GGP: The Balkan Gas Hub – A Bridge or barrier to the southern gas corridor? - NATURAL GAS WORLD / BULGARIA ANALYTICA

September 09th, 2017 7:25am
Ilian Vassilev

The need to move beyond the Balkan Gas Hub “Russia-only” or “Russia-mainly” paradigm seems indispensable if the ‘hub’ project – in the broad sense – has any chance.

The talk of billions of cubic meters of natural gas from non-Russian sources deserves a serious look to the north, but mostly to the south – The Southern Gas Corridor.

Yet what seems logical to everyone, does not inspire the management of the TSO of the Bulgarian gas system. The fact that none of these routes – TANAP, TAP or the Greek-Bulgaria Interconnector – contain specific numbers for potential gas flows makes things seem pre-ordained. The BGH essentially seems to be conceived as a redistribution center for Russian gas.

Less gas than expected at Cyprus’ Onisiforos - IN CYPRUS

September 9, 2017

Findings so far at Cyprus’ Onisiforos-West 1 region of Block 11 have reportedly proved to be somewhat disappointing at around one trillion cubic feet [corrected] of natural gas discovered, not enough to be commercially marketable on its own.

As reported by Greek-language daily Phileleftheros on Saturday, this also means that the deposit can only be exploited through the development of neighbouring deposits.

The paper said this was the impression that had emerged from the preliminary data collected by initial drilling, which ended late on Friday.

Energean gets approval to develop field offshore Greece - REUTERS

SEPTEMBER 8, 2017 / 12:56 PM Reporting by Karolina Tagaris; Editing by Mark Potter

ATHENS, Sept 8 (Reuters) - Energean, Greece’s sole oil producer, said on Friday it had secured approval to develop the Kataloko field in Western Greece, its third such project in the eastern Mediterranean.

The $50 million development plan is targeting 11 million barrels of oil equivalent (boe) discovered in the early 1980s by the state-owned Public Petroleum Corporation but which has remained undeveloped since.

“Energean is now unlocking the value of this very important project for the country as well as revealing the potential for wider exploration of the East Adriatic region,” Energean Chief Executive Mathios Rigas said.

EGPC approved to develop Suez Canal’s Ras Fanar region - EGYPT TODAY

Thu, Sep. 7, 2017

CAIRO – 7 September 2017: The cabinet approved Wednesday assigning the development of the Suez Canal’s Ras Fanar region to the Egyptian General Petroleum Corporation (EGPC).

According to the decision, EGPC is tasked with supervising the operations of oil and gas exploration in the region till the legislative procedures would be completed to enact a special law handling the zone.

This comes amid the increasing demand on the petroleum products and need in the local market for these products for development purposes.

Eni asks to drill its eighth well away from Zohr gas field’s first phase - ENTERPRISE

Wednesday, 6 September 2017

Eni has requested permission from the Egyptian Natural Gas Holding Company (EGAS) to drill its eighth well in Zohr away from the first phase development area of the gas field to confirm the size of the field’s reserves, Al Shorouk reports. 

EGAS has yet to reach a decision, a source from the regulator said. The Oil Ministry had announced last month that seven of the eight wells were drilled and producing, and that overall work on the field was 83.5% complete as of August. 

Zohr is expected to be fully developed by the end of 2018.

US oil giant ExxonMobil plans Cyprus gas exploration - MAIL ONLINE / AFP

6 September 2017 | UPDATED: 17:45 BST

US oil company ExxonMobil has signed an agreement to start drilling off the southern coast of Cyprus, pictured in 2015, as Cyprus looks to exploit more of its oil and natural gas resources

US giant ExxonMobil said Wednesday it plans to start drilling at two sites in the second half of 2018 to explore for energy reserves off the south coast of Cyprus.

Preparations to support the drilling operations are already underway, the company´s vice president Tristan Aspray said at a presentation in Nicosia.

He said the operations would take place back-to-back and begin in the second half of 2018.

SDX Energy fully funded for South Disouq exploration - ENERGY EGYPT / UPSTREAM ONLINE

September 6, 2017

Successful equity issue to finance fast-track development and fresh exploration wells at Nile Delta find onshore Egypt.

