October/01/2016BAKU - Anadolu Agency
National Parliament of Azerbaijan Republic approved Trans Anatolian Natural Gas Pipeline (TANAP) Project on Sept. 30.
Azerbaijani Parliament discussed issues including the cooperation between Azerbaijan and Turkey during the first meeting of the autumn.
The Deputy Speaker of the Parliament, Valeh Alasgarov, noted that Turkey has already implemented all necessary state procedures on the TANAP project.
He underlined that the approval of the Memorandum of Understanding between the two countries was signed on May 26, 2014.
EMC 2021 . 2021 SEPT 14-16 . NICOSIA
Saturday, October 1, 2016
Friday, September 30, 2016
Gazprom Receives Survey Permit for Two Strings of TurkStream in Turkey’s Territorial Waters - OIL & GAS EURASIA / GAZPROM
Planned route map of TurkStream gas pipeline (Source: Gazprom) |
Gazprom received through diplomatic channels a survey permit for two strings of the TurkStream gas pipeline’s offshore section in Turkey’s territorial waters.
“I would like to highlight the constructiveness and promptness on the part of our Turkish partners. The TurkStream project is progressing at commendable speed. We have received another important permit for the project,” said Alexey Miller, Chairman of the Gazprom Management Committee.
On December 1, 2014, Gazprom and Turkey's Botas signed the Memorandum of Understanding to construct the TurkStream gas pipeline. The pipeline will run 660 kilometers along the old route of South Stream and cover 250 kilometers of a new route toward the European part of Turkey. It is planned that the first gas pipeline string will be used exclusively for gas supplies to the Turkish market.
French gas giant Totally ready for 2017 - IN BUSINESS / CYPRUS WEEKLY
September 30, 2016
French gas giant Total has plans ready for exploration in the Exclusive Economic Zone in Cyprus for the period 2017-2018, which coincides with a push to reunite the island and maximise benefits from natural resources.
Total has drafted a detailed programme on four drills inside Block 11 of the Cyprus EEZ for the period 2017-2018, according to daily Phileleftheros.
The French company is “moving ahead with preparations for the initial drill which will require a drilling rig of the latest technology capable of reaching deep underwater.”
Phileleftheros added that drilling decisions were made a week ago and Total has opened bids already for subcontractors as well as infrastructure support at Limassol port.
French gas giant Total has plans ready for exploration in the Exclusive Economic Zone in Cyprus for the period 2017-2018, which coincides with a push to reunite the island and maximise benefits from natural resources.
Total has drafted a detailed programme on four drills inside Block 11 of the Cyprus EEZ for the period 2017-2018, according to daily Phileleftheros.
The French company is “moving ahead with preparations for the initial drill which will require a drilling rig of the latest technology capable of reaching deep underwater.”
Phileleftheros added that drilling decisions were made a week ago and Total has opened bids already for subcontractors as well as infrastructure support at Limassol port.
Importing Israeli gas: Jordan’s self-harming energy choice - MIDDLE EAST EYE
'Expedient' regasification ship, anchored off the coast of Israel on February 26, 2015 to supply Electric Corporation (AFP) |
Friday 30 September 2016 09:18 UTC
Pressure from the US and corruption lie behind a $10bn contract that endangers Jordan's energy sovereignty while aiding Israel
Two years after signing a letter of intent to import gas from Israeli-occupied fields in the eastern Mediterranean, the National Electric Power Company of Jordan (NEPCO), a 100 percent government-owned firm that monopolises the generation of electrical power in Jordan, finally signed the actual gas deal this Monday.
According to the terms of this deal, the Israeli consortium led by the US company Noble Energy is to supply a gross quantity of approximately 1.6 trillion cubic feet of natural gas from the yet undeveloped Leviathan field, over a period of 15 years, for the price of $10bn.
East Med gas 'important for Europe': Steinitz - NATURAL GAS EUROPE
September 30th, 2016, Ya'acov Zalel
Israel, Cyprus and Egypt will have the capability to become major gas suppliers to Europe, according to Israel's energy minister Yuval Steinitz.
In a statement to the Athens-Macedonian News Agency (ANA) following a meeting in Athens between the energy ministers of Israel, Cyprus and Greece, Steinitz said that there is a potential for huge discoveries in the eastern Mediterranean.
"In total, together with Egypt, the quantities can reach as high as 9,000-10,000bn m³," Steinitz speculated. "If this happens over the next few years, the Eastern Mediterranean will become an important supplier for Europe, since it will be able to replace the North Sea-Norway, Netherlands and British fields, which are declining."
Israel, Cyprus and Egypt will have the capability to become major gas suppliers to Europe, according to Israel's energy minister Yuval Steinitz.
