18.2.2017
Mohamed Farag
Propylene production studies to be completed next month in cooperation with Technip, Salah
The Egyptian Petrochemicals Holding Company (ECHEM) is considering the implementation of four projects to produce derivatives of propylene, ammonium, formaldehyde, and medium density fiberboard (MDF) with investments amounting to $5bn.
Business development engineer at the company Nouran Salah said that ECHEM will complete the technical and financial studies for the propylene production projects next month, in cooperation with the consulting firm Technip.
Saturday, February 18, 2017
ECHEM considering implementing four projects worth $5bn - DAILY NEWS EGYPT
Friday, February 17, 2017
Wells in Turkey are Outperforming the STACK: TransAtlantic Petroleum CEO - OIL & GAS 360
February 17, 2017
It’s like being in the Midland, but with better financial terms – TransAtlantic discusses its operations in Turkey
The last nine years have been marked by explosive growth in the North American oil and gas sector, but many companies continue to exploit hydrocarbon resources successfully in other parts of the world as well. TransAtlantic Petroleum (ticker: TAT) is one such company, with operations in Turkey, Albania and Bulgaria, and some of the well results reported by the company have outperformed those in some of the most prolific plays in the United States.
“These are high net-revenue, large contiguous lease blocks at the center of a petroleum basin, which would be similar to being in the center of the Midland Basin,” TransAtlantic Chairman and CEO Malone Mitchell III told Oil & Gas 360® speaking about the company’s assets in Turkey.
It’s like being in the Midland, but with better financial terms – TransAtlantic discusses its operations in Turkey
The last nine years have been marked by explosive growth in the North American oil and gas sector, but many companies continue to exploit hydrocarbon resources successfully in other parts of the world as well. TransAtlantic Petroleum (ticker: TAT) is one such company, with operations in Turkey, Albania and Bulgaria, and some of the well results reported by the company have outperformed those in some of the most prolific plays in the United States.
“These are high net-revenue, large contiguous lease blocks at the center of a petroleum basin, which would be similar to being in the center of the Midland Basin,” TransAtlantic Chairman and CEO Malone Mitchell III told Oil & Gas 360® speaking about the company’s assets in Turkey.
Gazprom wants to keep EU market share, block Trans-Balkan pipe route - NEW EUROPE
FEBRUARY 17, 2017, 13:34
Kostis Geropoulos
Russia is likely to maintain some gas transit through Ukraine even if Turkish Stream and Nord Stream 2 pipelines are built, energy expert Peter Poptchev told New Europe.
“Russia would not mind transiting ‘some’ gas through Ukraine – after it would have realised – if at all – Turkish Stream and Nord Stream 2,” said Poptchev, who served as ambassador-at-large for energy security at the Bulgarian Ministry of Foreign Affairs when the Balkan country negotiated the now-cancelled South Stream pipeline with Gazprom.
Kostis Geropoulos
Russia is likely to maintain some gas transit through Ukraine even if Turkish Stream and Nord Stream 2 pipelines are built, energy expert Peter Poptchev told New Europe.
“Russia would not mind transiting ‘some’ gas through Ukraine – after it would have realised – if at all – Turkish Stream and Nord Stream 2,” said Poptchev, who served as ambassador-at-large for energy security at the Bulgarian Ministry of Foreign Affairs when the Balkan country negotiated the now-cancelled South Stream pipeline with Gazprom.
Thursday, February 16, 2017
Mideast Monitor: What's next for Sisi's Egypt? - JERUSALEM POST
Egyptian president Abdel Fattah al-Sisi (REUTERS) |
Bruce Maddy-Wetzman
While Sisi’s rule does not appear to be in imminent danger, it is unwise to ignore the real and multiple difficulties confronting Egyptian society.
