Turkey-Russia relations improve with pipeline politics - NATURAL GAS WORLD

November 19th, 2016, 8:20am

Last July’s failed coup attempt in Turkey alarmed everyone who is involved in this region one way or another, writes Anir Jahangirli for NGW. Reactions were across the board: financial markets in the country were shaken and internal political structures were thrown into disarray. The government introduced a state of emergency and is pursuing a hunt of possible coup-attempt allies and supporters.

As a country in southeast Europe and a member of Nato, Turkey hosts US nuclear arsenal and was a key Western ally during the Cold War against the USSR. It has a large competitive market economy and the country is a member of the G20 Club. Since Mr Erdogan came to power, Turkey’s economy saw a boost and the society has been transitioning from the strictly secular into a so-called “moderate Islamic” state.

Turkey increases gas import from Azerbaijan by 330 million cubic meters - APA

18 November 2016 / 16:10

Baku, Vusal Nabiyev

Turkey’s BOTAS is planning to import 36.5 billion cubic meters of gas by the year-end, down 4.1 billion cubic meters from 2015.

According to Anadolu agency, the company imported 40.6 bcm of gas last year.

BOTAS plans to reduce gas import from Russia by 3.99 billion cubic meters.

Along with this, the company intends to increase the gas import from Azerbaijan to 6.5 bcm (6.17 bcm in 2015), from Iran to 7.85 bcm (7.83 in 2015) and from Algeria to 4.38 bcm (3.92 bcm in 2015).

Lebanon keen to revive offshore exploration - LINKED IN / MIDDLE EAST OIL & GAS MONITOR

East Med Foreign Ministers: Kasoulides, Bassil and Kotzias.

November 17, 2016Gary Lakes

With the election of a new president and the formation of a new government in the making, Lebanon is looking forward to a time when it might finally move ahead with its long-delayed plans to explore for hydrocarbons in the East Mediterranean. Yet with Lebanese politics being very complex, there’s no reason to expect that the offshore exploration game will come back into play quickly even though a number of politicians and businessmen are keen to get the suspended licensing round moving.

Saad Hariri, leader of the Sunni Muslim Future Movement, is trying to form a government before the country’s national day on November 22. If he meets that deadline it may suggest that there exists sufficient goodwill among Lebanon’s numerous political parties and religious sects to put the country on some sort of track.

Libya: OPEC gives go ahead to double oil production - ECOFIN AGENCY

Thursday, 17 November 2016 - 09:14Anita Fatunji

(Ecofin Agency) - The Organization of the Petroleum Exporting Countries (OPEC) has given Libya the green light to increase its crude oil export regardless of a deal being set up to cut production to manage the oversupply of crude oil and bolster prices.

According to the chairman of the National Oil Corporation (NOC), Mustafa Sanalla, Libya’s production currently stands at 600,000 barrels of oil per day and has Africa’s largest crude oil reserves.

He added that the goal is to increase oil production to 900,000 barrels per day by the end of this year and target 1.1 million barrels of oil per day in 2017.

Sanalla said Libya is heading toward economic revival but ongoing clashes still put oil facilities at risk of being attacked again.

Israel wants 2-3 new energy firms to drill off its coast - DAILY MAIL / REUTERS

16 November 2016, 11:35 GMT
Ari Rabinovitch

JERUSALEM, Nov 16 (Reuters) - Israel began accepting bids this week from energy companies to drill for oil and gas in 24 offshore blocks, and its energy minister said that in the end he would be happy choosing just two or three foreign exploration groups.

Upon announcing the tender, Israel released new geological data pointing to a good probability that large natural gas deposits are buried off its Mediterranean coast.

"The preferred outcome is that at the end of the tender we can choose two, three companies that present serious, concrete and relatively fast work plans," Energy Minister Yuval Steinitz told Reuters in an interview on Wednesday.

They could bid together with local partners, but each group must have a foreigner, he said, "because today in Israel there still are no serious operators".

Israel is preparing for gas revolution - ECONOMICS WIRE

15/11/2016Viliyana Filipova

Israel is preparing for a gas revolution, after in recent years the country released several promising discoveries in the Mediterranean Sea. The country is working to develop gas routes in three directions – north to Turkey, south to Egypt and west to Italy.

The shareholders, who developed field Leviathan, which is considered one of the most promising fields developments, has already signed an agreement to export gas in the eastern direction – to Jordan. Besides the field Leviathan in the last decade in the Mediterranean Sea Israel opened several very promising areas, including Tamar and the smaller [Karish and Tanin]. According to the Israeli Ministry of Energy the reserves of Leviathan are estimated at about 500 billion cbm, and in the Tamar are about 300 billion cbm. The last deposit was discovered in 2009 and is now being developed.