In a statement to the Athens-Macedonian News Agency (ANA) following a meeting in Athens between the energy ministers of Israel, Cyprus and Greece, Steinitz said that there is a potential for huge discoveries in the eastern Mediterranean.
"In total, together with Egypt, the quantities can reach as high as 9,000-10,000bn m³," Steinitz speculated. "If this happens over the next few years, the Eastern Mediterranean will become an important supplier for Europe, since it will be able to replace the North Sea-Norway, Netherlands and British fields, which are declining."
Thursday, September 29, 2016
Turkey: 10 pct natl gas price cut set to start in Oct. - ANADOLU AGENCY
Turkey's energy minister will apply gas discount prior to finalization of arbitration deal between Turkey and Iran
29.09.2016, ANKARA
Domestic and industrial consumers in Turkey will get a 10 percent break on natural gas prices as of Oct. 1, Berat Albayrak, Turkish energy and natural resources minister, announced Thursday.
Speaking during his visit to the Turkish Energy Regulatory Market (EPDK), Albayrak said that a 10 percent reduction will be applied as of October before winter, as promised.
In 2012, Turkey sued Iran in the International Court of Arbitration for overpricing on gas purchases during the four-year period of 2011-2015.
The court decided in favor of Turkey in February 2016 and ordered that both parties agree on a 10-15 percent reduction in the price of Iranian gas exports to Turkey.
Turkey imports 10 billion cubic meters of natural gas from Iran annually.
29.09.2016, ANKARA
Domestic and industrial consumers in Turkey will get a 10 percent break on natural gas prices as of Oct. 1, Berat Albayrak, Turkish energy and natural resources minister, announced Thursday.
Speaking during his visit to the Turkish Energy Regulatory Market (EPDK), Albayrak said that a 10 percent reduction will be applied as of October before winter, as promised.
In 2012, Turkey sued Iran in the International Court of Arbitration for overpricing on gas purchases during the four-year period of 2011-2015.
The court decided in favor of Turkey in February 2016 and ordered that both parties agree on a 10-15 percent reduction in the price of Iranian gas exports to Turkey.
Turkey imports 10 billion cubic meters of natural gas from Iran annually.
Jordan: After Gas Deal With Israel Finalized, More Protests Expected - STRATFOR
Protests are planned in several Jordanian cities for Sept. 30 after the country recently finalized a $10 billion deal with the energy firms Noble and Delek for the delivery of Israeli natural gas, according to reporting by Al Ghad and news circulating on Twitter. Word of the planned protests follows similar demonstrations on Sept. 28 at the University of Jordan, the latest in a series of protests in the country against the deal over the past few years. Jordanian authorities are likely relieved to have finalized the agreement when they did. Following recent parliamentary elections, the Islamic Action Front – which has been particularly vocal in in opposing the deal – is now back in government after a seven year hiatus. Jordan's National Electric Power Company has said the agreement will save Jordan $600 million annually, and the majority of citizens seem to view the deal as necessary to keeping Jordan's energy needs met. Still, with government authorities closely monitoring hints of instability throughout the country, the scheduled protests should be closely monitored.
TOTAL planning crucial October visit to Cyprus - IN CYPRUS / CYPRUS WEEKLY
September 29, 2016
Top officials from French energy firm TOTAL are expected to visit Cyprus next month ahead of the new round of licensing for offshore exploration in the island’s Exclusive Economic Zone (EEZ), which is penciled in for next year.
Media reports on Thursday claimed that Cyprus President Nicos Anastasiades and his French counterpart Francois Hollande had discussed the matter of energy during their meeting in Paris on Wednesday while officials of TOTAL had also sat down for talks with French-speaking Foreign Minister Ioannis Kasoulides.
Top officials from French energy firm TOTAL are expected to visit Cyprus next month ahead of the new round of licensing for offshore exploration in the island’s Exclusive Economic Zone (EEZ), which is penciled in for next year.
Media reports on Thursday claimed that Cyprus President Nicos Anastasiades and his French counterpart Francois Hollande had discussed the matter of energy during their meeting in Paris on Wednesday while officials of TOTAL had also sat down for talks with French-speaking Foreign Minister Ioannis Kasoulides.
Europe's gas industry not a happy place: Conference - NATURAL GAS EUROPE
September 29th, 2016 4:45am, John Roberts, Chief Analyst
For those who fear the worst for the prospects for gas in Europe, Dusseldorf was not a reassuring place to be these last few days. That’s because the highlights of the tenth annual European Gas Summit organised by Platts (part of S&P Global) in the German city persistently returned to the themes that demand forecasts are always too high, that the industry is behind the curve in responding to public concerns about carbon emissions; and that the much-trumpeted prospective sources of supply, notably LNG from the US and eastern Mediterranean, may simply find no room in the European market.