EGYPT’S PRESIDENT Abdel Fattah al-Sisi has now been in power for three and a half years. In consolidating his rule, Sisi has based his claim to legitimacy on a formula familiar to authoritarian regimes: wrapping oneself in the flag of patriotism, along with promises for economic betterment and stability for the population in return for its acquiescence to a de-politicization of society. Also in use is harsh repression of political opposition, severe checks on independent civil society organizations, including the media, and restrictions on judicial independence.
Israel's gas royalties up 8.5% in 2016 - GLOBES
16 Feb, 2017 7:06
Nati Yefet
Royalties from the Tamar reservoir rose 7%, despite the fall in the price of natural gas.
Natural gas royalties from the Tamar reservoir totaled NIS 819 million in 2016 (Note: €1=3,93 NIS, $1=3,70 NIS), accounting for most of the royalties from natural resources in that year. 2016 natural resources royalties totaled NIS 854 million, up 8.5%, compared with NIS 788 million in 2015. Additional natural gas royalties came from the Yam Tethys (NIS 1.8 million), Meged (NIS 4.7 million), Heletz (NIS 313,000), and Tamrur Cliff (NIS 11,000) gas fields.
According to the Ministry of National Infrastructure, Energy, and Water Resources, royalties from Tamar grew 7%, despite the fall in the price of natural gas. Fees from various projects totaled NIS 5 million.
Nati Yefet
Royalties from the Tamar reservoir rose 7%, despite the fall in the price of natural gas.
Natural gas royalties from the Tamar reservoir totaled NIS 819 million in 2016 (Note: €1=3,93 NIS, $1=3,70 NIS), accounting for most of the royalties from natural resources in that year. 2016 natural resources royalties totaled NIS 854 million, up 8.5%, compared with NIS 788 million in 2015. Additional natural gas royalties came from the Yam Tethys (NIS 1.8 million), Meged (NIS 4.7 million), Heletz (NIS 313,000), and Tamrur Cliff (NIS 11,000) gas fields.
According to the Ministry of National Infrastructure, Energy, and Water Resources, royalties from Tamar grew 7%, despite the fall in the price of natural gas. Fees from various projects totaled NIS 5 million.
Egypt oil production needs 21st century revamp: executive - PLATTS
Cairo (Platts) 16 Feb 2017 842 am EST/1342 GMT
Nick Coleman, Edited by Maurice GellerEgypt needs to rethink the joint venture model that has governed its onshore oil industry for the past half century as part of wider reforms to the economy, according to James House, senior region vice president for the country's largest international oil producer, Apache.
At a conference in Cairo this week, House told journalists Apache would increase its capital spending in Egypt this year from last year's level, which was around $300 million, as it takes on new concessions and steps up seismic acquisition.
Egypt will reach natural gas self-sufficiency by 2018 -EGAS - ENTERPRISE / REUTERS
Thursday, 16 February 2017
Egypt aims to reach natural gas self-sufficiency in 2018, EGAS Chairman Mohamed El Masry told Reuters’ Arabic Service. The private sector will be able to import natural gas for industries through new regulations by 2018 or possibly before then, he added. A large portion of the gap between supply and demand will be filled when the Zohr field begins production at the end of the year, he said.
Egypt aims to reach natural gas self-sufficiency in 2018, EGAS Chairman Mohamed El Masry told Reuters’ Arabic Service. The private sector will be able to import natural gas for industries through new regulations by 2018 or possibly before then, he added. A large portion of the gap between supply and demand will be filled when the Zohr field begins production at the end of the year, he said.
Wednesday, February 15, 2017
Leviathan Gears Up For Development Phase As Sanctioning Nears - HART ENERGY
Wednesday, February 15, 2017 - 4:07pm
Velda Addison
Work to develop the gigantic Leviathan Field in the Mediterranean Sea offshore Israel is progressing with project sanctioning expected sometime this quarter.
Noble Energy Inc. (NYSE: NBL) delivered an update on the field, which holds about 622 Bcm (22 Tcf) of natural gas, during a conference call Feb. 14 after releasing its fourth-quarter 2016 results and outlook for this year.