Kuwait to supply Egypt with 2 million barrels of oil a month - FOX NEWS / ASSOCIATED PRESS

November 15, 2016

CAIRO – Egypt's state news agency says Kuwait has agreed to supply Egypt with 2 million barrels of crude per month, starting in January.

Tuesday's announcement comes more than a month after Saudi Arabia halted previously agreed fuel shipments to Egypt as differences over the conflicts in Syria and Yemen strained ties between the two nations.

The Saudi move has ratcheted up pressure on Egypt as it tries to revive a battered economy and overcome a shortage of dollars.

Cairo floated its currency this month and significantly hiked fuel prices.

The MENA news agency says that under the deal with Kuwait, Egypt will get the crude at international prices with no discounts, but with a nine-month grace period.

Israel launches upstream round - NATURAL GAS WORLD

November 15th, 20164:30pmYa'acov Zalel

Israel's offshore holds up to 6.6bn barrels of oil and 2,137bn m³ of natural gas. according to an independent survey performed lately by BeicipFranlab, for the Israeli energy ministry.

Those data were published November 15 when energy minister Yuval Steinitz launched the first offshore licensing round. During a media event he not only expressed his hopes for future discoveries, but also settled scores with opponents of the natural gas framework.

"For years the sea was shut, the gas was buried and the economy was stifled. Today we change this situation, and what was a national missed opportunity to the Israeli economy. In our vision Israel will become a natural gas superpower and a significant player in the eastern Med basin," Steinitz said in a statement.

Eni Adopts Unconventional Focus On Conventionals - E&P HART ENERGY

The Saipem 10000 drillship has been used at the Zohr gas field
 offshore Egypt in the Mediterranean Sea.

Tuesday, November 15, 2016 - 12:17pm Mark Thomas

LONDON—Italian major Eni has taken an unconventional approach to the ongoing “lower for longer” industry downturn, achieving outstanding results by focusing on conventional oil and gas.

While many upstream companies have pulled back from conventional offshore exploration and development activity due to traditionally longer project cycles in order to focus on shorter-cycle, faster return unconventional projects, Eni has stuck to what it knows best, according to Luca Bertelli, the company’s chief exploration officer.

Speaking in London on Nov. 15 during the exploration-focused PETEX exhibition and conference, organized by the Petroleum Exploration Society of Great Britain, Bertelli told a crowd that Eni decided “to stay conventional. We did not want to follow the pack, but stay with what we know. We see many opportunities remaining.”

Egypt- Natural gas market regulatory authority to be established before end of 2017: El Molla - MENAFN / DAILY NEWS EGYPT

14/11/2016

(MENAFN - Daily News Egypt) The Ministry of Petroleum and Mineral Resources is aiming to complete the law to establish a regulatory authority for the natural gas market, said minister Tarek El Molla. The law has been presented to the State Council and is expected to be completed before the end of 2017.

"By the end of 2017, we will have the law and the executive regulations ready, and we will have completed the establishment of the authority to allow private companies to import gas," El Molla said during an economic conference in Cairo held on Tuesday.

The ministry has provided about eight companies to be offered in the Egyptian Exchange (EGX) during the upcoming period. The assessment of these companies will be announced in November.

Israel energy minister hopeful on gas export - NATURAL GAS WORLD

November 14th, 2016,11:20am
Ya'acov Zalel

Israel's energy minister Yuval Steinitz sees a "very rosy future" for Israel's natural gas economy in general and for gas exports in particular. Speaking at a conference in Tel Aviv November 14, he said talks would lead to sales to three destinations in three directions: north to Turkey, south to Egypt and west to Italy. Leviathan Partnership already signed a contract to export gas to Jordan, east of Israel.

According to a report in business website Globes, Steinitz said that professional teams from Israel and Turkey started negotiations concerning laying a 500-km undersea pipeline from Leviathan gas field to Turkey. The previous week, Sahul Meridor, the director-general of Israel's energy ministry met with his Turkish counterpart to discuss a framework agreement.

Final decision on third-round concessions expected early 2017 - CYPRUS MAIL

Minister Yiorgos Lakkotrypis, in charge of energy, at the House

November 14, 2016
Elias Hazou

Technocrats’ initial assessments of the bids submitted by energy companies in the third offshore licensing round should be ready within the next few weeks, Energy Minister Giorgos Lakkotrypis told MPs on Monday.

Once the ministry receives the reports and presents them to the cabinet, there will follow a period of negotiations with the preferred bidders.

A final decision awarding concessions should be made by early 2017, Lakkotrypis said.

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

SDX Energy Inc Operations Update - SDX ENERGY INC.

14 November 2016

SDX Energy Inc. (TSXV, AIM: SDX), the North Africa focused oil and gas company, is pleased to provide an operational update on its South Disouq and Meseda concessions in Egypt. 

