Independent certification of reserves and resources in Israel - ENERGEAN OIL & GAS

London, 16 August 2018

Energean Oil and Gas plc (LSE: ENOG), the independent oil and gas exploration and production company focused on the Eastern Mediterranean, is pleased to announce that it has received an updated independent Competent Persons Report from Netherland Sewell & Associates (“NSAI”) for its Israeli portfolio. The updated CPR includes the certification of 63 bcm (2.2 Tcf) of 2P reserves and 7.5 Tcf of gross prospective resources and is the first assessment of prospective resources in the new Blocks (12, 21, 22, 23 and 31) that were awarded as part of the recent offshore licencing round.

The updated CPR includes 63 bcm (2.2 Tcf) of gas and 31.8 million barrels of liquids (gross, Energean 70%) of 2P reserves in the Karish and Tanin fields. Energean’s independently certified net 2P reserves are now 349 mmboe, an increase from the 51 mmboe estimated when Energean undertook its London Stock Exchange listing in March 2018.

Contingent resources in the Karish field of 5.4 bcm (0.2 Tcf) of gas and 1.0 million barrels of liquids (Gross, Energean 70%) are recognised. Remaining contingent resource relates to the Karish B reservoir. Overall 2P reserves plus contingent resources across the Karish and Tanin leases remain the same.

Tamar partners won't cut IEC gas prices until 2021 - GLOBES

7 Feb, 2018 14:20
Kobi Yeshayahou

A report ahead of next month's bond issue by Tamar Petroleum says the partners will only revise down the price at which it sells gas to Israel Electric in 2021 and only by 12.5%.

Ahead of next month's planned bond issue by Tamar Petroleum for the purpose of completing the deal for the acquisition of 7.5% of the rights in the Tamar natural gas reservoir from Noble Energy, the partnerships in Tamar today published a revised report on the reservoir, including its projected cash flow.

Why One Giant Gas Field Is a Big Deal for Egypt - BLOOMBERG

December 19, 2017, 11:00 PM
Salma El Wardany

The gas imports which once helped Egypt avert power blackouts may soon be a thing of the past. Eni SpA’s massive "Zohr" natural gas field, the Mediterranean Sea’s largest offshore field, started production earlier this month. Its huge reserves could prove a permanent remedy to the most populous Arab nation’s power needs and bring Egypt closer to its goal of energy self-sufficiency.

1. How giant is ‘Supergiant Zohr?’

Discovered in August 2015, Zohr is often described as a "supergiant" field because it has estimated reserves of about 30 trillion cubic feet, equal to the reserves of Israel and Oman combined, making it the largest gas discovery in the Mediterranean Sea. The field covers an area of about 100 square kilometers. On Dec. 16, gas from Zohr began to flow to a facility in Port Said city, with initial production of 350 million cubic feet per day. Daily output is expected to rise to about 1 billion cubic feet in June, and then to 2.7 billion by the end of 2019. President Abdel-Fattah El-Sisi has vowed to tackle the energy shortage as a priority. The project could also eventually enable Egypt to return to exporting gas.

Energean submits FDP for Karish and Tanin gas fields, offshore Israel - WORLD OIL

JUNE/20/2017

LONDON -- Energean Oil & Gas has announced that its subsidiary, Energean Israel, has submitted the Field Development Plan (FDP) for the Karish and Tanin natural gas fields, offshore Israel, to the Israeli Petroleum Commissioner.

Energean Israel holds 100% of Karish and Tanin, which combined have 2.7 Tcf of natural gas and 41 MMboe of light hydrocarbon liquids, totaling 531 MMboe 2C resources.

The Karish Main Development envisages drilling three wells, using a new Floating Production Storage and Offloading (FPSO) unit that will be installed approximately 90 km away from shore, with 400 MMscfd capacity. The development through an FPSO will enable Energean to maximize the recovery of reserves and minimize environmental impact. It will also allow light hydrocarbons liquid to be safely processed, stored and offloaded away from the coast, with minimal onshore installations needed.

Genel Shares Hit All-Time Low As Oil Reserves Disappear - RIGZONE / REUTERS

Tuesday, March 28, 2017
Esha Vaish, Justin George Varghese (Bengaluru), Dmitry Zhdannikov (London); editing by Louise Heavens

March 28 (Reuters) - Genel Energy's market value collapsed to an all-time low on Tuesday after it said for a second time that its flagship oilfield contains less crude than expected, dealing another blow to chairman Tony Hayward to rescue the indebted Kurdish producer.

