The President of the Republic of Cyprus held a videoconference with the Vice President of ExxonMobil - REPUBLIC OF CYPRUS PRESIDENCY

07/07/25 18:17  |  Press release  |  Energy, Commerce and Industry, Government Spokesperson, President of the Republic / Presidency

During today’s videoconference between the President of the Republic of Cyprus, Mr Nikos Christodoulides, and the Vice President of ExxonMobil, Mr John Ardill, in the presence of the Minister of Energy, Commerce and Industry of the Republic of Cyprus, Mr George Papanastasiou, and the Country Manager of ExxonMobil Cyprus, Mr Varnavas Theodossiou, President Christodoulides was briefed on the new natural gas discovery made at “Pegasus-1” well, in Block 10 of the Exclusive Economic Zone (EEZ) of the Republic of Cyprus.

The discovery follows the successful completion of drilling operations conducted by the consortium of ExxonMobil Exploration and Production Cyprus (Offshore) Limited (Operator) and QatarEnergy International E&P LLC.

Latest gas drilling ‘very optimistic’ - CYPRUS MAIL

Monday 07 July | 19:40

By Elias Hazou

Drilling at the Pegasus-1 well has detected a 350-metre column of natural gas, the government announced on Monday, giving no more clues about the significance of the find – but separately sources told the Cyprus Mail that the “news from Pegasus is good”.

In a written statement after an afternoon conference call between President Nikos Christodoulides and Vice President of Global Exploration at ExxonMobil John Ardill, the government said another discovery of natural gas has been made at the Pegasus-1 site in Block 10 of Cyprus’ exclusive economic zone (EEZ).

“The Pegasus-1 well… indicated approximately 350 metres of gas-bearing reservoir,” government spokesman Konstantinos Letymbiotis said.

Drilling had been carried out by the Valaris DS-9 rig at a distance of 190km southwest of the island, and at a depth of 1,921m.

“Further assessment will be required in the coming months to evaluate the results.”

Chevron to begin hydrocarbon drilling in 2026 - KATHIMERINI

01.04.2025 • 23:36

US energy giant Chevron is set to launch its first exploratory drilling for hydrocarbons south of Crete in 2026, Environment and Energy Minister Stavros Papastavrou said on Monday.

“This depends on the company’s scheduling, but I believe that if we move forward with the procedures within the year, we will see the first drilling in 2026,” the minister said on Action24 TV.

Papastavrou discussed energy cooperation with US Interior Secretary Doug Burgum, who also chairs the National Energy Dominance Council. Their talks focused on Greece-US strategic ties and recent developments in energy projects, including Chevron’s interest in offshore blocks “South Crete I” and “South Crete II.”

Egypt Moves Forward with Greece Electricity Interconnection Project, Eyes €1 Billion in Funding - SEE (SADA ELBALAD ENGLISH)

Sun 02 Mar 2025 | 09:32 AM
Ahmed Emam

Egypt is set to begin implementing its electricity interconnection project with Greece before the end of the second half of this year, according to government sources.

The project, classified as a priority initiative within the European Union, is expected to receive a €1 billion grant and concessional financing.

Sources told Al Arabiya Business that three European financial institutions have expressed interest in funding the joint Egypt-Greece electricity transmission project. Further discussions on the financing arrangements are scheduled for next month.

During a meeting last week with Egyptian Minister of Electricity Mahmoud Esmat, representatives from the Greek energy group Copelouzos presented their proposed mechanisms for the project. They also recommended that the exchanged electricity be generated from renewable energy sources.

TotalEnergies and ENI sign an agreement with Cyprus and Egypt for the export of Cyprus Block 6 gas through Egypt - TOTALENERGIES

02/17/2025

Paris/Cairo, February 17, 2025 – In the presence of President of Egypt Abdel Fattah El-Sisi and President of Cyprus Níkos Christodoulídis, TotalEnergies and ENI, partners in Cyprus offshore Block 6 (TotalEnergies 50%, ENI 50% operator), have signed today a Host Government Agreement (HGA) with the Arab Republic of Egypt and the Republic of Cyprus related to the development of Block 6 gas resources.

Signed during the Egypt Energy Show (EGYPES) with the Minister of Petroleum and Mineral Resources of the Arab Republic of Egypt, Karim Badawi, and the Minister of Energy, Commerce and Industry of the Republic of Cyprus, George Papanastasiou, this agreement is a key milestone towards the development of the Cronos gas field. Located in Cyprus Block 6, Cronos field was discovered in 2022 and successfully appraised in February 2024.

The agreement provides a framework allowing the Cronos gas to be processed in the existing Zohr facilities offshore Egypt and then liquefied in the Damietta LNG plant in Egypt, for export to European markets.

Following the signature of this agreement, the Block 6 partners will now proceed with the Cronos Development and Production Plan, in close collaboration with Cyprus authorities.

ExxonMobil launches 'promising' exploration well off Cyprus, President says - REUTERS

NICOSIA, Jan 24 (Reuters) - ExxonMobil (XOM.N) and Qatar Energy on Friday began exploratory drilling for natural gas in a prospect west of Cyprus, Cyprus President Nikos Christodoulides said on X.

The east Mediterranean has yielded some major gas discoveries in recent years, and a disruption in energy supplies from Russia after its 2022 invasion of Ukraine has sharpened Europe's attention on securing alternative sources of supply.

"Cyprus progresses exploration activities, aiming to be an alternative and reliable source of natural gas for the EU," Christodoulides wrote in his post.

He said drilling at the prospect, named Electra, got underway on Friday morning.

ExxonMobil executives have previously described Electra as 'highly promising'.

The company secured hydrocarbon exploration licences for Cyprus in 2017. Other multinationals in the region include U.S.'s Chevron (CVX.N), Italy's Eni (ENI.MI), and France's TotalEnergies (TTEF.PA).

