Friday, July 7, 2017

Drilling plans proceeding despite talks’ failure - CYPRUS MAIL

July 7, 2017

Despite the abrupt collapse of the Cyprus peace talks in Switzerland Thursday night, which threatens a severe deterioration in relations between the governments of the Republic of Cyprus and Turkey, plans by French energy giant Total to start natural gas drilling in Block 11 of the island’s exclusive economic zone proceed as normal.

Total plans to start drilling in the block, located on the southern tip of Cyprus’ EEZ and adjacent to Block 12 (Aphrodite) and Zohr, the block in Egypt’s EEZ where a 30-trillion-cubic-feet reservoir was discovered in 2015, next week, when the arrival of the West Capella ultra-deepwater drillship is expected.

The West Capella is en route to the drilling spot, with an estimated arrival date of July 12.

Thursday, July 6, 2017

New 150MW power plant inaugurated in ETHYDCO complex - EGYPT TODAY

CAIRO – 6 July 2017

A new 150MW power plant was inaugurated at the complex of the Egyptian Ethylene and Derivatives Company (ETHYDCO) Thursday, at a cost of $98 million.

The power plant was built by the Engineering Co. for Petroleum and Process Industries (ENPPI) and the Egyptian Maintenance Company (Sun Misr), Minister of Petroleum Tarek El-Molla said during his field visit to ETHYDCO.

Small players take large chunk of Tamar offering - GLOBES

6 Jul, 2017 12:41
Nitzan Cohen

Barak Capital invested almost NIS 350 million, and even Altshuler Shaham took part.


The huge offering by Tamar Petroleum attracted great interest yesterday. Barak Capital invested almost NIS 350 million, an amazing sum considering that the largest institution that took part in the offering, Yelin Lapidot, invested about NIS 400 million. Another large institutional investor was Menorah Mivtachim, which invested about NIS 150 million.

Tamar Petroleum is special purpose vehicle set up by Delek through which to divest itself of its 31.3% stake in the Tamar gas reservoir as required under the antitrust agreement with the Israeli government.

Altshuler Shaham, which generally avoids such offerings or invests small amounts, invested some NIS 90 million yesterday. Altshuler Shaham's chief fund manager Dani Yardeni has been criticized in the financial press recently over money exiting the firm's mutual funds. Yardeni has taken a militant line against the wave of bond offerings in recent years, which he argues does not reflect the real risk and does not compensate for risk taking with adequate returns.

Kavala gas storage unit back on PCI list, FSRU in north ejected - ENERGY PRESS

6 July 2017

A plan to transform a depleted natural gas deposit in south Kavala, northern Greece, into an underground gas storage facility has been re-included on an unfinalized list of EU Projects of Common Interest (PCI), while the development of a new floating storage regasification unit (FSRU) in Alexandroupoli, northeastern Greece, to be developed by Gastrade, has been removed from the list.

Latest revisions to the list, still unfinalized, were made during a session on June 30. EU officials are expected to meet in mid-July to finalize the PCI list before it is endorsed by the European Commission.

Over the past few days, the Greek government has intensified efforts to also have the Alexandroupoli FSRU included on the PCI list, which would facilitate EU funding.

Ambitions clash in the Eastern Med - NGW MAGAZINE

July 6, 2017 11:00am

Unstable relations between the eastern Mediterranean countries threaten to make long-term gas deals impossible – even if there is enough gas to make them worthwhile.

The gas industry in the eastern Mediterranean has seen a lot of change in the last two years. Chief among the shifts have been:

  • Egypt, which has experienced a severe shortage of natural gas and has become an LNG importer, is returning to self-sufficiency in two or three years;

House passes Natural Gas Act, Mineral Resources Act - ENTERPRISE / AL SHOROUK

Thursday, 6 July 2017

The House of Representatives has finally approved the long-awaited Natural Gas Act without any amendments, Al Shorouk reports


The 53-article legislation would deregulate the natural gas market and leave the state to play the role of regulator. 

The law — which will allow the private sector to trade gas using the state’s infrastructure and pipeline network and establish a new authority to regulate and monitor the market — had been gathering dust since 2015, with a number of companies already having applied to import natural gas and had been waiting on the law. 

This should be welcome news for everybody.

Wednesday, July 5, 2017

SDX Energy, Operational Update - SDX ENERGY


JULY 5, 2017

SDX Energy Inc. (TSXV, AIM: SDX), the North Africa focused oil and gas company, is pleased to provide an operational update.
Egypt

South Disouq (55% Operated working interest)
Following the successful drilling of the SD-1X exploration well and resulting natural gas discovery at South Disouq, a Resources Update was prepared on behalf of SDX by Gaffney, Cline & Associates (GCA), an independent global oil & gas consultancy. The Company is pleased to announce the initial results shown below using Canadian NI-51-101 Reporting designations:

Azerbaijan's H1 2017 oil exports via Turkey pipeline fall 12% yr/yr - HYDROCARBON PROCESSING / REUTERS

JULY/5/2017
Reporting by Nailia Bagirova; writing by Margarita Antidze; editing by Jason Neely

BAKU (Reuters) — Azeri oil exports through the Baku-Tbilisi-Ceyhan (BTC) pipeline via Georgia and Turkey fell 11.8% year on year in the first half of 2017 to 13.174 MMt from 14.930 MMt in the same period last year, state energy company SOCAR said on Wednesday.

