Greece says will evaluate deep-sea oil and gas exploration bids within weeks - REUTERS

Fri May 13, 2016 2:02pm EDT

Greece will conclude the evaluation of deep-sea oil and gas exploration bids in the coming weeks and will name the preferred bidders soon after, its energy minister said on Friday, as the country seeks to tap into its limited oil reserves.

Plunging crude oil prices have cut spending on oil projects around the world but cash-strapped Greece is pushing ahead with investment in the industry in a bid to reduce dependence on oil imports and boost public finances.

"We are evaluating three bids made by oil companies whose financial strength, experience and infrastructure ensure they are in a position to successfully perform gas and oil exploration and production," Energy Minister Panos Skourletis said.

Egypt launches international bid round for 11 oil exploration blocks in the Western Desert and Gulf of Suez - ENERGY EGYPT / AHRAM ONLINE

 

May 12, 2016

Egypt launched international bids for oil exploration in 11 blocks in the Western Desert and the Gulf of Suez, the petroleum ministry announced in a press release on Thursday.

Five blocks will be offered in the Gulf of Suez, North-East of October, North-East of Al Hamd, North-East of Ramadan, East Badri, North maritime Esran, while the remaining six blocks will be offered in the Western Desert: North-West Razak, South-East Maleeha, North Um Baraka, South Allam Al Shaweesh, West Badr Eddin and South-East Siwa.

Arrears owed by the government to oil firms stood at $3.2 billion at the end of March, Reuters reported earlier in April.

Egypt became a net importer of natural gas in the past few years, having previously been a net exporter, on the back of rising consumption and falling production.

Eni's production reaches 65,000 boed with Nooros field just 10 months after discovery - ENI

11/05/2016

Eni, following the start of production of the Nidoco North 1X exploration well and the Nidoco North West 4 development well, brought the production of Nooros field, to around 65,000 barrels of oil equivalent per day. This new milestone is achieved in just 10 months of discovery.

San Donato Milanese (Mi), 11 May 2016 – Eni, following the start of production of the Nidoco North 1X exploration well and the Nidoco North West 4 development well, brought the production of Nooros field, located in Abu Madi West concession, to around 65,000 barrels of oil equivalent per day (around 33,000 net to Eni). This new milestone, achieved in just 10 months after discovery took place in July 2015, further confirms Eni's near field exploration strategy oriented on high-value activities, which, thanks to the existing infrastructures, allows the fast development of the findings.

As linking projects stall, energy companies see production rates fall - ENERGY EGYPT / DAILY NEWS EGYPT

May 11, 2016

Egypt’s average production of natural gas declined to 3.8bn cubic feet per day in 2016 from the rate of 4.4bn cubic feet per day in 2015.

A report published by the Ministry of Petroleum disclosed Egyptian gas fields’ average productivity in 2016, which has significantly decreased due to delays in plans to link gas fields to production sites managed by international companies.

The report pointed out that the Khalda Petroleum Company—a joint venture company between Egyptian General Petroleum Corporation (EGPC) and Apache Corporation—produced an average 850m cubic feet of gas per day, compared to 851 in 2015. The Italian energy company Eni, operating in Egypt through its subsidiary Petrobel, produced an average of 800m cubic feet of gas per day, down from 978m last year.

A national oil company for Lebanon? A premature and incomplete debate - MESP / EXECUTIVE MAGAZINE

May 11, 2016

It’s been three years the nascent oil and gas sector in Lebanon was brought to a complete halt. The relative success of the pre-qualification round in 2013 brought the sector to center stage and contributed to the hype surrounding it. But the pre-qualification round was not followed by a tender, which was put on hold for various rational and irrational reasons. No licenses were awarded. No exploration was conducted. Not a single discovery was made.

Yet, the oil and gas debate in the country appears to be oblivious to these realities.

Shifting Eastern Mediterranean Alliances - MIDDLE EAST QUARTERLY

by Emmanuel Karagiannis

Middle East Quarterly
Spring 2016 (view PDF)

The exploitation of energy resources in the Eastern Mediterranean has drawn together hitherto estranged states. In August 2013, Cyprus, Greece, and Israel signed onto the "EuroAsia Interconnector" project, which would install a 2000-megawatt underwater electric cable (illustrated above) to connect their power grids and to be a means by which "three nations ... [can] enhance their growth and prosperity" and build a "bridge of friendship between our nations."