SDX Energy aims to drill two further exploration wells near its South Disouq discovery onshore Egypt where it is now targeting first gas in the first quarter of 2018 after raising cash in a successful equity issue.

Nuclear next for Egypt - PETROLEUM ECONOMIST

6 September 2017Gerald Butt

The country's expanding energy mix is aimed at ensuring steady electricity supply, thus minimising the risk of social unrest

Egypt is going energy mad. The country is on course soon to be self-sufficient once more in natural gas, with the mega-giant Zohr offshore gasfield due onstream in December. It's also pressing ahead with a number of renewables ventures. Now, Egypt has committed itself as well to nuclear power.

Like several other Arab countries, Egypt has been toying with the idea of a nuclear project for years without a clear notion of when and if it might proceed. In November 2015, the idea began to take shape when Egypt and Russia signed an intergovernmental agreement to work together on a nuclear scheme. That was the signal for the start of negotiations between the two sides. Almost two years later the documents are all ready.

Reasons why companies choose Cyprus - CYPRUS MAIL

A section of the VTTI fuel terminal at Vasiliko

SEPTEMBER 6TH, 2017

Michael Theodoulou

The number and range of companies choosing to locate their regional or global headquarters in Cyprus have risen steadily in recent years. The trend is set to continue because of growing demands from global regulators that companies have a physical presence and substance in the country where they are registered – and both are easily established in Cyprus.

It came as no surprise that Cyprus’ location played a leading part in their decision. In one direction, the island is the eastern gateway into the EU’s market of 500 million people. In the other, it provides an ideal springboard into the evolving markets of the Middle East and Asia and enjoys excellent relations with the oil and gas-rich Gulf states.

Cyprus’ location also means that it enjoys business-friendly time zones. Companies can do business with the East in the morning, Europe throughout the day and with the West in the afternoon.

ExxonoMobil drilling in Cyprus’ Block 10 from 2018 - IN CYPRUS / CYPRUS WEEKLY

September 6, 2017

ExxonMobil will be drilling at two sites within Block 10 within the second half of 2018, the global energy giant announced on Wednesday.

Speaking to the press in Nicosia, the company’s Vice President for Europe, Russia, and Caspian, Tristan Aspray said that preparation to support the drilling is already underway.

He said the two drillings would be taking place back to back, with further exploration depending on the outcome of these.

Aspray noted that the Zohr and Leviathan finds have created cause for optimism, adding that ExxonMobil is also pleased with the commitment shown by the Cyprus government so far.

He also revealed that they are now in the process of securing a drilling platform.

Energean farm out to Repsol for 60% of Ioannina block endorsed - ENERGY PRESS

06/09/2017

The energy ministry has endorsed an agreement between Energean Oil & Gas and Spain’s Repsol farming out 60 percent of the former’s exploration and exploitation rights to an onshore block in the Ioannina area, northwestern Greece.

Based on the agreement, signed last March, Repsol will also become the block’s operator.

At the time, the two firms had also reached a farming out agreement for a block in Etoloakarnania. This arrangement still needs to be endorsed in Greek Parliament before the energy ministry offers its approval.

Repsol intends to conduct a 2D seismic survey over the Ioannina block in 2017/2018 followed by an FTG airborne survey and a 2D geophysical seismic survey over the Etoloakarnania block in 2018/2019.

“Repsol’s know-how and Energean’s knowledge of the region undoubtedly reinforce the chances of new discoveries in western Greece and launch the development of the region into a new important reference point for the oil and natural gas sectors,” Energean Group Chairman & CEO Mr. Mathios Rigas had noted in the lead-up to this latest development.

Petrofac to build $404 million worth gas receiving terminal in TurkStream project - ANADOLU AGENCY

Ankara, September 5, 2017

Jersey-based oil field services company, Petrofac has secured a €340 million contract along with Gazprom subsidiary South Stream Transport BV to build a gas receiving terminal in Turkey, the company announced Tuesday.

The engineering, procurement and construction (EPC) contract includes the development of onshore pipelines and a gas receiving terminal near Kıyıköy on Turkey's northeastern Black Sea coast, a statement said.

