Saturday, August 19, 2017

Naftogaz attracts Lazard to act as advisor in selling assets in Egypt - INTERFAX UKRAINE

19.08.2017, 17:31

National joint-stock company Naftogaz Ukrainy will hire Lazard Freres SAS (France) that advised the restructuring of Ukraine's state debt to help in the possible sale of Naftogaz's assets in Egypt.

Naftogaz said in an announcement in the ProZorro e-procurement system that the cost of Lazard services is $1.25 million, which is $200,000 less than the expected cost.

Naftogaz said that twice the company announced tenders to select an advisor (on March 31 and May 17), but only Lazard submitted a bid for the tenders. The negotiation procedure applied afterwards.


The advisor shall analyze and consult on the potential basis for sale of rights and liabilities under concession agreements, select the best time for the deal, propose measures to maximize investment value of the assets and make up a list potential investors and options for their involvement.

The service is to be provided by December 31, 2018.

Friday, August 18, 2017

The Golden Age of Natural Gas - THE AMERICAN INTEREST

August 18, 2017
Jamie Horgan & Agnia Grigas


Thanks to the American shale boom and a newly globalized market, natural gas is changing geopolitics around the globe.

Jamie Horgan: I’m here with Agnia Grigas, a senior fellow at the Atlantic Council and author of the new book, The New Geopolitics of Natural Gas. Agnia, thanks for taking the time to talk with me today.

Agnia Grigas: Thank you, Jamie. It’s a pleasure to be here.

JH: In your book, you look at the transition to a new era of gas that you characterize as “a golden age.” What were the characteristics of the old era of gas, and what’s changed?

AG: Throughout the 20th century, natural gas was a much more localized commodity than oil, due to the difficulties of transporting it over long distances and across seas and oceans. It was also a much more politicized commodity, precisely because it was so difficult to transport. Oftentimes, gas-exporting and gas-importing countries had to forge long-lasting trade relationships with each other, co-investing in land-based infrastructure.

But within the past decade, things have changed. First, trade in LNG (liquefied natural gas) has grown, because it is easy to transport across the sea—and it’s now at its highest level in history. Second, the market has become much more liquid, largely due to the U.S. shale revolution flooding it with supplies. In addition, American exporters support flexible gas trade, which means more spot and short-term trading rather than the traditional long-term, oil-linked contracts.

Thursday, August 17, 2017

Greece launches new tender - OIL & GAS JOURNAL

HOUSTON, Aug. 17 2017
Tayvis Dunnahoe

Greece’s Ministry of Environment and Energy has invited interested parties to submit bids within 90 days from the date of publication of its tender notice in the Official Journal of the European Union.

The tenders were published in the Greek gazette on Aug. 11. Yannis Bassias, director at Hellenic Hydrocarbons Resources Management SA (HHRM), told OGJ, “Although the Greek gazette published the tenders, the official 90-day competition period will start from the day the European gazette publishes the tenders, probably in September.” 



Israel has a gas conundrum - THE ECONOMIST



Aug 17th 2017| CAIRO

Egypt could help Israel get rid of its excess gas


LONG a resource-poor country, Israel now has more natural gas than it knows how to use. Even by conservative estimates, the fields discovered off its Mediterranean coast since 2009 hold enough energy to meet domestic needs for 40 years. The government hopes to earn a windfall by selling the excess abroad; the owners of Leviathan, the largest field, have earmarked 9bn cubic meters (bcm) for export each year. Jordan has already signed a deal to buy some. Israel wants to send the rest farther afield—offering it to Europe as an alternative to Russian supplies. But geography and politics make that difficult.

Libya Gets Better at Keeping Oil Flowing as Industry Stabilizes - RIGZONE / BLOOMBERG


Thursday, August 17, 2017
Salma El Wardany

Libya's getting better at resolving stoppages in its oil industry, underpinning a growing perception that the OPEC member is closer to becoming a stable producer again.
(Bloomberg) -- Libya’s getting better at resolving stoppages in its oil industry, underpinning a growing perception that the OPEC member is closer to becoming a stable producer again.

That’s because of the duration of the incidents. While in prior years protests could shutter fields for months and years, now the stoppages are being resolved within days and barely hindering flows. Sharara, Libya’s biggest field, had several short disruptions this year, including two this month, after being closed for more than two years. Mustafa Sanalla, chairman of state-run National Oil Corp., was quick to visit Sharara this week to resolve the latest dispute, offering to revise security measures.

The changing face of the Israel Navy - JERUSALEM POST

An Israeli warship arrives at an Israeli navy base in the Red Sea resort city of Eilat July 15, 2009. (REUTERS)

August 17, 2017 03:43 Anna Ahronheim

Expansion of an exclusive economic zone presents challenge to the small Israeli naval fleet.

