Wednesday, June 26, 2013

Delek, Noble Energy sign Cypriot LNG plant MOU | GLOBES

Delek, Noble Energy sign Cypriot LNG plant MOU

The Tamar and Leviathan partners signed a MOU with the Cypriot government to build an LNG plant on the island's southern coast.

26 June 13 13:21, Globes' correspondent
Delek Group Ltd. (TASE: DLEKG), controlled by Yitzhak Tshuva and Noble Energy Inc. (NYSE: NBL) have signed a memorandum of understand with the Cypriot government to build a liquefied natural gas (LNG) plant at Vasilikos on the island's southern coast. The companies are partners in Israeli offshore fields Tamar and Leviathan and in Cyprus's Block 12.
The companies' objective is to reach a final agreement by the end of 2013 to establish a joint special-purpose vehicle which will seek investors for the €7-8 billion LNG plant. "On this basis, it is planned that the first LNG cargo would be delivered from the Vasilikos plant to international markets in late 2019, early 2020," said an official statement.
Delek Drilling LP (TASE: DEDR.L) CEO and Avner Oil and Gas LP (TASE:AVNR.L) chairman Gideon Tadmor said the memorandum of understanding demonstrates the Cypriot government’s and the companies’ commitment to go ahead with the construction of the LNG plant.
“The signing of the memorandum between the Republic of Cyprus and the companies represents the next milestone on the road map for the exploitation of indigenous gas reserves in Cyprus’ exclusive economic zone”, said Cyprus Minister of Energy, Commerce, Industry and Toursim Yiorgos Lakkotrypis. He added that the LNG plant would be the basic and necessary infrastructure which would allow the export of Cypriot natural gas to the European and global markets.
Published by Globes [online], Israel business news - www.globes-online.com - on June 26, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

 Link to article: http://www.globes.co.il/serveen/globes/docview.asp?did=1000857277&fid=1725
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Tuesday, June 25, 2013

Total signs outline deal on Cyprus LNG facility: sources | Reuters

Total signs outline deal on Cyprus LNG facility: sources

The logo of French oil company Total is pictured during the company's 2012 annual result presentation in Paris February 13, 2013. REUTERS/Philippe Wojazer
NICOSIA | Tue Jun 25, 2013 1:07pm EDT
(Reuters) - France's Total (TOTF.PA) has signed an outline deal to invest in facilities to export gas from Cyprus, which wants to exploit its reserves rapidly to help it emerge from financial crisis, government sources said.
Total, Italy's Eni (ENI.MI), South Korea's Kogas (036460.KS) and Noble Energy (NBL.N) are among the energy firms that have signed deals to explore Cyprus's new-found gas potential.
Government officials in Cyprus said on Tuesday that Total had signed a memorandum of understanding on a second liquefied natural gas (LNG) production line, known as a train in the industry.
The estimated cost would be $3 billion, they said, which would be in addition to the estimated $6 billion cost of the first LNG train.
Further details on the terminal and the first train are likely to come out on Wednesday, when Cyprus is expected to sign a memorandum of understanding with Noble, Delek Drilling (DEDRp.TA) and Avner Oil Exploration (AVNRp.TA) to develop it.
Shipment of Cypriot gas by pipeline eventually could be possible, but in the shorter term Cyprus aims to start building an LNG terminal by early 2016 and start LNG exports from 2019.
Total officials could not immediately be reached for comment.

(Reporting by Francesco Guarascio, Michele Kambas in Nicosia, Michel Rose in Paris; writing by Barbara Lewis; editing by Jane Baird)





Link to article: http://www.reuters.com/article/2013/06/25/us-cyprus-lng-idUSBRE95O0QY20130625
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Sunday, June 23, 2013

Israeli government approves 40 pct limit on natural gas exports | Reuters

Israeli government approves 40 pct limit on natural gas exports

JERUSALEM, June 23 Sun Jun 23, 2013 9:04am EDT
1 COMMENTS
(Reuters) - Israel's government on Sunday approved limitingnatural gas exports to about 40 percent of the country's newly-discovered offshore reserves.
Prime Minister Benjamin Netanyahu ended months of uncertainty on Wednesday when he said that Israel would keep 60 percent of the gas, or roughly 540 billion cubic metres, for domestic use and allow the rest to be sold abroad.
Netanyahu disappointed environmental groups and opposition lawmakers who have called for even stricter limitations, saying his government had found the right balance that ensures Israel's energy security for a few decades while still satisfying exploration companies seeking access to the global market.
"We did the right thing for Israel. Without gas exports, there will not be gas for the domestic market," Netanyahu said in broadcasted remarks at the start of a weekly cabinet meeting.
"This mistake, this surrender to populism - 'let's save the gas for ourselves'. A number of countries did this, and they saved the gas for themselves. It's still buried, under the ground and water, beneath layers of populism and bureaucracy," he said.
Exploration companies had lobbied strongly for a large export quota, saying the Israeli market alone was too small to warrant further investment in developing the fields.

Two of the world's largest offshore fields found in the past decade lie in Israeli waters. Tamar, with an estimated 280 bcm, was discovered in 2009, and a year later Leviathan, was found with an estimated 530 bcm. (Reporting by Ari Rabinovitch; Editing by Greg Mahlich)

Link to article: http://www.reuters.com/article/2013/06/23/israel-natgas-idUSL5N0EZ0BQ20130623
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