Eastern Mediterranean Developments - ATLANTIC COUNCIL

Global Energy Debates and the Eastern Mediterranean, Chapter 6 -  Joint Publication by: PRIO Cyprus Centre, Friedrich Ebert Stiftung & Atlantic Council

Charles Ellinas

During the last 16 months the oil and gas sector has undergone dramatic change. The price downturn is quite serious but in the East Mediterranean we do not seem to worry about this. We carry on as if price is not an issue. However, sooner or later any East Med gas export plans will have to face up to this situation and respond to commercial realities if they are to move forward and reach and pass the point of final investment decision (FID). And it must be borne in mind that banks and the industry will only support projects with low risk and clear commercial returns.

At The Economist’s 11th Cyprus Summit on 3rd November 2015, Noble Energy’s representative said the company was still in the process of agreeing the Aphrodite development plan with Cyprus government and hoped to complete this during the next few months. There are export markets available in Egypt, partly for Egypt’s domestic market and partly for export to Europe as LNG. Following Egypt’s discovery of Zohr, many said that this has killed the market for others. But Noble Energy considers these reports to be greatly exaggerated. According to Noble there are still markets in Egypt for Cyprus gas and it is working with the government of Cyprus on these. The market in Cyprus is too small and hence not sufficient to support the development of Aphrodite. But gas will come to Cyprus once an export project has been identified.

TransGlobe’s Egyptian assets to reach oil production targets - ECOFIN AGENCY

Friday, 23 December 2016 - 16:06
Anita Fatunji

(Ecofin Agency) - Canadian-based TransGlobe Energy in its update on Egyptian assets for the fourth and last quarter in 2016, announced that the North West Gharib (NWG) development plan for the NWG 3, NWG 16 and NWG 38 area was approved in early December.

The company said it completed the NWG 3 Early Production Facility (EPF) in mid-December and targets first production from NWG 3 at an estimated preliminary rate of 500 to 700bpd while the adjacent NWG 38 discovery well’s pipeline has been connected to the EPF and is expected to begin production before 2016 year-end.

Southern Gas Corridor already raised over 50% of money needed until 2020 - ABC.AZ

23.12.2016 16:40
Baku, Fineko/abc.az.

CJSC Southern Gas Corridor (CQD/SGC) has already raised more than 50% of financing required until 2020.

SGC general director Afghan Isayev has stated that out of $11.9 bn on which the Southern Gas Corridor should be financed in 2014-19, it has been already raised $6 bn, including $2 bn in 2016.

He pointed out that the Asian Development Bank has given a loan for 15-year period under governmental guarantee for $500 million and $526 million under 15-year guarantee on syndicated lending. The International Bank for Reconstruction & Development (IBRD), part of the World Bank Group gave $400 million for 30-year term and the Multilateral Investment Guarantee Agency (MIGA), another member of the Group, provided $750 million of guarantees for syndicated lending for 15-year period. In turn, the Asian Infrastructure Investment Bank (AIIB) gave a loan in the amount of $600 million for 30 years.

Port deal will allow Total to drill on schedule - CYPRUS MAIL

December 23, 2016

Elias Hazou
A DEAL has been struck between the consortium holding the marine services concession at the port of Limassol and EDT Offshore, allowing French oil major Total to drill its first exploratory well on schedule.

The development means that EDT, can via their port facilities, provide onshore logistical support to Total who plan to drill around April next year.

The breakthrough, which sources said came after ‘marathon negotiations’ between EDT and P&O Maritime – the co-concession holders at Limassol port along with G.A.P. Vassilopoulos – was achieved.

Cyprus awards 'confirm ENI's East Med strategy': Descalzi - NATURAL GAS WORLD

Eni CEO Claudio Descalzi

December 23rd, 2016, 8:00am

Mark Smedley

Eni commented December 22 on the two exploration blocks offshore Cyprus awarded the day before in the country’s third licensing round.

