Toyota Tsusho looks to raise its investments in Egypt - DAILY NEWS EGYPT

4 MAY 2018
Nihal Samir

Minister of Petroleum and Mineral Resources Tarek El-Molla revealed in a press statement on Tuesday that he discussed with a delegation from Japan’s Toyota Tsusho Corporation the possibility of the company’s participation in a hydrocarbon cracking for diesel fuel project at an Assuit Oil Refining Company plant, which is to be implemented with investments worth $1.9bn.

The meeting also reviewed the situation of the integrated project for refining and petrochemicals, which is currently in the phase of study for implementation. Also, it reviewed the economic indicators and feedstock to reach the final feasibility study for the project.

El-Molla discussed with the delegation the investment opportunities available to increase the company’s investments in Egypt in the fields of refining and petrochemicals.

On the other hand, they discussed the executive status of an agreement which was signed in mid-April between the Egyptian Natural Gas Holding Co (EGAS), Ganoub El Wadi Petroleum Holding Company, and the Japanese company Toyota Tsusho to buy and own a new offshore drilling device with investments of $600m.

US backing Greece's energy agenda, Ambassador Pyatt says - KATHIMERINI

04.MAY.2018 : 13:18

The US will be a reliable supplier and ally for Greece as it deregulates its energy market, US Ambassador in Athens Geoffrey Pyatt said on Thursday, adding that Greece is a very important partner in Washington's energy agenda.

Speaking at an energy conference, the US ambassador stressed that energy security makes countries less vulnerable to external pressure. He accused Russia of using the “weapon” of the interrupting energy supply 55 times in the past, as a tool for establishing its policies. In this context, Pyatt said the US opposed the North and South Stream pipelines, stressing that they are another tool in the hands of Moscow.

The ambassador stressed that importing liquefied gas from the United States could play an important role in diversifying supplies to Greece and Europe and recalled Prime Minister Alexis Tsipras's statement during his visit to the United States and his meeting with President Trump that Greece will become the third US gas importer in Europe. He pointed out that the US supports Greece's emerging role as an energy hub and has described our country as a pillar of stability and a strong partner of the West in a difficult environment.

The acquisition of the gas grid operator's DESFA's shares is a significant investment with a vision, that will show the way for other investors to follow, said Italian Ambassador Efisio Luigi Marras. He pointed out that one of the reasons for illegal immigration, an issue of concern for both Italy and Greece, is a lack of energy that increases the pressure on the European borders.

National Bank is willing to spend 2.0 billion euros on energy investments over the next five years, said Chief Executive Officer Leonidas Fragiadakis.

Energean cleared of Karish-Tanin legal hassle - UPSTREAM ONLINE

3 May 2018 07:44 GMTAnamaria Deduleasa

Greek independent Energean Oil & Gas has been cleared of a legal hassle involving the approval of its Karish and Tanin gas field development off Israel.

Athens-based Energean said on Thursday that the petition filed by Hof Hacarmel – a regional council located in the northern Israeli coastal plain - has been dismissed by the Israeli Supreme Court.

Hof Hacarmel filed the petition against the Israeli Ministry of Energy, the Petroleum Commissioner, two planning and construction authorities, Energean’s local subsidiary in Israel and an environmental union of local authorities, in connection with the project, trying to stop its development.

Energean's field development plan for the project was approved by the Israeli authorities in August last year. Since then, the company approved the $1.6 billion final investment decision to proceed with the development, having secured finance and equity funding for the project.

Eni reports oil discovery in Egypt's Faghur basin - WORLD OIL

MAY/3/2018

MILAN -- Eni announces an oil discovery on the A-2X exploration prospect in the South West Meleiha license, in the Egyptian Western Desert, some 103 km north of the oasis of Siwa. The well is the first one drilled by Eni to explore the deep geological sequences of the Faghur basin.

Cyprus, Israel look to settle territorial dispute over Aphrodite gas field, approve Egypt’s LNG pipeline - ENTERPRISE

Thursday, 3 May 2018

Cyprus, Israel look to settle territorial dispute over Aphrodite gas field, possibly clearing last barrier to pipeline connecting Aphrodite to Egypt: Cyprus and Israel are looking to settle their ongoing dispute over their respective maritime borders and how much of the Aphrodite gas field in the eastern Mediterranean falls in Israeli territory, the Associated Press reports. Companies with a stake in the field are expected to sit down with Israeli energy firms to reach a solution, and an expert “will be called in to arbitrate” if all else fails, according to Cypriot Energy Minister Yiorgos Lakkotrypis. The dispute appears to be the final hurdle to overcome before Cairo and Nicosia can sign the agreement to establish a pipeline connecting the Aphrodite field to Egypt’s LNG facilities, which requires Israel’s approval.