“We’re moving into the development phase now,” said J. Keith Elliott, senior vice president for Noble’s Eastern Mediterranean assets. “We have started procurement of the raw materials for both the subsea and the platform construction project.”
Velda Addison
Work to develop the gigantic Leviathan Field in the Mediterranean Sea offshore Israel is progressing with project sanctioning expected sometime this quarter.
Noble Energy Inc. (NYSE: NBL) delivered an update on the field, which holds about 622 Bcm (22 Tcf) of natural gas, during a conference call Feb. 14 after releasing its fourth-quarter 2016 results and outlook for this year.
“We’re moving into the development phase now,” said J. Keith Elliott, senior vice president for Noble’s Eastern Mediterranean assets. “We have started procurement of the raw materials for both the subsea and the platform construction project.”
Eni, BP pouring more investment into Egypt than anywhere else - WORLD OIL
2/15/2017
Salma El Wardany, Sam Wilkin, Tamim Elyan
CAIRO (Bloomberg) -- Eni SpA will start producing from the giant Zohr natural gas field off Egypt’s Mediterranean coast by the end of 2017 and plans to invest $10 billion in the North African country over the next five years, CEO Claudio Descalzi said. Production plans for Zohr are on schedule, and Egypt will be Eni’s top country for investment in the next two years, Descalzi said at a conference in Cairo.
Salma El Wardany, Sam Wilkin, Tamim Elyan
CAIRO (Bloomberg) -- Eni SpA will start producing from the giant Zohr natural gas field off Egypt’s Mediterranean coast by the end of 2017 and plans to invest $10 billion in the North African country over the next five years, CEO Claudio Descalzi said. Production plans for Zohr are on schedule, and Egypt will be Eni’s top country for investment in the next two years, Descalzi said at a conference in Cairo.
BP Plc, which bought a 10% stake in Zohr from Eni last year, invested more in Egypt in 2016 than in any other country and will do so again this year, the company’s CEO Bob Dudley said at the same event.
Kerogen commits $50 mln to Energean Israel - THE PE HUB NETOWORK / ENERGEAN OIL & GAS
February 15, 2017
By Iris Dorbian
Kerogen Capital has agreed to invest $50 million in Energean Israel, an Energean subsidiary and operator of the Karish and Tanin gas fields in offshore Israel. After the closing of the deal, which will need to be approved by the Israeli government, Kerogen will own a 50 percent stake in Energean Israel.
PRESS RELEASE - ENERGEAN OIL & GAS
ATHENS, Greece–(BUSINESS WIRE)–Energean Oil & Gas (“Energean”) is pleased to announce that Kerogen Capital (“Kerogen”) has committed to invest an initial US$50 million in Energean Israel, a subsidiary of Energean, ahead of the planned $1.3 billion development of the Karish and Tanin gas fields, offshore Israel.
By Iris Dorbian
Kerogen Capital has agreed to invest $50 million in Energean Israel, an Energean subsidiary and operator of the Karish and Tanin gas fields in offshore Israel. After the closing of the deal, which will need to be approved by the Israeli government, Kerogen will own a 50 percent stake in Energean Israel.
PRESS RELEASE - ENERGEAN OIL & GAS
ATHENS, Greece–(BUSINESS WIRE)–Energean Oil & Gas (“Energean”) is pleased to announce that Kerogen Capital (“Kerogen”) has committed to invest an initial US$50 million in Energean Israel, a subsidiary of Energean, ahead of the planned $1.3 billion development of the Karish and Tanin gas fields, offshore Israel.
Noble, Barclays Work on $1 Billion Tamar Stake Saleby - BLOOMBERG
15 February 2017, 2:49 p.m. EET
Yaacov Benmeleh- Noble seeking to spin off stake into SPC, pay dividend
- Sale talks value Tamar gas field up to 20% more than last year
The company and its advisers -- which include another unidentified bank -- are approaching institutional investors for the sale, which may be worth between $1 billion and $1.1 billion, the people said, asking not to be identified as the talks aren’t public.
