Saturday, January 12, 2019

New pipeline will weaken Turkish-Israeli relationship - ASIA TIMES

JANUARY 12, 2019 12:35 AM (UTC+8)
Joseph Dana


The relationship between Turkey and Israel has never been an easy one to understand. Since formal relations crystalized in 1949, with Turkey becoming one of the first Muslim-majority countries to recognize Israel, both countries have found themselves at arm’s length with the rest of the Middle East.

By the time Israel sent medics to assist victims of Turkey’s tragic earthquake in 1999, the two countries were sharing military technology and bilateral trade was booming. The relationship then took a sour turn, at least rhetorically. A war of words between Turkish President Recep Tayyip Erdogan and Israeli Prime Minister Benjamin Netanyahu reached a fever pitch over the last decade and seemingly threatened the foundations of this unique partnership.

Many observers, however, believed the alliance was never really at risk, due to the sheer amount of trade that moves between the two countries.

But now, all that has changed. The discovery of massive natural gas fields off Israel’s northern coast more than a decade ago and subsequent attempts to export this gas to Europe have highlighted the true fault lines in the Turkish-Israeli alliance. Recent events reveal that a fundamental shift in the alliance is undeniably underway.

Friday, January 11, 2019

Greece-Bulgaria Gas Interconnector Construction Should Start within 2-3 Months - NOVINITE

January 11, 2019, Friday // 15:15


The construction of the Greece-Bulgaria gas interconnector should start within 2-3 months, Energy Minister Temenuzhka Petkova told MPs in response to a question about gas supplies from Azerbaijan, Focus News Agencyreports. She said that building necessary infrastructure and concluding supply contracts were prerequisites for gas diversification. “In September Bulgargaz and Azerbaijani company Socar signed a contract for 1 billion cu m of gas. It is directly linked to two projects – the Southern Gas Corridor with the Greece-Bulgaria interconnector as an integral part. That 1 billion cu m is equal to 1/3 of our natural gas consumption. We can now talk about real diversification and a competitive environment,” Petkova said. She expects the procurement procedures for pipe supplier, engineering consultant and builder for the interconnector to be completed within a few days. The project is scheduled for completion in 2020.

Thursday, January 10, 2019

Waha Adds Faregh Field to Libyan Totals - PETROLEUM AFRICA

Thursday, January 10, 2019

Waha Oil Company, a NOC subsidiary, completed preparations on another horizontal well in the Faregh field ahead of the planned start of second-phase experimental gas production. Waha is expected to start the second-phase of experimental gas production at the end of Q1 but was able to move the date forward by almost two months.

According to NOC, the initial tests indicate that the B B-14-59 well is expected to produce up to 24 Mmcf/d of gas, and 1,500 bpd of condensate. This well is in addition to the expected 33 Mmcf/d of gas, and 1,400 bpd of condensate production capacity of well B B-10-59, completed in November 2018.

NOC chairman, Mustafa Sanalla thanked staff dedicated to this project and underlined the importance of a refocused Faregh field to provide gas for local community use, and the fostering of further regional economic development.

Delphyne-1 Target Results in Block 10 of Cyprus Very Encouraging Sigmalive TV reports - SIGMA LIVE / TEKMOR MONITOR

10 January 2019 22:44

Cyprus' Sigmalive TV while covering Manfred Weber's, European People’s Party's (EPP) candidate for EU Commission's President, visit in Cyprus reported on a conversation between an unnamed high level Cypriot official and Wess Mitchell, US Assistant Secretary of State. Presumably ExxonMobil is extremely happy with the results from the drilling at the Delphyne-1 Target in Block 10. The Stena Icemax drill which has relocated to the Glaucus-1 Target will return in about a month to carry out additional drillings at Delphyne-1 in order to confirm the find's size and announce results.
 

Wednesday, January 9, 2019

Greece moving closer to sales of ELPE and DEPA, minister asserts - ENERGY PRESS / BLOOMBERG

09/JAN/2019

Greece has crossed a key hurdle to the sale of a controlling stake in ELPE (Hellenic Petroleum) as it rushes to meet its privatization pledge after emerging from its third and final bailout.

In a Bloomberg interview, energy minister Giorgos Stathakis said Greece has reached an accord with potential buyers of the ELPE stake – valued at the current market price of 1.16 billion euros and seen as a flagship privatization – over the control of its wholly owned unit, ELPE Upstream. Under the accord, the state will own 50.1 percent of ELPE Upstream, which holds Hellenic Petroleum’s hydrocarbon exploration and concession rights.

“Talks with the potential buyers of the 50.1 percent stake in Hellenic Petroleum over Elpe Upstream have finished and all issues have been resolved,” Stathakis said in the interview in Athens.