Since listing in 2011 and claiming to be the largest independent UK listed firm by reserves, Genel has been hit by a string of unsuccessful exploration campaigns in Africa and reserves at its largest Iraqi Kurdistan field shrinking to just a tenth.

Investors who bought into Genel at 11 pounds ($13.8) a share in early 2014 were left with 60 pence on Tuesday as reserve cuts, an oil price collapse and Iraq's fight against Islamic State hammered the stock.

Egypt to begin production from Zohr gas field by late 2017: Rosneft CEO - AHRAM ONLINE

Egypt's president Abdel-Fattah El-Sisi during a meeting
with CEOs of Rosneft, Eni, BP

Tuesday 28 Mar 2017
Mahmoud Aziz

The CEO of Rosneft, the majority state-owned Russian oil company, said on Monday that the first gas production from Egypt's super giant Zohr gas field is scheduled by the end of 2017, according to state-run news agency MENA.

Igor Sechin's statement came during a meeting with Egypt's President Abdel Fattah El-Sisi and Prime Minister Sherif Ismail on Monday evening.

Discovered in August 2015 by Italian oil company Eni, Zohr is the largest natural gas field ever found in the Mediterranean, with an estimated 850 billion cubic metres of gas.

Last December, Rosneft agreed to acquire a 30-percent share of the Shorouk concession, which contains the Zohr gas field.

MPs present wish-list of how to spend future gas revenue - CYPRUS MAIL

March 6, 2017
Elias Hazou

MPs on Monday began an article-by-article discussion of a government bill governing the establishment and operation of a National Investment Fund to manage future hydrocarbons proceeds.

The representatives of the parties each had their own ideas as to how the funds should be invested.

Akel [left] called for the addition of a reference where part of the funds would be diverted to ‘public-interest’ investments.

The party would also like to insert a provision allowing funds to be invested in developing the hydrocarbons industry on the island; as it stands, the bill makes no such reference.

Concerns over future gas fund spending - CYPRUS MAIL

February 20, 2017

Elias Hazou

An annual revenue of up to €600m is expected from the sale of hydrocarbons, 12 years after production begins at the Aphrodite gas field (in block 12).

Questions still hang over the precise manner in which investments will be made using future oil and gas revenues, MPs said on Monday.

Lawmakers were continuing discussion of a finance ministry bill on the establishment and operation of the National Investment Fund, which will manage hydrocarbons proceeds.

They asked the ministry to come back next time with specifics on how revenues would be invested.

Energean: A Greek success - IN CYPRUS / CYPRUS WEEKLY

February 19, 2017
Charles Ellinas

Energean is a private exploration and production group focused on Greece, the Adriatic, the East Med and North Africa. It is the only oil and gas producer in Greece. It has been much in the news recently following its acquisition of the Tanin and Karish gas-fields offshore Israel.

Energean has its roots in the successful development of the Prinos oil-field offshore Kavala in Greece. At a time of crisis in the global oil and gas sector, Energean managed to grow into a leading player in the region with a balanced portfolio of oil and gas production, low-risk development projects and high-impact low-cost exploration assets.

Leviathan Gears Up For Development Phase As Sanctioning Nears - HART ENERGY

Wednesday, February 15, 2017 - 4:07pm
Velda Addison 

Work to develop the gigantic Leviathan Field in the Mediterranean Sea offshore Israel is progressing with project sanctioning expected sometime this quarter.

Noble Energy Inc. (NYSE: NBL) delivered an update on the field, which holds about 622 Bcm (22 Tcf) of natural gas, during a conference call Feb. 14 after releasing its fourth-quarter 2016 results and outlook for this year.

“We’re moving into the development phase now,” said J. Keith Elliott, senior vice president for Noble’s Eastern Mediterranean assets. “We have started procurement of the raw materials for both the subsea and the platform construction project.”

Energean Appoints TechnipFMC as Concept and Engineering Design Contractor for Karish and Tanin FPSO, Israel - ENERGEAN OIL & GAS

February 2, 2017

Energean Oil & Gas (“Energean” or “the Company”) is pleased to announce that it has appointed TechnipFMC as the Concept and Front End Engineering Design (FEED) contractor for the Karish and Tanin development programme. This follows Energean’s recent decision to develop the Fields using a Floating Production, Storage and Offloading (“FPSO”) unit to facilitate the quickest route to market in line with the Government of Israel’s gas strategy.