Noble is seeking to convert the stake into a special-purpose company and raise debt totaling about 50 percent to 60 percent of its value, one of the people said. This would be paid to shareholders as a dividend, the person said.
Revealed: Israel Pledged to Place Jordan’s Natural Gas Needs Before Its Own - HAARETZ
Feb 15, 2017 5:27 AMAvi Bar-Eli
Details of a letter to Amman, signed by Netanyahu and Energy Minister Steinitz, was obtained by Haaretz after the government refused to confirm it even exists.
Israel has committed to Jordan that it will give Jordanian natural gas needs preference over Israel’s in times of shortages, according to a letter signed by Prime Minister Benjamin Netanyahu and Energy Minister Yuval Steinitz.
Details of the letter, obtained by Haaretz columnist Nehemia Shtrasler, were published Tuesday in Haaretz’s Hebrew edition after government ministries refused to confirm that the letter existed at all.
The letter commits to Amman that the quantity of gas exported from the Leviathan offshore reserve will not drop under the contractually agreed volume for the duration of the 15-year contract.
Details of a letter to Amman, signed by Netanyahu and Energy Minister Steinitz, was obtained by Haaretz after the government refused to confirm it even exists.
Israel has committed to Jordan that it will give Jordanian natural gas needs preference over Israel’s in times of shortages, according to a letter signed by Prime Minister Benjamin Netanyahu and Energy Minister Yuval Steinitz.
Details of the letter, obtained by Haaretz columnist Nehemia Shtrasler, were published Tuesday in Haaretz’s Hebrew edition after government ministries refused to confirm that the letter existed at all.
The letter commits to Amman that the quantity of gas exported from the Leviathan offshore reserve will not drop under the contractually agreed volume for the duration of the 15-year contract.
EU gets wake-up call as Gazprom eyes rival TAP pipeline - EURACTIV / REUTERS
15.2.2017, 7:58
Georgi Gotev | EurActiv.com with Reuters
Russian gas from Turkish Stream could flow to the EU via the TAP pipeline. Gazprom plans to use Pioneering Spirit, the world’s largest construction vessel, to build Turkish Stream gas pipeline’s offshore section.
Gazprom’s bid to tap into a pipeline meant to wean Europe off Russian gas threatens to undermine a pillar of European energy policy and slow plans to develop rival deposits in the eastern Mediterranean.
As the European Union struggles against the “iron embrace” of Russian pipelines, it has made opening a new Southern Gas Corridor to carry gas from Azerbaijan by 2020 a priority.
Georgi Gotev | EurActiv.com with Reuters
Russian gas from Turkish Stream could flow to the EU via the TAP pipeline. Gazprom plans to use Pioneering Spirit, the world’s largest construction vessel, to build Turkish Stream gas pipeline’s offshore section.
Gazprom’s bid to tap into a pipeline meant to wean Europe off Russian gas threatens to undermine a pillar of European energy policy and slow plans to develop rival deposits in the eastern Mediterranean.
As the European Union struggles against the “iron embrace” of Russian pipelines, it has made opening a new Southern Gas Corridor to carry gas from Azerbaijan by 2020 a priority.
Labels:
Azerbaijan,
BP,
Cyprus,
Egypt,
EU,
EurActiv.com,
Fluxys,
Gazprom,
Israel,
Maros Sefcovic,
Nord Stream 2,
Russia,
Snam,
SOCAR,
Southern Gas Corridor (SGC),
Trans Adriatic Pipeline (TAP),
Turkey,
Turkish Stream
Tuesday, February 14, 2017
Libya's political chaos deepens - PETROLEUM ECONOMIST
Tunis, 14 February 2017Chris Stephen
An Islamist militia attack on the Sirte Basin was repulsed. But more conflict looks likely
A new offensive by Islamist militias to capture Libya's eastern oilfields has set back the state oil company's hopes that foreign firms will return to the country's upstream - and creates new doubts about its ability to sustain an oil-output recovery.
