Friday, November 8, 2019

Petroleum Min. announces putting Silva gas well on production - EGYPT TODAY

Fri, Nov. 8, 2019

CAIRO – 8 November 2019: Ministry of Petroleum announced Thursday putting Silva natural gas well in phase 9B of the deep western delta concession area in the Mediterranean on production, at 60-80 million cubic feet per day in early November.

The ministry said in a statement that the Silva well is the third to be put on production within a month after the wells, Saphir East and East Swan, which were put on production last October with a production rate of up to 170 million cubic feet of gas per day.

It added that Burullus Gas Company, which is operating in the project on behalf of the Petroleum Authority, and Shell International completed linking the new well to production, bringing the total production of the three wells to about 240 million cubic feet per day of natural gas.

Thursday, November 7, 2019

Cyprus signs deal for offshore gas concession - REUTERS

NOVEMBER 7, 2019 / 4:41 PM

ATHENS (Reuters) - Cyprus signed a 25-year concession on Thursday with a three-member consortium for the exploitation of a gas reservoir south-east of the island first discovered in 2011.

The contract with Noble Energy (NBL.N), Shell (RDSa.L) and Delek (DEDRp.TA) is the first commercial exploitation license signed by the Mediterranean island. The Aphrodite field is thought to hold an estimated 4.1 trillion cubic feet (tcf) of gas.

Cypriot authorities have said natural gas will start being extracted in 2025, with estimated earnings of 9.3 billion euros ($10.29 billion) over an 18-year period.

“The plan includes the implementation of what we consider the best possible option, transferring gas through an subsea pipeline to Idku in Egypt from where LNG will be exported to Europe and international markets,” Cypriot energy minister Yiorgos Lakkotrypis said in a statement.

In September last year Egypt and Cyprus signed an agreement to build an undersea natural gas pipeline from the Aphrodite field to a liquefaction plant in Egypt.

Wednesday, November 6, 2019

Noble Energy Closes on Acquisition of Interest in the Eastern Mediterranean Gas (EMG) Pipeline - YAHOO FINANCE

November 6, 2019
HOUSTON--(BUSINESS WIRE)--

Noble Energy, Inc. (NYSE: NBL) (“Noble Energy” or the “Company”) announced today that the Company and its partners have closed on the acquisition of a 39 percent equity interest in the Eastern Mediterranean Gas Company S.A.E. (“EMG”), which owns the EMG Pipeline. The pipeline will be used to transport natural gas volumes into Egypt under the Company’s gas supply agreements with Dolphinus Holdings (“Dolphinus”). Noble Energy’s net acquisition investment in the EMG Pipeline totaled $185 million, and the Company’s effective interest in the pipeline is 10 percent.

J. Keith Elliott, Noble Energy’s Senior Vice President, Offshore, stated, “The closing of the EMG acquisition will support delivery of natural gas from the Tamar and Leviathan fields into Egypt, and represents a major milestone toward Egypt’s goal of becoming a regional energy hub. This acquisition, combined with our recently announced Dolphinus gas sales contracts offtake increases, provides further confidence in both the long-term export market and growing cash flows from our Eastern Mediterranean assets.”

Tuesday, November 5, 2019

IGI Poseidon signs MoU on Israeli gas pipeline - KATHIMERINI / REUTERS

05.11.2019

Israel Natural Gas Lines (INGL) is looking at building a natural gas pipeline to Europe under a memorandum of understanding signed with IGI Poseidon, it said on Tuesday.

The mooted EastMed pipeline could carry about 10 billion cubic meters of gas a year from the Eastern Mediterranean to Cyprus, Greece, Italy and other European markets.

INGL and IGI Poseidon will form a joint team to examine technical, regulatory and other issues involved in constructing the pipeline, INGL said in a regulatory filing.

IGI Poseidon is a joint venture between Greek natural gas firm DEPA and Italian energy company Edison. It has been promoting the project for several years with the backing of Israel and a number of European countries.

Vast offshore gas discoveries over the past decade have transformed Israel into an energy exporter, with export deals already signed with customers in Jordan and Egypt.

Monday, November 4, 2019

Greece's Energean reports successful Karish North Appraisal - FINANCIAL MIRROR

04 November, 2019

The oil and gas producer focused on the Mediterranean, said the appraisal “significantly enhances Energean’s discovered resource volumes across its Karish and Tanin leases”.

“Volumes are incremental to the 2.4 Tcf (68 BCM) and 33 million barrels of light oil / condensate discovered resources that Energean already has in its Karish and Tanin leases.”

The Karish North Discovery will be developed via a tie-back to the Energean Power FPSO, which is located 5.4km away and is being built with 8 BCMA of capacity.

Mathios Rigas, Chief Executive of Energean said: “This is an excellent result from the Karish North appraisal sidetrack, confirming in place volumes in the top half of pre-drill estimates and increasing our recoverable volumes in Israel by 0.9 Tcf (25 BCM) of gas plus 34 million barrels of light oil or condensate.”

Sunday, November 3, 2019

Israel-Egypt gas pipeline deal seen imminent - REUTERS

NOVEMBER 3, 2019 / 11:32 AM
Steven Scheer

JERUSALEM (Reuters) - A deal that would transfer control of a natural gas pipeline between Israel and Egypt is expected to be closed in the next few days, the companies said on Sunday.

Texas-based Noble Energy (NBL.N), Israel’s Delek Drilling (DEDRp.TA) and Egyptian East Gas Co have partnered in a venture called EMED, which last year agreed to buy a 39% stake in the subsea EMG pipeline for $518 million that will carry Israeli gas exports to Egypt.

In a regulatory filing in Tel Aviv, Delek said the shares have already been transferred to the buyers while the funds are currently being held in a trust. It noted that no closing conditions remained.

“Upon the transfer of the full amount of the consideration to the sellers, which is expected to be performed in the coming days, the EMG transaction will be closed in practice,” Delek said.