First drilling in Block 10 completed - KNEWS / KATHIMERINI

The British drillship Stena IceMax at new target in Block 10 
09 JANUARY 2019 - 13:30
Apostolis Tomaras

Results to be announced after new exploratory drilling on target Glaucus-1

As expected, ExxonMobil's first exploratory drilling in Block 10 has been completed.

According to an official announcement from the Ministry of Energy, exploratory drilling on target Delphyne-1 by ExxonMobil Exploration and Production Cyprus (Offshore) Limited and Qatar Petroleum International Upstream O.P.C. has been completed.

The Ministry of Energy has announced that the British drilling rig Stena Icemax has already been relocated and work has started on the second target in Block 10 named Glaucus-1.

Kathimerini reports that Stena Icemax will continue its work on the new prospect until next month.

Omitted from the official announcement are the results of the drilling in Delphyne-1, which the Ministry of Energy and ExxoMobil decided to publish only after the completion of the new drilling in Glaucus-1.

Monday, January 7, 2019

Reaping the rewards of Egypt's reforms - PETROLEUM ECONOMIST

7 January 2019
David Butter

The Egyptian government is looking to 2019 as the year in which it will start to realise clear dividends from previously-enacted economic reforms. These have included changes to the petroleum regime that are already yielding benefits in the form of a rapid ramp-up in natural gas production. On the political front, one of the key issues will be whether President Abdel-Fattah el-Sisi prepares the ground to extend his mandate beyond 2022, when his second, and supposedly final, term is scheduled to end.

The $12bn IMF programme that commenced in November 2016 is now in its final year. The main elements have been putting in place a flexible exchange rate system, bringing down the fiscal deficit through increased taxation and cuts in energy subsidies, and seeking to improve the environment for private investment. The programme has also included social protection measures, in particular increases to food subsidies and the development of schemes targeting assistance at vulnerable groups.

The effects of the reforms, both positive and negative, have been evident in Egypt's main economic indicators. Real GDP growth has accelerated from 3–4pc to over 5pc, and the government is aiming for growth of 5.8pc in the fiscal year that ends in June 2019 and for 6.5pc the following year. These targets are achievable, partly thanks to the surge in gas output and the recovery of tourism, but the relatively weak rate of growth in private consumption is likely to persist, reflecting the pernicious impact of high inflation on living standards.

Elbit Systems (ESLT) Reports $15M Contract from Energean Israel to Provide a Security Solution for Karish-Tanin Gas Fields FPSO - STREET INSIDER

January 7, 2019 5:57 AM EST 

Elbit Systems Ltd. (NASDAQ: ESLT) announced today that it was awarded a $15 million contract from Energean Israel Ltd. ("Energean"), a subsidiary of Energean Oil and Gas plc (ENOG), to supply a comprehensive solution for the Floating Production Storage and Offloading (FPSO) platform of the offshore Karish-Tanin gas fields. The contract will be performed over an approximately two-year period, with warranty and logistic support continuing for an additional 10 years.

The technological suite to be supplied by the Company's subsidiary, Elbit Security Systems Ltd., (ELSEC), includes a wide range of sensors, among them electro-optic systems, radars, sonars, a command and control center as well as equipping rapid interception boats with a dedicated suite of sensors. The security solution will enable to detect and identify both surface and underwater threats and will assist security teams to respond efficiently.

Sunday, January 6, 2019

The EastMed Pipeline Project in Perspective - GLOBAL RISK INSIGHTS

January 6, 2019
Ezra Friedman

The EastMed gas pipeline between Cyprus, Greece and Israel will revolutionise the economies and geo-politics of the region. The project comes from an emerging alliance between the three countries who must move forward cautiously in the face of neighbouring States’ opposition.


Eastern Mediterranean: the Bigger Picture

On December 20th, the Prime Ministers of Cyprus, Greece and Israel converged on the southern Israeli city of Beersheba. All three parties publicly committed to signing a high-level agreement in the near future. Such an agreement would solidify one of the longest and deepest underwater gas pipeline in the world.

It is expected to deliver approximately 10 billion cubic meters (BCM) of natural gas to the European Union (EU) through Greece and Italy. The EU is keen to support the project and diversify its natural gas imports away from the heavily sanctioned Russian Federation and declining North Sea gas production. The EastMed project would fulfil roughly 10-15% the EU’s projected natural gas needs. The United States is also supporting the project as it sees the growing trilateral alliance as a bulwark of democracy and stability in a largely authoritarian and war-torn region.

Egypt to launch E&P tenders for Red Sea blocks in 1Q2019 - ENTERPRISE

Sunday, 6 January 2019

The Ganoub El Wadi Petroleum Company is expected to launch exploration and production tenders for 10 oil and gas offshore blocks in the Red Sea during 1Q2019, after initially planning to issue the tenders last year, according to a local news outlet. 

The postponement is due to delays in the issuance of required permits.