The Benghazi Defence Brigades, originally from Benghazi and now occupying the central towns of Houn and Waddan, launched an offensive on 9 February against the Libyan National Army (LNA), which has since September controlled the Sirte Basin, the prolific heartland of Libya's oil sector.
An Islamist militia attack on the Sirte Basin was repulsed. But more conflict looks likely
A new offensive by Islamist militias to capture Libya's eastern oilfields has set back the state oil company's hopes that foreign firms will return to the country's upstream - and creates new doubts about its ability to sustain an oil-output recovery.
The Benghazi Defence Brigades, originally from Benghazi and now occupying the central towns of Houn and Waddan, launched an offensive on 9 February against the Libyan National Army (LNA), which has since September controlled the Sirte Basin, the prolific heartland of Libya's oil sector.
Oil companies bullish on Egypt, eyeing more investment, discoveries - REUTERS
The logo of oil company Eni-Saipem is pictured on a barrel in Rome, Italy, March 5 2016 - REUTERS/Alessandro Bianchi |
Lin Noueihed, Eric Knecht, CAIRO; Writing by Asma Alsharif; Editing by Susan Fenton, Greg Mahlich
Major international oil companies say they plan to step up their investments in Egypt, expecting to find more oil and gas now that ENI's (ENI.MI) giant Zohr gas discovery has put its Mediterranean waters on the map.
Once a net gas exporter, Egypt has turned into a major importer in recent years as growing domestic demand outstripped production, but the discovery of the 850 billion-cubic metre Zohr field in 2015 is expected to change that.
The field is expected to come into production by the end of the year and will save Egypt billions of dollars in hard currency that would otherwise be spent on imports.
Egypt nearing deal with Iraq in search for crude oil imports - REUTERS
Tue Feb 14, 2017 | 12:02pm EST
Lin Noueihed, Eric Knecht, Asma Alsharif; Editing by Jason Neely and Alexander Smith
Egypt is nearing a deal to import crude oil from Iraq and is looking to other countries to help secure supply, Egyptian General Petroleum Corporation's chief Tarek al-Hadidi said.
Cairo's search for additional crude comes after Saudi Arabia's state oil firm Saudi Aramco halted shipments of oil products to Egypt last year.
The $23 billion Saudi aid deal had included 700,000 tonnes of refined oil products per month for five years. Aramco has never provided a reason for why the deal was halted.
Lin Noueihed, Eric Knecht, Asma Alsharif; Editing by Jason Neely and Alexander Smith
Egypt is nearing a deal to import crude oil from Iraq and is looking to other countries to help secure supply, Egyptian General Petroleum Corporation's chief Tarek al-Hadidi said.
Cairo's search for additional crude comes after Saudi Arabia's state oil firm Saudi Aramco halted shipments of oil products to Egypt last year.
The $23 billion Saudi aid deal had included 700,000 tonnes of refined oil products per month for five years. Aramco has never provided a reason for why the deal was halted.
Noble Energy to spend $550mn on Leviathan in 2017 - NATURAL GAS WORLD
February 14th, 2017, 9:35am
Ya'acov Zalel
US producer Noble Energy will invest $550mn in the development of Israel's Leviathan gas field "with first gas targeted for the end of 2019," the company said in its guidance for 2017. This is about a fifth of its total spend for the year, which, at $2.3bn, is up by 50% from 2016.
Noble Energy announced February 13 better-than-expected results for Q4 2016 and the full year. The company reported a net loss of $998mn for 2016 compared with a net loss of $2.44bn in 2015. In the last quarter the company reported a net loss of $252mn compared with $2bn a year earlier. The heavy losses in Q4 2015 were mainly due to impairments.
Despite the net loss, the company registered a $1.3bn net cash from operating activities, a non-GAAP measure.
