‘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.

Aphrodite gasfield has certainly resurfaced - CYPRUS MAIL

George Papanastasiou, Cyprus' Energy Minister

June 12, 2023
Dr Charles Ellinas

Despite challenges, the latest plans for the development of Aphrodite are more serious and realistic

Aphrodite is back in the limelight. On May 31 NewMed submitted an updated development plan to Cyprus’ government, on behalf of the field joint venture (JV) that includes Chevron as the operator and partner Shell. This is based on transporting the gas to Shell’s West Delta Deep Marine (WDDM) existing processing and production facilities offshore Egypt, from where it will be transported to the mainland eventually for domestic consumption or for export as LNG. First gas is expected by 2028.

This goes against George Papanastasiou’s, the energy minister, wishes for the Aphrodite partners to prioritise supply of gas to the island. In April he said that he didn’t think that gas from the Aphrodite gasfield should end up in Egypt’s liquefaction terminals.

“Our approach around the use of natural gas as a transition fuel is being reviewed and we are including the natural gas found in the East Med, and more specifically Cyprus’ EEZ, in the mix for use in the domestic market,” he said.

Israel officially recognizes Energean’s Katlan reservoir as natural gas discovery - THE TIMES OF ISRAEL

1 June 2023, 3:24 pm
Sharon Wrobel

Israel’s Energy Ministry officially classified an offshore natural gas reserve explored by British-Greek oil and gas company Energean as a discovery, paving the way for its development.

National infrastructure, Energy, and Water Minister Israel Katz on Wednesday granted Energean the recognition of the oil commissioner Chen Bar Yosef for the Katlan deposit, also known as Olympus, as a natural gas discovery. It marks the first natural gas discovery recognized by Israel since 2015, the Energy Ministry said.

It comes a year after news of the discovery was announced.

Katlan, which holds an estimated 68 billion cubic meters (bcm) of gas, (TEKMOR Note: 2.4tcf) is located between the Energean-owned Karish and Tanin natural gas fields off Israel’s Mediterranean coast.

Israel’s NewMed and partners to connect the Aphrodite gas field off Cyprus to Egypt - THE TIMES OF ISRAEL

31 May 2023, 3:02 pm
Sharon Wrobel

Partners in the Aphrodite natural gas field offshore Cyprus, which include Israel’s NewMed Energy, announced on Wednesday that they were seeking approval from the Cypriot government to build a subsea pipeline that will connect the field to an existing processing and production facility in Egypt.

Israel’s NewMed Energy, formerly Delek Drilling (part of Yitzhak Tshuva’s Delek Group), which owns a 30% stake in the Aphrodite field located in Cypriot waters, said it had presented the Cypriot government with an updated plan for the development of the reservoir, including natural gas processing and production. For this purpose, the Aphrodite partners met with the Cypriot energy minister on Monday to discuss the progress of the development of the reservoir.

The other partners in the Aphrodite gas field, which holds an estimated 124 billion cubic meters of gas, are US energy giant Chevron and Shell, which each own a 35% share.

Cyprus Wants Shipping Corridor to Export Mediterranean Gas to Europe - OFFSHORE ENGINEER

May 29, 2023

Michele Kambas

Cyprus wants to establish itself as a gateway from east Mediterranean gas resources to Europe via a shipping corridor of LNG carriers, its president said on Monday. 

Cyprus's new centrist government, which came to power in February, has cooled to the idea championed by its predecessors of an "EastMed" pipeline transferring gas to Europe.

Instead, authorities now want to transport, via pipeline, natural gas from fields in the eastern Mediterranean to the island for use in domestic conventional power generation, with an additional LNG facility to process for European markets, President Nikos Christodoulides said.

Minister: 2 major gas companies keen on Israel-Cyprus plan for pipeline, gas processing facility - THE ASSOCIATED PRESS

May 16, 2023
MENELAOS HADJICOSTIS

NICOSIA, Cyprus (AP) — Two major international oil and gas companies have so far expressed interest in Israeli-Cypriot plans to build a pipeline that would convey offshore natural gas from both countries to Cyprus where it would be liquefied for export by ship, a Cypriot official said Tuesday.