Egypt and Eni-Total consortium to sign deal on processing Cypriot natural gas for export - ASSOCIATED PRESS

January 24, 2025
MENELAOS HADJICOSTIS

NICOSIA, Cyprus (AP) — Egypt and a consortium made up of energy companies Total of France and Italy’s Eni will next month sign a key agreement to transport natural gas from an undersea deposit inside Cypriot waters to Egypt where it will be liquefied and processed for export, officials said Friday.

Cypriot Energy Minister George Papanastasiou described the agreement as “most significant” because it allows the consortium to sort out all the technical details on how to get the gas from the Cronos gas deposit to Egyptian processing plants for liquefaction and eventual export to markets including Europe.

Papanastasiou said the Eni-Total consortium, which holds exploratory licenses for seven of 13 areas or blocks inside Cyprus’ offshore economic zone, will make a final decision on how it will extract and convey the gas before the summer this year.

A recent assessment indicates that Cronos is estimated to hold more than the Aphrodite deposit, the first major discovery inside Cypriot waters which is estimated to contain 4.2 trillion cubic feet of gas.

The so-called host-government agreement will be signed at Egypt’s energy summit that will be held between Feb. 17-19, said Egyptian Oil Minister Kadim Badawi, who met earlier with Cypriot President Nikos Christodoulides.

Energean seals $2 billion natural gas sale deal to supply Israel’s Dalia power plants - THE TIMES OF ISRAEL

23/1/2025
Sharon Wrobel

British-Greek oil and gas company Energean said Thursday it inked an agreement to supply natural gas to Israeli private energy producer Dalia Power Energies in a deal worth $2 billion, as it expects higher production in 2025 bolstered by increased electricity demand in the country.

As part of the deal, Energean will supply natural gas of up to 12 billion cubic meters (bcm) for a period of 18 years from the Karish natural gas field located off Israel’s Mediterranean coast to Dalia Power’s Dalia and Eshkol power plants. Dalia Power Energies supplies about 16% of Israel’s electricity produced from natural gas, according to its website.

“Over the past year we have agreed more than $4 billion in new long-term gas sales agreements in Israel, including the new $2 billion binding terms with Dalia Energy… bringing the total contract value close to $20 billion,” said Energean CEO Mathios Rigas. “With the region’s gas demand continuing to grow from increasing electricity demand and the phasing out of coal, we are well positioned to add new long-term agreements, including potential export contracts, to further grow sales.”

Cyprus issues Navtex for drilling in block 5 of EEZ - CYPRUS MAIL

Sunday 19 January | 17:18

Cyprus issued a Navtex on Sunday in relation to the start of drilling at the ‘Electra’ field, in bloc 5 of the Cypriot exclusive economic zone (EEZ).

According to the Joint Rescue Coordination Centre (JRCC), the Navtex came into force from January 19, until June 19, 2025 with the drillship VALARIS DS-9 conducting the operations.

Speaking to the Cyprus News Agency, Energy Minister George Papanastasiou, said that the VALARIS DS-9 drillship is in Block 5, confirming that the Navtex in question relates to drilling in Block 5 and specifically the ‘Electra’ field.

Papanastasiou reminded that EXXON MOBIL is active in Block 5 in a joint venture with Qatar Energy.

Asked if there is a timetable for the start of drilling, Papanastasiou said that this depends on the positioning of the drilling rig, which should be set at the right coordinates with the target being in the centre of the drill, which, according to the Energy Minister, also depends on the weather conditions.

Papanastasiou estimated that the timeframe stipulated in the issued Navtex for bloc 5 would not need to be exhausted. He added that the drilling results are expected to be known at the end of February, while an official announcement will be made at the end of March, following an evaluation, on the quantities of the deposit.

"Electra" and "Pegasus" Shape Cyprus’s Energy Future - FAST FORWARD

08 Jan 2025

ExxonMobil has completed all necessary preparations to begin exploratory drilling at the "Electra" target within Block 5 of Cyprus’s Exclusive Economic Zone (EEZ). Drilling is expected to commence within the next two weeks, marking one of the most significant initiatives by ExxonMobil and Qatar Energy in the region. The company also plans to explore the "Pegasus" target, leveraging seismic data to identify potential reserves and contribute to Europe's energy solutions amid challenges stemming from the war in Ukraine.

Mediterranean Energy in Focus

As Brief reports, ExxonMobil’s plans align with the broader shift in global energy strategies, as the European Union seeks to secure its energy future. Investors are closely monitoring developments in the Mediterranean, a region that promises energy security alongside economic benefits.

Romania on its way to become EU’s largest gas producer - EURACTIV

Jan 10, 2025 07:23

Georgi Gotev

The agreement between Austria's OMV and Germany's Uniper to supply gas from the latter's Black Sea project in Romania's economic zone has put the spotlight on the country's significant gas supply potential.

The five-year deal for 15 terawatt-hours of natural gas from the Neptun Deep project off Romania's Black Sea coast, in water depths of between 100 and 1,700 metres, comes after Russia last month halted gas supplies via Ukraine and a wider reduction in European Union energy purchases from Moscow due to its invasion of Ukraine.

As reported by Reuters, the total contract volume represents about 1.5% of Germany's gas imports in 2024 and would be the first deal to underpin the long-awaited deepwater project, more than a decade after gas was first discovered in Romania's section of the Black Sea.

Egypt, Cyprus, Greece leaders agree to develop joint energy projects at Cairo trilateral summit - EGYPT TODAY

Wed, 08 Jan 2025 - 02:41 GMT

CAIRO – 8 January 2025: Leaders of Egypt, Cyprus and Greece have agreed on the necessity to develop joint energy projects as they held the 10th trilateral cooperation mechanism summit in Cairo on Wednesday.