It was awarded both as operator: block 6 will be held 50-50% with Total, while Eni will have a 100% interest in block 8.

Eni said the areas have geological affinities with those successfully explored by Eni offshore Egypt, with the discovery of the Zohr super-giant gas field.

Turkey's first FSRU opened, ready to boost energy supply security by 20M cbm daily - DAILY SABAH

23.12.2016

Turkey's first ever floating storage re-gasification facility (FSRU) offers alternative supplies to diversify Turkey's energy resources and allows for flexibility in meeting the country's energy needs. (AA)

Turkey's first floating natural gas storage and regasification unit (FSRU), which will compress an additional 20 million cubic meters of gas per day, opened on Friday in Aliağa, İzmir, with a ceremony attended by President Recep Tayyip Erdoğan and Prime Minister Binali Yıldırım

Expected to contribute more than 5 billion cubic meters (BCM) of natural gas to Turkey's annual gas supply, the GDF Suez Neptune plant, Turkey's first liquefied natural gas (LNG) Floating Storage Regasification Unit (FSRU), opened on Friday with a grand ceremony attended by President Recep Tayyip Erdoğan, Prime Minister Binali Yıldırım and Energy and Natural Resources Minister Berat Albayrak.

Egypt seeks to import crude directly from Iraq - HYDROCARBON PROCESSING

12/23/2016Reporting by Amina Ismail; writing by Ahmed Aboulenein; editing by David Clarke and David Evans

CAIRO (Reuters) -- Egypt's Petroleum Minister Tarek El Molla said his country was seeking to reach an agreement with Iraq over importing crude oil directly and that he hoped to finalize the deal by the first quarter of 2017.

El Molla told reporters on the sidelines of a meeting of the Organization of Arab Petroleum Exporting Countries (OAPEC) that Egypt aims to import between 1 million and 2 million barrels per month from Iraq.

The move follows Saudi Arabia informing Egypt in last month that shipments of oil products expected under a $23 billion aid deal had been halted indefinitely.

Van Oord wins two contracts in Egypt - MARITIME JOURNAL

Van Oord will deploy a trailing suction hopper dredger
and a backhoe dredger to Egypt

22 Dec 2016
Larz Bourne

Dutch dredging and marine construction company Van Oord has been awarded two contracts by international contractor Subsea 7.

The assignments include the construction of a landfall and the execution of subsea rock installation works in Egypt. The projects are part of the West Nile Delta project, which comprises the development of a series of gas fields, located 65km off the northern coast of Egypt. The final client is oil and gas company BP. Preparations on site have already started.

The landfall scope of work consists of the installation of a cofferdam, trenching and pipe pull activities and will be executed in 2017. The landfall location is at the Burrulus terminal near Idku, 50km from Alexandria. Van Oord will deploy a trailing suction hopper dredger, a backhoe dredger and 600t winch. The flexible fallpipe vessel Stornes will be deployed to execute rock installation activities to prevent upheaval buckling.

Turkey's gas supplies struggling to meet soaring winter demand - sources - REUTERS

Thursday, 22 December 2016 08:16 GMT

Reporting by Orhan Coskun; Writing by Humeyra Pamuk; Editing by David Dolan

ANKARA, Dec 22 (Reuters) - Turkey's daily natural gas consumption has risen to more than 200 million cubic meters due to increased household demand in cold weather and is outpacing supply, energy industry sources said on Thursday.

To help ease demand, Turkey's state pipeline operator Botas has cut supply to gas-fired power plants by 90 percent and advised several industrial companies to reduce non-critical production, energy sources said.

There are currently no issues in gas flows from foreign supplies such as those from Russia, Iran and Azerbaijan, energy sources said, adding that deliveries of liquefied natural gas (LNG) due in a few days could help meet demand.