Energy Minister Giorgos Papanastasiou told The Associated Press in an interview that the plan will be pitched on May 29 to energy companies involved in hydrocarbon exploration off Cyprus’ southern coast and other firms involved in pipeline and gas processing plant manufacture.

INTERVIEW: Greece-Bulgaria gas link to run market tests for capacity expansion in H2 - SEE NEWS

Apr 28, 2023 15:31 EEST
Antonia Kokalova-Gray

SOFIA April 28 (SeeNews) - ICGB, the operator of the Greece-Bulgaria natural gas interconnector (IGB), is planning to launch market tests in the second half of 2023 to gauge potential demand ahead of a planned capacity expansion, chief executive Teodora Georgieva told SeeNews.

ICGB has begun assessing the pipeline's infrastructure readiness to carry hydrogen as well, Georgieva told SeeNews in an interview earlier this month at the Budapest LNG Summit.

In case of sufficient market demand, the expansion of the IGB's capacity to 5 billion cubic metres (bcm) per year from the current 3 bcm/year will also help ensure the flow of liquefied natural gas (LNG) from terminals in Greece - the operational facility at Revithoussa and planned terminals like the one in Alexandroupolis. ICGB is already working on this opportunity with Greek transmission system operator DESFA, according to the chief executive. Building a new compressor station on the Greek side is one of the projects that will advance capacity expansion.

Chevron considers gas exploration offshore Cyprus, Egypt and Israel - OFFSHORE TECHNOLOGY

April 19, 2023

US energy major Chevron is looking to explore for natural gas offshore Cyprus, Egypt and Israel to meet surging demand in the region and Europe, reported Reuters, citing two sources.

As part of this effort, the US company is seeking a drilling ship to support natural gas exploration work.

According to the sources, the company has issued a lease tender seeking a drilling vessel from potential companies in 2024, for a period of one year with an option to extend for several years.

A Chevron spokesperson said the company “remains committed to working together with the governments of Egypt, Israel and Cyprus and our partners in the region to support the growth of the east Mediterranean energy sector.

Eni puts major new East Med gas project on fast track - UPSTREAM

12 April 2023 10:28 GMT
Iain Esau in London

Eni is set to sanction a major new project offshore Cyprus in 2024 and is studying onshore and offshore liquefied natural gas solutions, according to the company’s head of natural resources.

The Italian major is also exploring the possibility of working with US giant ExxonMobil on a joint development of their Cypriot gas resources, although this appears the least likely option at present.

Eni has found at least 4.5 trillion cubic feet of gas-in-place in Block 6 offshore southern Cyprus in recent years, resources held in the deep-water Calypso, Cronos and Zeus discoveries that were drilled between 2018 and late 2022.

Zeus-1 was completed late last year, hitting 105 metres of net pay in a carbonate reservoir that hosts between 2 Tcf and 3 Tcf of gas in place. This find came after the Cronos-1 probe found 2.5 Tcf of in-place resources last August, while the play-opening discovery was made by the Calypso-1 wildcat in 2018. Speaking to Upstream last week, Guido Brusco, chief operating officer of Eni’s natural resources business, explained the company’s thinking on how best to tap this gas. He said there are “clearly” two options, “either floating LNG or a tie-in to Egypt”, where Eni operates the Damietta LNG plant.

New impetus for tardy LNG project - CYPRUS MAIL

April 2, 2023

Elias Hazou

The recently-appointed energy minister George Papanastasiou seems to have injected a sense of purpose

Construction of a €300 million liquefied natural gas (LNG) import terminal at Vasilikos, plagued by a series of delays, has finally picked up some steam. And whereas not all the ducks are lined up in a row, so to speak, a more assertive stance by Cypriot authorities means the project as a whole could be delivered by the end of the year.

The previous deadline set for completion was October 2023. That target – probably intended for public consumption – was announced only a month ago. To put things into perspective, it was way back in December 2019 when Cyprus signed the contract with a consortium led by China Petroleum Pipeline Engineering Co Ltd. The project’s kickoff meeting didn’t take place until September 2020.

“Realistically, we’re now looking at end of 2023 for completion, or beginning of 2024,” Energy Minister George Papanastasiou told the Sunday Mail.

The LNG terminal will include a floating storage and regasification unit (Fsru), a jetty for mooring the Fsru, a jetty-borne gas pipeline and related infrastructure.

