Giant gas pipeline boost for Turkey amid turmoil - ARAB NEWS

April 27, 201813:10
Richard Wachman

• Turkey’s aim to become regional energy hub not yet achieved
• Ankara to collect transit fees, tariffs and taxes

It has been a decade in the making: The $40 billion Southern Gas Corridor (SGC), arguably the gas industry’s most significant and ambitious undertaking yet, involving seven governments and 11 companies.

The 3,500 kilometers pipeline corridor is one of the biggest infrastructure projects in the global oil and gas industry, bringing Caspian gas through three linked networks across Azerbaijan, Georgia, Turkey, Greece and the Adriatic Sea to southern Italy where it can be conveyed to European markets.

SGC has been pushed by the EU since 2008 as a strategic imperative to reduce the bloc’s dependence on Russian gas, and has been bankrolled by EU and international funding, including loans from the Asian Infrastructure and Investment Bank, which counts Saudi Arabia and UAE as members.

Lessons In Attracting Upstream Investment Capital - FORBES

APR 27, 2018 @ 05:39 AM

Egypt’s astonishing gas renaissance

Not long ago, Egypt’s gas industry was in crisis. Production fell by a third in the three years to 2015; a top ten LNG exporter in the prior decade, the country had by then become a top ten importer. Nearly all available gas had to be diverted by the Government to serve the domestic market. As a result, export revenue dried up, the cost of gas imports soared and there was insufficient cash to pay contract commitments to E&P investors. Arrears ballooned to US$7 billion, and producers were becoming uneasy. Today, happily, things are very different and investment is flooding back in. What happened to turn things around? Stephen Fullerton, Upstream Research Analyst, identifies two key factors.

TransGlobe Energy Corporation Announces Operations Update - TRANSGLOBE

CALGARY, Alberta, April 27, 2018 (GLOBE NEWSWIRE) 

TransGlobe Energy Corporation (TSX:TGL) (NASDAQ:TGA) (“TransGlobe” or the “Company”) announces an operations update for Egypt.

The Company has completed drilling the second South K-field development well at K-45 which was targeting the main Asl A sand in a crestal position in South K-field. The well was drilled to a total depth of 5,831 feet and encountered main Asl A sand approximately 66 feet structurally higher than the K-46 well and is structurally the highest well in South K-field Asl A & B pools. K-45 encountered an internally estimated 195 feet of net oil pay comprised of 120 feet of net oil pay in the Asl A pool (A1, A2 and A3), and 75 feet of net oil pay in the Asl B pool. The Company plans to initially complete the Asl B formation in K-45 and place the well on production in early May.

Following K-45, the drilling rig is scheduled to move to West Gharib and NW Gharib to drill Arta 54 and NWG 38A-3 respectively. Arta 54 is targeting the Nukhul/Red bed formation at the northern edge of the main Arta pool. The NWG 38A-3 well is planned as a water injection well to provide reservoir pressure support and enhanced recovery in the NWG 38 Red Bed pool. The first three wells drilled in the NWG 38 pool did not encounter a water leg and are currently producing at a combined, restricted rate of approximately 920 Bopd. It is expected that the current production rates will be optimized upon completion of the water injection scheme and stabilized reservoir pressures.

Following NWG 38A-3, the rig will return to the West Bakr concession and drill up to three development wells including two wells inside the recently negotiated reduced buffer zone targeting the M-field Asl A formation.

Zohr Ramp-Up: Eni start-up the second production unit - ENI

San Donato Milanese (Milan)
26 April 2018 – 11:30

Eni announces the start-up of the second production unit (T-1) of the Zohr project, which will increase installed capacity by 400 MMScfd, just 4 months after the field’s start-up. Zohr now has a capacity of 800 MMscfd, equivalent to 150,000 boe per day (46,000 boed net to Eni).

The production ramp-up is planned to continue, with the same exceptional performance, in order to reach 1.2 bcfd in May 2018, 2 bcfd by end 2018 and the production plateau (2.7 bcfd) in 2019.