“The energy file was strongly present in our talks today,” President Abdel Fattah El-Sisi said in a joint press conference with Greece’s Prime Minister Kyriakos Mitsotakis and President Nikos Christodoulides of Cyprus following their meeting.

Sisi said they agreed on the need for developing joint projects in renewable energy, electrical interconnection, natural gas transportation, and power linkage infrastructure enhancement.

These projects aim to achieve regional integration in this sector and effectively ensure international energy security, which has suffered turbulence amidst latest global crises, the Egyptian president added.

Cyprus needs energy transformation in 2025 - CYPRUS MAIL

Sunday 22 December | 16:41

Dr Charles Ellinas

Energy was constantly in the news in 2024, but serious progress was limited.

By far the biggest success was the ‘Photovoltaics (PV) for All’ scheme. With the failure of utility-scale renewables (RES) projects to contribute constructively to Cyprus’ energy mix so far, ‘Photovoltaics for All’ has enormous potential to increase RES penetration and significantly reduce the cost of electricity to those that participate, as well as reduce emissions into the atmosphere. This scheme will continue and household demand to participate in the scheme will increase in 2025.

But where Cyprus really needs to see progress is in the perennial problem of high electricity prices. These remain some of the highest in Europe.

Based on purchasing power parity, in 2024 Cyprus had the second highest household electricity price in Europe, largely due to taxation. Tax accounted for just under 35 per cent of the price, the fourth highest in Europe and well above the corresponding EU average, of about 23 per cent. In Greece this percentage was only around 15 per cent. Bringing taxes and levies down to Greece’s level, could slash electricity prices from 33 cents/kWh to 25 cents/kWh.

‘Energy giants from Gulf states’ interested in Cypriot natural gas - CYPRUS MAIL

15 November 2024

Tom Cleaver

“Energy giants from Gulf states” are interested in possibly drilling for natural gas in Cyprus’ Exclusive Economic Zone (EEZ), President Nikos Christodoulides said on Friday.

Addressing the Energy symposium in Nicosia, he said this interest constitutes a “vote of confidence in the prospects of Cyprus’ EEZ”.

He said work is “progressing intensively” regarding the ‘Aphrodite’ deposit in block 12, with Energy Minister George Papanastasiou having said last week that the revised plan for the deposit submitted by American corporation Chevron in September is now being “discussed at a technocratic level”.

On the matter of the ‘Kronos’ reservoir, he said Italian energy company Eni are expected to submit a development plan soon, and that he had held a telephone conversation with the company’s head Claudio Descalzi on Thursday.

Papanastasiou said last week that Eni is “fast tracking” the process.

“We expect this month or next for there to be a development and production plan” for the deposit in question, Papanastasiou said, adding that the gas from the ‘Kronos’ reservoir will also be taken to Egypt for liquefaction and subsequent export.

Regional conflict prompts Chevron to halt Leviathan pipelay - OFFSHORE

Oct. 8, 2024

The Leviathan reservoir was discovered in December 2010 by NewMed Energy (with a working interest of 45.3%), Chevron (which was called 'Noble Energy' at the time, with a working interest of 39.7%) and Ratio (with a working interest of 15%).

The Leviathan reservoir was discovered in December 2010 by NewMed Energy (with a working interest of 45.3%), Chevron (which was called "Noble Energy" at the time, with a working interest of 39.7%) and Ratio (with a working interest of 15%).

Chevron Mediterranean suspended installation activities related to the third subsea gas export pipeline from the deepwater Leviathan field offshore Israel to the near-shore platform on Oct. 6.

Cyprus approves electricity cable to link its power grid with Greece’s - AP

Updated 9:10 PM GMT+3, September 17, 2024
By MENELAOS HADJICOSTIS

NICOSIA, Cyprus (AP) — Cyprus has given the green light for construction of a 1.9 billion euro ($2.1 billion) undersea electricity cable linking its grid with Greece’s, aiming to sharply reduce electricity bills and end its energy isolation, the country’s energy minister said Tuesday.

Minister George Papanastasiou said the significance of the project is underscored by the European Union’s decision to fund it with the sum of 657 million euros ($735 million).

He said the Cypriot government will contribute 25 million euro ($27.8 million) annually over the five-year period of the 1,000 MW cable’s construction so that Cypriot taxpayers won’t see any hike to their electricity bills as part of their 63% share of building costs.

The total 125 million euro sum will be raised from revenues generated from the EU’s emission trading system.

Carlyle Group Plans Significant Investments in Egypt’s Oil and Gas - OILPRICE.com

Jun 27, 2024, 5:00 AM CDT

Tsvetana Paraskova

Investment firm Carlyle Group plans to make significant investments in Egypt’s oil and gas industry to boost domestic production and turn Egypt into an energy hub in the Mediterranean.

Executives from Carlyle met this week in Egypt with Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, to discuss the investment firm’s plans for Egypt and the Mediterranean after Carlyle announced an acquisition of assets in the region last week.

Carlyle said a week ago that it had agreed to acquire a portfolio of gas-weighted exploration and production (E&P) assets in Italy, Egypt, and Croatia from Energean plc, a London-based company focused on developing resources in the Mediterranean.

Tech giants eye project in Cyprus - KATHIMERINI

26.06.2024

Major companies like Tesla and Samsung have expressed interest in developing a battery-based electricity storage system in Cyprus, according to Energy, Trade and Industry Minister George Papanastasiou. He announced on Tuesday that formal tenders for the 150-megawatt project will be issued in September.

Papanastasiou outlined the government’s strategy to lower electricity costs, which he termed essential for enhancing the country’s economic competitiveness. The strategy is built on three pillars to turn Cyprus into an energy hub.