South Disouq 

As previously announced on 10 October 2016, SDX’s initial assessment of the 3D seismic data at South Disouq was positive and identified potential for both oil and gas bearing prospects. Further interpretation of the data has now indicated several Abu Madi and Kafr El Sheikh prospects displaying strong Class III amplitude versus offset (AVO) responses. Testing of similar responses in offset areas has resulted in numerous discoveries at these stratigraphic levels. These responses have allowed SDX to high grade several prospects for drilling in the near term. These positive AVO responses further derisk the prospectivity in the area, allowing SDX and its partners to achieve the intended goal of the 3D seismic acquisition program. 

Ethydco complex successfully produces ethylene and derivatives - ENERGY EGYPT / ENTERPRISE PRESS

November 14, 2016

The Ethydco complex has successfully produced and supplied ethylene and derivatives to the domestic market and exported excess, the Oil Ministry announced, according Al Masry Al Youm. The complex also produced polyethylene, which is used in pipelines carrying natural gas, water, and wastewater. The project helps achieve the ministry’s strategy to maximize added value on petroleum products, in addition to curbing USD costs, it said.

Israel, Turkey hold first meeting on construction of pipeline: report - i24NEWS

14/11/2016, 09:37am

Meeting builds on October meeting between Israel's energy minister and Turkish counterpart

A delegation from Israel's Foreign Ministry and Department of Energy last week held a secret meeting with Turkish representatives to discuss the construction of a gas pipeline between the two countries, Israel's Army Radio reports.

The report did not reveal any details of the meeting.

Last month, Israeli energy minister Yuval Steinitz said the countries will start examining the feasibility of building an undersea gas pipeline to pump Israeli gas to Turkish consumers and on to Europe.

"What we decided is to establish immediately a dialogue between our two governments... in order to examine the possibility and the feasibility of such a project," Steinitz said after talks with Turkish counterpart Berat Albayrak in Istanbul on October 13.

An energy market leader - IN CYPRUS / CYPRUS WEEKLY

November 12, 2016

What is the history of ExxonMobil’s business in Cyprus?

ExxonMobil’s 60-year presence in Cyprus primarily covers the supply, distribution and marketing of petroleum products under the Esso and Mobil brands. Our office is located in Nicosia and we have 65 Esso-branded service stations throughout Cyprus, marketing a full range of fuels and lubricant products. Recently, we took an active role with the government of Cyprus to plan for the orderly relocation of our fuels terminal facilities in Larnaca – one of several installations to be moved away from the popular tourist area.

We are committed to improving the lives of the communities in which we operate including the following long-term initiatives in Cyprus:

US oil companies may benefit from stronger political support - NEW EUROPE

NOVEMBER 11, 2016, 20:49 
Kostis Geropoulos

ATHENS – The new US Administration of President Donald Trump is unlikely to facilitate the export of hydrocarbons from Israel, Cyprus and Greece but support for solution of the Cyprus problem will remain, top experts told New Europe.

“With regards to export of hydrocarbons from Israel, Cyprus and Greece I do not see any direct impact, but if prices stay low it will not help,” Charles Ellinas [former] CEO of Cyprus Natural Hydrocarbons Company told New Europe on November 10, adding that such exports are still challenged by low oil and gas prices in Europe and globally. “Israel’s plans to export gas to Turkey should not be affected – it is a local deal in which the US will have a role similar to now, i.e. supporting it,” he said.

Lebanon's hydrocarbon bonanza just out of reach - BREAK BULK

November 11, 2016
By Mark Willis

Following the precipitous collapse in global energy markets over the last three years, an increasing volume of high cost hydrocarbon exploration projects once considered economically viable have been scaled down, put on hold, or canceled altogether.

Exploration projects requiring a breakeven point in excess of current oil and gas prices that have already succumbed to cost cutting among international oil companies include the Canadian oil sands, offshore drilling in the North Sea and Gulf of Mexico, and development of deep sea hydrocarbon reserves in the Arctic and West Africa.

DEPA pays price of government nod to US gas - KATHIMERINI

05.11.2016
CHRYSSA LIAGGOU

The Public Gas Corporation (DEPA) is apparently paying the price for a Greek decision to facilitate business plans that pave the way for American liquefied natural gas (LNG) to head through Greece to the Balkans and Central Europe – as in the case of the LNG terminal off Alexandroupoli – and for its own handling of the extension of the Turkish Stream pipeline.

Gazprom’s decision to supply natural gas to the Greek market via alternative suppliers is the outcome of the Russians’ dislike of Greece’s moves, breaking for the first time an informal agreement with the Greek government to exclusively supply DEPA.