The Zohr field, the largest gas discovery ever made in Egypt and in the Mediterranean Sea, is located offshore, within the Shorouk Block, some 190 km north of Port Said. Zohr was discovered in August 2015, obtained the Development Lease approval in February 2016, and started the production in December 2017 with a time-to-market of 2.3 years.

Merlon JV Petrosilah to invest $55 million in oil exploration in Egypt - ENERGY EGYPT

April 26, 2018

Petrosilah Petroleum Company plans to invest about $55 million in oil exploration and discovery in its concession areas in Egypt during the fiscal year 2018/2019, chairman and managing director Taher Abdel Rehem said.

The firm raised its production of crude oil by 1,000 barrels during last week, bringing its daily output capacity to 7,000 barrels per day (bpd) since output started in the Abboud well.

There is a plan to raise Petrosilah’s output in the coming two months to 7,500 bpd, he added.

Petrosilah is a joint venture (JV) between the Egyptian General Petroleum Corporation (EGPC) and US-based oil company Merlon International.

Petrosilah’s explorations are being carried out in the concession area that includes Sila, Tarsa, and Khek fields in Fayoum.

Abdel Rehem noted that there were plans to drill eight wells, including six development wells and two other exploratory ones, at $20 million investments in Tameya and Ain al-Silian in Fayoum.

UAE’s Mubadala prepares for Egypt oil & gas debut - ENTERPRISE

Thursday, 26 April 2018

UAE’s Mubadala looking to acquire 10% Zohr stake next month as it prepares to enter Egyptian market: The Abu Dhabi-based Mubadala Petroleum is expected to sign next month the final contracts for its acquisition of a 10% stake in the Zohr gas field from Italy’s Eni, Oil Minister Tarek El Molla said yesterday, Al Shorouk reports. The USD 934 mn agreement, into which Eni entered last month, is still pending regulatory sign off. El Molla said that the procedural review was nearing the end, which means that Mubadala would soon join Rosneft, which bought a 30% stake in Zohr, and BP, which bought a 10% stake from Eni.

Mubadala is preparing a strong Egypt debut this year, CEO Bakheet Al Katheeri reportedly said following a meeting with El Molla. The company plans to enter exploration tenders and invest in oilfield development, according to El Molla. The minister had said last week that the government would issue tenders for 10-11 oil and gas exploration blocks, as well as other drilling tenders in the Red Sea, by the end of 2018. The Oil Ministry is also targeting USD 10 bn in FDI in the sector in FY2018-19, El Molla had also said. A number of IOCs, including Shell and Edison, had announced intentions to expand their Egyptian investments in light of recent discoveries in the East Mediterranean.

ENI defiant in face of Turkish threats - CYPRUS MAIL

ENI CEO Claudio Descalzi (Photo by Christos Theodorides)

APRIL 25, 2018

Jean Christou

The CEO of Italian energy giant ENI, Claudio Descalzi, was defiant in the face of Turkish threats on Wednesday, saying the company was committed to its plans and would not just leave behind the €700 million it has invested in Cyprus’ exclusive economic zone (EEZ).

Statement by Descalzi

Descalzi made the comments to reporters after a meeting he had with President Nicos Anastasiades and Energy Minister Giorgos Lakkotrypis in Nicosia.

In February this year, ENI drillship Saipem 12000 was prevented from reaching its target in block 3 Soupia, or Cuttlefish, in the island’s EEZ by Turkish naval forces. The standoff lasted two weeks before the platform moved on to Morocco.

“So far, we have invested about €700 million in Cyprus and this means that we have a strong commitment to the country,” Descalzi said.

Egypt, EU sign Memorandum of Understanding for energy cooperation - ENERGY EGYPT / ENTERPRISE / EU

April 24, 2018

Egypt and the European Union continue to share strong bilateral energy relations as well as an understanding of the opportunities and challenges facing the region. Partnership in the energy sector comes on top of the areas of common interest between Egypt and the EU in view of its importance as a driver of economic growth and development for both parties.