GasLog Ltd. (GLOG) Enters Agreement For FSRU Project With Gastrade - STREET INSIDER

December 22, 2016 6:54 AM EST 

GasLog Ltd. (NYSE: GLOG) today announces that a wholly owned subsidiary of GasLog has entered into a sale and purchase agreement (“SPA”) to acquire a twenty percent (20%) shareholding in Gastrade S.A. (“Gastrade”). Gastrade is licensed to develop an independent natural gas system offshore Alexandroupolis in Northern Greece utilizing a floating storage and regasification unit (“FSRU”) along with other fixed infrastructure.

Gastrade is a private limited company, incorporated in Greece and wholly owned by Asimina-Eleni Copelouzou. Gastrade has been involved in the development of this FSRU project over a number of years. Closing of the SPA acquisition is subject to the satisfaction of certain closing conditions set out in the transaction documents. GasLog, as well as being a shareholder, will provide operations and maintenance (“O&M”) services for the FSRU through an O&M agreement.

Turkish upheaval presents energy security risks - THE HILL

12/21/16 11:00 AMBrenda Shaffer, Contributor

The tragic execution this week of Russia’s ambassador to Turkey, combined with two recent major terrorist attacks on Turkish soil, demonstrate that forces are working hard to destabilize the country.

While it’s well understood that major upheaval in Turkey would have monumental regional and global security consequences, it’s important to also pay attention to the serious implications for the global oil market and European energy security.

Turkey is arguably the global oil industry’s most important non-producing country because of its role as a critical oil transit state. On a daily basis, about five percent of the global oil supply passes through Turkey, and it is situated next to major oil producing regions — Russia, the Caspian and the Middle East — and also next to Europe, which is a major oil importer.

Greece interested in Iran’s gas - TEHRAN TIMES

December 21, 2016EF/MA

TEHRAN – Greece's Alternate Foreign Minister for European Affairs George Katrougalos (R) voiced his country’s interest in purchasing Iranian gas, Shana reported on Tuesday.

The Greek official made the remarks in a meeting with Iranian Deputy Oil Minister for International Affairs and Trading Amir-Hossein Zamaninia (L).

He called for expansion of energy ties between the two countries saying, “Greek companies are interested in Iran’s gas sector and refining industry and we are willing to purchase Iranian gas.”

AIIB Approves $600Mln Loan to Azerbaijan for TANAP Gas Pipeline Construction - SPUTNIK NEWS

21.12.2016,18:19

The Board of Directors of the Asian Infrastructure Investment Bank (AIIB) approved Wednesday the allocation of $600 million to Azerbaijan for the construction of the Trans-Anatolian Natural Gas Pipeline (TANAP), the bank said in a press release.

The loan is the biggest ever approved by the AIIB, according to the press release, in which it was added that the investment in TANAP contributed to the integration of Azerbaijan into new markets and to the increase of Turkish energy security. It is also to be beneficial for Europe. 

Earlier in the day, the World Bank approved a $400-million loan to Azerbaijan and a $400-million loan to Turkey for the TANAP construction. 

ExxonMobil takes block 10 - IN CYPRUS / CYPRUS WEEKLY

December 21, 2016

Block 10 was awarded to ExxonMobil Exploration and Production Cyprus (Offshore) Limited / Qatar Petroleum International Upstream O.P.C. during Wednesday’s cabinet decision regarding the third licencing round for hydrocarbon exploration.

Bringing the third licensing round one step closer to completion and taking into account Energy Minister, Giorgos Lakkotrypis’ recommendations as well as the preparatory report of the technical Advisory Committee on Hydrocarbons, the cabinet has chosen the following applicants for negotiations on the terms and provisions of the contracts:

• Block 6: Eni Cyprus Limited / Total E&P Cyprus B.V.
• Block 8: Eni Cyprus Limited
• Block 10: ExxonMobil Exploration and Production Cyprus (Offshore) Limited / Qatar Petroleum International Upstream O.P.C.