Libya’s largest oil port may be ready next week for shipments - WORLD OIL / BLOOMBERG

By SALEH SARRAR, HATEM MOHAREB, SALMA EL WARDANY on 11/9/2016

TRIPOLI, Libya (Bloomberg) -- Libya’s largest oil export terminal may re-open as early as next week in a move that would provide relief for the cash-strapped country holding Africa’s largest crude reserves.

Tankers may be able to load at Es Sider port by next week as maintenance work at the terminal is almost complete, a National Oil Corp. official said by phone on Tuesday, asking not to be identified because he’s not authorized to speak with news media. Es Sider hasn’t exported crude since force majeure, a legal status protecting a party from liability if it can’t fulfill a contract for reasons beyond its control, was declared on loadings almost two years ago.

Libya currently produces 660,000 bopd, the official said. This compares with production of about 1.6 MMbopd before the 2011 uprising that ousted longtime leader Moammar Al Qaddafi. Output withered after international oil companies withdrew amid the conflict between rival governments and armed groups over the nation’s oil fields, ports and pipelines.

Subsea 7 expands offshore Egypt backlog - OFFSHORE MAGAZINE

NOVEMBER/10/2016

Offshore staff

LUXEMBOURG – Subsea 7 has completed offshore operations on the fasttrack East Nile Delta project in the Egyptian sector of the Mediterranean Sea.

During 3Q, the Seven Borealis was engaged in pipelay for the first phase of the West Nile Delta project.

Last month, Subsea 7 secured an [EPCI] contract for the Atoll project in the same area, lifting the total value of its contract awards offshore Egypt over the past 18 months to almost $1.8 billion.

The EU Takes A Serious Look at the Leviathan Giant Gas Field - PTJ (Pipeline Technology Journal)

Thu, 2016-11-10 10:31
Admir Celovic - Mark Iden

The European Commission has determined after authorizing a feasibility study on a natural gas pipeline from the Leviathan offshore gas field via Cyprus to Greece would cost about $5.7 billion.

This was reported by Shaul Meridor, Director General of the Israeli Ministry of Natural Infrastructures, Energy and Water Resources. Meridor met in Athens with his counterparts from Greece, Cyprus and Italy and a senior official from the EU Energy Commission. All meeting participants expressed the desire to carry on with the project and the European Commission has recognized the pipeline as a Project of Common Interest (PCI).

The length of the pipeline examined in the feasibility study would be 1,300 kilometers - 200 kilometers in deep waters from the Leviathan field to the Cypriot gas fields and Cyprus itself, 700 kilometers to Crete, and 400 kilometers to the Greek mainland. The pipeline's diameter would be either 24 or 32 inches in various sectors and it could supply 16 BCM annually.

Turkey plans to increase gas storage and implement FSRU - LNG INDUSTRY

Thursday, 10 November 2016 10:00

David Rowlands, Editorial Assistant

According to Reuters, the Turkish energy minister, Berat Albayrak, has said that the country is on track to become a major hub for energy trading, especially for natural gas.

In particular, Albayrak reportedly said that plans were being accelerated for additional gas storage, as well as for a floating storage regasification unit (FSRU) for LNG. Turkey is planning to bring the first phase of new storage facilities near Ankara online by January 2017, and upgrades for existing storage facilities are scheduled for completion from 2019 onwards.

TANAP to be 55% complete by the end of 2016 - WORLD PIPELINES

Wednesday, 09 November 2016 14:41
Anna Nicklin, Editorial Assistant 

Construction of the Trans Anatolian gas pipeline project (TANAP) has begun and is expected to be 55% complete by the end of the year, according to Turkey’s Minister of Energy and Natural Resources, Berat Albayrak. The pipeline is expected to serve as a new alternative for energy supplies to Europe, which, alongside TurkStream, will allow Turkey to become gas trade centre.

The minister also noted that Turkey, being located close to the energy-rich regions, such as the Caspian Sea region, the Middle East and Central Asia, is moving in the direction of becoming an energy hub and diversifying its energy sources.

Egypt: Dana Gas to review investment if not repaid dues, says in talks with potential farm-out partners - ECOFIN AGENCY

Wednesday, 09 November 2016 - 14:30Anita Fatunji

(Ecofin Agency) - Dana Gas has announced plans to review its 2017 investment plans for Egypt if the country does not pay its debt by the end of 2016, its chief executive revealed on Wednesday.

According to Patrick Allman-Ward, the payments issue is overriding several exploration developments in Egypt, for the company.

United Arab Emirates-based energy firm said its North El Arish Concession/Block 6 in the Eastern Nile Delta was an exciting prospect and the company is in talks with seven potential partners about a farm-out agreement.