Halliburton and Honeywell in talks to develop oil fields and refineries in Libya - THE LIBYA UPDATE

Friday, March 24, 2023

Halliburton and Honeywell International Inc. are hammering out $1.4 billion worth of deals to develop an oil field and refinery with National Oil Corporation in Libya, the Wall Street Journal reports, citing the chairman of state-owned firm, Farhat Bengdara.

Libya’s NOC and Honeywell are set to unveil a contract related to the construction of a refinery in southern Libya, Bengdara and a spokesman for the American firm told the Wall Street Journal. The initial deal, expected to be announced this weekend, is for the design of the plant, the spokesman said, which would be followed by a $400 million pact to build the entire plant.

This announcement notably comes after U.S. Secretary of State Antony Blinken told a senate committee on Wednesday that the U.S. was actively working to reopen an embassy in Libya, in part so it could better support the prospect of Libyan elections. The U.S. shut its embassy in Tripoli in 2014 following violent clashes between militias.

Edison sees investment decision on EastMed gas pipeline by year-end - REUTERS

March 20, 20238:06 AM GMT+2

Francesca Landini

Edison's logo is seen outside the company headquarters in downtown Milan, Italy, January 14, 2016. REUTERS/Stefano Rellandini

MILAN, March 20 (Reuters) - Energy group Edison (EDNn.MI) plans to take the final investment decision on a proposed pipeline to deliver east Mediterranean gas to European markets by the end of this year, the Italian project developer told Reuters.

The EastMed-Poseidon pipeline, which would initially connect several gas fields offshore Israel to Italy and have an annual capacity of 10 billion cubic metres (bcm) of gas, could be ready by 2027, Edison said.

The project, supported by Israel, Cyprus and Greece, would guarantee alternative supplies for Europe, which is weaning itself off of Russian piped gas. In addition, it would better connect Cyprus to its EU partners.

First gas flows from project off Egypt - OFFSHORE ENERGY

March 10, 2023

Melisa Cavcic

Oil and gas company Energean has achieved the first gas from a well located offshore Egypt while the remaining wells are expected to come online later this year. This brings the firm closer to achieving its 200 kboed medium-term production target.

Back in January 2023, Energean outlined that its “key development projects” – Karish North, NEA/NI, Cassiopea – would enable it to deliver its 200 kboed mid-term production target. To this end, the company disclosed plans for the first gas from NEA/NI in the first half of 2023 while the firm’s expansion in Israel, including a development concept for the 67 bcm Olympus area, was expected to be communicated in 1H 2023. On the other hand, the first gas from Cassiopea in Italy was anticipated in 1H 2024.

In an update on Thursday, 9 March 2023, Energean confirmed that the first gas had been delivered at the North El Amriya and North Idku (NEA/NI) project off Egypt. According to the company, the gas is being produced from the NEA#6 well while the remaining three wells are expected to be brought online over the course of 2023.

Mathios Rigas, Chief Executive Officer of Energean, commented: “Our successful development of first gas at NEA/NI is a good example of our commitment to Egypt and longstanding partnership with the Egyptian Ministry of Petroleum, EGPC and EGAS, creating value for all stakeholders.

Aphrodite low on list of Chevron’s gas plans for East Med - CYPRUS MAIL

March 6, 2023

Dr. Charles Ellinas

The importance of the East Med to Chevron’s gas plans was made clear at the company’s ‘2022 4Q Earnings Conference Call’ on January 27 and subsequently at its ‘Investor Presentation’ on February 28. Mike Wirth, Chevron’s CEO, confirmed that he considers the region to be of “high priority”.

He specifically referred to the $673 million ‘Final Investment Decision’ (FID) taken in December 2022 to expand Tamar gasfield production capacity in Israel from 11billion cubic metres per year (bcm/yr) to 16bcm/yr, expected to come online in early 2025. This will enable Tamar to meet Israel’s growing domestic demand and increase gas deliveries to Egypt.

Following the Tamar FID, Chevron and its partners approved close to $100m budget for the development of Phase 1B of the Leviathan gasfield. This includes pre-FEED engineering for field expansion, including construction of a 4.6million tonnes/yr floating LNG (FLNG) facility, three years after FID. The expansion will increase production capacity to 21bcm/yr from 12bcm/yr now.