The first pillar is the rapid establishment of a liquefied natural gas import terminal for power generation. This project is expected to reduce pollutants by 35-40% and lower electricity costs by cutting down on the annual production of 3 million tons of carbon dioxide.

Why Greece Is Betting Big on American Gas - THE NEW YORK TIMES

May 31, 2024
Max Bearak

When a withering financial crisis forced Greece to rethink its economy a decade ago, it bet big on green power​. Since then, Greece’s energy transition has been so swift “it almost feels utopian​,”​ one Greek environmentalist said.

​Mountainous ridgelines and arid islands ​are covered in wind turbines and solar panels​ that ​today provide nearly two-thirds of the nation’s electricity.​​​

But ​now Greece​ is deliberately pivoting back toward fossil fuels, just not to burn at home. This time it’s betting that it can become one of Europe’s main suppliers of natural gas, with much of it shipped from the United States.

Both Greek and European Union subsidies have funded new pipelines that crisscross the country and connect to a brand-new import terminal that will send gas to a broad swath of Central and Eastern Europe for decades to come.

ENI discusses exploitation scenarios and priority solutions - KATHIMERINI

30 APRIL 2024 - 19:38

ENI's discoveries in Cyprus' Exclusive Economic Zone (EEZ) and the scenarios for the exploitation of the confirmed drillings as well as the preferred solutions to efficiently meet domestic energy priorities were discussed in a meeting with the President of the Republic, Nikos Christodoulides, and ENI's CEO Claudio Descalzi held Tuesday in the presence of the Ministers of Energy and Foreign Affairs at the Presidential Palace.

According to a joint written statement by the Republic of Cyprus and Eni, President Christodoulides and Descalzi met today to discuss "Eni's activities and future projects in the country".

In particular, President Christodoulides and ENI's CEO reviewed the discoveries made in 2022 by Eni and its partner TotalEnergies of Cronos and Zeus which led to the drilling of Cronos 2 appraisal well in late 2023.

Israel-Greece-Cyprus energy deal ‘top priority’ this year - JNS

March 28, 2024 / JNS
Etgar Lefkovits 

The three allies plan to link their electrical grids and cooperate on natural gas.

Finalizing a major energy deal that includes connecting the power grids of Israel, Greece and Cyprus and a possible future regional natural gas pipeline linking the eastern Mediterranean allies is a “top priority” for 2024, the Israeli and Cypriot energy ministers said on Wednesday.

The long-awaited accord, which was stalled by the nearly six-month-old war with Hamas in Gaza, will not include Turkey. Ankara has reemerged as one of Israel’s bitterest critics in the wake of the Israeli military campaign triggered by the Oct. 7 terrorist invasion.

The expected agreement comes amid burgeoning relations with both Cyprus and Greece, which have maintained support for Israel throughout the war, and close ties in a variety of fields including energy, defense, tourism, high-tech and cybersecurity.

“Cyprus is a regional ally, and cooperation in the field of energy holds great potential opportunities for both countries,” Israeli Energy Minister Eli Cohen said Wednesday as he hosted his Cypriot counterpart to finalize the accord.

Cypriot Minister of Energy, Commerce and Industry George Papanastasiou said, “Cyprus and Israel share a vision for the eastern Mediterranean with the countries looking at energy as a sector that can facilitate peace, stability and prosperity in the region.”

Chevron partners greenlight $24m investment to boost gas production at offshore site - THE TIMES OF ISRAEL

18 February 2024, 6:13 pm

Sharon Wrobel  

US energy giant Chevron and its partners in the Tamar reservoir off the country’s Mediterranean coast on Sunday announced a decision to invest $24 million to bolster natural gas production capacity from the offshore field.

The investment is part of a two-phase plan aimed at expanding natural gas production capacity to about 1.6 billion cubic feet (BCF) a day from the Tamar field, located west of Ashkelon, to meet Israel’s energy needs and to export gas to Egypt.

The Tamar partners okayed a so-called final investment decision (FID) needed to proceed with the second phase of the gas production expansion project.

“Reaching FID for Phase Two of Tamar’s expansion reflects Chevron’s ongoing commitment to partnering with the State of Israel to continue development of its energy resources for the benefit of domestic and regional natural gas markets,” said Jeff Ewing, managing director of Chevron’s Eastern Mediterranean Business Unit.

Eni confirms the extension and excellent well deliverability of Cronos gas discovery offshore Cyprus - Eni

15 February 2024 - 10:30 AM CET

San Donato Milanese (Milan), 15 February 2024 – Eni announces the successful completion of the Cronos-2 well, drilled to appraise the Cronos discovery in Block 6, offshore Cyprus, in August 2022. The production test allowed for the estimation of a well production capacity in excess of 150 MMSCFD in production configuration and is instrumental in progressing with the studies to select the best fast-track development option.

Cronos-2 was drilled to confirm the lateral extension of the Cronos gas discovery (with Cronos 1 exploration well), located some 3 km away, and to assess the reservoir characteristics by performing a production test. The well has encountered the same carbonate reservoir sequence as Cronos-1, confirming hydraulic communication and connected thick gas column with excellent permeability intervals.

Egypt Gas’ net profits plunge 46% in 2023 - ZAWYA

January 29, 2024

Cairo – Egypt Gas logged net profits after tax amounting to EGP 162.11 million in 2023, an annual drop of 46% from EGP 301.96 million.

Activity revenues hit EGP 6.87 billion in 2023, lower by 2% year-on-year (YoY) than EGP 7.02 billion, according to the income statements.

The board members greenlighted the financial results as of 31 December 2023 during their meeting that was held on 24 January 2024.

