Contracts with energy companies to be signed next month - FAMAGUSTA GAZETTE

Friday, 17 March, 2017

Cyprus is set to sign on April 5 and 6 contracts with the selected bidders of the third licensing round for explorations in blocks 6, 8 and 10 of its Exclusive Economic Zone, Energy Minister Yiorgos Lakkotrypis announced on Friday.

The three contracts were approved today by the Cabinet.

The body authorised the Minister to sign the contracts with the three companies. “The signing will take place on the 5th and the 6th of April and the details will follow very soon,” Lakkotrypis announced to the press after the meeting of the Cabinet.

Asked whether the contacts differ from those signed with companies in previous licensing rounds, the Minister noted that the contracts were negotiated on March 7, as announced. “Today we had the opportunity to present both the technical and the financial results, as well as the legal (results) of the negotiations, in detail to the Cabinet” he said.

ENI-TOTAL synergy on block “11” the best that could happen, says Executive Director of CHC - FAMAGUSTA GAZETTE / CNA

Thursday, 09 March, 2017

Speaking to CNA, he also said that the synergy between energy companies ENI and TOTAL is the best that could happen to the block `11`.

Executive Director of Cyprus Hydrocarbons Company (CHC) Panos Kelamis said Wednesday that he was very optimistic as to the prospects of Cyprus Exclusive Economic Zone (EEZ), following the successful completion of negotiations for the third licensing round.

Speaking to CNA, he also said that the synergy between energy companies ENI and TOTAL is the best that could happen to the block `11`.

"The prospects are very good," noted the Greek former staff member of Saudi Aramco, referring to the successful completion of negotiations for licensing of blocks "6”, "8” and "10” of the Cyprus EEZ, announced Tuesday by the Minister of Energy George Lakkotrypis. He added that from his background on the exploration he is "too optimistic", but noted that "we should all have patience."

Italy's Edison to explore gas and oil in Egypt with $86mln - AMWAL AL GHAD

Thursday, 05 January 2017 16:09
Mahmuod Shaaban

Egyptian Natural Gas Holding Company (EGAS) signed a new oil agreement with Italy's Edison to explore and produce oil and natural gas in North East Haby area in the Mediterranean Sea.

The investments of the agreement are estimated at more than US$86 million and a signature bonus of US$1.5 million , to drill two exploration wells.

The agreement was signed by Egypt's Oil Minister Tarek El-Molla and Mohamed El Masry -EGAS Chairman- and Maurizio Coratella, Vice President for Edison’s E&P activities for Egypt and the Middle East in the attendance of officials at the Egyptian ministry.

Egypt signs $220 mln of oil and gas deals - REUTERS

Wed Dec 28, 2016 | 11:00am GMT

Reporting by Ahmed Aboulenein; Editing by Giles Elgood and Mark Potter

Egyptian Oil Minister Tarek El Molla has signed three offshore oil and gas exploration and production deals worth a total of at least $220 million with France's Total, Britain's BP, and Italian oil major ENI's Egyptian subsidiary IEOC, the ministry said on Wednesday.

The deals include drilling for six wells and a signing bonus of $9 million, the ministry said in a statement, and are the result of a tender called by Egyptian state gas board EGAS. They are all in exploration blocks in the Egyptian Mediterranean Sea.

The first deal, with a consortium of BP and IEOC, is worth $75 million for an exploration block in the North Ras El Esh block; the second, with a consortium of all three companies, is in the North El Hammad block and is worth $80 million, and the third, with BP alone, is in the [North El Tabya] block and worth $65 million.