Cyprus begins negotiations for blocks 6, 8 & 10 in its declared EEZ

TEKMOR Note: The Cypriot minister George Lakkotrypis just announced that the Republic of Cyprus will be entering into negotiations in the framework of Cyprus' 3rd licensing round as follows:

Block 6 - ENI-Total
Block 8 - ENI
Block 10 - ExxonMobil - Qatar Petroleum

Natural Gas Act moving along at House of Representatives - ENTERPRISE

Wednesday, 21 December 2016

The House of Representatives’ committee on energy is holding sessions to discuss the new Natural Gas Act, Al Shorouk reported. The legislation aims to deregulate Egypt’s natural gas industry and help turn Egypt into a regional energy hub. MPs said that they hope to deregulate the market gradually, in tandem with the gradual subsidy phase-out.

NOC confirms re-opening of Shahara and El-Feel fields - NATIONAL OIL CORP. LIBYA

20 December 2016
Tripoli 

Libya’s National Oil Corporation confirmed today the reopening of pipelines connecting the Sharara oil field to Zawiya refinery, and the El-Feel oil field to the Mellitah complex. The pipelines had been blockaded at a key valve at the town of Rayayina since November 2014, in the case of the Sharara line, and since April 2015, in the case of the El-Feel line.

“I welcome the statement by the Rayayina Patrols Company of the Petroleum Facilities Guard, Western Branch, announcing lifting of the blockade on all the pipelines" said NOC chairman Mustafa Sanalla.

“I want to thank all the parties involved in making this happen,” “Everybody realized that the only route to rebuilding Libya is through cooperation between us as Libyans.”

“There were no payoffs and no backroom deals. For the first time in nearly three years all our oil can flow freely. I hope this marks the end of the use of blockade tactics in our country.”

Turkey extends gas cuts to power plants - ARGUS

20 Dec 2016, 2.25 pm GMT

London, 20 December (Argus) — Turkish gas grid operator Botas has instructed state-run and independent gas-fired power plants to limit their contractual gas use further to just 25pc as of tomorrow at 08:00 local time (05:00 GMT).

Botas had instructed private power plants to halve their gas use as of 14 December, while the state-run Euas and Tetas plants have halved their gas consumption since 24 November, following a drop in Iranian gas flows into Turkey on 22 November.

Gas burn for power fell to 19.8mn m³/d on 14-18 December — or just 10.2pc of total gas use — from 36.2mn m³/d – or 18.8pc of the total — earlier in the month, energy ministry data show.

Implementation of Turkish Stream Project Requires $7.3Bln Investment - SPUTNIK NEWS

20.12.2016, 19:41 

7 billion euros ($7.3 billion) of investments needed for the full implementation of the Turkish Stream gas pipeline project, according to an explanatory document to the draft bill on ratification of the Turkish Stream intergovernmental agreement. 

MOSCOW (Sputnik) — The full implementation of the Turkish Stream gas pipeline project requires 7 billion euros ($7.3 billion) of investments taking into account the financial losses sustained as a result of the frozen South Stream project, an explanatory document to the draft bill on ratification of the Turkish Stream intergovernmental agreement said. 

Shell offers Rosetta concession for sale - DAILY NEWS EGYPT

Tuesday December 20, 2016

Mohamed Adel

The government owes Shell $1.3bn for their share of the gas field, says source

The Dutch Shell Company has offered the Rosetta concession in Rashid for sale to any foreign company.

A source close to the company told Daily News Egypt that Shell decided not to carry out any development operations in Rosetta. “Development will be expensive with almost no economic feasibility, considering the price of gas produced there,” he explained.

He said the Rosetta field currently produces 40 million cubic feet of gas per day and will stop producing by July as the natural decay of productivity is not offset by development.

Corporate Update - ROCKHOPPER EXPLORATION PLC

20 December 2016

Abu Sennan, Egypt (RKH 22% working interest)

During the second half of 2016, both the Al Jahraa SE-1X exploration well and the ASH-1X ST2 development wells were brought onto production with additional zones in the wells to be brought into production at a later date.

A new development lease of c.30 square km was awarded around the Al Jahraa SE-1X well with EGPC attributing gross reserves of over 9 MMSTB to the development area.

