Deep Offshore Exploration in Greece - GEO EXPRO

October 2017
Yannis Bassias
Newly processed seismic will uncover hydrocarbon resources hidden offshore Greece
This article appeared in Vol. 14, No. 4 - 2017

Recent interest in the areas south-west and west of Crete and in the Ionian Sea between Greece and southern Italy have brought western Greece to the attention of the oil and gas exploration industry, spurred on by East Mediterranean discoveries like Zohr in Egypt and Aphrodite in Cyprus. Hellenic Hydrocarbon Resources Management (HHRM), which was established in September 2011, provides today an innovative route to the management of Greek hydrocarbon resources. The company is now studying new tenders for the area, suggesting that, despite the present low oil price, the search for hydrocarbons in Greece is of increasing interest, as new technologies boost the cost-efficiency of operations.

Oil Production in Africa - JEUNE AFRIQUE

SOURCE: JEUNE AFRIQUE

Giant Gas Tanker Sails to Turkey to Prevent Repeat of Shortage - RIGZONE / BLOOMBERG

Wednesday, October 25, 2017Anna Shiryaevskaya

(Bloomberg) -- Turkey is getting a giant helper to avoid last December’s gas shortages.

The world’s biggest specialized vessel to import liquefied natural gas, a cheaper and quicker solution than a land-based facility, is on its way to help with imports of the fuel mainly used for heating and power generation. The MOL FSRU Challenger, as long as the Eiffel Tower, is expected to arrive from South Korea this month and start by year-end.

Last winter, a cold snap gripped the whole region, including Iran, where Turkey gets some of its gas from. That meant the nation couldn’t get hold of enough fuel to meet its booming gas demand and the grid asked private power plants to reduce fuel demand by as much as 90 percent.

A first floating storage and regasification unit, the Neptune, arrived in December to complement two onshore terminals at Aliaga and Marmara Ereglisi.

USD 27.3 bn to be invested in gas fields, USD 15.5 bn worth of exploration agreements to be signed next year - ENTERPRISE

Wednesday, 25 October 2017

USD 27.3 bn to be invested in gas fields next year: Some 230 new wells will be drilled at a cost of USD 2 bn in 2018, while approximately USD 27.3 bn will be invested in the Zohr, North Alexandria, and Nooros fields, Oil Minister Tarek El Molla said yesterday, Al Shorouk reports. 

El Molla also forecasts signing 83 new exploration agreements worth a total of USD 15.5 bn, in addition to USD 3.8 bn worth of new petroleum refining projects. 

Natural gas projects are expected to increase 50% in 2018, with that rate accelerating to 100% by 2020, El Molla said. The minister also announced that the second edition of the Egypt Petroleum Show will kick off on 12 February 2018 to showcase short- and long-term plans in the oil and gas sector.

El Molla meets with delegation from Port of Rotterdam Authority - ENTERPRISE

Port-of Rotterdam total throughput 2016

Wednesday, 25 October 2017

Oil Minister Tarek El Molla met with a delegation from the Port of Rotterdam Authority to discuss cooperation on local port development,according to a ministry statement. The minister said he was eager for the authority to lend its expertise in adding oil and gas infrastructure to ports and in turning the Damietta Port into a logistical hub.

BP expects six-fold net production growth in Egypt by 2020 - REUTERS

OCTOBER 24, 2017 / 5:02 PM

Reporting by Wendell Roelf. Editing by Jane Merriman

CAPE TOWN, Oct 24 (Reuters) - BP expects to increase net production from Egypt’s Nile Delta to increase six-fold to more than 300 million barrels of oil equivalent a day by 2020, from 50 mboed in 2016, its vice president for African exploration said on Tuesday.

Jasper Peijs said the increase would be underpinned by three major projects, including Atoll phase 1 and the Zohr offshore field operated by ENI. 

PowerChina wins $2b refinery project in Egypt - GLOBAL TIMES

2017/OCT/24 21:43:40

Sinohydro Corp, a subsidy of State-owned Power Construction Corp of China (PowerChina), has signed a contract with Egypt-based Soukhna Refinery and Petrochemicals Co (SRPC) for a refinery project in a deal worth $1.99 billion, read a statement the company sent to the Global Times on Tuesday.

The project in Sokhna, Egypt will have a planned processing capacity of 155,000 barrels per day at the initial stage, the statement noted. PowerChina is responsible for the design, procurement and construction of relevant facilities.

