Is Egypt’s Oil And Gas Sector Set To Boom? - OILPRICE.com

Nov 06, 2021, 10:00 AM CDT
Felicity Bradstock

• Italian oil major, Eni, announced this week that it has made three new oil and gas discoveries in the Meleiha region of western Egypt.
• The new discovery further adds to Egypt’s recent announcement that it expects to become self-sufficient in oil by as early as 2023.
• Eni’s finds are just the latest in several significant oil and gas discoveries over the last decade.

As Eni makes a new oil and gas discovery in Western Egypt, the future of energy in the oil-rich nation looks promising. After record production figures were hit in September for the first time since 1957, with an output of 65,000 bpd, as well as plans for new refineries and high levels of LNG production, Egypt looks set to not only become self-sufficient in energy but also to become a major exporter.

Shell Completes Sale of Western Desert Assets in Egypt to Cheiron and Cairn - JOURNAL OF PETROLEUM TECHNOLOGY (JPT)

NEAG 1 in NE Abu El-Gharadig, Western Desert

September 26, 2021

Pat Davis Szymczak

Royal Dutch Shell has completed the sale of its upstream assets in Egypt’s Western Desert to a consortium of independent E&P operators focused on revitalizing mature oil and gas fields, Cheiron Petroleum Corporation and Cairn Energy, both UK-based.

Having received final government and regulatory approvals completing the sale, Shell said it will focus its Egyptian business on the offshore, including the West Delta Deep Marine (WDDM), the Harmattan Deep Project, and exploration acreage in seven new blocks in the Nile Delta, West Mediterranean, and the Red Sea, according to a 24 September news release.

Shell’s midstream focus will remain on its Egyptian LNG joint venture; downstream the company still retains Shell Lubricants Egypt.

Shell Strikes $926 Million Deal to Sell Oil Assets in Egyptian Desert - BLOOMBERG

March 9, 2021, 9:27 AM
Salma El Wardany and Elena Mazneva

• Shell divests concessions for up to $926m to Cairn, Cheiron
• Cairn in turn offloads U.K. stakes for at least $460 million

Cairn Energy Plc reshuffled its portfolio, selling $460 million of assets in the U.K. North Sea and buying projects in Egypt’s Western Desert from Royal Dutch Shell Plc.

Both deals, announced Tuesday and seen completing in the second half of 2021, follow a pickup in oil and gas acquisitions after 2020’s pandemic-driven slump. Cairn’s retreat from the North Sea comes after several other international producers have withdrawn from the aging region. Meanwhile its purchase in Egypt enables Shell to chalk up proceeds in an ongoing divestment program.

“Cairn needed to rejuvenate its investment case, and this move does that,” Al Stanton, an analyst at RBC Capital Markets, said in a note. “However, shareholders are faced with a steep learning curve” and Egyptian assets typically provide “limited oil-price leverage.”

Carlyle, Cairn Energy-backed group among bidders for Shell’s Egypt assets-sources - REUTERS

JULY 15, 2020 / 4:25 PM

Hadeel Al Sayegh, Ron Bousso

DUBAI/LONDON, July 15 (Reuters) - Buyout firm Carlyle and a consortium backed by Cairn Energy are among the bidders for Royal Dutch Shell’s onshore Egyptian oil and gas assets, two sources with knowledge of the matter told Reuters.

Bids for the assets are now expected to be sharply lower than initial estimates of up to $1 billion due to a weaker outlook for global oil and gas prices, said the sources, declining to be named as the matter is not public.

Shell launched a process at the end of November to sell its onshore upstream assets in the Western Desert as it focuses on expanding its Egyptian offshore gas exploration.

Two bid in Israel's offshore energy licenses tender - GLOBES

15 Jul, 2019 15:50
Amiram Barkat

The Ministry of Energy received only two bids from consortia including from UK companies Cairn and Soco, even though energy majors like ExxonMobil purchased tender documents.

As part of the second round of competitive bids for Israel's offshore natural gas and oil licenses tenders, only two offers have been received from consortia comprising Israeli and international companies.

The two bids were from: a consortium of Israeli company Ratio Oil Exploration (1992) LP (TASE:RATI.L) and two British companies Cairn Energy plc (LSE: CNE) and Soco International plc . (LSE: SIA): and a consortium of Energean Oil & Gas plc (LSE: ENOG; TASE: ENOG) and Israel opportunity.

Minister of National Infrastructure, Energy and Water Resources Yuval Steinitz said, "The arrival of additional European companies to Israel as well as the soon to be connected up Leviathan rig and continued development of the Karish-Tanin fields will lead to the dismantling of the monopoly and strengthening competition in this sector. We are continuing to work to make Israel into a regional energy power."

Bidders for third round to be announced next week - CYPRUS MAIL

Current and potential companies in Cypriot EEZ (Dec 2016)

December 15, 2016
Elias Hazou

The government will next week name the companies with which it will engage in talks with a view to awarding them offshore exploration concessions, energy minister Giorgos Lakkotrypis said on Thursday.

The selection of the preferred bidders does not mean that the same will be awarded the concessions.

A final decision – awarding concessions or not, and for which offshore blocks – is expected around late February.

