Egypt signs $430-million gas deal with Texas' Noble Energy - YAHOO FINANCE / REUTERS

November 23, 2019

CAIRO, Nov 23 (Reuters) - Egypt said on Saturday it had signed several multimillion-dollar energy investment accords including a $430-million deal for Texas-based Noble Energy to pump natural gas through the East Mediterranean Gas Company's pipeline.

Under another agreement with Noble, which will also be financed by the U.S. International Development Finance Corporation, the energy company will manufacture petroleum products in partnership with Egyptian company Dolphinus Holdings.

The cabinet detailed the plans at the end of an Africa investment forum held on the site of the country's planned new administrative capital in the desert east of Cairo.

Amsterdam-based Lekela also announced the start of construction work on its West Bakr wind power plant, which will have a capacity of 250 megawatts and require a total investment of $350 million.

Libya’s NOC sets out big plans in international pitch - ENERGY VOICE

22/11/2019, 7:18 am

Ed Reed

Libya expects to raise more than $20 billion in revenue in 2019, with production running at around 1.25 million barrels per day, the company’s chairman Mustafa Sanalla said at a conference in Tunis.

The plan is for 2020 to be a “transformative year for NOC and Libya”, he said. There are a number of aspects to the scheme, which should see production increase to 1.5mn bpd in 2020 and 2.1mn bpd by 2024. Gas output by that point should be 3.5 billion cubic feet (99 million cubic metres) per day.

NOC also intends to launch a charter for its values and implement a “4D security plan”, covering transparency, engagement with communities and restricting criminal gangs’ ability to carry out fuel smuggling and other sources of revenue raising. Sanalla set out plans for an “endowment fund”, under which communities hosting oil production would receive payments linked to output volumes.

Leading the Way in Cyprus - NOBLE ENERGY

21 NOVEMBER 2019

Noble Energy was the first operator to discover natural gas resources offshore the Republic of Cyprus. In November 2019, we entered an amended production sharing contract and received the first exploitation license granted by the Government of Cyprus. These agreements provide a fiscal and regulatory pathway for economic development of the Aphrodite field.

The Aphrodite field has the potential to help meet strong regional demand. We look forward to working with the government and people of Cyprus to help the country and the region realize the economic benefits Aphrodite can provide.

Reflecting our commitment to the republic’s economic future, Noble Energy participates on the International Presidential Business Advisory Council, which focuses on improving the country’s capacity to innovate and compete on a global scale.

In recognition of our leading role in development of natural gas resources in Cyprus and the Eastern Mediterranean Region, Noble Energy was presented with the Cyprus International Promotion Agency International Investment Award in both 2012 and 2015.

Energean to supply natural gas worth over $1b. to Alon Tavor power plant - THE JERUSALEM POST

NOVEMBER 21, 2019 17:46 

EYTAN HALON

British-Greek oil and gas producer Energean will supply natural gas worth more than $1 billion to Israel’s Alon Tavor power plant over the next 15 years, the company said on Thursday.

Under an agreement signed with Chinese-Israeli company MRC Alon Tavor Power, the owners of the plant near Afula, Energean will supply approximately 0.5 billion cubic meters (bcm) of natural gas per year, or up to 8 bcm over the term of the contract.

“Energean is pleased to be the supplier of natural gas to the Alon Tavor power plant, which is of strategic importance for Israel’s energy and electricity market,” said Energean CEO Mathios Rigas. “The agreement signed today represents a first step toward a long-term collaboration – and joins a long list of natural gas supply agreements from the Karish reservoir to the Israeli market as soon as 2021.”

Supply will commence with the first gas extracted from the Karish gas reservoir offshore Israel, owned and operated by Energean.

House signs off on eight oil and gas exploration agreements - ENTERPRISE / AL MAL

Wednesday, 20 November 2019

The House of Representatives approved on Sunday eight oil and gas exploration agreements, Al Mal reported. 