This approach was kicked off by the veteran gas trader Wolfgang Peters, who blamed the European Union as much as Russia for damaging the reputation of gas as a speedy and cost-effective way of tackling CO2 emissions. “The European Commission will not acknowledge there has been reputational damage to natural gas,” said Peters, who formerly headed RWE’s supply and trading operation in the Czech Republic. “Gas advocacy should be more assertive," Peters said. “Even without a subsidy, it can make a huge contribution to the reduction of greenhouse gas emissions.”
For those who fear the worst for the prospects for gas in Europe, Dusseldorf was not a reassuring place to be these last few days. That’s because the highlights of the tenth annual European Gas Summit organised by Platts (part of S&P Global) in the German city persistently returned to the themes that demand forecasts are always too high, that the industry is behind the curve in responding to public concerns about carbon emissions; and that the much-trumpeted prospective sources of supply, notably LNG from the US and eastern Mediterranean, may simply find no room in the European market.
This approach was kicked off by the veteran gas trader Wolfgang Peters, who blamed the European Union as much as Russia for damaging the reputation of gas as a speedy and cost-effective way of tackling CO2 emissions. “The European Commission will not acknowledge there has been reputational damage to natural gas,” said Peters, who formerly headed RWE’s supply and trading operation in the Czech Republic. “Gas advocacy should be more assertive," Peters said. “Even without a subsidy, it can make a huge contribution to the reduction of greenhouse gas emissions.”
Wednesday, September 28, 2016
Greece, Cyprus, Israel look into East Med gas pipeline - REUTERS
Greece, Cyprus and Israel said on Wednesday they would pursue ways of channeling east Mediterranean gas to Europe via a pipeline to Greece.
With significant finds reported in the past decade, Israel and to a lesser extent Cyprus are thought to be sitting on vast quantities of natural gas wealth, but have yet to come up with concrete plans on how to export it.
Energy ministers of both countries and Greece meeting in Athens on Wednesday said they would continue discussions, with Israel's energy minister Yuval Steinitz saying the pipeline idea was "promising".
"...It seems the East Med basin might become the next big thing in natural gas," Steinitz told journalists.
Cyprus-Greece-Israel meet anew in December on energy - SIGMA LIVE
Yuval Steinitz, Israel (left), Panos Skourletis, Greece (center),Yiorgos Lakkotrypis, Cyprus (right) |
Cyprus, Greece, and Israel have decided to meet anew in December on energy matters, after energy ministers from the three countries met in Athens on Wednesday night.
Yiorgos Lakkotrypis (Cyprus), Panos Skourletis (Greece), and Yuval Steinitz (Israel) have focused on the infrastructure, with discussions centred on the EastMed pipeline, which is being designed to transport natural gas from the eastern Mediterranean to Europe through Greece. The three also discussed the electrical interconnection between the three countries through Crete and a new liquefaction natural gas centre to be built in Alexandroupolis.
The three ministers also decided on how to further the projects during the meeting that they had. Reports said that by the end of October the ministers had decided that an economic and technical plan on the underwater pipeline must be prepared.
Shell aims to export gas through EDCO every 20 days - DAILY NEWS EGYPT
Thursday September 28, 2016, by Mohamed Adel
200m cubic feet per day from Borollos fields allocated for export, says source
Royal Dutch Shell exported a shipment of liquefied gas to world markets through EDCO (Note: EDCO is the name used by Daily News Egypt for the LNG Plant at Idku), a liquefaction plant affiliated to Royal Dutch Shell, in mid-September after receiving about 200m cubic feet per day from the Borollos field gas production.
A senior source in the petroleum sector told Daily News Egypt that Shell aims to export a liquefied gas shipment every 20 days, according to the current supply rates of EDCO.
Shell has agreed with the Ministry of Petroleum to provide EDCO with about 125m cubic feet of gas per day for export. This would help Shell achieve large returns to repay its loans and unpaid dues, according to the source.
200m cubic feet per day from Borollos fields allocated for export, says source
Royal Dutch Shell exported a shipment of liquefied gas to world markets through EDCO (Note: EDCO is the name used by Daily News Egypt for the LNG Plant at Idku), a liquefaction plant affiliated to Royal Dutch Shell, in mid-September after receiving about 200m cubic feet per day from the Borollos field gas production.
A senior source in the petroleum sector told Daily News Egypt that Shell aims to export a liquefied gas shipment every 20 days, according to the current supply rates of EDCO.
Shell has agreed with the Ministry of Petroleum to provide EDCO with about 125m cubic feet of gas per day for export. This would help Shell achieve large returns to repay its loans and unpaid dues, according to the source.