Some 30 meters underground in the Kirya military headquarters in Tel Aviv sits the Navy War Room, whence senior officers can see every wave crashing on the nation’s shores and every ship and plane in or over its territorial waters.

The Israel Navy is small compared to other IDF corps, and it has a large territory to protect since the expansion of the country’s Mediterranean exclusive economic zone (EEZ) from 40 miles to 150 miles four years ago, a senior naval officer said on Tuesday.

Cabinet extends SUMED operations 27 years - EGYPT TODAY

Thu, Aug. 17, 2017

CAIRO – 17 August 2017: The Cabinet approved Thursday a draft law to extend the operations of the Arab Petroleum Pipelines Company (SUMED) for 27 years.

The draft law is planned to be effective when the operations period of the company ends, the Cabinet said in a statement.

Established in 1974, SUMED was founded with a $400 million in capital to own and operate two parallel pipelines linking Ain Sokhna terminal on the Red Sea to Sidi Kreir terminal on the Mediterranean.

The Egyptian General Petroleum Company (EGPC) holds 50 percent stake in SUMED.

Other shareholders are Saudi Arabian Oil Company (Aramco) at 15 percent, Kuwait Metal Pipe Industries Company at 15 percent, UAE’s International Petroleum Investment Company at 15 percent and Qatar Petroleum at 5 percent. 

Wednesday, August 16, 2017

Dana Gas Egypt production rose by 13% in H1 2017 - ENERGY EGYPT / DANA GAS


August 16, 2017

Dana Gas Egypt’s production output was 13% higher on a half-yearly comparable basis, 39,300 versus 34,850 boepd. The Company recorded a 3% jump in quarterly production, 37,650 boepd in Q2 2017 versus 36,550 boepd in Q2 2016.

The planned shutdown of the El Wastani Gas Plant was successfully completed in June 2017. There was a complete shutdown for five days for critical inspection and maintenance and a further partial shutdown for four days. The work was conducted by Egyptian contractors and the work was concluded with no recordable incidents or environmental spills, reflecting an excellent HSSE performance. The shutdown was necessary for the Company to improve plant performance and allow it to maintain production at just under 40,000 barrels per day until the end of the year.

Tuesday, August 15, 2017

Iran, Turkey, Russia Sign Oil, Gas Investment Agreement - EURO PETROLE / NIOC


15/08/2017 

Iran, Russia and Turkey have signed an agreement for joint investment in oil and gas development projects.

The agreement was signed in Moscow on Tuesday between Iran's Ghadir investment company, Russia's Zarubezhneft oil and gas intermediary and Turkey's Unit International.

It is considered the first tripartite agreement of partnership and investment between Iranian and foreign companies, under which the parties will set up joint ventures to finance projects in and outside Iran.

Iran's Ghadir Exploration and Production Company will lead the consortium, while each company will allocate equal investment shares in the jointly-financed projects.

Production at BP’s Atoll gas field targeted for end of 2017 - ENTERPRISE



Tuesday, 15 August 2017

BP will launch production at the USD 3.8 bn Atoll field by the end of this year, the Oil Ministry said in a statement


70% of the field has been developed so far with three wells having been completed, said Hassan Abbady, chairman of the BP JV Pharaonic Oil Company.

Investments in Egypt's Zoher may exceed USD4bn: official - AL MAL



Tuesday 15 August 2017 06:37 PM
Nesma Bayumi

Total investments injected into Zohr gas field is expected to surge to USD4 billion by the third quarter of this year up from USD3.8bn now, according to an official at the Egyptian Natural Gas Holding Company (EGAS).

The aggregate costs of Zohr gas field, occupying nearly 1mn sqm, amount to USD12 and 15 billion, according to the official.

Nearly 81.2% of the project is due to kick-start production this year end.

" After digging nearly 7 to 8 wells, additional complementary, horizontal wells as well as those parallel to the main ones are to be drilled soon," said the source.

The agreement regulating Zohr field has been signed with the Italian Eni company in 2014 whereas drilling kicked off in July 2015.

EGAS exports 200 mcf/d through Shell’s Idku plant - ENTERPRISE / AL BORSA


Tuesday, 15 August 2017

EGAS exports a daily 200 mcf of gas through Royal Dutch Shell’s Idku liquefaction plant, sources told Al Borsa on Monday

The plant should be increasing its export capacity in the winter to pump around 300 mcf/d.