Cyprus launched its third offshore licensing round in May 2016. Three blocks (6, 8 and 10) have been put up for auction.

Eight energy companies filed six bids for the three offshore blocks as follows: Block 6: ENI/Total; Block 8: ENI, Cairn/Delek; and Block 10: ENI/Total, ExxonMobil/Qatar Petroleum (QP), Statoil.

Technocrats complete report for third licencing round - CYPRUS MAIL

DECEMBER 13TH, 2016
Elias Hazou

Technocrats have completed and handed over to energy minister Giorgos Lakkotrypis a report recommending with which companies the government should begin negotiations in the third offshore licensing round.

The report is not binding on the minister, who will study it and make his own proposal to the cabinet.

This is expected to take place soon, Politis reports.

Based on the cabinet’s decision, the government will then name the preferred bidders and commence negotiations with them with a view to awarding exploration concessions in Cyprus’ Exclusive Economic Zone (EEZ).

The selection of the preferred bidders does not mean that the same will be awarded the concessions.

Cyprus positions itself to tap regional LNG growth - LNG WORLD SHIPPING

Mon 21 Nov 2016

Cyprus Department of Merchant Shipping acting director Ioannis Efstratiou sets out the east Mediterranean island nation’s LNG-development priorities

The LNG market is firmly embedded within the new shipping strategy that Cyprus’ minister of transport, communications and works recently announced, that aims to consolidate and develop Cyprus’ role in world shipping.

Following the discovery of several sizeable natural gas fields in the eastern Mediterranean in recent years, the opportunity for Cyprus to become an energy hub and leading regional transporter of natural gas continues to flourish.

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.

Cyprus to take its pick for Block 10 in EEZ - CYPRUS MAIL

AUGUST 7TH, 2016
By Abboud Zahr

The results of the recently closed third offshore licensing round are very promising, particularly in view that global oil prices are low and oil companies are slashing their exploration budgets. Reputable international companies have submitted bids for all three blocks on offer (6, 8 and 10). Eight energy companies filed six bids for the three offshore blocks as follows:

Block 6: ENI/Total.
Block 8: ENI, Cairn/Delek.
Block 10: ENI/Total, ExxonMobil/Qatar Petroleum (QP), Statoil.

Among the six bidders, four feature in the top ten oil majors in the world in terms of reserves;

Cyprus Finds Ample Interest In Offshore Licensing Round - FORBES

The new names in Cyprus' 3rd Licensing Round Negotiations

JUL 29, 2016 @ 02:07 PM
Christopher Coats

After moving to open up three offshore blocks for natural gas exploration, Cyprus has reported receiving interest from a number of international firms for areas near the recent discovery of a reported “super giant”.

According to media reports, Nicosia found interest in the effort from ENI, Total, Statoil, Exxon Mobil, Qatar Petroleum, and Cairn for an area not far from where Italy’s Eni discovered a field that could hold up to an estimated 30 trillion cubic feet of natural gas.

Earlier reports suggested that the find could end up as the Mediterranean’s largest discovery to date. The discovery also led to a boost of confidence on the part of regional energy actors like Cyprus, spurring interest from a number of firms.

Be cautious, despite oil majors’ interest, warns expert - CYPRUS MAIL

We'll know in Q4-2016 the final picture of the Cypriot EEZ

JULY 28TH, 2016 ELIAS HAZOU

DESPITE the impressive participation in the third hydrocarbons licensing round in Cyprus’ Exclusive Economic Zone (EEZ), the government should not rest on its laurels, an energy analyst has told the Cyprus Mail.

“We are still a long way off from any [exploratory] drilling in the acreage put up for auction, and besides, matters do not seem to be moving forward with regard to the Aphrodite prospect,” Charles Ellinas said.

The expert said the turnout in the third licensing round was particularly impressive, in terms of the calibre of the bidding companies. Three oil majors are involved – ExxonMobil, ENI and Total.

“Competition for block 10 is going to be intense. It will be interesting to see who lands that concession.”

Applications submitted for the 3rd licensing round for hydrocarbon exploration - REPUBLIC OF CYPRUS

27/07/2016 
13:06

Subsequent to today’s, July 27, official briefing of the President of the Republic and the members of the Council of Ministers, the Ministry of Energy, Commerce, Industry and Tourism announces that for the 3rd licensing round for offshore hydrocarbon exploration in Blocks 6, 8 and 10 in the Exclusive Economic Zone of Cyprus, the following applications were received by the application deadline, which was Friday, 22 July 2016:

Delek bids for Cypriot exploration licenses - GLOBES

24/07/2016, 10:18, Globes correspondent

Delek's units Avner and Delek Drilling have bid as part of the Capricorn Oil consortium.
Delek Group Ltd. (TASE: DLEKG) gas and oil exploration units Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L) reported this morning that they have bid for the Cypriot government tender to buy rights in the country's economic waters. Winning such a bid would by synergistic to its operations in Israel's offshore gas fields. "Globes" was the first to report last week that Delek was about to make such a bid.

The bid by the Delek units was submitted as part of the Capricorn Oil consortium. Capricorn is the consortium's operator and is a unit of Cairn Energy, which is traded on the London Stock Exchange under the CNE ticker.