Turkey slammed for 'provocative move ' over Cyprus drilling - FAMAGUSTA GAZETTE

The new licensing process is not affected by the dialogue for the solution of the Cyprus problem which is under way, since the Republic does not suspend exercising its sovereign rights because of the talks, it adds.

CYPRUS - FAMAGUSTA GAZETTE•Saturday, 26 March, 2016

The Cyprus Ministry of Foreign Affairs has said that Turkey's statement on the new process regarding hydrocarbons' exploration within the Republic's Exclusive Economic Zone (EEZ) is an expression of Ankara`s provocative and destabilising attitude.

Furthermore it stresses that the process is not affected by the UN-led peace talks which are underway to resolve the Cyprus problem and reunite the country, divided since the 1974 Turkish invasion.

Cyprus Declares Third Offshore Round - NATURAL GAS EUROPE

March 24th, 2016

Cyprus formally declared a third offshore licensing round for hydrocarbon exploration in its exclusive economic zone (EEZ) March 24.

This calls for bids to be submitted by 21 June. It appears that the intention is to award licenses for blocks 6, 8 and 10. The choice of these blocks is based on the results from total re-evaluation of the energy potential of Cyprus EEZ following the discovery of the giant Zohr gas field.

The key criteria to be used in the evaluation of bids and award of licenses are:

Shell's talks with Cairo hit choppy waters - NATURAL GAS EUROPE

March 24th, 2016

Royal Dutch Shell and the Egyptian government have been at pains to downplay reports this week that talks on developing the West Delta Deep Marine (WDDM) concession 9B have reached an impasse. This comes as Italy's Eni is gearing up to develop an even bigger offshore gas field, Zohr.

Daily News Egypt reported that BG, now part of Shell, had demanded a price of $7/mn Btu from the government for gas to be produced at 9B, whereas the latter had agreed to pay $5.88. Its March 22 report cited a source close to the talks who said that Shell would only resume negotiations if the government gave into its price demand or else immediately paid $1bn back dues owed to BG. If Cairo agreed, the $7 could be negotiated downward once back dues were paid, the source added.

Official launch of 3rd Exploration Licensing Round - TWITTER ACCOUNT OF CYPRIOT MINISTER

Official launch of 3rd Exploration Licensing Round in Cyprus' Exclusive Economic Zone (EEZ). 

Available blocks 6, 8, 10.

Eni’s Zohr sale causes concern for Cairo - INTERFAX

By Rachel Williamson 24 March 2016

Italy’s Eni has indicated it is looking to sell down its stake in its giant Zohr field in Egypt, a scenario that is causing concern among Egyptian stakeholders.

Eni Chief Executive Claudio Descalzi said on a conference call last week that Zohr was among assets the company was considering targeting for disposal. He said Eni had had to change its strategy for Zohr as the requirement to bring the start of production forward to 2017 had resulted in extra upfront capex costs in the form of another onshore processing facility.

Medserv results exceed targets by 38% - TIMES OF MALTA

Thursday, March 24, 2016, 00:01

Medserv has reported a profit before tax of €6 million representing an increase of 38 per cent over forecast. Reported group revenue for the year was €42.2 million.

The group said that its performance in 2015 was attributed to a number of factors, including the strong business flow conducted out of Malta in support of the ongoing operations offshore Libya, and to the performance of Medserv (Cyprus) Ltd which continues to service ENI out of the company’s shore base in Larnaca. Finally, engineering and maintenance services continued to grow in 2015.

As the global oil and gas sector continues to suffer from the effect of oversupply of oil to the market, the company has refocused and moved ahead with its investment plans to ensure it can continue to be of service to its growing list of blue chip customers in the Mediterranean and beyond.

Egypt: Oil ministry rebuffs reports on BG spat - OFFSHORE ENERGY TODAY

23 March 2016

BG Egypt, a subsidiary of BG Group, a UK company recently taken over by Shell, has reportedly stopped work on some Mediterranean Sea projects, offshore Egypt.

According to a Reuters report on Tuesday, which cited an official at the Egyptian General Petroleum Corp (EGPC), the company couldn’t reach a deal with the Egyptian government on the price of gas. He reportedly said that BG Egypt had abandoned “work at 9A+ and 9B” project and removed the drilling rigs earlier this month.