Logic Management Consulting awarded contract to help structure state’s new gas market regulator - ENTERPRISE / AL BORSA

Tuesday, 15 August 2017

Logic Management Consulting has been tapped to advise on the set up of Egypt’s new natural gas market regulator, CEO Mohamed El Sherif told Al Borsa on Monday. Under the newly-issued Natural Gas Act, which liberalized the industry, the state plans to establish a new market regulator that would have a say in pricing gas, set up the rules of the system, encourage investment, and ensure equal access to all private-sector players. The World Bank, the project’s financial consultant, chose Logic from a list of four bidders that included PricewaterhouseCoopers. Logic expects to conclude its work by early 2018 and will hold its first meeting with state officials next week.

Update regarding Abu Sennan Drilling Campaign - ROCKHOPPER EXPLORATION PLC




15 August 2017

Rockhopper Exploration plc (AIM: RKH), the oil and gas company with key interests in the North Falkland Basin and the Greater Mediterranean region, is pleased to provide the following update concerning the Abu Sennan drilling concession, onshore Egypt, in which the Company has a 22% working interest.

Production from the six fields within the Abu Sennan concession remains stable, averaging 3,300 barrels of oil equivalent per day ("boepd") gross during the first six months of 2017.

Monday, August 14, 2017

Second Quarter 2017 Financial and Operating Results - TRANSGLOBE ENERGY CORPORATION

Aug 14, 2017 - 02 00 ET 

CALGARY, Alberta, Aug. 14, 2017 (GLOBE NEWSWIRE) -- TransGlobe Energy Corporation (“TransGlobe” or the “Company”) (TSX:TGL) (NASDAQ:TGA) is pleased to announce its financial and operating results for the three and six months ended June 30, 2017. All dollar values are expressed in United States dollars unless otherwise stated. TransGlobe's Condensed Consolidated Interim Financial Statements together with the notes related thereto, as well as TransGlobe's Management's Discussion and Analysis for the three month periods ended June 30, 2017 and 2016, are available on TransGlobe's website. For the full release click here.

Apache, APEX, Shell Awarded 5 Concessions in EGPC Tender - EGYPT OIL & GAS

Monday, 14th August 2017

The Egyptian General Petroleum Corporation (EGPC) has awarded five concessions in the Western Desert for exploration and production to US Apache, APEX International Energy, and Royal Dutch Shell, an official at EGPC told Egypt Oil & Gas.

The Egyptian Cabinet and Parliament approved the contracts; however, the official announcement and final signing ceremony is yet to be made.

EGPC had announced the international tender in 2016 to explore for oil and natural gas in concession areas in the Gulf of Suez and Western Desert.

Invitation for International Bid Round for Exploration & Production Service Agreement 2017 - THE ARAB REPUBLIC OF EGYPT



The Arab Republic of Egypt
Ministry of Petroleum
The General Petroleum Company (GPC)

The General Petroleum Company (GPC) invites petroleum companies in the fields of exploration and production (oil & gas) to submit offers for undertaking oil and gas exploration and production services in GPC Concession Area in Eastern Desert in the Arab Republic of Egypt, with the target of explore these blocks to achieve the optimal development of these blocks.


From Sunday September 10th 2017 to Thursday October 12th 2017 (9:00AM To 3:00PM).

The closing date for submitting offers is 28/12/2017, at 12.00 pm- Cairo local time.
For further information, please contact Assistant Chairman for Exploration & External Operations.

Sunday, August 13, 2017

Egypt to hold auction for oil exploration - THE NATIONAL / REUTERS

Transglobe's operations in the western & eastern deserts
Reuters, August 13, 2017 11:56 AM

Areas include Wadi Dara and block G in West Gharib

Egypt's General Authority for Petroleum (EGPC) announced on Sunday it would hold a tender for oil exploration in the country's Eastern Desert.

The areas open for exploration include Wadi Dara, with a total area of 50 square kilometres, and block G in West Gharib, with an area of 20 square km.

Bids must be submitted by December 28, according to an advertisement EGPC posted in local newspapers.

Egypt has been pushing for new oil and gas discoveries and speeding up production at existing fields, aiming to cut down on imports and return to exporting natural gas in coming years.

Egypt to reduce imports of LNG to 80 cargoes in 2017/18 year - REUTERS

AUGUST 13, 2017 / 12:30 PM

CAIRO, Aug 13 (Reuters) - Egypt is planning to import 80 cargoes of liquefied natural gas during the 2017-18 financial year that began in July, Petroleum Minister Tarek El Molla told Reuters on Sunday, down from the 118 cargoes imported last year.

Egypt has been trying to speed up the development of recent gas discoveries with a view to halting imports by 2019.

"We were planning to import 154 cargoes of LNG in 2016-17 but we only imported 118 cargoes because of the increase in local gas production," Molla said.