Oil discovery at Rabul 4 Well, West Gharib Concession, Egypt - SDX ENERGY

24 April 2018

SDX Energy Inc. (TSXV, AIM: SDX), the North Africa focused oil and gas company, is pleased to announce that an oil discovery has been made at its Rabul 4 Well in the West Gharib Concession in Egypt (SDX 50% Working Interest & Joint Operator). 

The well was drilled to a total depth of 5,250 feet and encountered approximately 43 feet of net heavy oil pay across the Yusr and Bakr formations, with an average porosity of 16%. Further evaluation of the discovery is ongoing, after which the Company expects the well to be completed as a producer and connected to the central processing facilities at Meseda. 

Following completion of the Rabul 4 well the Company will move on to the Meseda field, where it will drill two development wells. 

Libya says it's yet to approve Total's deal for Marathon assets - WORLD OIL

4/23/2018

SALMA EL WARDANY

CAIRO (Bloomberg) -- French oil giant Total SA said last month it had acquired Marathon Oil Corp.’s assets in Libya in a $450-million deal.

Not so fast, says the country’s state energy company.

Libya’s National Oil Corp. hasn’t yet approved the transaction and is “discussing arrangements” for the proposed sale with the country’s presidency council, Chairman Mustafa Sanalla said Monday. His assertion suggests the purchase -- which would more than double Total’s production in the North African nation -- won’t necessarily proceed as planned.

“Any transaction of this nature must have the approval of NOC and the Libyan authorities,” Sanalla said in a statement. “Any attempt to conclude the sale prior to this approval would be in breach of the concession’s contractual agreement.”

Total didn’t immediately respond to a request for comment.

Egypt is ready to be an energy hub for Europe, investment chief says - CNBC

23 APRIL 2018

Holly Ellyatt

• With gas production in full swing across a number of sites in Egypt, the country is ready to become a key exporter of energy in the region and beyond, the chairman and founder of investment firm Qalaa Holdings told CNBC.
• "In the oil and gas sectors Egypt remains a very important player," Ahmed Heikal, told CNBC's "Capital Connection" on Monday.

With gas production in full swing across a number of sites in Egypt, the country is ready to become a key exporter of energy in the region and beyond, the chairman and founder of investment firm Qalaa Holdings told CNBC.

"In the oil and gas sectors Egypt remains a very important player," Ahmed Heikal, told CNBC's "Capital Connection" on Monday.

Heikal said there was impetus for Egyptian gas to flow to European markets via terminals in Idku and Damietta.

EGAS, Snam sign MoU for cooperation in natural gas infrastructure management - BUSINESS REVIEW

23/4/2018 23:09
Marwa Nassar

The Egyptian Natural Gas Holding Co. (EGAS) signed on Monday a memorandum of understanding with Italy's Snam – a leading gas utility in Europe – to cooperate in the field of comprehensive management of natural gas infrastructure.

The memo was inked on the fringe of the EU-Egypt Sustainable Energy Business Forum which was launched in Cairo by Egyptian Minister of Petroleum Tareq El-MOlla and EU Climate Action and Energy Commissioner Miguel Arias Cañete.

Cañete has said "The EU and Egypt are strategic partners on energy. The potential for an even closer energy cooperation between the EU and Egypt is enormous, and I hope this visit will herald a new phase of closer and more intense relations amongst us. Egypt can lead the way of the clean energy transition in the Eastern Mediterranean and thus contribute to the Paris climate goals and the worldwide decarbonisation effort. Likewise, Egypt is becoming an upcoming important gas and electricity hub that can provide energy security for the EU and for the entire region. There is much to gain in terms of access to new sources of energy and market opportunities, for European and Egyptian citizens and businesses alike. The EU stands ready to support Egypt in its energy market reforms and to boost sustainable energy investment."

EU Energy Commissioner Visits Zohr Gas Field - EGYPT OIL & GAS

Monday, 23rd April 2018

Egyptian Minister of Petroleum and Mineral Resources Tarek El Molla and EU Commissioner for Energy and Climate Action Miguel Arias Cañete visited the onshore gas processing facilities at Zohr natural gas field, Egypt Oil & Gas reports.