In the January-September 2023 period, Egypt Gas posted lower net profits at EGP 138.62 million, compared to EGP 152.49 million a year earlier.

The EGX-listed firm is targeting net profits valued at EGP 245 million in 2024, versus EGP 309 million by the end of 2023.

More natgas found as gas flares at Cronos-2 - FINANCIAL MIRROR

19 January 2024

Italian ENI’s exploration in the “Cronos-2” target within Block 6 of Cyprus’ exclusive economic zone (EEZ) appears to have yielded positive results, as gas flaring reported from the drilling site indicates the discovery of a natural gas reservoir.

According to the Cyprus News Agency, the occurrence of gas flaring is considered a clear indication of the presence of a natural gas deposit. The drilling activities at “Cronos-2” were conducted using the Transocean Barents floating rig, which is under lease by ENI, the operator of Block 6.

The discovery at “Cronos-2” marks the fourth successful find in Block 6, following the identification of “Zeus” with an estimated quantity of 2-3 trillion cubic feet, “Cronos-1” with an estimated quantity of 2.5 trillion cubic feet, and “Calypso.”

ENI characterised “Calypso” as a “promising discovery,” confirming the extension of the “Zohr-like play” within the Cypriot EEZ.

Libya's Natural Gas Production Drops by 8%: Audit Bureau Report - CHEMANALYST

26-Dec-2023 2:17 PM

Patricia Jose Perez

Libya, a country prominently known for its abundant natural gas reserves, has unfortunately experienced an 8 percent decrease in its natural gas production. This alarming statistic was revealed by the Audit Bureau of Libya in a recent report. The report traces this decline back to the gradual depletion of the existing wells and a concerning lack of new discoveries.

In the year 2022, the total gross gas output of Libya was calculated at 861.96 billion cubic feet (24.40 billion cubic meters), which fell significantly short of the targeted 941.7 billion cubic feet (26.6 billion cubic meters). However, the actual net production is considerably lower due to several contributing factors. These include wasteful combustion of spontaneously released gas during extraction, deficiencies in infrastructure, lack of maintenance, and ongoing political divisions. These factors collectively result in the estimated net production being a mere 12-15 billion cubic meters of gas.

Interestingly, the report also highlights that while Libya theoretically has the capacity to export up to 10 billion cubic meters of gas to Italy annually through the Greenstream gas pipeline, in 2022, the total quantity exported did not exceed 2.48 billion cubic meters. This figure equates to just 10 percent of the total gross production, leaving a vast quantity of potential exports unrealized.

Energean CEO: Israel is sole energy independent Mediterranean country - GLOBES

20 Dec, 2023 11:17
Netanel Ariel

At the Israel Business Conference, Mathios Rigas praised Israel's energy policy, and said there was no point in keeping gas in the ground.

"Energy independence is important regardless of whether there’s a war or not. Israel is the only Mediterranean country that is energy independent. The mistake that the Europeans made is that they handed the energy keys to President of Russia Vladimir Putin, and when war broke out, gas prices skyrocketed. But in Israel, they remained stable," Mathios Rigas, CEO of energy company Energean (LSE: ENOG), said yesterday at the Globes Israel Business Conference. Energean owns the rights in the Karish and Tanin gas reservoirs off Israel’s coast.

"The biggest challenge we face in Europe is that if there’s a cold winter and there’s any disruption to the gas supply, gas prices in Europe will soar again, and inflation will rise," Rigas warned. "The reason is that there has been no investment in gas production. That’s the great advantage that Israel has today," he added.

Greece’s first FSRU arrives in Alexandroupolis - LNG PRIME

December 17, 2023

Greece’s first floating storage and regasification unit (FSRU) has arrived in Alexandroupolis, where it will soon start serving Gastrade’s LNG import project.

According to its AIS data, the 153,600-cbm Alexandroupolis was on Sunday anchored offshore the Greek port of Alexandroupolis.

Greece’s Gastrade previously said that the FSRU would arrive in the port on December 17 from Singapore.

Last month, the vessel left Seatrium’s yard in Singapore following the completion of the conversion work at the yard.

Gastrade’s shareholder and Greek LNG shipping firm GasLog told Keppel Offshore & Marine, now Seatrium, in February last year to proceed with the conversion of the 2010-built, GasLog Chelsea, to an FSRU.

Cyprus and Chevron reach a deal to develop an offshore natural gas field, ending years of delays - ABC NEWS / ASSOCIATED PRESS

December 1, 2023, 2:09 PM
Menelaos Hadjicostis

NICOSIA, Cyprus -- The Cyprus government and U.S. energy company Chevron have reached a deal on how to develop the Aphrodite gas field, the first to be discovered under the seafloor off Cyprus, an official Friday. The field is estimated to hold 4.2 trillion cubic feet of gas.

The agreement is “mutually beneficial" for both Cyprus and the company, the Cypriot official told The Associated Press but did not disclose further details.

It was not immediately clear when the deal was reached. The official spoke on condition of anonymity because he was not authorized to discuss the agreement publicly.

EU keeps EastMed gas pipeline on new list of priority projects - REUTERS

November 28, 2023
Francesca Landini

MILAN, Nov 28 (Reuters) - The European Commission has maintained a proposed pipeline connecting the gas reserves in the Eastern Mediterranean to Greece via Cyprus and Crete on its new list of Projects of Common Interest (PCI) published on Tuesday.

Projects included in the PCI list have access to a fast-track permitting process and special funding.

Energy group Edison (EDNn.MI) and Greece's DEPA International Projects are the sponsors of the project through their joint venture IGI Poseidon.

The joint venture has still to take a final investment decision (FID) on the pipeline, which would connect several gas fields in the Eastern Mediterranean, including some in offshore Israel, to Greece.