Egypt Announces Progress on Cuts to Costly Fuel Subsidies - FORBES
SEP 28, 2016, Christopher Coats, CONTRIBUTOR
Two years after launching a concerted effort to sharply reduce subsidy programs that had proven unsustainable to the country’s government, Egypt has announced significant progress in the reduction effort, reporting a 28.7% drop in spending during the 2015-2016 fiscal year.
According to a Reuters report, the country’s Petroleum Minister Tarek El Molla said that the reported reduction represented a larger decline than previously announced.
Coupled with myriad other financial challenges facing the country, energy subsidies have proven especially difficult to manage or reduce in recent years, creating an enormous challenge for the government’s attempts to draw down its daunting debt.
Two years after launching a concerted effort to sharply reduce subsidy programs that had proven unsustainable to the country’s government, Egypt has announced significant progress in the reduction effort, reporting a 28.7% drop in spending during the 2015-2016 fiscal year.
According to a Reuters report, the country’s Petroleum Minister Tarek El Molla said that the reported reduction represented a larger decline than previously announced.
Coupled with myriad other financial challenges facing the country, energy subsidies have proven especially difficult to manage or reduce in recent years, creating an enormous challenge for the government’s attempts to draw down its daunting debt.
Israel Faces Gas Export Challenge - FORBES
SEP 28, 2016 @ 12:31 PM, Yakir Gillis, CONTRIBUTOR
Despite promising potential reserves and a favorable regulatory framework, Israeli offshore gas exploration is a tough sell.
Israel has been looking to develop its huge offshore gas resources after a period of regulatory uncertainty, but the challenges surrounding the construction and security of export pipelines may put off all but the most forward-looking investors.
Israel has one of the biggest gas reserves in the eastern Mediterranean basin, the Leviathan field, which could in time turn it into a major regional energy player. However, getting the gas out of the ground has been dogged with problems. Chief among them was an antitrust ruling stemming from concerns that the two main exploration companies, Texas-based Noble Energy and Israel’s Delek, stood to monopolise the country’s natural resource sector.
Despite promising potential reserves and a favorable regulatory framework, Israeli offshore gas exploration is a tough sell.
Israel has been looking to develop its huge offshore gas resources after a period of regulatory uncertainty, but the challenges surrounding the construction and security of export pipelines may put off all but the most forward-looking investors.
Israel has one of the biggest gas reserves in the eastern Mediterranean basin, the Leviathan field, which could in time turn it into a major regional energy player. However, getting the gas out of the ground has been dogged with problems. Chief among them was an antitrust ruling stemming from concerns that the two main exploration companies, Texas-based Noble Energy and Israel’s Delek, stood to monopolise the country’s natural resource sector.
Libya’s oil output nudges higher as Wintershall resumes production - WORLD OIL
Ionic Anassa is due to arrive at Zueitina on Oct. 3 2016 |
DUBAI (Bloomberg) -- Libya, struggling to revive its energy industry after five years of armed conflict, restarted production at an eastern oil field and was poised to export crude from the port of Zueitina for the first time since November.
Germany’s Wintershall AG began pumping at Concession 96 in As Sarah field on Sept. 16, and is producing 35,000 bpd, a company official said Wednesday in an emailed response to questions. Wintershall restarted production at the request of Libya’s National Oil Corp. (NOC) and will send oil from the field to Zueitina for export, the official said.
Tuesday, September 27, 2016
Hellenic Petroleum plans bond issue to refinance debt - REUTERS
9/27/2016Reporting by Angeliki Koutantou, editing by Louise Heavens
(Reuters) - Greece's biggest oil refiner Hellenic Petroleum is looking to issue new debt in October to refinance a $561.70 MM bond due May, 2017, a Greek newspaper reported on Monday.
The refiner hopes to secure a yield of about 5%, lower than the 8% coupon it is now paying on the bond, 'Ta Nea' newspaper said.
Hellenic Petroleum repaid a $400 MM bond in May. The refiner has said it plans to refinance other outstanding debt in the second half of the year, subject to market conditions.
"We intend to refinance the 2017 bond by the end of the year, in line with our previously communicated strategy," said an official at Hellenic Petroleum, declining to be named.
Hellenic's net debt stood at $1.9 B in the first half of the year.
The refiner hopes to secure a yield of about 5%, lower than the 8% coupon it is now paying on the bond, 'Ta Nea' newspaper said.
Hellenic Petroleum repaid a $400 MM bond in May. The refiner has said it plans to refinance other outstanding debt in the second half of the year, subject to market conditions.
"We intend to refinance the 2017 bond by the end of the year, in line with our previously communicated strategy," said an official at Hellenic Petroleum, declining to be named.