Ratio’s Bond Issue Reassures Analysts of Commitment to Leviathan Project - HAARETZ

Eran Azran Nov 09, 2016 1:38 AM

The company issued 580 million shekels in bonds, amid a high demand of 740 million shekels ($194 million) .
Ratio Oil Exploration, a partner in the development of the huge offshore Leviathan natural gas field, had a successful bond issue Monday, enabling it to meet a deadline for providing $600 million in funding for initial development of the field. The company issued 580 million shekels in bonds, amid a high demand of 740 million shekels ($194 million) .

A source close to Ratio acknowledged on Tuesday that “analysts in the capital markets wondered about Ratio’s capacity to raise funds to develop Leviathan,” but he said Ratio’s “success in bond fundraising has dispelled those concerns and proved the company’s financial commitment to the project.”

Ratio has a 15% stake in Leviathan. Another 45% is held by Delek Drilling and the Avner Oil Exploration while Noble Energy of Texas holds the remaining 40%. The cost of the initial phase of development of Leviathan is estimated at $3.5 billion to $4 billion, part of which was financed through bank loans. It is Ratio’s portion of the balance that came to $600 million.

How TAP helps its transit countries - NATURAL GAS WORLD

November 08th, 2016, 5:04amEmin Akhundzada

The Trans Adriatic Pipeline project is an initiative to develop the European natural gas system. The pipeline comprises the final step of the Southern Gas Corridor project, starting at the Turkey-Greece border, running through Greece and Albania beneath the Adriatic Sea, and ending in the southern part of Italy. The total length of the pipeline is 870 km with a diameter of 48 inches for the onshore and 36 inches for the offshore section, of which 545 km will run in Greece, 211 km in Albania, 105 km offshore in the Adriatic Sea and 8 km in Italy. [1]

The total cost of the pipeline is estimated at €5.7bn ($6.3bn). Construction of the pipeline will be mainly concentrated in Greece and in the offshore section between Albania and Italy. The initial capacity of the pipeline is envisioned to be 10bn m³/year, which will be expanded to 20bn m³/yr with additional compressor stations.[2] Shah Deniz consortium has signed 25-year sales agreement with eight European companies for 10bn m³/yr, of which 8bn m³/yr will be transported to Italy, and the remaining 2bn m³/yr will be delivered to Greece and Bulgaria, respectively 1bn m³/yr each.

Adipec 2016: Egypt will focus on deepwater gas finds - THE NATIONAL

November 8, 2016, 09:04 PM
LeAnne Graves and Dania Saadi

Egypt plans to focus on more costly deepwater gas exploration, offering new terms to incentivise companies as it seeks to move from an importer of the fuel to an exporter after five years.

"Deepwater gas exploration is the future," said Tarek El Molla, Egypt’s oil minister.

The country is turning its attention to this area, which costs over 15 times more than onshore drilling because of added complexities, as its huge gas find is slated to start production next year.

The Zohr gas discovery made last year is expected to begin production next year at 1 billion cubic feet (bcf) per day, ramping up annually until it reaches 2.7bcf a day at the start of 2019.

Saudi oil shipments to Egypt halted indefinitely, Egyptian officials say - REUTERS

A Saudi Aramco employee sits in the area of its stand at the
 Middle East Petrotech 2016, in Manama, Bahrain, September 27, 2016.
REUTERS/Hamad I Mohammed

Mon Nov 7, 2016 | 1:12pm ESTReporting by Ehab Farouk in Cairo and Maha El Dahan and Rania El Gamal in Abu Dhabi, Writing by Lin Noueihed; Editing by Andrew Torchia, Catherine Evans and Mark Potter

Saudi Arabia has informed Egypt that shipments of oil products expected under a $23 billion aid deal have been halted indefinitely, suggesting a deepening rift between the Arab world's richest country and its most populous.

Saudi Arabia has been a major donor to Egypt since President Abdel Fattah al-Sisi seized power in mid-2013 but Riyadh has become frustrated with Sisi's lack of economic reforms and his reluctance to be drawn into the conflict in Yemen.

Eni commences drilling of seventh well on Zohr gas field – El-Molla - ECOFIN AGENCY

Monday, 07 November 2016 - 08:52Anita Fatunji

(Ecofin Agency) - Egyptian Oil Minister, Tarek El-Molla (photo), has announced that following the completion of the sixth well the Zohr gas field, Italian Eni has commenced the drilling of the seventh well, Zohr-7. The minister declared this during the regular committee meeting set up to assess the execution phases of the Zohr field project development.

El-Molla added that the Zohr-7 is the last well in the production plan which targets gas from Zohr with a capacity estimated at 1bcfpd by the end of 2017 and expected to increase to 2.7bcfpd before 2019 ending, Amwal-al-ghad news reports.

Eni is investing $3.5 to 4 billion to develop the Zohr natural gas production processing plant at a capacity of 2.7 Bcfpd of gas and intends to connect 900 Mmcfpd of gas to the national grid by the end of 2017 or Q1 of 2018.