Oil exports through the BTC in 2016 totaled 28.86 MMt, up 1.3%.

Azerbaijan exports oil via the pipeline from the Azeri, Chirag and Guneshli (ACG) oil fields operated by BP.

Hungary & Gazprom agree gas supplies via Turkish Stream pipeline - RUSSIA TODAY

5 Jul, 2017 14:53

Russian energy major Gazprom has signed an agreement with Hungary to deliver gas via the Turkish Stream pipeline, the MTI news agency reported, citing Hungary’s Foreign Minister Peter Szijjarto.

He said the Turkish Stream branch to Hungary would be completed by the end of 2019. Budapest sees Turkish Stream gas supplies as the best option because other routes, across Romania and Croatia, are at an early stage, the foreign minister added.

"This will improve Hungary's energy security a great deal, so it is in our strategic interest for this cooperation to start," said Szijjarto.

Delek to pay NIS 600m tax on sale of Tamar - GLOBES

5 Jul, 2017 14:24
Amiram Barkat

Delek Group will post a $700 million capital gain on the sale of its stake in the offshore gas field.


The state will charge NIS 600 million tax on the $1.1 billion sale of Delek Drilling Limited Partnership's (TASE: DEDR.L) rights in the Tamar natural gas reservoir. The rights are listed in Delek Drilling's books at only $400 million, meaning that the partnership will post a $700 million capital gain on the sale, slated to go ahead tomorrow. The 25% capital gains tax will therefore amount to NIS 600 million at the current exchange rate.

The tax revenue is significant, given the rise in the cumulative deficit over the past 12 months from 2.1% in the early months of the year to 2.4% in May. The deficit was affected by a fairly sharp downturn in revenues from indirect taxes in May, which were 11% less than in May 2016.

Tuesday, July 4, 2017

Mediterra Energy raises production by 17% from Sinai fields - ENERGY EGYPT / MUBASHER

July 4, 2017

The Egyptian minister of petroleum and mineral resources Tarek El Molla said that oil production in Sinai fields increased from 1,200 to 1,400 barrels per day since July 2016.

These fields include Ras Sudr, Asl, and Matarma, and they are all located on the eastern side of the Gulf of Suez.

Tarek El Molla added in a statement on Tuesday that raising production comes as a result of the agreement with Mediterra Energy Corporation.

Emirati Fleet Energy granted approval to import LNG from Egypt - ENERGY EGYPT / EGYPT OIL & GAS

July 4, 2017

UAE’s Fleet Energy Inc. has been granted approval to import liquefied natural gas (LNG) from Egypt. The Egyptian National Gas Holding Company (EGAS) has granted the Emirati company initial approval in response to a request submitted late April 2017, the company informed Egypt Oil & Gas.

The quantity to be imported and value of the deal are yet to be announced.
Fleet Energy has a strong history with the Egyptian government, starting from 2010, when the company was awarded the right to process 1.5 million barrels per month of crude oil at MIDOR refinery, the products of which were sold back to the Egyptian General Petroleum Corporation (EGPC).

Petrolina – 17th Annual General Meeting - CYPRUS MAIL

JULY 4, 2017

Important references to the new infrastructure projects and to the continuous improvements to its petrol stations’ network, as well as to the renewal of its international co-operations were made at the 17th Annual General Meeting of the Shareholders of Petrolina (Holdings) Public Ltd, held in the 28th of June 2017.

The consolidated results of 2016 were presented at the AGM. During the year, the total sales through petrol stations, commercial clients and other petrol companies reached €379,2 million compared to €404,8 million during 2015. The profit before tax reached €6.4 million, compared to €8.3 million in 2015, while the profit after tax reached €5.6 million, compared to €7.2 million in 2015. Based on these results, the profits per share are valued at 6.43 cent compared to 8.23 cent in 2015.

El Molla discusses investments with Greece-based Vegas CEO - ENTERPRISE

Tuesday, 4 July 2017

Greece’s Vegas Oil and Gas intends to increase its investments in Egypt in the coming period and will be participating in upcoming oil and gas exploration tenders, CEO David Evans told Petroleum Minister Tarek El Molla in a meeting yesterday, according to a ministry statement

Vegas operates in the East Lagia concession in Sinai, where it is running ground gravity tests and magnetic surveys.