The company has been undertaking early works since April, which includes detailed design and procurement for the offshore section of the TurkStream natural gas pipeline, it added.

Production from Shell’s Burullus gas fields rises to 526 mmcf/d in past year - ENERGY EGYPT

September 5, 2017

Production from Shell’s Burullus concession increased to 526 mmcf/d and over 6,000 bbl of condensates last year, Chairman of Shell JVs Rashpetco and Burullus Hisham Al Attar said, according to a statement from the Oil Ministry. Al Attar says that design and manufacturing works have been contracted on the West Delta Deep Marine Phase 9b project, but a contractor is yet to be picked. Rashpetco is set to drill two new exploration wells in 1Q2018, he adds, without specifying their location.

Chairman of Rashid Petroleum Company (Rashpetco) Hisham Al-Attar said that Burullus fields’ natural gas output rose to 526 million square feet per day and more than 6,000 barrels of condensates.

Indian Oil Minister tells "Reuters": We'll bid for Israel's blocks - GLOBES

4 Sep, 2017 17:36
Globes correspondent

“We will definitely bid for Israel’s oil-and-gas blocks,” Indian Oil Minister Dharmendra Pradhan told "Reuters."

“We will definitely bid for Israel’s oil-and-gas blocks,” Indian Oil Minister Dharmendra Pradhan has told "Reuters."

India and Israel have developed close economic and political ties over the past few years, which have included the visit of Prime Minister Narendra Modi in July, and the signing of major defense deals such as the $2 billion agreement signed by Israel Aerospace Industries (IAI) to supply India with advanced missile systems.

Now Pradhan has told "Reuters" that the Indian state owned Oil and Natural Gas Corp. (ONGC) will bid in the latest auction of 48 offshore blocks, which closes in November. "Reuters" also revealed that a high-ranking delegation from India visited Israel last month "to discuss taking part in the tender for blocks in the Mediterranean Sea and Israeli officials said they were pleased with the visit."

Petrochemicals rolling Hapoalim debt onto investors - GLOBES

David Federman

4 Sep, 2017 17:51
Nitzan Cohen

The company is trying to raise NIS 290 million from the public.

Israel Petrochemical Enterprises Ltd. (TASE:PTCH), controlled by David Federman and Alex Pesel, today received approval from the prime minister and minister of finance to attach Oil Refineries Ltd.(TASE:ORL) shares currently encumbered in favor of Bank Hapoalim(TASE: POLI) in favor of holders of bonds to be issued this Wednesday.

The bond issue terms state that Israel Petrochemical is seeking to raise NIS 290 million from the public at an interest rate to be determined in a tender. The maximum interest rate will be 7.35% - a spread of 690 points from the corresponding interest rate on risk-free bonds. The duration of the bonds will be 3.7 years.

The new series of bonds to be issued will be backed by a senior lien on Oil Refineries shares to be released from a lien in favor of Bank Hapoalim and the Bereshit fund after the debt to these firms is paid. Interest on the new bonds will be paid yearly on September 30 in 2018-2021.

Is Egyptian Oil Set For A Rebound? - OILPRICE.com

Sep 03, 2017, 4:00 PM CDTHaley Zaremba

This week Egypt signed three major exploration deals with oil giants Royal Dutch Shell and Apex worth at least $81.4 million. The hefty international contracts will kickstart a large-scale oil and gas exploration in 16 new fields in the oil-rich Western Desert.

In a statement released by the Petroleum Ministry, it was announced that Shell will be investing $35.5 million in a single deal, while U.S.-based Apex has signed two different deals totalling $45.9 million, a hefty investment for their first ever projects in Egypt. The deals collectively encompass a massive 1.7 million acres, comprised of the areas of West Badr el Din and South East Meleiha.

While Egypt was once a major player in the global oil supply, their production has fallen sharply over the last years as demand has increased, putting them in the unfortunate position of being a net importer after years of being an energy exporter. Now, after the last few years of political turmoil, the government is making effort to get back on its feet. These deals with Shell and Apex are just the latest in an aggressive government campaign to bring foreign investment and exploration back onto Egyptian soil.