Ya'acov Zalel
US producer Noble Energy will invest $550mn in the development of Israel's Leviathan gas field "with first gas targeted for the end of 2019," the company said in its guidance for 2017. This is about a fifth of its total spend for the year, which, at $2.3bn, is up by 50% from 2016.
Noble Energy announced February 13 better-than-expected results for Q4 2016 and the full year. The company reported a net loss of $998mn for 2016 compared with a net loss of $2.44bn in 2015. In the last quarter the company reported a net loss of $252mn compared with $2bn a year earlier. The heavy losses in Q4 2015 were mainly due to impairments.
Despite the net loss, the company registered a $1.3bn net cash from operating activities, a non-GAAP measure.
Monday, February 13, 2017
What Trump means for Israel's energy sector - ISRAEL POLICY FORUM / MATZAV BLOG
February 13, 2017
Allison W. Good
The transition from the Obama administration to the Trump administration is bound to usher in a host of policy changes for Israel, but perhaps nowhere will this be felt more acutely than in energy policy. Despite the plethora of implications that eastern Mediterranean natural gas reserves have for international energy security and geopolitics, the region – and Israel more specifically – must prepare for a more hands-off U.S. approach. Since gas was first discovered in the Levant Basin in 2009, Israel, Lebanon, Jordan, Egypt, Cyprus, and Turkey benefited from an administration willing to spend political capital on clearing obstacles to development. President Trump’s isolationist energy platform and pro-Russian bent may not intentionally hinder the exploration, development, and distribution of eastern Mediterranean gas, but it does remove the active U.S. foreign policy factor that has helped speed up the exploitation of this resource.
Allison W. Good
The transition from the Obama administration to the Trump administration is bound to usher in a host of policy changes for Israel, but perhaps nowhere will this be felt more acutely than in energy policy. Despite the plethora of implications that eastern Mediterranean natural gas reserves have for international energy security and geopolitics, the region – and Israel more specifically – must prepare for a more hands-off U.S. approach. Since gas was first discovered in the Levant Basin in 2009, Israel, Lebanon, Jordan, Egypt, Cyprus, and Turkey benefited from an administration willing to spend political capital on clearing obstacles to development. President Trump’s isolationist energy platform and pro-Russian bent may not intentionally hinder the exploration, development, and distribution of eastern Mediterranean gas, but it does remove the active U.S. foreign policy factor that has helped speed up the exploitation of this resource.
Eni and BP complete 10% sale of Shorouk, offshore Egypt - WORLD OIL
2/13/2017
CAIRO -- Eni’s CEO, Claudio Descalzi, Bob Dudley, CEO of BP, and the Egyptian Minister of Petroleum, Tarek El Molla signed a deed completing the sale to BP of a 10% stake in the Shorouk concession, offshore Egypt. The signing took place in Cairo in the presence of the Prime Minister Sherif Ismail. Eni and BP first agreed on the sale of the concession stake, where the super-giant Zohr gas field is located, in November 2016. Eni, through its subsidiary IEOC, now holds a 90% stake in the license, while Rosneft has agreed to acquire a 30% stake, subject to the Egyptian governmental approval.
Additionally, Claudio Descalzi has been received by President Abdel Fattah el-Sisi. The meeting follows the one held in January during which Eni’s CEO confirmed that the development of Zohr is progressing very quickly, having been fast tracked, and that the start of production is confirmed for 2017, just two year after the discovery was made.
CAIRO -- Eni’s CEO, Claudio Descalzi, Bob Dudley, CEO of BP, and the Egyptian Minister of Petroleum, Tarek El Molla signed a deed completing the sale to BP of a 10% stake in the Shorouk concession, offshore Egypt. The signing took place in Cairo in the presence of the Prime Minister Sherif Ismail. Eni and BP first agreed on the sale of the concession stake, where the super-giant Zohr gas field is located, in November 2016. Eni, through its subsidiary IEOC, now holds a 90% stake in the license, while Rosneft has agreed to acquire a 30% stake, subject to the Egyptian governmental approval.
