UAE’s Dana Gas to drill in what could be Egypt’s next mega gas field - GULF BUSINESS / REUTERS

Wednesday 13 February 2019

Dana Gas will begin drilling this year in an area it says could become Egypt’s next giant Mediterranean gas field, after seismic data pointed to reserves as large as 20 trillion cubic feet.

That data will be put to the test beginning in April or May, when it expects to start drilling an area that could hold 4-6 trillion cubic feet of gas, Dana Gas CEO Patrick Allman-Ward told Reuters on the sidelines of an energy forum on Tuesday.

“If the geology works out the way that we think it will, then in the success case it could be a 4-6 trillion cubic feet gas reserve,” Allman-Ward said

“And that’s just that one prospect,” he said of the area of a North Arish field located in the eastern Mediterranean Sea which is one of three Dana Gas has homed in on within its Block 6 after it was licensed to explore in 2014.

“All three together could be as much as 20 trillion cubic feet,” Allman-Ward said.

Energean asks Cyprus for approval to import Israeli gas via new pipeline - REUTERS

JULY 5, 2018 / 6:24 PM

Reporting by Shadia Nasralla; Editing by Mark Potter

LONDON (Reuters) - Energean is seeking approval from Cyprus for the Greek oil and gas firm to build a pipeline from its Israeli offshore gas fields and import 0.5 to 1 billion cubic meters of gas a year to the island, Energean’s chief executive said on Thursday.

Energean, which listed on London’s main stock exchange this year, has committed $1.6 billion to the Karish and Tanin fields which have potential reserves of 2.4 trillion cubic feet of natural gas and 32.8 million barrels of light oil and condensate.

It estimates the five blocs it owns around Karish and Tanin contain an additional 5 trillion cubic feet of gas. It expects an external assessment over the coming weeks.

“We submitted a proposal to sell gas from the FPSO (Floating Production Storage and Offloading facility) to Cyprus. We sent it last week,” CEO Mathios Rigas told Reuters.

Lebanon – a new frontier for hydrocarbons - FINANCIAL TIMES

30.1.2017
Niazi Kabalan, Pinsent Masons

After a three year hiatus, Lebanon has approved two crucial decrees required to relaunch the country’s first offshore energy licensing round. The Lebanese authorities are preparing a road map to resume a stalled plan to allow global oil companies to explore for hydrocarbons in the eastern Mediterranean country.

The hotly anticipated licence round signals a new era for Lebanese oil and gas which has been thwarted by delays after a political stalemate put the brakes on a planned launch in 2013, despite the licensing round having attracted super majors and oil companies from around the globe.

While news of the refreshed tender process is turning the heads of the global oil industry, the mood music is one of cautious optimism as companies demand the promise of a stable and fiscally attractive petroleum regime before signing on the dotted line. Indeed, oil price fluctuations mean investment decisions are not made lightly; with new licensing rounds planned elsewhere in the region, such as in Cyprus, Oman, Iran and Iraq, Lebanon must act fast to compete for investment.

Israel bolsters maritime defense in offshore oil and gas zone - RUSSIA TODAY

19 Jan, 2017 13:36

Photo: Israeli navy patrol vessels take part in a drill simulating the targeting of an infiltrated enemy vessel and the evacuation of a patrol boat, in the Mediterranean Sea off the coast of Ashdod, southern Israel November 8, 2016. © Amir Cohen / Reuters

Tel Aviv is increasing spending on the Navy to protect its offshore oil and gas deposits better and secure a large maritime area neighboring Lebanon, Reuters reports.

The agency says the Israeli defense ministry is not disclosing the information about the new financing, but in 2013 the Navy asked for a $700 million budget increase and an additional $100 million every year to maintain a larger force.

Our priority to further expand EEZ exploration: Lakkotrypis - SIGMA LIVE / CNA

01.11.2016 18:21

Cyprus Energy Minister Yiorgos Lakkotrypis said today that “Cyprus’ number one priority is to further deepen and expand exploration activities, in order to identify the natural gas resources that lie in the country’s exclusive economic zone.”

Addressing a Nicosia-based Summit organised by The Economist, Lakkotrypis referred to opportunities for further gas discoveries in the area, saying they amount to 2,000bcm (billion cubic metres). In comparison, “Europe consumed 430bcm last year,” he added.

The Energy Minister also referred to the Zhor reservoir discovery by ENI, off Egypt’s coast, noting that “it marked the potential and possibilities existing for Cyprus and the region.”

He also added that “Israel is launching another licensing round this month.”