Under the agreement, the project is expected to be completed within 44 months. The plant will improve Egypt's industrial structure, expand its refining capacity and bring more foreign-exchange revenue into the country, according to the statement.

Oil Minister invites Bechtel to bid on a number of key energy projects - ENTERPRISE

Tuesday, 24 October 2017

Oil Minister Tarek El Molla invited Global engineering and construction giant Bechtel to participate in some of the biggest energy projects taking place in the country, Al Masry Al Youm reports.

The MOPCO and Ethydco refining complexes, as well as a number of oil and gas finds, were among the projects El Molla pitched to CEO Brendan Bechtel in a Monday meeting.

Gas output of Abu Qir Co rose to 66B cubic feet in 2016 :el Molla - EGYPT TODAY

Mon, Oct. 23, 2017

CAIRO – The total gas production of Abu Qir Petroleum Company rose to 66 billion cubic feet during the 2016/2017 fiscal year, Petroleum Minister Tarek el Molla said Monday.

The company's output of crude oil and its derivatives also rose to 1.2 million barrels, the minister said.

Abu Qir Company is a joint venture between the Egyptian General Petroleum Corporation (EGPC) and Italian Edison company.

Energy minister: Russia retains option of laying Turkish Stream through Greece - TASS

October 23, 19:57 UTC+3

MOSCOW, October 23. /TASS/. Russia maintains the option of laying the second branch of the Turkish Stream gas pipeline through Greece, Russian Minister of Energy Alexander Novak told Anadolu news agency.

"Gazprom has signed road maps with the relevant ministries of Bulgaria, Serbia and Hungary on the development of national gas transmission systems in accordance with the applications of Gazprom Export. But there is also a supply option in the direction of Greece, and further through the planned pipeline Poseidon to the Italian market," the minister said.

According to Novak, to date, construction of 370 km of the pipeline is completed. In the near future, a protocol on commencement of construction of the onshore transit part of the gas pipeline should be signed. Construction work is planned to be completed by 2019.

Egypt Gas inks LE 152.17m contract with ARABCO - EGYPT TODAY

Mon, Oct. 23, 2017

CAIRO – Egypt Gas signed a contracting agreement with the Kuwaiti firm Al Rabiah Construction Company (ARABCO) for KWD 2.6 million (L.E 152.17 million or $8.1 million).

This agreement comes as a part Egypt Gas’s plan to expand outside Egypt, according to a statement issued on Monday.

The contract has a duration period of 18 months, starting from 2018. The return on the agreement is estimated at LE 10 million ($566,692). This rate was taken into consideration when calculating Egypt Gas’ fair value (FV).

In early October, the Egyptian Financial Supervisory Authority (EFSA) approved the FV of Egypt Gas at LE 175.39 per share. At the stock level, Egypt Gas started Monday’s session at LE 224.10.

Egypt Gas is a natural gas company established by the Minister of Investment Affairs for the purpose of carrying out the implementation of natural gas projects as a general contractor and to all work associated with and related to those activities.

Cyprus to claim EEZ in sea north of island – Update - CYPRUS MAIL

OCTOBER 22, 2017

Evie Andreou

THE GOVERNMENT plans to submit coordinates, regarding its exclusive economic zone (EEZ) in the sea north of the island, to the United Nations in the coming days. It would also try to engage in discussions with Turkey about the delineation of its EEZ, in that part of the sea, reported Philelefteros on Sunday.

Asked about the report by the Cyprus News Agency, government spokesman Nicos Christodoulides avoided being specific. He said the government was taking decisions for securing the sovereign rights of the Republic of Cyprus.

Rosneft looking into expanding Zohr stake - ENTERPRISE

Sunday, 22 October 2017

INVESTMENT WATCH- Rosneft CEO Igor Sechin told reporters the company is considering buying an additional 5% stake in Zohr, Reuters reports. Rosneft recently closed its acquisition of a 30% stake in the gas field — first announced last year — from Eni for USD 1.125 bn. Sechin also added some of the gas produced from Zohr “could be supplied to Europe.”

This comes as EGAS sources say that the field will begin production as early as next month at a daily capacity of 350 mcf, according to Youm7. Production will double to around 700 mcf/d before the end of 1Q2018, the source added.