vibrant democracy, strong rule of law and climate of regulatory certainty; it will hopefully foster geopolitical stability in the eastern Mediterranean basin, and will potentially promote economic co-development projects and unprecedented investment opportunities in the region.

IHS Markit: Total’s offshore Cyprus Block 11 could tival Egypt’s Zohr natural gas discovery - OILFIELD TECHNOLOGY

Wednesday, 11 January 2017 14:30
David Bizley, Editor

Total to drill one of E&P industry’s most critical wells in 2017, as interest grows in region.


Driven by the success of Eni’s major Zohr Field gas discovery offshore Egypt in 2015, companies are rethinking the Eastern Mediterranean region’s gas potential, according to new analysis from IHS Markit (Nasdaq: INFO), a world leader in critical information, analytics and solutions. Total’s announcement that it will drill a 2017 exploration well in its deepwater Block 11 located offshore Cyprus indicates the growing interest in the wider region.

“The Zohr gas discovery in Egypt was a play opener for the region—it has caused companies to rethink the region’s gas potential and take a closer look at the geology,” said Graham Bliss Ph.D., senior director of plays and basins research at IHS Markit, and lead author of a series of analyses examining upstream energy competition in the Eastern Mediterranean. “Zohr’s success clearly encouraged Total leadership to re-examine Block 11’s potential, since it is contiguous with the Egyptian Shorouk Offshore Block, which is home to Eni’s Zohr Field.”

Iraq to start exporting 1m oil barrels a month to Egypt: Iraqi ambassador to Cairo - MENAFN / DAILY NEWS EGYPT

11/01/2017

An agreement signed between the Egyptian government and its Iraqi counterpart to supply Egypt with 1m barrels of Basrah Light crude oil per month with facilitated payment terms will come into effect within the next few days. The announcement was made by Habib Al-Sadr, the Iraqi ambassador to Egypt, in an interview with the Middle East News Agency on Wednesday.

The Egyptian minister of petroleum visited Baghdad in October, after Saudi Aramco halted the five-year agreement to import 700,000 tonnes of petroleum products a month to Egypt. The Saudi decision to halt shipments led a number of deputies from the National Iraqi Alliance to call on the Iraqi government to export crude oil to Egypt with facilitated payments.

Comment: Keep gas off the Cypriot peace talks agenda

Brirish bases on Cyprus: vital for western interests and tightly
linked to the internationally recognized Republic of Cyprus 
January 10th, 201710:25am
John Roberts

The leaders of the Greek and Turkish communities in Cyprus, together with a host of international officials, are meeting in Geneva now to try to end a partition that has lasted for 43 years. But it might be best if they agreed to omit any substantive discussion at this stage of a particularly difficult issue – gas.

The reason is that the discovery of gas in the eastern Mediterranean in general, and off the south coast of Cyprus in particular, is fraught with both practical and emotional problems that makes it much easier to conceive of successful development in the wake of a Cyprus settlement than as a significant constituent part of the negotiation process.

Word Bank aid will be used in part to pay off arrears to IOCs - ENTERPRISE

Wednesday, 11 January 2017

The government will pay arrears to international oil companies in part through the second tranche of the USD 3 bn World Bank development loan, an Oil Ministry official tells Al Shorouk. Arrears owed currently stand at USD 3.5 bn as December, Oil Minister Tarek El Molla had previously stated. This comes as the ministry has requested that the CBE allocate USD 270 mn per month to cover daily gas imports of 1.4 bcf, starting from June, Al Borsa reports, citing an unnamed ministry source. The ministry’s request comes as CAPMAS announced that natural gas consumption is on the rise, climbing by 11.8% last October.

Tuesday, January 10, 2017

Apax buys Ten gas station chain - GLOBES

10 Jan, 2017 17:24
Kobi Yeshayahou

Bank Leumi acquired the shares in Israel's fifth largest gas station chain when Eliezer Fishman went bankrupt.
Apax Partners has acquired an 83% controlling interest in Ten Petroleum Company Ltd. (TASE: TNPT.B1), Israel's fifth largest chain of gas stations, from Bank Hapoalim (TASE: POLI) for NIS 137 million, reflecting a NIS 166 million value for the company.