Final Decisions for ‘Aphrodite’ gas field to be made today - IN-CYPRUS

20 November 2023

The final decisions regarding the development of the ”Aphrodite’ gas field are expected to be made today, as the government presents its ultimate verdict to Chevron regarding a potential extension for compliance with the Front-End Engineering and Design (FEED) commencement milestone.

Recalling the terms of the Proportional Sharing Agreement, agreed upon in 2019, the milestone for the initiation of the Front-End Engineering and Design (FEED) development of the field was set for November 7, 2023.

However, a modified development plan was submitted by the company last May, which was rejected by the Republic of Cyprus last August.

Following this, two extensions to the consultation process were granted, with the final deadline set for November 5

The consortium subsequently requested a four-month extension to the entire process.

Two-week lifeline as ''Aphrodite'' negotiations extend amid deadlock - KNEWS

06 NOVEMBER 2023 - 08:29

With the deadline for Chevron's proposal on the "Aphrodite" reservoir set to expire on Sunday, November 5, negotiations between the Republic of Cyprus and the consortium of "12" (Chevron, Shell, NewMed) led by the American giant for the development of the reservoir seem to remain in a deadlock. The negotiations, which started last August after Nicosia rejected the development plan for the reservoir, have gone through several phases. However, the main differences persist regarding the Floating Production Unit (FPU) and various other economic aspects compared to the initial development plan submitted by the consortium in 2019, prior to Noble Energy's departure. Unless an unforeseen event occurs, a two-week extension to Chevron is expected to be granted, as the visit of Clay Neff, a high-ranking executive of the American company, to Nicosia, aimed to break the deadlock. Nevertheless, the negotiations and the firm stances of both sides do not bode well for any significant progress, leading to further delays in the Aphrodite project.

Cyprus, Chevron-led group extend talks over gas plan, minister says - REUTERS

September 29, 20238:56 PM GMT+3Updated 2 days ago

NICOSIA, Sept 29 (Reuters) - Cyprus and international energy companies led by Chevron (CVX.N) have agreed to extend talks on how to develop its Aphrodite offshore gas field amid progress in negotiations, its energy minister said on Friday.

"It is not a new negotiating round, it's an extension, because there is progress in the conversation," Energy Minister George Papanastasiou told Reuters, confirming a report in the authoritative Middle East Economic Survey (MEES) journal that talks would be extended to Nov. 5.

To avoid "working against the clock" in the negotiation, he said, "we extended it". "It was a mutual extension, the contract allowed any extra extension so this is what we did," he said.

"We believe that by Nov. 5, we will arrive to an agreement," he added.

Chevron did not immediately respond to a request for comment.

Nicosia disagreed with modifications proposed by Chevron and its partners earlier this year to a 2019 agreement to develop the estimated 3.5 trillion cubic foot (tcf) gas field, particularly a proposal to remove what Cyprus considers essential processing infrastructure on the sea surface.

Israel, Cyprus and Greece mull energy pacts - and yoghurt - REUTERS

September 4, 202310:37 PM GMT+8
Michele Kambas

NICOSIA, Sept 4 (Reuters) - The leaders of Israel, Greece and Cyprus on Monday pledged to deepen energy cooperation and explore ways to get East Mediterranean gas to Europe, as well as connect electricity grids.

The eastern Mediterranean has yielded major gas discoveries in the past decade, mostly off Israel and Egypt, with interest rising since Russia's invasion of Ukraine hit flows to Europe.

"We will have to decide soon about how Israel exports its gas and the same decisions have to be made by Cyprus. We are looking at the possibility of cooperating on this," Israeli Prime Minister Benjamin Netanyahu told reporters in Nicosia after a tripartite summit with Greek Prime Minister Kyriakos Mitsotakis and Cyprus' President Nikos Christodoulides.

"Those decisions will be made, I think, in the next three to six months, probably closer to three months," he said.

US backs Chevron in dispute with Cyprus over giant gas field - REUTERS

September 2, 20234:42 AM GMT+8

By Ron Bousso, Timothy Gardner and Michele Kambas

LONDON, Sept 1 (Reuters) - Washington has weighed into a dispute between Cyprus and international companies led by Chevron over how to develop a giant offshore gas field, backing the U.S. company's plan to link it to neighbouring Egypt, two industry sources and a U.S. source said on Friday.

The Chevron-led (CVX.N) consortium proposed connecting the Aphrodite gas field via a subsea pipeline and existing infrastructure to Egypt, where the gas can be sold in the domestic market or liquefied and shipped to Europe, which has largely been cut off from Russian supplies.

Cypriot Energy Minister George Papanastasiou confirmed that the government had rejected the latest plan, which omitted a previous proposal to build a floating gas processing plant at the field which lies 160 kilometres (100 miles) southeast of Cyprus.

"The modification has been rejected. The expectation of the Republic of Cyprus is (that) the consortium honours what was mutually agreed by the parties in 2019," Papanastasiou told Reuters.

Egypt: Gas discovery spurs drilling in the Mediterranean, Nile Delta - ESI AFRICA

August 30, 2023

Yunus Kemp

Egypt plans to drill 45 natural exploratory gas wells in the Mediterranean and the Nile Delta with $1.9 billion in investments until mid-2025.

This follows the discovery, announced in January, in the Nargis Offshore Area Concession which added reserves of 2.5 trillion cubic feet. The discovery is located in the Eastern Mediterranean off the Egyptian coast.

The Narges 1 well was drilled to a depth of 309 metres and has an estimated volume of reserves amounting to 2.5 trillion cubic feet of gas, the Egyptian government said.

“This has contributed to the interest of a number of international companies to develop the field and work on more explorations the government said.

The discovery of the new gas field comes at a time when Egypt is seeking to increase its gas reserves and exports for which demand has grown worldwide.