Monday, July 3, 2017

The new geopolitics and Greek perspective in the Eastern Mediterranean - MODERN DIPLOMACY

JUL 03, 2017
GEORGE X. PROTOPAPAS 

The Eastern Mediterranean has become the epicenter of maritime and geopolitical developments as great powers, regional actors antagonise for influence and access to energy resources. Greece a traditional maritime nation could play a constructive role on the stabilisation of the region.

Since 2012 US has decided to intensify its role in Asia – Pacific, neglecting, in a sense, the frozen issues in the Eastern Mediterranean (East Med). Accordingly, the US reduced the Six Fleet’s naval presence, which has currently a single command ship in Italy and four Aegis destroyers. Naturally, the reason for the Pacific shift has been the emergence of China that invests huge resources at sea. What is important in our East Med context, is that the frozen and unfinished business in the East Med have costed dearly and the bill has arrived sooner than expected. Previously inactive actors (Iran, Russia) and Turkey have now become active. Each one of them are squeezing themselves in to get a piece of the pie; a pie that has been created and (peculiarly) left unattended by its maker: the US. Paradoxically, none of these actors has ever been genuine maritime nation or maritime power. The concepts of maritime nation and power integrate the cultural element (history and tradition), geography, the commercial activities (commercial fleet) and naval power.

Total: Drillship “West Capella” arrives in Cyprus on July 12 ahead of Block 11 drilling - FAMAGUSTA GAZETTE

Monday, 03 July, 2017

Preparations for drilling in Block 11 of the Cyprus Exclusive Economic Zone procced normally and are progressing according to the plan, told CNA General Manager of Total E&P Cyprus Yves Grosjean.

The drilling by French Total in consortium with Italian Eni which acquire last March 50% participating Interest of Block 11 was expected by mid July.

"We are on schedule”, said Grosjean and added that the drillship "West Capella” is on its way and will arrive in Cyprus on 12th of July. After arriving in Cyprus, he added, the drillship will carry out some testing, before starting the drilling at "Onisiforos” well. The tests are expected to last a few days and less than a week.

ADES wins Egyptian offshore drilling contract - STOCK MARKET WIRE

3 July 2017 | 08:03am
StockMarketWire.com

ADES International Holding has been awarded a contract by ENI IEOC, the Egyptian subsidiary of Italian oil major Eni, for a new drilling campaign offshore Egypt.

The contract was awarded by Belayim Petroleum Co. (Petrobel), a joint venture between ENI IEOC and Egyptian General Petroleum Corporation (EGPC), for a three-month drilling campaign to be led by ADES's offshore jack-up drill rig, ADMARINE 88.

Sunday, July 2, 2017

Partners in Israel's Tamar raise gas reserves estimate by 13 pct - REUTERS

Sun Jul 2, 2017 | 6:28am EDTReporting by Ari Rabinovitch; Editing by Tova Cohen

The partners in Israel's Tamar natural gas project said on Sunday the offshore field held 13 percent more gas than previously estimated.

An updated resource report indicated proved and probable reserves of 11.2 trillion cubic feet (318 billion cubic meters) of gas and 14.6 million barrels of condensate, up from 10 tcf of gas and 13 million barrels of condensate.

"The results of the well and the production data from the reservoir ... enabled the update of the reservoir model and the production forecasts," project stakeholder Delek Drilling said in a statement.

Tamar, which began production in 2013, is the primary natural gas supply for Israel and also exports to Jordan. So far it has produced more than 1 tcf.

Italy’s energy strategy - IN CYPRUS / CYPRUS WEEKLY

July 2, 2017
Charles Ellinas

After going through an extensive public consultation process, Italy published its Energy Strategy earlier this month. It provides a framework for future energy developments in Italy with four key goals as follows:


  • Reduce energy costs and spending
  • Achieve environmental goals in line with COP21 and EU targets
  • Improve security of supply and system flexibility
  • Develop the energy sector.
It covers the period to 2030 and is expected to bring Italy’s Energy Strategy in line with the latest climate and energy plans and objectives approved at the European and international level.

Given Italy’s interest in East Med gas and its importance to the regions energy future,
I cover its new Energy Strategy in detail in this article.

Challenges of an East Med pipeline - CYPRUS MAIL

JULY 2, 2017 
Abboud Zahr

Energy security is a key concern for the European Union (EU), an energy importer reliant on producing and transit countries for supply.

The majority of the EU’s oil and gas imports originate in neighbouring regions. For gas, the EU relies mainly on Russia, which supplies 38 per cent of its imports. Natural gas may have the brightest energy future among the fossil fuels, given its potential to serve as a transition fuel to a sustainable and environmentally-friendly energy future. However, with the bulk of its gas supply imported from Russia, the EU might look for alternatives to diversify its supply sources as well as its political and economic risks.