Businessman Eliezer Fishman owned Ten for many years. Following the deterioration of his business situation over the past two years, his controlling interest in the chain passed to Bank Hapoalim, which tried unsuccessfully to sell it. Three and a half months ago, Advocates Pinhas Rubin and Yaron Elhawi from the Gornitzky & Co. law firm were appointed as receivers for Fishman's shares at the request of the creditor banks. Since then, the process of selling the company has been expedited. In addition to Apax, the Sky fund and Shapir Civil and Marine Engineering Ltd. were also mentioned as showing interest in buying the company.

Monday, January 9, 2017

Oil Majors Prepare For Mega Tender In Lebanese Levant Basin - OIL PRICE


Jan 09, 2017, 3:14 PM CST
Zainab Calcuttawala

After a four-year wait, the Lebanese cabinet has approved two oil and gas decrees on energy tax provisions and blocking last week – allowing offshore drilling ventures in 96 trillion cubic feet of natural gas reserves to begin brewing.

A massive licensing round, stalled in 2013 due to a lack of national unity on energy explorations issues, is set to begin in the country in the next few weeks, with the deadline for submitting bids set for mid-2017.

“Blocks will be opened according to the study carried out by the Petroleum Administration Committee (PAC), as well as according to the requirements of the Lebanese state,” Cezar Abi Khalil, the country’s Minister of Energy and Water Resources told the NNA, describing the new body that will delve into the extraction issues of national offshore production.

Jordan imported over 5 bcm of LNG in 2016 - NATURAL GAS WORLD

January 09th, 2017, 10:30amShardul Sharma

Jordan imported 8.6mn m³ of LNG cargoes at -160 deg C, official Petra News Agency reported January 8 citing government data.

That represents the regasified equivalent of 5.2bn m³ during 2016 imported into Jordan. Of that, about 0.67bn m³ of LNG was then exported to Egypt.

The fuel was imported via the floating LNG terminal at Aqaba, which became operational in July 2015; 48 cargoes were imported, of which 40 by Jordan’s state owned electricity company, National Electric Power Company, while 7 were supplied by Shell from Qatar. LNG cargo sizes ranged between 125,000 m³ and 165,000 m³.

Under its agreement with NEPCO, Shell has agreed to supply 150mn ft³/d LNG to the Aqaba LNG terminal.

Eni furthers Mediterranean exploration - OIL & GAS JOURNAL

01/09/2017
Houston, by OGJ editors

Eni SPA is advancing exploration in the Mediterranean in the Contract Area D offshore Libya. The company spudded its B1-16/3 well on Jan. 4 in 518 ft of water about 140 km northwest of Tripoli and 5 km north of Bahr Essalam gas field. The 9,865-ft well’s primary objective is the Metlaoui group reservoir, the company said. Drilling is expected to take 64 days.

Eni was granted the license by Libya National Oil Corp. in June 2008.

Eni late last month signed concession agreements for the North El Hammad and North Ras El Esh exploration blocks in the Egyptian Mediterranean. Both shallow-water blocks were awarded in the 2015 Egyptian Natural Gas Holding Co.’s (EGAS) international bid round (OGJ Online Oct. 12, 2015).

The two agreements follow the recently awarded blocks of Southwest Meleiha (in the Western Desert), Shorouk, Karawan, and North Leil (in the deep water of the Egyptian Mediterranean).

North El Hammad lies west of the Abu Madi West and Baltim-Baltim South development areas, where Eni recently made the Nooros discovery, which has been in production since August 2015 (OGJ Online, Sep. 12, 2016).

Eni is the operator of the North El Hammad block with an equity of 37.5% in participation with BP PLC, who has a 37.5% stake, and Total 25%. Eni holds 50% interest in North Ras El Esh block, which is operated by BP with 50%.