Cyprus rejects development plan for Chevron-led gas field - OFFSHORE TECHNOLOGY

August 28, 2023

Cyprus has rejected development plan submitted by a Chevron-led consortium for the Aphrodite gas field located in Block 12 of the exclusive economic zone of Cyprus, reported Bloomberg News citing the country’s Energy Minister Giorgos Papanastasiou.

The Aphrodite field, which was discovered in 2011, is located 160km south of Limassol and 30km northwest of the Leviathan field.

Without disclosing the reason for turning down the plan, Papanastasiou told the news agency that the project parties can now “enter into discussions to reach an agreement within a period of 30 days”, effective from 25 August 2023.

Chevron holds 35% stake in the field while other partners include Shell (35%) and Israel’s NewMed Energy (30%).

U.S. Oil Firm Apache Plans To Invest $1.4 Billion In Egypt - OILPRICE.COM

Aug 21, 2023, 8:30 AM CDT

Charles Kennedy

Apache Corporation plans to invest next year $1.4 billion in Egypt’s energy industry, where the U.S. firm is one of the biggest investors and the largest oil producer in the North African country.

The investment plans were unveiled during a meeting on Sunday of Egyptian Prime Minister Mostafa Madbouly with Apache chief executive John Christmann, the government of Egypt said in a statement carried by local and Arab media.

Egypt expressed hopes that Apache would expand its oil and gas exploration activities and investments in the country despite the global economic slowdown.

Apache, for its part, committed to deepening its partnership with Egypt and discussed raising its oil production in the country, the cabinet said.

Thanks to upgrades, Apache has recently managed to increase its oil production by 10% to more than 150,000 barrels per day (bpd), Christmann told Egyptian officials, according to the statement from the government.

After deal with Israel, offshore rig arrives in Lebanese waters to drill for gas - THE TIMES OF ISRAEL

16 August 2023, 2:35 pm 5
By AP and TOI STAFF

An offshore drilling rig has arrived at its location in the Mediterranean Sea off Lebanon’s coast and will start operations in the coming weeks to search for gas, Lebanese cabinet ministers said Wednesday.

The rig is expected to begin drilling in September in Lebanese waters near the border with Israel after the two countries reached a deal last year on their maritime border. Lebanon and Israel have formally been at war since Israel’s creation in 1948.

Cash-strapped Lebanon hopes that future gas discoveries will help the small Middle East nation pull itself out of the worst economic and financial crisis in its modern history.

Minister of Transport Ali Hamie wrote on X, the platform formerly known as Twitter, that the rig arrived Wednesday morning at the location where it is scheduled to begin work. The rig faces the southern port city of Tyre.

bp lets contract for work offshore Egypt - OIL & GAS JOURNAL

Aug. 14, 2023
Alex Procyk

bp has let a contract to drilling waste management specialist TWMA for large-scale oil and gas projects in Egypt.

TWMA will use its RotoMill drill cuttings processing technology to process all drilling waste generated from bp’s West Nile Delta (WND) and East Nile Delta (END) exploration and development projects in the Mediterranean Sea, the service provider said in a release Aug. 14.

WND is a multi-stage project which encompasses five fields in the North Alexandria and West Mediterranean Deepwater offshore concession blocks (OGJ Online, Feb. 11 2019). END is in the North Damietta Offshore concession. bp has an 82.75% operating stake in WND and 100% equity in END.

RotoMill uses thermal desorption to separate drill cuttings and associated materials into oil, water, and solids for recycling and reuse. The recovered base oil can be reused in the drilling mud system.

LNG terminal construction delayed until July 2024 - FINANCIAL MIRROR

12 AUGUST 2023
Kyriacos Kiliaris

The construction of the liquified natural gas terminal at Vasiliko, Limassol, has been pushed back until the end of July 2024, confirmed Energy Minister George Papanastasiou.

However, the minister argued that the development is a positive milestone for the project, as it offers a clear and definite timeframe for the first time.

In a telephone interview with the Financial Mirror, Energy Minister George Papanastasiou confirmed the Chinese-led consortium awarded the contract for the LNG terminal has unofficially filed a new timetable, promising to deliver the project by July 2024.

China Petroleum Pipeline Engineering Co (CPC) presented its latest work timetable to Cypriot officials three weeks ago.

It is the fourth time the Chinese-led consortium has pushed back the construction date. Initially, there were hopes of it being ready by early 2022.

It was back in December 2019 when Cyprus signed the contract with the consortium.

Aphrodite getting closer - CYPRUS MAIL

August 6, 20233

Dr Charles Ellinas

Even though the final results of the successful appraisal drilling of the Aphrodite gasfield earlier this year have not yet been formally announced, development of Aphrodite appears to be getting seriously closer. Al least that was the implication of what Mike Wirth, CEO Chevron, said to analysts end of last week.

Speaking during Chevron’s second-quarter 2023 results webcast, he confirmed “Our Aphrodite appraisal well in Cyprus met our expectations.” He went on to say “We’re pleased with the outcome…We have submitted our development plan to the government for their approval and it involves a capital efficient way to take the gas to market via subsea tiebacks to existing infrastructure,” adding that “this is all pending government approval and if we get that, we could be into front end engineering and design later this year.”

For the first time since 2013, when plans to develop Aphrodite for LNG exports were missed, this is serious talk, this time coming straight from Chevron’s CEO and not from politicians.

Israel energy minister backs more natural gas exports - CYPRUS MAIL

August 2, 2023

Israel’s energy minister said on Wednesday that more of the country’s natural gas reserves should be earmarked for export, amid renewed interest in offshore exploration and an ongoing debate on whether the gas should be kept for domestic use.