Subject to Operating Committee approval, the Company expects two firm development wells to be drilled on the Al Jahraa field during the first half of 2017. These wells are aimed at maintaining production levels by offsetting natural decline from existing wells within the concession.

In addition, the Company imminently expects to receive final ratification for a 5-year extension to the Abu Sennan exploration licence. Once approved, the Company will undertake to participate in at least two exploration wells over the next 3 years at a commitment (net to Rockhopper's 22% working interest) of approximately $1.3 million.

Gazprom May Lose Shares in Turkey's Largest Private Importer of Russian Gas - SPUTNIK NEWS

20.12.2016, 11:49 
Alexei Danichev

Russian energy giant Gazprom may lose its shares in Akfel Holding, the largest private importer of Russian gas to Turkey, which was recently nationalized. 

MOSCOW (Sputnik) — Earlier in December, Turkish authorities decided to take the company under the state control and removed the board of directors, with Gazprom's status in the company becoming unclear. 

"We have been simply deprived of the most effective and profitable gas seller in Turkey," the source, familiar with the matter said, as quoted by the Kommersant newspaper. 

According to the newspaper, Turkey's Savings Deposit Insurance Fund (TMSF) currently "performs the functions of the stakeholders." The TMSF has unofficially informed Gazprom about it's new functions, the paper reported. 

Delek: Talks with Union Fenosa continue - GLOBES

19 Dec, 2016 15:39
Nati Yefet

Delek has rubbished an Egyptian media report that UFG's partner ENI, instead of the Tamar partners, will export gas to the Al Shorouk liquefaction plant.

Delek Group Ltd's. (TASE: DLEKG) natural gas exploration and production units Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L) issued a clarification this morning, that talks continue with Union Fenosa Group (UFG) which co-owns a gas liquefaction plant in Egypt together with Italian company ENI. This clarification follows a report in Egypt's Daily News website that ENI, which owns 60% of the Al-Shorouk gas field (TEKMOR Note: Zohr field in the Shorouk concession, Rosneft 30%, BP 10%), is to lay a pipeline to the liquefaction facility and export 8.2 BCM of gas. The report would apparently undermine the possibility that the Tamar partners would export gas to the liquefaction facility.

The announcement said that the report in their 2015 annual statement about the signing of a binding letter of intent (LOI) on gas exports to the liquefaction facility, is still valid, and talks between the parties continue. "As for the media reports, the partners seek to clarify that contrary to the implications of these reports, and following clarifications received from UFG, the parties continue with ongoing negotiations aimed at reaching a binding agreement for natural gas supply from the Tamar project to UFG's existing liquefaction facilities in Egypt."

EGPC poses tender to replace Aramco fuel shipments in January - DAILY NEWS EGYPT

Tuesday December 19, 2016

Mohamed Adel

The Egyptian General Petroleum Corporation is set to pose a tender to supply all needs of the domestic market of petroleum products in January, replacing the Saudi Aramco shipments, which were halted since October. A government source told Daily News Egypt that Aramco’s contract to supply 700,000 tonnes of petroleum products per month was stopped, …

The Egyptian General Petroleum Corporation is set to pose a tender to supply all needs of the domestic market of petroleum products in January, replacing the Saudi Aramco shipments, which were halted since October.

A government source told Daily News Egypt that Aramco’s contract to supply 700,000 tonnes of petroleum products per month was stopped, with no talks of resuming it. He added that Egypt is now on the lookout for an alternative source of fuel with a facilitated payment option.

Clarification Concerning Reports in the Press - DELEK GROUP

Tel Aviv, December 19, 2016

Delek Group (TASE: DLEKG, US ADR: DGRLY) (“the Company”) provides below an Immediate Report published by both Avner Oil Exploration Limited Partnership and Delek Drilling Limited Partnership (“the Partnerships”), which addresses and clarifies on publications made in the press concerning the negotiations between the Tamar Partners and Union Fenosa Gas SA (“UFG”), to achieve a binding agreement for the supply of natural gas from the Tamar Project for the existing UFG liquefaction installations in Egypt.