Additionally, Claudio Descalzi has been received by President Abdel Fattah el-Sisi. The meeting follows the one held in January during which Eni’s CEO confirmed that the development of Zohr is progressing very quickly, having been fast tracked, and that the start of production is confirmed for 2017, just two year after the discovery was made.
Turkey to experience no gas shortages in winter - DAILY SABAH
13.2.2017
Energy and Natural Resources Minister Berat Albayrak said on Sunday that all necessary measures have been taken to ensure that Turkey will not experience gas shortages in winter anymore.
Albayrak stated that Turkey's natural gas consumption was increasing due to the country's development, the proliferation of natural gas and the increase in industrial production. He added that seasonality also played a large role in gas consumption.
Turkey reached a record high on the first Monday of 2016 with 232 million cubic meters of natural gas consumption, which was managed without any problems, the Energy Minister said.
Energy and Natural Resources Minister Berat Albayrak said on Sunday that all necessary measures have been taken to ensure that Turkey will not experience gas shortages in winter anymore.
Albayrak stated that Turkey's natural gas consumption was increasing due to the country's development, the proliferation of natural gas and the increase in industrial production. He added that seasonality also played a large role in gas consumption.
Turkey reached a record high on the first Monday of 2016 with 232 million cubic meters of natural gas consumption, which was managed without any problems, the Energy Minister said.
Greece's Energean Offers to Sell Gas to Israel Electric Corp. at a Discount - HAARETZ
Energean CEO Mathios Rigas. Credit Ofer Vaknin |
Greek company proposes bargain rate to secure key contract for its Karish and Tanin fields in Israel, which it purchased last year.
Energean Oil & Gas, the Greek company that bought Israel’s Karish and Tanin offshore natural-gas fields last year, has offered to sell natural gas to Israel Electric Corporation for around 25% less than IEC is currently paying, beginning in 2021, TheMarker has learned.
The offer is for the sale of about 1 billion cubic meters a year more than IEC is already contracted to buy from the Tamar field. That field is controlled by Noble Energy, Delek Group and Isramco.
The price would be from $4.50 to $4.60 per million British thermal units, compared to the $6 IEC will likely have to pay in 2021 based on the formula in the 2012 contract it signed with the Tamar partners, TheMarker has learned.
EGAS looking to borrow EGP 2 bn - ENTERPRISE / AL MAL
Monday, 13 February 2017
EGAS is in talks with domestic banks for an EGP 2 bn loan to cover debt obligations including those to international oil companies, Al Mal reported. The banks include NBE, Banque Misr, Banque du Caire, CIB, AAIB, QNB, ADIB, and Alex Bank, sources said. EGAS wants to pay the loan back over five years with a two-year grace period over which the loan will be completely issued and spent. This could come as good news for Dana Gas that has reportedly frozen its investments in Egypt over USD 265 mn of unpaid dues as of the end of 2016.
EGAS is in talks with domestic banks for an EGP 2 bn loan to cover debt obligations including those to international oil companies, Al Mal reported. The banks include NBE, Banque Misr, Banque du Caire, CIB, AAIB, QNB, ADIB, and Alex Bank, sources said. EGAS wants to pay the loan back over five years with a two-year grace period over which the loan will be completely issued and spent. This could come as good news for Dana Gas that has reportedly frozen its investments in Egypt over USD 265 mn of unpaid dues as of the end of 2016.
Sunday, February 12, 2017
Israel's future as an energy exporter may require engaging Russia - JERUSALEM POST
THE LOGO of oil company Eni is pictured at its headquarters in Rome, Italy. Eni’s giant Zohr gas find in Egypt is part of a wider energy sector in the Middle East. (photo credit:REUTERS) |
MICHAEL TANCHUM
One key to avoiding this predicament may be for Israel to engage Russia as a stakeholder in its energy development.