The Eastern Mediterranean is changing fast with its estimated 122 trillion cubic feet (tcf) of natural gas reserves (the equivalent of 21 billion barrels of oil) already having an impact on regional patterns of amity and enmity.[1] With Israel and Cyprus well underway to becoming gas exporters, the problematic Israeli-Lebanese and Cypriot-Turkish relationships have been further strained. At the same time, energy cooperation has been the driving force behind the nascent Greek-Cypriot-Israeli partnership, manifested in rapidly growing defense and economic cooperation. Clearly, the development of energy resources and their transportation will have far-reaching geopolitical implications for the Eastern Mediterranean and its nations.

Talk of Egypt gas deal merely ‘lip service’ - CYPRUS MAIL

May 10, 2016

With oil and gas prices suppressed for the foreseeable future and with Egypt – touted as the premier market for Cypriot natural gas – set to ramp up its own energy production in the near term, Cyprus needs to fast rethink its whole gas export policy, an energy analyst has told the Cyprus Mail.

“If we’re serious about selling our gas, then we have to look at other areas,” said Charles Ellinas, commenting on latest developments in Egypt.

The neighbouring country is poised to become energy self-sufficient over the next few years as multiple gas projects there come on stream.

Recently Egypt renegotiated higher gas prices, of up to $5.88 per mmbtu (million British thermal units), prompting gas companies to fast-track project development.
Ellinas cited a presentation given last week by Egyptian Minister of Petroleum & Mineral Resources Tarek El Molla at the Offshore Technology Conference (OTC) in Houston.

Petroleum ministry plans to raise foreign investments in Egypt to $8.5 billion in 2015-16 - ENERGY EGYPT

May 10, 2016 

Egypt’s petroleum ministry eyes raising foreign investments in Egypt in drilling and exploration projects by US$1 billion to hit around $8.5 billion by the end of fiscal year 2015-16.

Source at the ministry told Amwal Al Ghad Sunday that oil agreements that were signed with foreign partners during the last months have participated in boosting oil investments in Egypt.

The discovery of Zohr giant gas field encouraged foreign investors to inject new investments and capitals during 2016 into Egyptian market to make significant discoveries, the source added.

Egypt's era of self-sufficiency nears - NATURAL GAS EUROPE

May 09th, 2016

Egypt may be facing a widening gas deficit, but it has the means to turn a shortage into a surplus, if the right policies are adopted. Last year the government plugged the 7bn m³ shortfall in domestic production with imports of relatively expensive LNG, and the oil minister said recently that Egypt is facing an estimated $8bn on energy imports this fiscal year – a drain on the country. Without new oil and gas production this will increase.

Gas production could go down from a projected 42bn m³ this year – compared with demand of 52bn m³ – to 15bn m³/yr in ten years, as most of Egypt’s existing oil and gas wells are either at maturity or beginning to decline in yield. By that point, demand could be above 65bn m³/yr.

However, the giant Zohr field and a number of new gas-field developments, spurred on by the new gas prices negotiated recently between the Egyptian government and producers, are coming to the rescue, with the UK major BP and Italian Eni leading the way.

Israel close to signing gas agreement with Turkey - GLOBES

09/05/2016, 09:33
Hedy Cohen

An energy deal between the two countries is close says Energy Minister Yuval Steinitz and reports in the Turkish media.

Israel is closer than ever to signing an agreement to export natural gas to Turkey, according to reports in the Turkish and global press and statements by Minister of National Infrastructure, Energy, and Water Resources Yuval Steinitz in an interview at the end of last week with the "Bloomberg" news agency. Turkey wants to consume half of the quantity of gas in the Leviathan gas reservoir, starting in 2020. In the second stage, gas may be transported from Turkey to Europe through a pipeline.

"We have a strong connection with Israel, and importing Israeli gas to Turkey is a big deal for us," Zorlu Holdings CEO Omer Yungul said last week, adding that his company wanted to import 8 BCM of gas in the near future.

Steinitz: Israel to propose new gas framework soon - GLOBES

08/05/2016, Globes correspondent

Energy Minister Yuval Steinitz told Bloomberg he would present a softer version of the stability clause ruled illegal.

The State of Israel will shortly present Noble Energy and Delek Group Ltd. (TASE: DLEKG) an alternative to the stability clause in the gas framework agreement with them that was struck down by the High Court of Justice, Minister of National Infrastructures, Energy and Water Resources Yuval Steinitz told Bloomberg last week. The controversial clause in the agreement promised that the government would introduce no material regulatory changes for ten years. Steinitz said that the redrafted clause would enable the Leviathan gas reservoir to be developed, and would pave the way to gas export agreements with Egypt and Turkey. Steinitz refused to be specific about the content of the new clause.