TechnipFMC is a global leader in oil and gas subsea, onshore/offshore and surface contracting. It has highly relevant experience in deep water development programmes analogous to Karish and Tanin, and has delivered some of the largest FPSO units in the world including the Akpo, Nkossa, Girassol and Dalia fields. Its broader subsea capabilities mean that it is well placed to design and configure a fully integrated infrastructure for the Karish and Tanin projects.

Energean to Invest $1.5 Billion in Offshore Gas Facilities - HAARETZ / REUTERS

Energean's Mathios Rigas

Reuters Jan 12, 2017 6:45 AM

Greek company says it will set up its own facilities to deliver gas from Karish and Tanin fields.

Greek company Energean Oil & Gas plans to build its own production system (FPSO) on the eastern Mediterranean at a cost of up to $1.5 billion to tap two Israeli offshore gas fields, the group’s CEO told Reuters in an interview on Wednesday.

Greece’s only oil producer is also looking to bring a financial partner into the project to develop the Tanin and Karish fields, which are situated in deep waters around 100 kilometers off Israel’s coast and have combined gas reserves estimated at 2.4 trillion cubic feet.

Energean bought Karish and Tanin last August for $148 million from U.S.-Israeli partners Delek Group and Noble Energy, who are developing two much larger fields nearby and were required by Israel to sell off other discoveries in an effort to open up the sector to competition.

SDX Energy set to acquire Circle Oil’s Egypt and Morocco assets - PROACTIVE INVESTORS

12 Jan 2017, 07:24 

“Circle's assets present an attractive opportunity to add material production and reserves at an attractive price,” says SDX Energy boss Paul Welch.

SDX has 30 days of exclusivity to finalise a deal
SDX Energy Inc (LON:SDX, CVE:SDX) revealed it has agreed to acquire the Egyptian and Moroccan assets of failed AIM firm Circle Oil.

A non-binding heads of terms agreement has been signed, and it gives SDX 30 days exclusivity to finalise a deal.

Circle Oil’s AIM quoted shares were suspended in June amid financial turmoil and its investors were warned a number of times through the second half of 2016 that there would be ‘little or no value left’ for equityholders.

Comment: Keep gas off the Cypriot peace talks agenda

Brirish bases on Cyprus: vital for western interests and tightly
linked to the internationally recognized Republic of Cyprus 

January 10th, 201710:25am

John Roberts

The leaders of the Greek and Turkish communities in Cyprus, together with a host of international officials, are meeting in Geneva now to try to end a partition that has lasted for 43 years. But it might be best if they agreed to omit any substantive discussion at this stage of a particularly difficult issue – gas.

The reason is that the discovery of gas in the eastern Mediterranean in general, and off the south coast of Cyprus in particular, is fraught with both practical and emotional problems that makes it much easier to conceive of successful development in the wake of a Cyprus settlement than as a significant constituent part of the negotiation process.

Naftogaz ready to sell its assets in Egypt - KYIV POST

Ukraine's oil and gas company Naftogaz Chief Executive Officer
Andriy Kobolyev, Paris, on October 28, 2016. Photo by AFP

Published Dec. 29 at 5:24 pmBy Interfax-Ukraine

Naftogaz Ukrainy is ready to sell its assets in Egypt, chairman of the state holding Andriy Kobolev said.

According to him, the feasibility of such a step is due to the fact that this business does not bring much profit to the company.

As reported, Naftogaz through its subsidiary Zakordonnaftogaz explores and operates two oil and gas blocks in the Eastern Desert of Egypt – South Wadi El Mahareeth and Wadi El Mahareeth. The work on these deposits, the projected resources of which exceed 360 million tonnes of oil, is carried out on the basis of concession agreements signed on Feb. 7, 2012 between Zakordonnaftogaz on behalf of Naftogaz and the government of the Arab Republic of Egypt and GANOPE state oil company (Ganoub El -Wadi Holding Petroleum Company).

Acquisition of Karish and Tanin Natural Gas Fields Offshore Israel by Energean Receives Approval from Israeli Petroleum Council - ENERGEAN OIL & GAS

7.12.2016

Energean to submit Field Development Plan in mid-2017
The Petroleum Council of Israel has announced its approval of the acquisition of 100% of the Karish and Tanin Natural Gas Fields by Energean Oil & Gas (“Energean” or “the Company”) from Delek Drilling and Avner.