During the visit, the minister and the accompanying delegation reviewed the amount of work achieved since the discovery of the field, including the phase 2 work that is currently under development.

El Molla and Cañete listened to an explanation from Balaeim Petroleum Company (Petrobel)’s Head, Atef Hassan, on the development of the field, as well as the ongoing construction processes in the onshore station which receives and processes natural gas from Zohr field.

The tour is a part of the program for Cañete’s three-day visit, during which several meetings will be held to review ways to increase cooperation between Egypt and the EU, Egypt Oil & Gas reported.

IDF reveals names of four new gas field-defending Sa’ar 6 warships - THE TIMES OF ISRAEL

Sa'ar Class 5 Corvette

22 April 2018, 7:45 pm
JUDAH ARI GROSS

The Israeli Navy on Sunday announced the names of its four new Sa’ar 6-class corvettes, the first of which is due to be delivered by the end of 2019.

The ships will be named “Magen,” meaning shield; “Oz,” meaning valor; “Atzmaut,” meaning independence; and “Nitzahon,” meaning victory.

The first corvette is scheduled to arrive in late 2019. The other three will be delivered by the beginning of 2021.

The ships are far larger and more powerful than the Sa’ar 5-class warships — currently Israel’s biggest — and are specifically meant to protect the country’s gas field and shipping lanes.

“The arrival of the ships will significantly change the face of the Navy,” said the head of the Israeli Navy Maj. Gen. Eli Sharvit.

“The navy will operate vessels with new capabilities that we do not currently possess,” he said.

Egypt aims for $10 billion foreign investment in oil, gas in 2018/19 - REUTERS

APRIL 22, 2018 / 10:46 PM

Reporting by Ahmed Ismail; Writing by Arwa Gaballa; Editing by Dale Hudson and David Evans

CAIRO (Reuters) - Egypt aims for foreign investment in the oil and gas sector to reach about $10 billion in the 2018/19 fiscal year that begins in July, Petroleum Minister Tarek El Molla said on Sunday.

Molla said he expected foreign investments to total the same amount for the current fiscal year, marking a 25 percent increase from the previous year.

The 25 percent gain comes as a result of foreign companies investing in major gas projects in the Mediterranean, he said.

Egypt aims to increase its gas production from newly discovered fields, which include the mammoth Zohr asset discovered by Italy’s Eni in 2015.

Once a gas exporter, Egypt hopes to halt imports by 2019.

Carbon Holdings to reach financial close on Tahrir petrochem complex by year’s end - ENTERPRISE

Sunday, 22 April 2018

INVESTMENT WATCH- Carbon Holdings aims to reach financial close on its USD 10.6 bn Tahrir petrochemicals complex by year’s end, CEO Basil El Baz says. 

Carbon Holdings is covering 26% of the project’s cost, with the remainder set to be funded by development finance institutions from the US, Germany, and the UK. 

Tahrir Petrochemicals will be built in the Suez Canal Economic Zone and will produce petrochemicals used to make a wide range of consumer and industrial goods.

Egypt and the EU to sign MoU on energy cooperation during Energy Commissioner’s Cairo visit - ENTERPRISE

(L) Miguel Arias Cañete, (R) Tarek El Molla

Sunday, 22 April 2018

Egypt, EU to sign energy cooperation agreement this week: Egypt and the EU are expected to sign an MoU on "Strategic Cooperation in Energy" this week during EU Energy Commissioner Miguel Arias Cañete’s three-day visit to Cairo, which begins today. It’s unclear when exactly the signing will take place and what the agreement will entail. Oil Minister Tarek El Molla had said last week that the agreement is part of a larger plan to turn Egypt into an export hub for East Mediterranean gas, a topic that is expected to feature strongly in Cañete’s talks with Egyptian officials this week, according to a ministry statement picked up by Al Masry Al Youm. “Egypt can lead the way of the clean energy transition in the Eastern Mediterranean and thus contribute to the Paris climate goals and the worldwide decarbonisation effort,” Cañete said. “The EU stands ready to support Egypt in its energy market reforms and to boost sustainable energy investment.”