Further to Section 7.13.5(a)(2) of the periodic report of the Partnerships as of December 31, 2015, as released on March 28, 2016 regarding a letter of intent executed between the Tamar partners and Union Fenosa Gas SA ("UFG"), under which the parties are negotiating a binding agreement for the supply of natural gas from the Tamar project to UFG, for the purpose of feeding the existing UFG liquefaction plants in Egypt, and in response to reports in the media, the Partnerships wishes to clarify that, contrary to implications arising from the said reports, and following clarifications received from UFG on the matter, the parties are even now continuing to conduct negotiations on a continuous basis with the aim of reaching a binding agreement for the supply of natural gas from the Tamar project to the existing UFG liquefaction plants in Egypt.

Eni agrees with government to export part of Zohr field production via Damietta processing plant - ENTERPRISE

Monday, 19 December 2016

Eni has reached an agreement with the government to export some of the gas produced from the Shorouk concession’s Zohr gas field through the processing plant in Damietta, Al Borsa reported. Eni is planning a ground pipeline connecting the Zohr field to the plant, from which the gas would then be exported to Europe, the sources added. Russian media reports had speculated last week that Rosneft is also planning to set up its own pipeline in the mediterranean to export gas from the Zohr field to Europe.

TEKMOR Note: Rosneft probably eyeing a larger-capacity (with an additional line) East Med pipeline, currently planned for 8 bcm annually.

Libya Halts Relaunch of Oil Production at Western Fields - WALL STREET JOURNAL

Dec. 18, 2016 2:19 p.m.
BENOIT FAUCON and HASSAN MORAJEA

Opposition from local militia led to risk of a blockade, oil official says

Libya’s National Oil Co. has for now stopped the relaunch of production at oil fields in the country’s west, Libyan officials said Sunday, after a militia threatened to block the petroleum from reaching the market.

The aborted restart is a blow for Libya’s oil industry, which has been counting on the country’s big western fields to kick-start its comeback. A pipeline that can transport over 400,000 barrels a day from two western fields had partly reopened on Wednesday, but efforts to send that oil to coastal ports are now off, oil officials said.

Oil traders are closely watching Libyan output. The country is a member of the Organization of the Petroleum Exporting Countries, but it was exempted from the cartel’s recent deal to cut production because its output has been disrupted in recent years, falling to less than 300,000 barrels a day at times this year, compared with its height of over 1.6 million barrels a day during dictator Moammar Gadhafi’s reign.

Oil Ministry makes USD 100 mn payment to smaller IOC - ENTERPRISE

Sunday, 18 December 2016

The Oil Ministry made a USD 100 mn payment to IOCs for overdue receivables, Al Mal reported. The payment was not made to major operators, but to smaller companies, including Circle Oil, TransGlobe Energy, and SDX, a source said. The source noted specifically that Circle Oil got 30% of its total receivables with a payment of USD 12-15 mn. Major players BP, Shell, Eni, and Apache are due a payment soon, the source added. EGPC said it will begin making monthly payments to the IOCs starting from 2017.

Minister of Petroleum follows up on development of Zohr field - ENERGY EGYPT

December 18, 2016

Minister of Petroleum and Mineral Resources, Eng. Tarek El Molla, met with the Higher Committee, comprised of the Egyptian General Petroleum Corporation (EGPC), the Egyptian Natural Gas Holding Company (EGAS), Petrobel, and Italy’s Eni, to follow up on the development of the Zohr field project. EGAS Chairman Eng. Mohamed Al-Masry, EGPC Chairman Eng. Tarek El Hadidy, Petrobel’s Chairman Eng. Atef Hassan, Petrojet’s Chairman Eng Mohamed Shemi, Enppi’s Chairman Eng. Mohamed Hathot, Eng. Adriano Mongini and Eng. Antonio Villa, representing Eni and IEOC, as well as representatives from Saipem were all present at the meeting.