The transaction, estimated to be valued at $148m, is being implemented as part of the Israeli Government’s Gas Framework Strategy. The Karish and Tanin Fields, discovered in 2013 and 2011 respectively, have 2C gas resources of circa 2.4TCF.

Energean will now proceed towards completion of the transaction, and within six months will submit to the Israeli authorities a Field Development Plan (FDP) for both fields. The Company intends to produce first gas in 2020. The development of Karish and Tanin is expected to involve an investment of circa $1bn over the next few years. 

Israel's Navy Sub Scandal Widens; Iranian Ties And Deal-Making Questioned - FORBES

The German-made INS Rahav, the fifth Israeli Navy submarine, arrives at the military
port of Haifa on January 12, 2016. In September 2015, Israel received delivery of the
fourth Dolphin 2 class submarines from Germany. A third of the cost was funded by
Germany as part of its military aid to Israel. The submarines, the most sophisticated in
Israel's fleet, can be equipped with missiles armed with nuclear warheads.
(Photo JACK GUEZ/AFP/Getty Images)

DEC 2, 2016 @ 11:05 PM
Tim Daiss

In a convoluted development intersecting the energy sector and Middle Eastern geopolitics, media in Israel is reporting that Israeli Attorney General Avichai Mandelblit has ordered a police probe into allegations that Israeli Prime Minister Benjamin Netanyahu’s personal lawyer, David Shimron, used his close relationship with the Israeli leader to influence him to award a $1 billion contract to build three navy submarines to ThyssenKrupp, a German multinational conglomerate with a 4.5% ownership stake held by the Iranian government.

The subs will be used to protect Israel’s massive offshore natural gas field in the Mediterranean. According to a report on Friday in The Times of Israel, Shimron was a representative of the company in Israel. The inquiry will also focus on a separate 2014 Defense Ministry tender for navy ships, also involving ThyssenKrupp.

EGPC, Kuwait Energy sign agreement on Iraq's Siba gas field - NATURAL GAS WORLD

October 28th, 2016 8:35amShardul Sharma

Egyptian General Petroleum Corporation has inked an agreement with Kuwait Energy to buy stake in Siba gas field in Iraq’s Basra region, the Egyptian oil ministry said October 26. The field has reserves of 555bn ft³ of natural gas and 37mn barrels of condensate.

The ministry stated that EGPC will have a 15% interest in the field. It expects production to be 70mn ft³/d by 2017 which is likely to rise to 100-150mn ft³/d. Egyptian Petrojet will be the general contractor of the field development project through carrying out all the executive and engineering works of the project at costs of $200mn.

This is the second partnership between the two sides outside Egypt. Kuwait Energy farmed out a10% working interest in Block 9 in southern Iraq to EGPC and now has 60%.

Eni completes drilling 6th well in Zohr deepwater - DAILY NEWS EGYPT

Saipem 10000 drillship  drilled Zohr discovery well & development wells

Production tests confirmed reserves increase to more than 30tn cubic feet of gas, says source
Mohamed Adel, 18.10.2016

The Italian company Eni completed drilling operations in the sixth well in Zohr gas field in the deepwater offshore of the Mediterranean Sea as production tests on its fifth well confirmed that reserves increased to 30tn cubic feet of gas.

An official at Eni told Daily News Egypt that the sixth well’s production tests will start next week and will take roughly 10 days.

He added that drilling operations, establishing a gas treatment plant, and processing marine pipelines to connect them to the Shorouk concession area are currently being implemented, according to the project’s development plan.

Egypt- BP produces 650m cubic feet from Taurus and Libra fields - MENAFN / DAILY NEWS EGYPT

17/10/2016 

(MENAFN - Daily News Egypt) BP signed an agreement with Royal Dutch Shell to process 650m cubic feet of gas, produced from its North Alexandria project, at Shell's Borollos station for 0.3 per million feet.

A senior source in the petroleum sector told Daily News Egypt that the process of linking the North Alexandria project to the station in Borollos will begin in the coming period.

He noted that Borollos gas treatment plant has an estimated capacity of about 1.1bn cubic feet per day. The station currently processes 650m cubic feet per day.

The North Alexandria project involves the development of five fields, starting with Taurus and Libra fields by linking them to the onshore processing facilities in Borollos in the third quarter of 2017. The company has completed 52% of operations in Taurus and Libra fields.