SOURCE

95 km of TAP pipeline already completed - WORLD PIPELINES

Monday, 09 January 2017 10:40Stephanie Roker

It has recently been announced that 95 km of pipe has been installed on the Trans Adriatic pipeline (TAP), seven months after the opening ceremony for construction.

The 878 km pipeline project will transport natural gas from Turkey’s border to southern Italy, and will cross Greece, Albania and the Adriatic Sea. The gas will supply Balkan and European markets.

The pipeline will hold a transport capacity of approximately 10 billion m3/y and has the potential to increase in the future.

The line is expected to be in-service in 2020.

Russian gas flows to Europe, Turkey break new records in 2017: Gazprom - PLATTS

London (Platts)--9 Jan 2017 800 am EST/1300 GMT
Stuart Elliott, Edited by James Leech

Russian gas continues to flow to Europe and Turkey at all-time high levels in 2017 following record-breaking volumes last year, as cold weather across Europe -- especially in the east -- triggers increased demand for Gazprom gas.

Russian gas prices also remain competitive compared with European hubs -- the oil price rally of end-2016 will only filter through to oil-indexed gas contracts in the coming months -- so European buyers are thought to be maxing out their Russian gas purchases.

In a statement Monday, Gazprom said gas flows to what it calls the Far Abroad -- Europe and Turkey but not the ex-Soviet states -- hit a new daily record of 621.8 million cu m on Sunday.

GUPCO targets $538 million investments in FY 2017-18 - ENERGY EGYPT / MUBASHER

January 9, 2017

GUPCO – Gulf Of Suez Petroleum Co. said it targets investments of $538 million in the fiscal year 2017 – 2018.

Earlier, the company’s management approved the estimated budget for FY 2017 – 2018, said a press release.

GUPCO plans to produce 76,000 barrel per day in the new fiscal year.

The company’s production rate hit 81,000 barrel in FY 2016 – 2017, according to a press release.

Pharaonic Petroleum plans to invest $500 million in FY 2017-18 - ENERGY EGYPT / MUBASHER

January 9, 2017

Pharaonic Petroleum said its board of directors approved the estimated budget for the fiscal year 2017 – 2018.

The company stated that it plans to pump $500 million in investments if FY17/18.

Pharaonic Petroleum operates Egypt’s offshore Atoll field, which is joint venture company between Egypt state-owned Egyptian General Petroleum Corporation and BP Egypt.

BP announced the Atoll discovery in March 2015, which was estimated to 1.5 trillion cubic feet (tcf) of gas and 31 million barrels (mmbbl) of condensates.

Egypt's Bapetco produces 500M ft3 of gas daily: Chairman - ZAWYA / AMWAL AL GHAD

09 January, 2017

The total natural gas production of Egypt's Badr El Din Petroleum Company- Bapetco is estimated at around 500 million cubic feet daily, Chairman Emad Hamdy stated Saturday.

Hamdy told Amwal Al Ghad that firm's production of natural gas covers massive part of local market's needs of natural gas.

Bapetco -the local partner of Royal Dutch Shell- raised the total production within the last three years from 98,000 barrels of oil equivalent (BOE) to 140,000 BOE.

Sunday, January 8, 2017

Egypt- Petroleum Ministry implements 11 development projects with investments of $17.5bn - MENAFN / DAILY NEWS EGYPT

08/01/2017 

The Ministry of Petroleum plans to implement 11 projects to develop gas fields in cooperation with foreign partners. Investments in these projects are expected to total 17.5bn. They aim to offset the natural decay rate in the productivity of fields and increase production rates.

A source at the Ministry of Petroleum told Daily News Egypt that the projects are expected to produce 1.9 billion feet of gas per day and 50,000 barrels of condensate.

The source added that the ministry is in negotiations with foreign partners to speed up the implementation of projects to offset the natural decay rate and to achieve self-sufficiency of gas in Egypt by the end of 2019.

China extends penetration of Greek market - KATHIMERINI


08.01.2017 : 21:12
Ilias Bellos

Chinese enterprises are showing an increased interest in Greece, as not only does the country offer them an entry gate to the eurozone and the rest of Europe, but it’s also a relatively new market for them.