One of Israel’s geopolitical facts of life is that it sits between Turkey and Egypt. These two major Middle Eastern actors also constitute Israel’s two possible export routes for bringing Israeli natural gas to market.
However, Cairo’s announcement last week of impending new natural gas discoveries off Egypt’s coast combined with the disappointing results of last month’s historic Cyprus reunification talks in Geneva raise the specter that Israel may find itself without a way for its gas to reach international markets.
One key to avoiding this predicament may be for Israel to engage Russia as a stakeholder in its energy development.
Dana Gas freezes investment in Egypt over delayed payments - ENTERPRISE
Sunday, 12 February 2017
Dana Gas says it is freezing investments in Egypt. The company will not inject new investments in the country because of delays in obtaining payments owed to it by the government, CEO Patrick Allman-Ward said, according to Reuters.
Dana Gas says it is freezing investments in Egypt. The company will not inject new investments in the country because of delays in obtaining payments owed to it by the government, CEO Patrick Allman-Ward said, according to Reuters.
Dana Gas says it is owed USD 265 mn as of the end of 2016, up from USD 221 mn by 2015’s end. "As uncertainty remains we must therefore be rigorous in balancing any additional capital investment in Egypt with actual collections," Allman-Ward said.
His eyes are on the USD 5.5 bn Egypt raised through eurobond issuances and loans from the World Bank and African Development Bank, which he believes could be used to pay down debt owed to IOCs. Dana Gas recently announced it posted a USD 7 mn net profit in 4Q2016, down from USD 134 mn in 4Q2015.
Lebanon should relax bidding conditions to benefit from any deepwater gas finds - THE NATIONAL (UAE)
February 12, 2017 01:51 PM
Robin Mills
Snow fell across Lebanon over the New Year, and power cuts plunged towns in the Bekaa valley into darkness. Syrian refugees in Akkar huddled in their tents. Meanwhile, as Egypt and Israel forge ahead with developing their offshore gasfields, the inviting Mediterranean waters seem to hold the elusive solution to the country’s energy and economic woes.
Lebanon thinks the time has come for its own deepwater gas wealth. The election in October of a new president, Michel Aoun, after an interregnum of more than two years, has permitted the passage of two crucial decrees enabling exploration bids. Eni’s giant Zohr find off Egypt, less than 300 kilometres from Lebanese waters, has raised optimism about the area.
Beirut has divided its offshore into 10 blocks. Five will be offered in the initial round, with a deadline in September – numbers 8, 9 and 10, along the disputed maritime border with Israel, block 1 on the Syrian frontier in the north, and block 4 in the middle.
Robin Mills
Snow fell across Lebanon over the New Year, and power cuts plunged towns in the Bekaa valley into darkness. Syrian refugees in Akkar huddled in their tents. Meanwhile, as Egypt and Israel forge ahead with developing their offshore gasfields, the inviting Mediterranean waters seem to hold the elusive solution to the country’s energy and economic woes.
Lebanon thinks the time has come for its own deepwater gas wealth. The election in October of a new president, Michel Aoun, after an interregnum of more than two years, has permitted the passage of two crucial decrees enabling exploration bids. Eni’s giant Zohr find off Egypt, less than 300 kilometres from Lebanese waters, has raised optimism about the area.
Beirut has divided its offshore into 10 blocks. Five will be offered in the initial round, with a deadline in September – numbers 8, 9 and 10, along the disputed maritime border with Israel, block 1 on the Syrian frontier in the north, and block 4 in the middle.
Labels:
Chevron,
Crescent,
Cyprus,
Dana Gas,
Dragon Oil,
Egypt,
ENI,
ExxonMobil,
Gas Pricing,
Israel,
Lebanon,
Lebanon EEZ,
Michel Aoun,
Royal Dutch Shell,
Statoil,
The National (UAE),
Total,
Zohr Field
Subscribe to:
Posts (Atom)