East Med offers huge opportunities in energy: Leading US expert - HURRIYET DAILY NEWS

November/07/2016
Merve Erdil

There are huge energy opportunities in the Eastern Mediterranean that will create huge benefits for many countries, said Richard L. Morningstar, the founding director and chairman of the Global Energy Center at the Atlantic Council and the secretary of state’s former special envoy for Eurasian energy.

Morningstar said he did not know of another situation with so many opportunities that would benefit so many countries yet also have so many political difficulties.

“So to take advantage of those opportunities is a good thing. That is not to say there will be an agreement on projects; there certainly won’t be one tomorrow. But it is a start and I think it creates real opportunities,” added the former U.S. ambassador to Azerbaijan.

Egypt delays third LNG terminal until electricity needs determined -official - REUTERS

Sun Nov 6, 2016 8:55am GMTReporting by Ehab Farouk; Writing by Eric Knecht; Editing by Larry King

CAIRO Nov 6 (Reuters) - Egypt will delay plans to rent a third liquefied natural gas import (LNG) terminal for one month, until the ministry of electricity determines its LNG needs, an official at state gas buyer EGAS told Reuters on Sunday.

"We decided to delay holding the tender for one month (until end-November) until an agreement is made with the ministry of electricity over its needs for LNG over the coming period," said the official, who declined to be identified.

The Egyptian economy is running on empty as it awaits a recharge of energy strategy - THE NATIONAL (UAE)

Robin Mills
November 6, 2016, 06:57 PM

Long queues stretched around Cairo petrol stations on Thursday evening as motorists rushed to beat rising fuel prices. In tandem with the sharp devaluation of the Egyptian pound, the government has cut subsidies again. But with the country’s indicators blinking on zero, Egypt badly needs to recharge its energy strategy.

The Egyptian pound fell by almost a third as the central bank said on Thursday that it was letting the currency float. Devaluation had become inevitable as a requirement for securing an essential IMF loan and easing a drought of foreign currency that had led to shortages of sugar.

Problems with energy have been an important part of undermining Egypt’s budget and trade balance. Even after cuts earlier this year, subsidies account for nearly half the forecast budget deficit of 9.8 per cent for the 2016-17 fiscal year. The drop in subsidies was mostly because of falling global oil and gas prices, not internal reforms. The price of gas has gone up, but electricity tariffs have not been raised proportionately, shifting the subsidy burden rather than removing it.

Egypt's oil minister makes rare trip to Iran for oil talks after Saudi suspension - REUTERS

Tarek El Molla, Egypt's Minister of Petroleum and Mineral Resources
in Nicosia, Cyprus August 31, 2016. REUTERS/Yiannis Kourtoglou

Sun Nov 6, 2016 | 4:25pm ESTWriting by Eric Knecht; Editing by Ahmed Aboulenein and Louise Ireland

Egyptian Petroleum Minister Tarek El Molla was on his way to Iran on Sunday to try to strike new oil deals, sources close to his delegation said at Cairo airport, after Saudi Arabia suspended its oil agreement last month.

After that suspension, Egypt voted in favor of a Russian-backed U.N. resolution on Syria in October that excluded calls to stop bombing Aleppo, which Saudi Arabia strongly opposed.

Saudi Arabia has showered Egypt with billions of dollars in aid since 2013, when President Abdel Fattah al-Sisi ousted elected Mohammed Mursi of the Muslim Brotherhood and banned the Islamist movement, which Riyadh opposes.

East Med oil and gas: views from Norway - IN CYPRUS / CYPRUS WEEKLY

November 5, 2016
By Charles Ellinas

This article is based on meetings and discussions in Norway between October 30 and November 2. They were organised by German think-tank Friedrich Ebert Stiftung (FES) and the Peace Research Institute Oslo (PRIO). The meetings included Statoil, the Ministry of Foreign Affairs, Norges (the central bank of Norway) and PRIO.

These helped better understand Norway’s approach to oil and gas, values, transparency, business model and views about European markets and Eastern Mediterranean (East Med) prospects.

Barbaros to sail for fresh surveys in Cyprus EEZ - CYPRUS MAIL

November 4, 2016
EVIE ANDREOU

THE controversial Turkish survey vessel Barbaros is to conduct research again off the coast of Cyprus soon, an official in Ankara said on Friday.

The head of Turkey’s national petroleum company, Besim Şişman, told Anadolu press agency that the Barbaros will conduct important seismic research off the coast of Cyprus in the upcoming period.

He added that upon the completion of explorations, the company could drill off the coast of Cyprus. As such investments are expensive, he said, they are waiting for the oil prices to be corrected before they proceed with such a procedure.