Hellenic's net debt stood at $1.9 B in the first half of the year.
BP acquires Shell’s Rosetta gas plant for $128 m - ARAB FINANCE / DAILY NEWS EGYPT
Tuesday 09/27/2016 12:29:00 PM
Cairo: BP acquired Shell’s Rosetta gas treatment plant in Rashid for $128m and received it in April. The plant will be prepared to be linked to the production of Giza and Fayoum gas fields in northern Alexandria.
A senior source in the petroleum sector told Daily News Egypt that the maximum capacity of the Rosetta plant amounts to 425m cubic feet of gas per day, adding that 420m cubic feet produced from Giza and Fayoum fields will be linked to the station in 2019.
He added that Royal Dutch Shell has transferred production of the Rosetta field in the Rashid concession area to the Borollos plant, after selling the Rosetta plant to BP.
BP signs three concession amendments with Egypt -statement - REUTERS
Tue Sep 27, 2016 12:08pm GMTReporting by Ahmed Aboulenein; Editing by Lin Noueihed
CAIRO, Sept 27 (Reuters) - BP has signed amendments to the Temsah, Ras El Barr and Nile Delta Offshore concessions in Egypt, allowing for the development of the Nooros field, the company said on Tuesday.
"BP is proud to progress the acceleration of its drilling activities in the three concession areas. The conclusion of these amendments was a critical milestone that allowed the discovery and fast track development of the Nooros field," Hesham Mekawi, BP's North Africa chief said in a statement.
CAIRO, Sept 27 (Reuters) - BP has signed amendments to the Temsah, Ras El Barr and Nile Delta Offshore concessions in Egypt, allowing for the development of the Nooros field, the company said on Tuesday.
"BP is proud to progress the acceleration of its drilling activities in the three concession areas. The conclusion of these amendments was a critical milestone that allowed the discovery and fast track development of the Nooros field," Hesham Mekawi, BP's North Africa chief said in a statement.
Cyprus Interested in Russian Companies Developing Island's Gas Fields - SPUTNIK NEWS
18:44 27.09.2016
Cyprus is interested in the participation of Russian companies in the development and exploitation of the country's hydrocarbon reserves, Cyprus' Ambassador to Russia George Kasoulides said Tuesday.
Cyprus is interested in the participation of Russian companies in the development and exploitation of the country's hydrocarbon reserves, Cyprus' Ambassador to Russia George Kasoulides said Tuesday.
MOSCOW (Sputnik) — According to Kasoulides, Cyprus is already preparing for the commercial exploitation of its natural gas reserves, with plans for the export of gas to begin in 2020-2022, if not sooner. He added that there were signs of potentially more hydrocarbon deposits in Cyprus in addition to those already known.
SOCAR to extend guarantee letter for purchase of Greece's DESFA - KATHIMERINI / REUTERS
Tuesday September 27, 2016
Azerbaijan’s state energy company Socar has agreed to extend a letter of guarantee for its acquisition of Greek gas network operator DESFA by a month, the office of the prime minister said on Tuesday.
The guarantee letter was due to expire on Friday and Socar had previously said it would only go ahead with the deal if the cost was cut significantly, given that a number of snags had emerged since it first agreed to buy DESFA in 2013.
Socar president Rovnag Abdullayev met Greek Prime Minister Alexis Tsipras on Tuesday to discuss the issue and the Greek statement said the meeting took place in a “positive atmosphere.”
Azerbaijan’s state energy company Socar has agreed to extend a letter of guarantee for its acquisition of Greek gas network operator DESFA by a month, the office of the prime minister said on Tuesday.
The guarantee letter was due to expire on Friday and Socar had previously said it would only go ahead with the deal if the cost was cut significantly, given that a number of snags had emerged since it first agreed to buy DESFA in 2013.
Socar president Rovnag Abdullayev met Greek Prime Minister Alexis Tsipras on Tuesday to discuss the issue and the Greek statement said the meeting took place in a “positive atmosphere.”
After historic gas deal with Jordan, Israel looking to build Cyprus, Greece pipeline - JERUSALEM POST
Planned pipelines running from Levianthan gas rig into Jordan |
After the Leviathan gas reservoir partners signed a massive deal with Jordan, Israel is now looking to lay a pipeline to Cyprus and Greece, so Israeli gas can be exported there and to other European countries, National Infrastructure, Energy and Water Minister Yuval Steinitz said Tuesday.
Steinitz, speaking to reporters before the weekly cabinet meeting that was pushed from Sunday to Tuesday because Prime Minister Benjamin Netanyahu was in the US, related to Monday’s announcement of a massive gas deal with Jordan, saying it was an “historic” day for the country, because for the first time in its history it became an energy exporter.