Just weeks after the signing of a cooperation agreement between Public Power Corporation and China Machinery Engineering Corporation (CMEC) on the development of joint infrastructure projects, and days after the acquisition of 24 percent in the Independent Power Transmission Operator (ADMIE) by China’s State Grid Corp, the head of China Shenhua Group arrived in Athens with his staff.

The chief of one of the world’s biggest corporations in coal and energy trading “expressed his will to understand in depth the Greek energy market and promote cooperation with Greek enterprises, such as on lignite-powered electricity units,” Kathimerini has been told.

A multibillion-dollar natural gas boom may reunify Cyprus - CNBC

The drillship Pacific Khamsin on November 04, 2016 in Limassol,
Cyprus.  Athanasios Gioumpasis | Getty Images
8 January 2017
Nasos Koukakis, special to CNBC, CNBC.com

A potential energy boom in Cyprus could spur a deal to reunify the ethnically-divided island after more than 40 years. A breakthrough may come at a United Nations-brokered multilateral summit in Geneva this week.

The island nation has discovered offshore gas with estimated reserves of over 4 trillion cubic feet valued at over $50 billion. Last month, global energy giants including ExxonMobil, Total of France, Qatar Petroleum and Eni of Italy won licenses to explore and drill for oil and gas off the southern coast of Cyrpus.

An accord has never been closer, as the European Union eyes Cyprus as a future energy hub that would give Turkey and Europe access to gas deposits discovered in the eastern Mediterranean. This would allow Turkey and Europe to reduce reliance on Russia for the continent's energy needs.


TEKMOR Note
Our view is that the talks will not change the status quo. Prior the 1974 Turkish invasion the Turkish Cypriot minority lived all around the island comprising a majority in none of the six districts of Cyprus. The majority Christians (Greeks, Maronites, Armenians, Latins) still hold titles to circa 90% of all properties in the illegally occupied territory from a 19th century land registry set up by the British during the colonial era. This fact alone makes an artificial 'bizonality' too bitter a pill for the majority Christians to accept. Erdogan for his part will use Cyprus as an opporunity to bolster his nationalistic image ahead of the spring referendum to render him the absolute ruler of Turkey via the introduction of a new presidential system. The Turkish Cypriot minority's leaders for their part continue to interpret the charter in a segregationsit manner demanding a Muslim vote for anything to be approved at the federal level.    

Egypt, Cyprus Talked Hydrocarbons - EGYPT OIL & GAS

Sunday, 8th January 2017

A press release to Egypt Oil&Gas stated that the Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, received the Head of Hydrocarbon Activities at the Cypriot Ministry of Energy, Stelios [Nicolaides]. The meeting was attended by Cypriot Ambassador to Egypt and the Ministry of Petroleum’s First Undersecretary of Agreements and Discovery, Ashraf Farag, as well as the Egyptian Natural Gas Holding Company’s (EGAS)’s CEO, Mohamed Al Masry. In the meeting the Egyptian and Cypriot sides discussed ways of making the best use of petroleum resources and how to develop the two countries oil and gas assets. Additionally, they reviewed the recent gas discoveries in Egypt and Cyprus and ways to get best economic benefits from them.

El Molla stated that during the meeting, both the Egyptian and Cypriot sides discussed the memorandum of understandings (MoU) between the two countries. This included mutual cooperation in the fields of exploration and discovery of oil and gas, as well as exchanging operational expertise. El Molla added that the talks between Egypt and Cyprus ministries, as well as the expertise, led to boosting the cooperation and work between the two nations in order to affect economy.

PetroSilah raises production to 12k bbl/d by end of FY2016-17 - ENTERPRISE

Sunday, 8 January 2017

Merlon International JV PetroSilah are aiming to drill six wells in 2H2016-17 to increase production to 12k bbl/d from 8.7k bbl/d from its El Fayum concession, PetroSilah Chairman Taher Abdel Rahim told Al Borsa

We had previously reported Merlon International is allocating USD 54 mn in FY2017-18 towards its El Fayum concession in the Western Desert.