Low gas prices clog pipeline projects, EastMed’s Leviathan - NEW EUROPE

NOVEMBER 4, 2016, 13:06
Kostis Geropoulos

ATHENS – Low gas prices have a limited effect on the planning of major pipeline projects, including plans to export gas from the East Mediterranean, DEPA CEO Theodoros Kitsakos said.

He was responding to a question from New Europe at a Russian-Greek forum in Athens on November 2 on whether low gas prices could affect the development of gas projects, including the EastMed pipeline.

“The decision whether the gas from the Levantine Basin will come to Europe via Cyprus and Turkey, which it is a political issue, or via EastMed from an offshore pipeline to Crete, Peloponnese and upwards, it does not have to do so much with the price of natural gas at Leviathan,” the head of the Public Gas Corporation of Greece said, adding that this is a long-term, strategic project.

Gas in the Eastern Mediterranean: "pragmatism" is the watchword - ABO

Nov, 04 2016
Nicoló Sartori

While it is clear to many that gas in the Eastern Mediterranean is an opportunity for the entire region, it is equally clear that concrete initiatives on the industrial plan must be launched in adequate times and manner
In recent years, the development of gas reserves in the Eastern Mediterranean has fueled high expectations in the region and globally. Not only as a strengthening factor of energy policies for the players involved, but also as a real geopolitical game-changer and uniting element in an area that is still very unstable and divided. In addition to this is the hope that gas discoveries will act as a catalyst for greater cooperation between the European Union (Italy in particular) and the southern Mediterranean countries, the Mare Nostrum too often becoming a disaggregating element rather than a™ driver of peace and prosperity. However, as emerged from the conference organized in October by the Institute of International Affairs (IAI) and by the Italian Centre for Peace in the Middle East (CIPMO), optimism regarding the possible development of hydrocarbons in the region must necessarily deal with a series of local dynamics, time constraints and economic and industrial factors that will significantly influence the possibilities for gas exploration and export from the area.

General Electric Gas expands service facilities in Egypt : GAFI - AMWAL AL GHAD / ZAWYA

Thursday, 03 November 2016

General Electric Gas and Oil announced Thursday it would expand its service facilities in Egypt in cooperation with the Egyptian General Authority for Investment (GAFI).

The world leader in advanced technologies and services would add 2,000 square meters to its affiliate firm in the free industrial zone, totaling 5,000 square metres.

This step comes after company's meeting with Mohamed Khodair, the CEO of GAFI.

Khodair expressed his delight over GE announcement to expand in injecting new investments into Egypt.

Van Oord wins two contracts for West Nile Delta offshore Egypt - OFFSHORE MAGAZINE

Van Oord's flexible fallpipe vessel 'Stornes' 

11/03/2016

Offshore staff

ROTTERDAM, the Netherlands – Subsea 7 has contracted Van Oord to construct the landfall and execute subsea rock installation works for the West Nile Delta project in the Egyptian sector of the Mediterranean Sea. Preparations on-site have already started.

The BP-operated project, located 65 km (40 mi) offshore northern Egypt, comprises the development of a series of gas fields. The first phase, which includes the Taurus and Libra fields, consists of a nine-well tieback to the existing Burullus facilities.

Israel: a bright spot for Noble - NATURAL GAS WORLD

November 03rd, 2016, 9:20am

Ya'acov Zalel

Noble Energy recorded a net loss of $144mn in Q3, halving its Q3 2015 loss of $286mn. The company's most profitable region was Israel, where the company recorded revenues of $150mn and income before taxes of $135mn. That compares to $647mn revenues from operations in the US and a loss before taxes of $407mn.

Noble reported record sales in Israel following the decision by the energy ministry to accelerate the use of natural gas for power generation by 15% from 2015 to 2016.

Noble sold 310mn ft³/d in Israel, an increase of 2.3%. The average gas price in Israel was $5.22/mn Btu while in the US the average price was $2.38/mn Btu.

Discounted Cash Flow Report for the Leviathan Leases - DELEK GROUP

Tel Aviv, November 3, 2016. Delek Group (TASE: DLEKG, US ADR: DGRLY) (“the Company”) announces that further to section 1.7.5 (I) of the Company's periodic report as at March 31, 2016, as revised and published on May 30, 2016 (Ref. No. 2016-01-037758) (the "Periodic Report") concerning the Leviathan Project resources within the North Leviathan I/14 and South Leviathan I/15 Leases ("the South Leviathan Lease" and " the North Leviathan Lease", respectively) (the South Leviathan and North Leviathan Leases will be referred to below as: "Leviathan Leases" or "Leviathan Reservoir" or "Leviathan Project"), to section 1.7.13 (1)J(3) of the Periodic Report 

with regard to the agreement for the supply of natural gas from the Leviathan Project to Edeltech Ltd., to the Immediate Report issued by the Company on May 29, 2016 (Ref. No. 2016-1-036867) concerning the Leviathan Project partners’ engagement in an agreement for the supply of natural gas from the Leviathan Project to IPM Beer Tuvia Ltd., to the Immediate Report issued by the Company on June 2, 2016 (Ref. No. 2016-1-043794) 

Gazprom Waiting for EC Proposal on Gas Transit Via Turkish Stream - SPUTNIK NEWS

20:14 02.11.2016

Deputy Chairman of the Management Committee of Gazprom said that Russian energy giant has still not received any official proposal from the European Commission on gas transit to Europe via the Turkish Stream pipeline. 