Eng. Tarek El Molla said That Zohr field is a producing almost 900 million cubic feet of gas per day and will top 1 billion cubic feet per day in the end of 2017, and the development plan for the field to increase production will top 1 billion cubic feet per day in the end of 2019.

Decision to Carry Out Drilling of Leviathan-5 - DELEK GROUP

Tel Aviv, December 18, 2016

Delek Group (TASE: DLEKG, US ADR: DGRLY) (“the Company”) provides below an Immediate Report just submitted by each of Delek Drilling Limited Partnership and Avner Oil Exploration Limited Partnership ("the Partnerships") concerning the decision of the Leviathan Partners, including the Partnerships, to carry out an appraisal and production well at Leviathan-5 in the area of the Leviathan North I/15 lease.Economic working interest of the Company in the drilling budget: 25.65%. Economic working interest of the Company in future revenues from the well: before return of investment - 22.28%; after return of investment - 22.95%, taking royalties into account.

Pursuant to what was stated in the Partnerships' Annual Reports dated December 31, 2015 that were published on March 28, 2016 ("Annual Reports"), concerning the scheduled work plan for the Leviathan Project located in the area of Leviathan I/14 and Leviathan North I/15 leases ("the Leviathan Project" or "Leviathan Field" and "Leviathan Leases" respectively), announces that on December 15, 2016 the Leviathan Partners took a decision in respect of carrying out an appraisal and production well at Leviathan-5 in the area of the Leviathan North Lease I/15 ("Leviathan-5 Well" or "the Well").
Additional details follow concerning the Well:

Greece-Israel-Cyprus Relations: Ripe for Expansion? - JERUSALEM CENTER FOR PUBLIC AFFAIRS (JCPA)

December 18, 2016
Dr. George Voskopoulos

Institute for Contemporary Affairs, Founded jointly with the Wechsler Family Foundation

Vol. 16, No. 20

• Relations with Greece and Cyprus provide Israel with allied neighbors and bring Israel closer to Europe in terms of security, trade, and energy.

• Israel, Greece, and Cyprus are the only working democracies in a region of undemocratic, semi-democratic, and failing states. This is a powerful motivating factor for cooperation.

• Israeli-Greek relations have advanced to a degree where the militaries’ air forces and navies are conducting joint operations and joint maneuvers.

• Israel expressed deep gratitude to both countries for sending fire-fighting aircraft when widespread fires hit Israel in November 2016.

• Greece, Israel, and Cyprus have decided to formalize their proposal for the construction of a pipeline from gas fields off the coast of Israel. The three democratic countries can guarantee in the long-term a secure means of delivery in an effort to minimize Europe’s dependence on Russian gas.

House approves in principle the deregulation of the natural gas industry - ENTERPRISE

Sunday, 18 December 2016

Deregulation of the natural gas industry is one very big step closer to being a reality after the House of Representatives gave its preliminary approval on Thursday to the Natural Gas Act. The deregulation of the sector is now one full vote away from becoming a reality. 

The law will come into effect and new licenses to operate will be issued in 2017, said Oil Minister Tarek El Molla, according to Al Shorouk. 

The ministry is currently working on the law’s executive regulations. Al Masry Al Youm carries what it says is a rundown on key features of the law — take them with a grain of salt, but they are in line with our expectations, if incomplete. 

Highlights:

BP to produce 600 mcf/d from North Alexandria concession by June - ENTERPRISE / AL BORSA

Sunday, 18 December 2016

BP expects to begin producing 600 mcf/d of natural gas from its North Alexandria offshore concession by June, Al Borsa reported. 

The Fayoum and Giza fields are expected to come on stream in 1Q2019 and will produce at 400 mcf/d, BP’s ‎North Africa Regional President Hisham Mekawi said. 

He added that the Raven field should also begin producing around 350 mfc/d by 3Q2019.