Steinitz said that he was going to Athens on Wednesday to meet with his counterparts in Greece and Cyprus to discuss the laying of a “long” pipeline to Cyprus and then to Greece, and from there further inland to other parts of Europe.
EBRD seeks TANAP transparency - NATURAL GAS WORLD
September 27th, 2016
David O'Byrne
The European Bank for Reconstruction and Development (EBRD) is tying its planned $1bn Southern Gas Corridor (SGC) funding to better transparency in Azerbaijan’s oil and gas sectors.
This was the thrust of an interview with EBRD energy and natural resources boss Riccardo Puliti, published by Turkey's state news agency Anatolia.
Puliti told Anatolia that the EBRD's decision on funding for the TransAnatolian and TransAdriatic pipelines (Tanap and TAP) will depend on Azerbaijan making progress in its ongoing talks with the Extractive Industries Transparency Initiative (EITI), an international initiative backed by governments, corporations and international financial institutions which sets standards of transparency aimed at promoting "open, and accountable management of natural resources" and for which Azerbaijan has candidate status.
David O'Byrne
The European Bank for Reconstruction and Development (EBRD) is tying its planned $1bn Southern Gas Corridor (SGC) funding to better transparency in Azerbaijan’s oil and gas sectors.
This was the thrust of an interview with EBRD energy and natural resources boss Riccardo Puliti, published by Turkey's state news agency Anatolia.
Puliti told Anatolia that the EBRD's decision on funding for the TransAnatolian and TransAdriatic pipelines (Tanap and TAP) will depend on Azerbaijan making progress in its ongoing talks with the Extractive Industries Transparency Initiative (EITI), an international initiative backed by governments, corporations and international financial institutions which sets standards of transparency aimed at promoting "open, and accountable management of natural resources" and for which Azerbaijan has candidate status.
Monday, September 26, 2016
Cyprus too small for gas fund investment - CYPRUS MAIL
September 26, 2016 Elias Hazou
The draft bill relating to the creation and operation of a National Investment Fund, administering future revenues from natural gas sales, expressly prohibits investments inside Cyprus, to avoid creating a bubble.
Once gas revenues start flowing in – not for years to come – the fund is expected to aggregate hundreds of millions. But investing those amounts into the Cypriot real estate market, for example, would wreak havoc with property prices given the relatively small size of the local economy.
Rather, the fund’s reserves will all be invested abroad, be it in property or in triple A-rated government bonds.
The draft bill relating to the creation and operation of a National Investment Fund, administering future revenues from natural gas sales, expressly prohibits investments inside Cyprus, to avoid creating a bubble.
Once gas revenues start flowing in – not for years to come – the fund is expected to aggregate hundreds of millions. But investing those amounts into the Cypriot real estate market, for example, would wreak havoc with property prices given the relatively small size of the local economy.
Rather, the fund’s reserves will all be invested abroad, be it in property or in triple A-rated government bonds.
Bulgaria says Cyprus plans to supply it with gas via IGB, Alexandroupolis LNG terminal - SEE NEWS
SOFIA (Bulgaria), September 26 2016 (SeeNews) - Bulgaria's energy ministry said on Monday that Cyprus is considering options to supply natural gas to Bulgaria.
"We intend to deliver natural gas to Bulgaria either through the interconnector with Greece, or through the Alexandroupolis LNG terminal. [...] We are familiar Bulgaria's plans to become a gas distribution centre," the energy ministry quoted the Cyprus energy minister, Yiorgos Lakkotrypis, as saying after a meeting with his Bulgarian counterpart Temenuzhka Petkova in Nicosia.
Petkova discussed with Lakkotrypis the progress in the implementation of projects for diversification of natural gas sources and supply routes, including the construction of gas hub Balkan in Bulgaria and the Interconnection Greece-Bulgaria (IGB), as well as the intention of the Bulgarian government to participate in the project for building an offshore LNG terminal near the Greek Aegean port of Alexandroupolis, according to the statement.
"We intend to deliver natural gas to Bulgaria either through the interconnector with Greece, or through the Alexandroupolis LNG terminal. [...] We are familiar Bulgaria's plans to become a gas distribution centre," the energy ministry quoted the Cyprus energy minister, Yiorgos Lakkotrypis, as saying after a meeting with his Bulgarian counterpart Temenuzhka Petkova in Nicosia.
Petkova discussed with Lakkotrypis the progress in the implementation of projects for diversification of natural gas sources and supply routes, including the construction of gas hub Balkan in Bulgaria and the Interconnection Greece-Bulgaria (IGB), as well as the intention of the Bulgarian government to participate in the project for building an offshore LNG terminal near the Greek Aegean port of Alexandroupolis, according to the statement.