Most of the licenses awarded were for oil concessions: Neptune Energy got the go ahead for exploration and production in the Gulf of Suez, Shell received a license for three areas in the Western Desert, Merlon El Fayum will explore in West Fayoum, and Pacific Oil and Ganope will take Ras El Ush in the Gulf of Suez. 

Eni’s joint venture IEOC, meanwhile, received a gas license to explore in the South East Siwa and West Razek concessions.

Energean seeks to supply natural gas to Cyprus from Israel - REUTERS

NOVEMBER 19, 2019 / 1:15 PM

JERUSALEM (Reuters) - Energean Oil & Gas said on Tuesday its Energean International unit submitted an application to import and supply natural gas to Cyprus starting in 2021.

In its application to Cypriot authorities, it said it sought to supply gas through a pipeline from the Karish block offshore Israel to Vassiliko, Cyprus.

The pipeline would be 215 km (135 miles) long and transport natural gas from the Karish North field, which contains 25 billion cubic meters of discovered recoverable resources.

Total investment, Energean said, will be about $350 million and will be funded by Energean. Provided there are no delays in permitting procedures, the project will allow Cyprus to receive competitively priced natural gas from 2021, it added.

Update on East Ghazalat, Egypt - NOSTRA TERRA OIL & GAS

19 November 2019

Nostra Terra (AIM: NTOG), the oil & gas exploration and production company with a portfolio of development and production assets in Texas, USA, is pleased to announce that, further to the Company's announcement of 12 August 2019, Nostra Terra's wholly owned subsidiary, Nostra Terra Inc. ("NTI") has reached a conditional agreement with regards to the East Ghazalat Concession, Egypt (the "Concession").

NTI and North Petroleum International Company SA ("North"), the operator of the Concession, have conditionally agreed that NTI will transfer its 50% participating interest in the Concession to North with provision for the conclusion of the arbitration and no further cash calls or liabilities for any past losses, including the amounts for the payment of November and December 2015 cash calls and interest, as announced on 12 August 2019.

Gloomy outlook: Aphrodite moves to exploitation - CYPRUS MAIL

Noble’s senior VP K. Elliot (L), Energy Minister G. Lakkotrypis

November 17, 2019
Charles Ellinas

The granting by the government last week of the Aphrodite gas-field Exploitation Licence for 25 years to the Noble Energy, Delek and Shell consortium is a milestone in the development of hydrocarbons discovered in the Cyprus EEZ. Not only it is the first such licence, but it enables the consortium to enter negotiations with Egypt’s Idku LNG plant to secure a gas sales contract for this gas.

Understandably, this generated considerable euphoria even to the extent of talking about the immense profits to Cyprus, estimated to be $9.3billion over the life of such a contract – based on an oil price of $70/barrel.

But let’s try to put this in context. First, the application by the consortium for an Exploitation Licence is a contractual requirement – otherwise it might have to relinquish the gas field. It does not mean that it will immediately proceed with development and production. This requires the successful completion of a number of important steps: Design of all required facilities to get a better handle over costs; Drilling at least one more appraisal well to estimate more accurately Aphrodite’s gas reserves; negotiations with Idku to secure a gas sales contract; Securing the required investment.

Egypt aims to increase oil exports revenues to $8.5bn in FY 2019/20 - MENAFN / DAILY NEWS EGYPT

NOV/17/2019 3:22:31 AM

(MENAFN - Daily News Egypt) The Ministry of Petroleum aims to increase the revenues of Egypt's oil exports by the end of the current fiscal year (FY) to $8.5bn compared to $7.7bn FY 2018/19.

Senior government sources told Daily News Egypt that the total quantities targeted for exports of crude oil, gas, petroleum products, and petrochemicals amount to 17.7m tonnes.

They added that the value of exports includes the foreign partner's share of crude oil by calculating the average price of the Gulf of Suez crude oil at $55 per barrel due to the lower prices of crude oil and petroleum products.

The Egyptian Natural Gas Holding Company (EGAS) has started to increase the amount of natural gas exported through the Idku liquefaction plant to about 1bn cubic feet per day (scf/day) compared to 300m scf/day last month.