Huge gas deposits were discovered in the past 15 years off Israel’s Mediterranean coast, but the government, in order to ensure the local market has enough in the future, set limits on how much can be sold abroad.

The issue has been hotly debated for years and was reignited last month when Israel’s budget director warned that the country risked exporting too much, endangering energy security.

In 2022, energy companies in Israel produced 21.29 billion cubic meters (bcm) of natural gas, with just 9.21 bcm of it exported. The exports went to Egypt and Jordan.

Now Israel is at an energy crossroads.

Egypt expects Zohr field’s investments to hit $15bln in 3 years - ZAWYA

July 25, 2023

Zohr, the largest natural gas field in the Mediterranean, is anticipated to attract investments totaling $15 billion over the next three years, the Egyptian Cabinet’s media center announced on July 24th.

Current investments into the giant offshore natural gas field are estimated at $12 billion so far.

The media center also denied viral news claiming that Zohr was experiencing technical issues.

It added that production from 19 wells at Zohr have already started, with the 20th well in the field currently being constructed with $70 million in investments.

The average production from the field is about 2.3 billion cubic feet per day (bcfd).

Italian company Eni had discovered Zohr in 2015 and started producing in late 2017. The field is estimated to have around 30 trillion cubic feet of natural gas.

Aphrodite appraisal drill looks good - FINANCIAL MIRROR

17 JULY 2023

The drilling of an appraisal well at the offshore Aphrodite natural gas field was successfully completed with positive signs of undersea riches, said Energy Minister George Papanastasiou.

He told journalists Monday that the drilling of the A3 appraisal well was completed on July 13, and there were some initial but unofficial remarks.

He added that the appraisal well was drilled in the centre of the gas deposit to confirm natural gas quantities and quality after two previous appraisal drillings, one to the east and the other to the west.

Papanastasiou said there might be something newer, which will be evaluated, as regards the quality of the natural gas, “but it seems that it’s positive news”.

He said that while the drilling was confirmative, it was carried out at a depth which, with little intervention, could also be considered a development drilling.

Electricity cable needs power surge - FINANCIAL MIRROR

16 JULY 2023

With Nicosia hosting the trilateral meeting of heads of state on July 26, Cyprus, Greece, and Israel leaders will meet for the first time – two-re-elected and a newcomer.

Top on their agenda of common challenges will be energy, although cooperation on defence, water and regional conflicts will also be discussed, and relations with Turkey.

As a priority, Prime Minister Benjamin Netanyahu needs help to deal with Israel’s energy deficit, which is expected to hit rock bottom by 2025-2027 due to delays in bringing online new, efficient, and renewables-friendly power stations.

PM Kyriakos Mitsotakis will emphasise that Greece is pushing ahead with its Alexandroupolis energy hub and hopes natural gas flows from the eastern Mediterranean will transform it into a major player, in addition to the solar parks and wind farms mushrooming throughout the country.

Greek gas grid eyes 1-billion euro hydrogen pipeline - REUTERS

July 13, 20236:37 PM GMT+3

ATHENS, July 13 (Reuters) - Greek gas grid operator DESFA wants to build a 1 billion euro ($1.12 billion) hydrogen pipeline that will connect Greece to Bulgaria, as part of a future European southeastern corridor, it said on Thursday.

The scheme, jointly proposed with Bulgaria, has passed an initial technical assessment by the European Commission, making it eligible for inclusion in a European list of projects of common interest, DESFA said in a presentation released on Thursday.

This puts "Greece, Spain and Italy at the same level with respect to the potential for the future role that these Mediterranean countries will play in providing infrastructure for hydrogen," DESFA Chief Executive Maria Rita Galli told a news conference.

EastMed pipeline project still viable, Edison CEO says - REUTERS

July 7, 20232:13 PM GMT+3

ROME, July 7 (Reuters) - A project to build a 2,000 km pipeline to bring natural gas from East Mediterranean fields to Europe is still alive, the CEO of Italian energy group Edison (EDNn.MI) said on Friday.

Edison CEO Nicola Monti said that the group, which is one of the promoters of the pipeline, was actively talking with Cyprus and Israel about the project.

Last month, the energy minister of Cyprus told Reuters the country was proposing a shorter pipeline to bring gas from Israel's East Mediterranean fields to the island where the gas could be partially liquefied to be transported to the European markets.

Leviathan partners in Israel to invest $568 mln in third gas pipeline - REUTERS

Sun, July 2, 2023 at 9:52 AM GMT+3

JERUSALEM, July 2 (Reuters) - Partners in the Israeli offshore gas project Leviathan said on Sunday they would invest $568 million to build a third pipeline that will allow increased natural gas production and exports.

Leviathan, a deep-sea field with huge deposits, came online at the end of 2019 and produces 12 billion cubic metres (bcm) of gas per year for sale to Israel, Egypt and Jordan. The idea is to boost capacity to include sizeable volumes for Europe as it seeks to reduce dependence on Russian energy.

The new pipeline will connect the well with a production facility some 10 km off Israel's Mediterranean shore. It is due to come online in the second half of 2025, when production at Leviathan will jump to 14 bcm a year, the companies said.

Cyprus changes tack with plan for Mediterranean gas link to Israel - REUTERS

June 21, 20235:22 AM GMT+3
Michele Kambas

• Cyprus wants shorter gas pipeline to Israel
• Part of broader project to get EastMed gas to Europe fast
• New Cyprus government talking to Israel on plans
• Longer pipeline through Med 'challenging'

NICOSIA, June 20 (Reuters) - Cyprus hopes to develop plans for a pipeline linking it to Israel's east Mediterranean gas fields during talks which start next month, the island's top energy official told Reuters.

Proposals by the new centrist Cypriot government, which came to power in March, represent a markedly different approach to its predecessors in getting gas to Europe and other markets.