Southern Gas Corridor 'on track in difficult environment' - NATURAL GAS WORLD
September 26th, 2016
By Drew Leifheit
Scalability is a key part of the Southern Gas Corridor (SGC), a major new transportation route that will bring gas from the BP-operated Shakh Deniz 2 project. The first line is to carry just 10bn m³/yr beyond Turkey but a second, also of 16bn m³/yr, is planned, once gas can be found to flow through it. The project was discussed at a panel discussion at the Atlantic Council last week and note taken of the challenges it faces in today's environment.
The line will bring natural gas from the Caspian region into Europe, posing a threat to Russia's regional dominance in countries with no real alternative supplies.
A senior BP official responsible for the SGC, Joe Murphy, called it “absolutely paramount” to bring gas from other resources through the pipeline. “We need double the gas. The next cheapest gas will be Azeri gas, and there's nothing to say that we can't in the future bring Turkmenistan gas through the Southern Corridor, but at the moment we see that's politically very sensitive."
By Drew Leifheit
Scalability is a key part of the Southern Gas Corridor (SGC), a major new transportation route that will bring gas from the BP-operated Shakh Deniz 2 project. The first line is to carry just 10bn m³/yr beyond Turkey but a second, also of 16bn m³/yr, is planned, once gas can be found to flow through it. The project was discussed at a panel discussion at the Atlantic Council last week and note taken of the challenges it faces in today's environment.
The line will bring natural gas from the Caspian region into Europe, posing a threat to Russia's regional dominance in countries with no real alternative supplies.
A senior BP official responsible for the SGC, Joe Murphy, called it “absolutely paramount” to bring gas from other resources through the pipeline. “We need double the gas. The next cheapest gas will be Azeri gas, and there's nothing to say that we can't in the future bring Turkmenistan gas through the Southern Corridor, but at the moment we see that's politically very sensitive."
Noble Energy executes Leviathan gas sales contract with the National Electric Power Company of Jordan - NOBLE ENERGY
September 26, 2016
Houston, Sept. 26, 2016 (GLOBE NEWSWIRE) -- Noble Energy, Inc. (NYSE: NBL) ("Noble Energy" or "the Company") today announced the execution of a gas sales and purchase agreement (GSPA) to supply natural gas from the Leviathan field to the National Electric Power Company Ltd. (NEPCO) ofJordan for consumption in power production facilities. Under terms of the GSPA, Noble Energy and the Leviathan partners will supply a gross quantity of approximately 1.6 trillion cubic feet (Tcf) of natural gas from the Leviathan field, or 300 million cubic feet per day (MMcf/d) over a 15-year term. The buyer has an option to purchase an incremental 50 MMcf/d for a total of up to 350 MMcf/d.
Natural gas supplied under this agreement will include industry-typical take-or-pay commitments, with pricing linked to Brent oil and a firm floor price. Gross contract revenues are estimated to be approximately $10 billion.
Houston, Sept. 26, 2016 (GLOBE NEWSWIRE) -- Noble Energy, Inc. (NYSE: NBL) ("Noble Energy" or "the Company") today announced the execution of a gas sales and purchase agreement (GSPA) to supply natural gas from the Leviathan field to the National Electric Power Company Ltd. (NEPCO) ofJordan for consumption in power production facilities. Under terms of the GSPA, Noble Energy and the Leviathan partners will supply a gross quantity of approximately 1.6 trillion cubic feet (Tcf) of natural gas from the Leviathan field, or 300 million cubic feet per day (MMcf/d) over a 15-year term. The buyer has an option to purchase an incremental 50 MMcf/d for a total of up to 350 MMcf/d.
Natural gas supplied under this agreement will include industry-typical take-or-pay commitments, with pricing linked to Brent oil and a firm floor price. Gross contract revenues are estimated to be approximately $10 billion.
Sunday, September 25, 2016
Major oil reserve of 80-100 mln barrels discovered off Patra coast - KATHIMERINI
25.09.2016 : 21:48
Chryssa Liaggou
A significant oil reserve in the Patraikos Gulf near Patra, on a par with that at Prinos off Thasos island, has been confirmed by a study of seismic surveys conducted by Hellenic Petroleum, which is about to be completed in the coming weeks in London.
This reserve concerns extractable oil quantities of 80-100 million barrels, while the ongoing processing of the high-definition surveys is looking to establish whether the seabed off the western port city is indeed holding Greece’s second major oil reserve, as indicated by geological findings.
It is noted that revenues for the Greek state from every 100-million-barrel reserve are estimated at 300 million euros per year (or about 0.2 percent of gross domestic product) over 25 years.