Offshore Energy Today has reached out to Shell, given that the Anglo/Dutch oil giant now owns assets previously controlled by BG Group.

TAP gas pipeline to go ahead despite low oil prices - executive - REUTERS

Tue Mar 22, 2016

Construction of the Trans-Adriatic Pipeline (TAP) to take gas from Azerbaijan to Europe will go ahead despite low oil prices, but costs will be in sharp focus, a senior executive for TAP said on Tuesday.

The 870-km (540-mile) pipeline, which will link Azerbaijan's Shah Deniz II field with Italy, crossing through Georgia, Turkey, Greece, Albania and the Adriatic Sea, is the largest project to bring new supplies to European consumers.

Asked about the impact of plunging oil prices on the project, TAP's country manager for Greece, Rikard Scoufias, told an energy conference in Athens: "The project will not have an impact in terms of challenging the realisation of TAP in any way."

"The financial investment decision has already been taken," he said. "But it does put an additional emphasis on cost management."

BG Egypt halts some development wells over price dispute -source

Tue Mar 22, 2016, By Ehab Farouk

BG Egypt has suspended work at some Egyptian development projects after it failed to agree with the government on the price of gas, an Egyptian General Petroleum Corp (EGPC) official told Reuters on Tuesday.

"BG has stopped work at 9A+ and 9B after failure to reach an agreement on the fixed price to be paid for extracted gas, and it withdrew rigs working on the 9A+ wells on the seventh of March," the EGPC official said.

Egypt's Ministry of Petroleum denied BG Egypt had stopped development as a result of price disagreements and said in a statement that "negotiations over timelines for the projects" are ongoing.

The development areas include several deepwater wells in the West Nile Delta.

Turkey hits historic gas consumption record in Jan. - ANADOLU AGENCY

Turkey's monthly natural gas consumption reached historic high at 5.78 bcm in Jan. 2016, Turkish Energy Watchdog says

22.03.2016 ANKARA

Turkey's monthly natural gas consumption reached a historic record high at 5.78 billion cubic meters (bcm) in January 2016, according to data from Turkish Energy Watchdog.

In January 2016, 5.78 bcm of natural gas was consumed, Turkish Energy Market Regulatory Authority, EMRA, announced on Tuesday in its monthly natural gas report for January.

The new monthly record is 5.7 percent higher than the previous highest consumption which was seen in January 2015 with 5.47 bcm.

Turkey's daily highest consumption was also seen in January 2016 with a consumption rate of 235 million cubic meters of gas, Turkey's Energy Ministry had announced in February 2016

Egypt signs 5-year oil agreement with Saudi Arabia - AHRAM ONLINE

Monday 21 Mar 2016

A $1.5 billion deal was signed at the fifth Egyptian-Saudi cooperation council meeting in Riyadh to fund Sinai's development. (Photo Courtesy of the Ministry of International Cooperation.)

Egypt signed an agreement with Saudi Arabia, under which the North African nation will meet its needs of oil products for five years, Egyptian international cooperation ministry stated on its website on Sunday.

The signing is part of the fifth meeting of the Egyptian-Saudi coordination council held in Riyadh and chaired by Egyptian minister of international cooperation Sahar Nasr.

In January, Saudi Arabia pledged $20 billion worth of petroleum products to Egypt over five years with facilitated payments.

Russian interest in East Med and Cyprus gas - IN CYPRUS / CYPRUS WEEKLY

Charles Ellinas — 20/03/2016

In a week that saw Russia pulling some of its armed forces out of Syria and signs of increasing cooperation between Russia and the US in the region, it is important to examine Russian interest in energy, and particularly gas, in the wider East Med and Cyprus.

Many in the past tried to explain this interest on the basis of Russia protecting its global energy interests and particularly its dominance of the EU gas market. However, the contention that Russia’s involvement in Syria is driven by natural gas interests may be far-fetched.

Russia’s deep involvement in Syria, and cooperation with the US, has changed the East Med regional reality, redirecting the bloody conflict from a dead end to another path.

These issues are examined in this article.