Israel blocking Aphrodite gas field development - GLOBES

8 Dec, 2019 18:23
Amiram Barkat

Energy Ministry director general Udi Adiri has told Shell, Noble Energy and Delek Drilling they cannot develop the Cypriot reservoir until the border dispute with Israel's Yishai license is settled.

Israel is opposed to the development of Cyprus's Aphrodite offshore natural gas field until the dispute over the border with Israel's Yishai gas field is settled, Ministry of Energy director general Udi Adiri has made clear in a letter sent to the reservoir's rights owners Delek Drilling LP (TASE: DEDR.L), Noble Energy Inc. (NYSE: NBL) and Shell.

Adiri wrote to Delek Drilling CEO Yossi Abu, Noble Energy SVP Keith Elliot and Shell East Med GM Chris Breeze, "I wish to advise you that the State of Israel has not relinquished its share of the Aphrodite-Yishai natural gas reservoir, and has no intention of doing so."

Ishai license holders warn on gas extraction from Aphrodite - GLOBES

13 Mar, 2018 10:32
Sonia Gorodeisky

Israel Opportunity chairman Rony Halman: Further development of the Aphrodite reservoir that ignores Israel's rights will represent a dangerous precedent.

The owners of the rights in the Ishai license, a continuation of the Cypriot Aphrodite gas reservoir on the Israeli side of the boundary between the two countries' economic zones, wrote to Petroleum Commissioner Yosi Wurzburger and to Minister of National Infrastructures, Energy and Water Resources Yuval Steinitz claiming that the extraction of gas on the Cypriot side would necessarily lead to the extraction of gas from Ishai as well. The approach to the ministry follows reports that Cyprus is in negotiations with Egypt on an agreement for the export of gas from Aphrodite. In addition, energy giant Shell is reported to be in talks in buying gas from the Aphrodite and Leviathan reservoirs.

Israeli firm threatens action over rejected gas block bid - CYPRUS MAIL

October 11, 2016, Elias Hazou

A group of Israeli investors are threatening to sue Cyprus under its investment treaty with Israel, unless they are awarded the concession to explore for hydrocarbons in Block 8 of Cyprus’ economic waters.

CO Cyprus Opportunity, a Cyprus-listed company controlled by Israeli investors, are demanding that Cyprus should declare them the winners of a prior tender for Block 8.

The Israeli investors accuse the Cyprus government of acting in bad faith and deceptively in refusing to award the concession for Block 8 to the consortium, which comprises Cyprus Opportunity and Norway’s AGR.

According to Globes, the investors estimate the damage they have sustained in the billions of dollars, and say the conduct of the Cypriot government casts into doubt the economic viability of Israeli investments in the island.

Israelis claim Cyprus gas exploration tender unfair - GLOBES

10/10/2016, 15:46
Globes correspondent

Israeli investors in C.O. Cyprus Opportunity say it should have been awarded the license for Block 8 in Cypriot waters.

A group of Israeli investors, including the general partner of Israel Opportunity, is demanding that the Government of Cyprus should declare C.O. Cyprus Opportunity and the international Norwegian operator AGR winners of the tender for Block 8 in the country’s economic waters, and receive its holding. The application to the Cyprus government is being made under the 1998 investment protection treaty between Israel and Cyprus.

The general partner, who also holds C.O. Cyprus Opportunity, claims that the Government of Cyprus infringed on his rights as an Israeli investor protected under the treaty, by refusing to grant the Cypriot partnership the ownership of Block 8, while discriminating against it in bad faith and deceptively. Sources at Israel Opportunity, controlled by Rony Halman and Uri Aldubi, estimate the damage they have sustained in the billions of dollars, and say the conduct of the Government of Cyprus casts into doubt the economic viability of Israelis’ investments in Cyprus. At the next stage, they intend to seek international arbitration against the Government of Cyprus at the International Center for Settlement of Investment Disputes established at the initiative of the World Bank, operating out of Washington.

New gas estimates leave Israelis hoping | Interfax

Written by Rachel Williamson
21 January 2016

New resource estimates for two offshore gas licences have created a stir in Israel, but their development will partly depend on progress on the giant Leviathan field.

United States-based Isramco Negev and Israel-listed Modiin Energy last week released a report – based on seismic data taken before 2001 – indicating there could be up to 251.9 billion cubic metres of gas in the Daniel East and Daniel West offshore licences.

By comparison, the already producing Tamar field contains reserves of 311.3 bcm.

Survey Offshore Israel Finds Difficult Reserves | Natural Gas Europe

January 18th, 2016

Israeli explorers Isramco Negev and Modiin Energy reported January 17 that a survey by Netherland, Sewell pointed to a potential discovery of 8.9 trillion ft³ of gas in the Daniel Maarav, Daniel Misrah and other geological structures offshore Israel. The data included in the new survey is based on a 3-D seismic survey that was concluded last year and it said the probability of finding gas is 25%-50%, depending on the location. The potential deposit quantity is almost as big as the Tamar field but more challenging, technically and so it will be more expensive to produce.

Both licenses are in deep water, 85-115 km offshore Israel and at a depth of 1,000-1,350 meters.

Partners are Isramco Negev (65%), Modiin Energy (15%), Israel National Oil Company - Hanal (10%), US ATP – which is now in liquidation (5%) – and AGR Petroleum Services Holdings, a Norwegian services company (5%). Isramco also holds a 29% stake in Tamar.

Modiin Energy Shares Soar on Announcement of New Offshore Gas Find | Haaretz

Eran Azran and Reuters Jan 17, 2016 12:40 PM

The potential find, about 100 kilometers off the Mediterranean coast, is in a license area knows as Daniel East and West, where Isramco Negev and Modiin Energy are the two primary investors.

An Israeli exploration group reported on Sunday that it has discovered another large natural gas field off Israel's Mediterranean coast. The group, led by Isramco Negev and Modiin Energy, said that a resource report showed there could be an estimated total of 8.9 trillion cubic feet of natural gas at the Daniel East and West fields.

UPDATE 1-Israeli group finds signs of large east Mediterranean gas field | Reuters

Sun Jan 17, 2016 - UPDATE

By Ari Rabinovitch

Jan 17 An Israeli exploration group has discovered signs of another large natural gas field off Israel's coast, it said on Sunday.

A number of the world's biggest gas deposits have been found offshore Israel, Egypt and Cyprus in recent years, and oil and gas companies have been spending money to find more.

A group lead by Isramco Negev and Modiin Energy said a resource report showed there could be an estimated total of 8.9 trillion cubic feet (tcf) of natural gas at the Daniel East and West fields.