What's in store for Lebanon's nascent oil, gas sector? - AL MONITOR

Men look at screens onboard a boat during a tour of areas believed
to have gas reserves off Lebanon's coast near Beirut, May 30, 2013
(photo by REUTERS/Mohammed Azakir)

There is a new debate brewing in the small circles that discuss the best governance practices for oil and gas in Lebanon. While the caveats made Fouad Makhzoumi sound reluctant, he picked a side. The owner of a pipeline design and manufacturing concern, Makhzoumi wears his political ambition on his sleeve. He has run for elected office before and lost, but seems to be gearing up for another battle.

Author Matt Nash, May 27, 2016

At a live broadcast of a May 26 forum focusing on Lebanon’s oil and gas potential, which he co-organized, Makhzoumi urged attendees and those watching at home to support the country’s oil and gas regulator. Makhzoumi admitted that he first assumed the regulator’s six-member board was staffed with political appointees beholden to the sectarian leaders that chose them. Visiting their offices to see them in action, however, convinced him they were doing serious work, he said. He added that it’s best to just stick with the system in place, which was established nearly six years ago, for now.

Russia-Greece Black Sea Gas Pipeline May Transit Turkey or Bulgaria - SPUTNIK NEWS

27.05.2016

New Russian Gas Pipeline to Greece May Go Through Bulgaria ATHENS (Sputnik) – The new Black Sea gas pipeline from Russia to Greece may pass through Turkey or Bulgaria, but Romania is not considered as an option, Russian Energy Minister Alexander Novak said Friday.

"Considering the agreement and the signed memorandum…various options might be considered, both through Turkey and through Bulgaria," Novak told reporters, adding that Romania is not considered an option.

"Significant" interest in Cyprus 3rd Round - Minister Lakkotrypis - NATURAL GAS EUROPE

Minister Lakkotrypis and Vice-President Sefcovic

May 26th, 2016

Yiorgos Lakkotrypis, the Republic of Cyprus Minister of Energy, Commerce, Industry and Tourism, told an event hosted by Natural Gas Europe in Brussels on May 25 that he sees strong interest from international oil companies (IOCs) in the country's recently launched offshore licensing round. The event was also addressed by the EU's energy union commissioner Maros Sefcovic.

Eni's discovery of the giant Zohr field offshore Egypt was significant for nearby Cyprus, the minister said. Zohr was based on carbonate structures and ancient reefs, and similar key structures had been identified around the Eratosthenes Seamount in Cyprus's exclusive economic zone.

Cyprus Energy Minister to address a Natural Gas Europe event in Brussels - FAMAGUSTA GAZETTE

Wednesday, 25 May, 2016

Cyprus Minister of Energy, Commerce, Industry and Tourism, Yiorgos Lakkotrypis departs for Brussels where he will be a key speaker in an event titled “Cyprus: A Key Player in the Eastern Mediterranean Region”organised by Natural Gas Europe on Wednesday.

EU Commission Vice President, Commissioner for the EU Energy Union Maros Sefcovic will also address the event. The event will be attended by high ranking hydrocarbon industry executives, as well as by EU member-state officials.

Russia’s Gazprom No Longer Interested in Israeli Gas Field Development - SPUTNIK NEWS

© Sputnik/ Ilya Pitalev

(Sputnik) — Russian energy giant Gazprom is no longer interested in participating in the development of Israel’s Leviathan gas field in the Mediterranean Sea, Russian media reported Wednesday, citing an unnamed Gazprom source.

According to the Vedomosti newspaper, the source did not specify why the company had decided to abandon the project. Gazprom is reportedly not considering any other projects in Israel at the moment.

In 2012, the company was in talks with Leviathan’s operating firms on buying a 30-percent stake in the development project. At the time, Total, ExxonMobil, ConocoPhillips, Chevron, Woodside Petroleum also wanted a part in the project, however Gazprom offered the largest sum.

Gas fueling new hope in Eastern Mediterranean - TRT WORLD

May 24, 2016, by Ertan Karpazli

Fueling new hope in the region, Eastern Mediterranean nations rush to get their share of a gas bonanza, but political and commercial issues between them leave the fate of the region in a state of uncertainty.

Israeli authorities approved a deal on May 22 aimed at speeding up the development of a mega offshore gas reservoir which could pave the way for supplying Europe with natural gas from the Eastern Mediterranean.

Progress in developing the Leviathan gas field stalled in late 2014 when Israel’s Antitrust Authority declared Texas-based firm Noble Energy and Israel’s Delek Group, which together own 85 percent of the field and were set to invest a total of $12.5 billion, part of an "illegal cartel."

Energean inks Prinos, Epsilon investment - OFFSHORE ENGINEER

Written by OE Staff Monday, 23 May 2016

Greek exploration and production firm Energean Oil & Gas has secured a US$75 million loan from the European Bank for Reconstruction and Development (EBRD) to support the company’s ongoing $200 million investment plan in the Prinos and Epsilon oil fields offshore northern Greece.

The Prinos and Epsilon oil field development project is the largest investment in the Greek upstream sector since the 1980s and includes drilling 15 wells and installing a satellite platform to the main Prinos offshore facilities.

Egypt's Gas Projects To Increase Production To 6Bcf Per Day By End-2019 - RIGZONE / REUTERS

Sunday, May 22, 2016

DAMIETTA, Egypt, May 22 (Reuters) - Egypt will increase its natural gas production to between 5.5 and 6 billion cubic feet per day by the end of 2019, Oil Minister Tarek El Molla said on Sunday, up from the current 3.9 bln cubic ft per day.

Once an energy exporter, Egypt has turned into a net importer because of declining oil and gas production and increasing consumption. It is trying to speed up production at recent discoveries to fill its energy gap as soon as possible.

Egypt currently has 12 natural gas field development projects underway worth a total of $33 billion in investment, Molla said, speaking at the inauguration of a fertilizer plant in the port city of Damietta.

Israeli cabinet approves new natural gas agreement - GLOBES

22/05/2016, Hedy Cohen

The new gas field development agreement has a stability clause, which is more flexible than the one struck down by the High Court.

The cabinet today approved by a large majority the natural gas plan with a new and more flexible stability clause. The only minister to vote against it was Minister of Environment Protection Avi Gabai. The new clause does not commit future governments. According to the cabinet resolution approved today, the government promises to act in favor of regulatory stability for 10 years in the gas sector, but does not guarantee that nothing will be changed in taxation, ownership of the reservoirs, and exports. In contrast to the previous stability clause, the government will not oppose private members' bills seeking to make such changes.