Russian energy giant Gazprom has still not received any official proposal from the European Commission on gas transit to Europe via the Turkish Stream pipeline, Deputy Chairman of the Management Committee of Gazprom Alexander Medvedev said Wednesday. 

“The European Commission, together with its member states should choose where gas should go from. We are ready to supply this gas, including through Turkey. From the European Commission's side, we have not received any official proposals so far,” Medvedev told Rossiya-24 TV channel. 

Greece, Bulgaria extend gas interconnector capacity bids to end-November - PLATTS

London (Platts)--2 Nov 2016 1040 am EDT/1440 GMT
By Stuart Elliott, edited by Alisdair Bowles

Greece and Bulgaria have agreed to extend to the end of November the deadline for binding bids for capacity in the planned Interconnector Greece-Bulgaria designed to improve gas connectivity in southeast Europe.

The deadline for binding offers had been set for October 31, but the pipeline operator said it had extended the deadline "at the request of participants in the first phase."

A total of nine non-binding expressions of interest for a total of 5.3 Bcm/year of capacity were submitted in the first phase earlier this year.

Best hope for Israeli gas - Turkey, not European market - TREND NEWS AGENCY

2 November 2016 11:10 (UTC+04:00)

Leman Zeynalova

The recent talks between Israel, Greece, Italy and Cyprus on Israeli gas export to Europe
are largely political talks, Charles Ellinas, oil market expert, former executive president at Cyprus National Hydrocarbons Company (CNHC) told Trend Nov.2.

Such a pipeline can become commercially viable if gas prices in Europe double, to over $8 per mmBTU, which is not likely to happen in the foreseeable future, said the expert.

Touching upon the possibility of building a pipeline from Israel to Turkey, Ellinas pointed out that this pipeline is priority and is also commercially viable.

The only obstacle is that it is has to go through Cyprus, which could be easier with solution of the Cyprus problem, he added.

However, the expert said that there is also some resistance to the construction of such a pipeline both in Israel and in Turkey.

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.”

Condor to complete Poyraz well in Turkey - OIL & GAS JOURNAL

HOUSTON, Nov. 1
11/01/2016
By OGJ editors

Condor Petroleum Inc., Calgary, has cemented production casing in a well that logged at least 135 m of net natural gas pay in stacked reservoirs at the edge of Poyraz Ridge gas field under development in northwestern Turkey.

Pay in the Poyraz 3 well is in Miocene Kirazli and Gazhanedere sandstones and Eocene Sogucak carbonate.

The company said the well encountered no gas-water contact in basal Gazhanedere reservoirs. The gas-water contact in the Sogucak was confirmed to be at the structural spill point of Poyraz Ridge field.

Condor President and Chief Executive Officer Don Streu said borehole imaging of the Sogucak “confirms the presence of an extensive network of fractures with the pay column, which should serve to enhance flow performance.”

EGPC grants SDX Energy, PICO preliminary approval to extend drilling in South Ramadan concession - ENERGY EGYPT / ENTERPRISE PRESS

November 1, 2016

EGPC gave SDX Energy and PICO Petroleum preliminary approvals to extend drilling operations at the South Ramadan concession, SDX Energy’s country director Ahmed Moaz told Al Mal.

The preliminary agreement does not specify a date for the extension and includes the operators spending USD 23 mn in the project.

Moaz says the operators have not received a formal approval agreement yet, but says they are willing to agree to extending the drilling period terms even if they are just to July 2017, even though they have asked for it to be extended to July 2018.

Cyprus-Israel military exercise continues - IN CYPRUS / CYPRUS WEEKLY

November 1, 2016

Cyprus and Israel are expected to complete the second and final phase of their joint Onisilos-Gideon 2/2016 air and ground military exercise on Tuesday.

According to a Defence Ministry announcement, the drill – which has seen Israeli jets flying through Nicosia FIR – will end at 7pm. The exercise is also taking place on land within the Republic of Cyprus with the participation of the Cyprus National Guard ground forces.

Sharing a common interest in securing offshore mineral exploration areas throughout the Eastern Mediterranean, Israel and Cyprus began the Onisilos-Gideon 2/2016 exercise on Monday.