Chryssa Liaggou
A significant oil reserve in the Patraikos Gulf near Patra, on a par with that at Prinos off Thasos island, has been confirmed by a study of seismic surveys conducted by Hellenic Petroleum, which is about to be completed in the coming weeks in London.
This reserve concerns extractable oil quantities of 80-100 million barrels, while the ongoing processing of the high-definition surveys is looking to establish whether the seabed off the western port city is indeed holding Greece’s second major oil reserve, as indicated by geological findings.
It is noted that revenues for the Greek state from every 100-million-barrel reserve are estimated at 300 million euros per year (or about 0.2 percent of gross domestic product) over 25 years.
Jordan presses Israel for concessions - FINANCIAL TIMES
Amman seek to mitigate backlash against Leviathan deal
25.09.2016 by John Reed in Amman
Jordan is pressing Israel for trade and financial concessions before it signs off on a groundbreaking but politically sensitive multibillion-dollar agreement to buy gas from the offshore Leviathan field, a Jordanian government minister said.
Jordan signed a letter of intent in 2014 to import some 1.6 trillion cubic feet from Leviathan, located off Haifa, over 15 years for its National Electric Power Co in a deal valued at some $15bn at the time.
Investors in the Leviathan consortium, led by Houston-based Noble Energy and Israel’s Delek, are touting the proposed deal, along with plans to sell the offshore field’s gas to Egypt, as a geopolitical game-changer that would help to transform Israel’s fraught relations with its Arab neighbours.
25.09.2016 by John Reed in Amman
Jordan is pressing Israel for trade and financial concessions before it signs off on a groundbreaking but politically sensitive multibillion-dollar agreement to buy gas from the offshore Leviathan field, a Jordanian government minister said.
Jordan signed a letter of intent in 2014 to import some 1.6 trillion cubic feet from Leviathan, located off Haifa, over 15 years for its National Electric Power Co in a deal valued at some $15bn at the time.
Investors in the Leviathan consortium, led by Houston-based Noble Energy and Israel’s Delek, are touting the proposed deal, along with plans to sell the offshore field’s gas to Egypt, as a geopolitical game-changer that would help to transform Israel’s fraught relations with its Arab neighbours.
Energy cooperation can serve as an incentive to solve the Cyprus issue, President says - FAMAGUSTA GAZETTE / CNA
FAMAGUSTA GAZETTE
Sunday, 25 September, 2016
Cyprus' relations with Israel and trilateral synergies that have developed constitute a shield of security and stability, President of Cyprus Nicos Anastasiades stressed whilst addressing the American Jewish Committee Award Presentation, in New York.
He pointed out that energy is one of the founding pillars of the trilateral synergies which are of inclusive nature and that energy cooperation can serve as a perfect incentive for the resolution of the Cyprus problem.
On Friday the American Jewish Committee (AJC) bestowed upon President Anastasiades the "Light Unto The Nations Award, attributed to personalities who have been tested and proved themselves as regards their sincere and genuine friendship towards the State of Israel.
Sunday, 25 September, 2016
Cyprus' relations with Israel and trilateral synergies that have developed constitute a shield of security and stability, President of Cyprus Nicos Anastasiades stressed whilst addressing the American Jewish Committee Award Presentation, in New York.
He pointed out that energy is one of the founding pillars of the trilateral synergies which are of inclusive nature and that energy cooperation can serve as a perfect incentive for the resolution of the Cyprus problem.
On Friday the American Jewish Committee (AJC) bestowed upon President Anastasiades the "Light Unto The Nations Award, attributed to personalities who have been tested and proved themselves as regards their sincere and genuine friendship towards the State of Israel.
EU supporting Egypt with €200m for ongoing energy projects: EU delegation deputy head - MENAFN / DAILY NEWS EGYPT
25/09/2016
(MENAFN - Daily News Egypt) All grants from the European Union to Egypt for ongoing projects in the energy sector will amount to a total of approximately 200m, according to Reinhold Brender, deputy head of the EU delegation to Egypt.
Financial support from the EU significantly helped Egypt design its new Integrated Sustainable Energy Strategy for 2035, Brender explained in an interview with Daily News Egypt on the sidelines of a conference on the sustainable energy strategy. This conference took place last week and was co-organised by the EU under the patronage of the Egyptian prime minister.
(MENAFN - Daily News Egypt) All grants from the European Union to Egypt for ongoing projects in the energy sector will amount to a total of approximately 200m, according to Reinhold Brender, deputy head of the EU delegation to Egypt.
Financial support from the EU significantly helped Egypt design its new Integrated Sustainable Energy Strategy for 2035, Brender explained in an interview with Daily News Egypt on the sidelines of a conference on the sustainable energy strategy. This conference took place last week and was co-organised by the EU under the patronage of the Egyptian prime minister.
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