Eastern Mediterranean: International Arbitration for 'Venus' - IBNA

02-MAY-2018, 11:14
Nefeli Tzanetakou

Cyprus and Israel are expected to resume international arbitration in order to put an end to their seven-year dispute over the exploitation rights of the "Aphrodite" ("Venus") field.

On May 8, a two-sided meeting in Nicosia is scheduled to take place, with the participation of Greece, where, among other things, the implementation plan for the East Med pipeline, which is expected to transport the Eastern Mediterranean gas in Europe will be discussed.

In 2010, Cyprus and Israel co-signed the demarcation agreement relevant to the Exclusive Economic Zone of each country, with the aim of subsequently completing and strengthening this agreement with the signing of a second one providing for the co-operation of those hydrocarbons that are on both sides of the maritime border.

But nothing like this ever happened...

Egypt, Greece, Cyprus Tripartite Meeting - ENTRPRISE

Egypt's Sisi (L) & Cyprus' Anastasiades

Wednesday, 2 May 2018

Contrary to official press releases, meetings between President Abdel Fattah El Sisi and his Cypriot and Greek counterparts did look at energy cooperation, Ittihadeya spokesman Bassan Rady tells Yahduth fi Masr (watch, runtime: 6:33). He then delved into the cultural aspects of the visit without elaborating further. Expectations were for an agreement to be signed this week, in light of Cypriot President Nicos Anastasiades and his Greek counterpart Prokopis Pavlopoulos’ visit to Cairo for the “Week to Revive the Roots” cultural forum. Egypt and Cyprus had reached a preliminary agreement to build an underwater pipeline for the transfer of natural gas. The move is expected to put Egypt on the map as a regional hub for the processing and export of natural gas to Europe and could see the country receive mns in funding from the EU under an energy cooperation framework signed last week. An Egyptian-Cypriot-Greek business forum was also held yesterday in Alexandria, according to a Trade Ministry statement.

Medserv's two major investors look to sell their shares - TIMES OF MALTA

Tuesday, May 1, 2018, 09:13

More than 65 per cent of the oil and gas service company available for purchase

Medserv's two major shareholders are seeking to offload their shares in the oil and gas service provider, they announced late on Monday.

Malampaya Investments Limited and Anthony S. Diacono have informed the company's board of directors that they intend to source a strategic purchaser to acquire their respective 34.33 per cent and 31.17 per cent shareholding.

Sourcing a strategic purchaser should "accelerate and further supplement the Group’s growth and internationalisation strategy," the two shareholders said in a company announcement. The company's board of directors share that view, they noted.

The process to find a purchaser is still at a very early stage, and the company noted that there is no certainty that one will be found or an eventual deal concluded.

Noble Energy VP: Israel natural gas market expands, demand continues to grow - JERUSALEM POST

MAY 1, 2018 05:30
Maayan Hoffman

This has been a great year for Noble Energy in Israel, said Bini Zomer, vice president of regional affairs, via a video interview on Sunday.

Speaking to the audience of the Jerusalem Post Annual Conference in New York, Zomer said Noble Energy has seen increased demand in the last 12 months.

“Today, at peak days, we are supplying fuel for 78% of Israel’s electricity production,” he said, which is up from 60% last year. “This year, we are moving over 70%, and that has been really terrific. We see that demand is continuing to grow.”

TurkStream Line 1 Completed - GAZPROM

April 30, 2018, 12:00

Today at the Black Sea coast of Turkey, the deep-water pipelay for Line 1 of the TurkStream offshore gas pipeline has been completed.

The average rate of the deep-water pipelay carried out by the pipelaying vessel Pioneering Spirit was 4.3 km/day. The maximum pipelaying rate – 5.6 km/day – was reached twice in February 2018.

In accordance with the schedule, the project is being simultaneously implemented on shore in Russia and Turkey and in the Black Sea. The receiving terminal is being constructed near the settlement of Kiyiköy, Turkey. Upon completion of the landfall sections the works on the first line will be completed.

Following the works schedule, Pioneering Spirit will continue the deep-water pipelay of Line 2 in the third quarter of 2018.

'Implementation of the TurkStream Project carries forward successfully. We have reached an important milestone – the completion of Line 1. Progress is moving at a high rate. Since 7 May 2017, when we started the pipelaying campaign, the total of 1,161 km of pipes has been laid, which is 62% of the overall gas pipeline length. Needless to say, TurkStream will play a significant role in strengthening energy security of Turkey and Europe', said Alexey Miller, Chairman of the Management Committee of Gazprom PJSC.

BP’s additional seismic mapping of Atoll gas field to be completed in 4Q2018 - ENTERPRISE

Monday, 30 April 2018

BP intends to conclude in 4Q2018 additional seismic scans it has been conducting at its Atoll gas field to locate additional reserves, a source tells Youm 7, adding that initial data brings “good news”. 

BP Group CEO Bob Dudley had announced in February that his company would invest USD 1 bn this year as production from Atoll gas field began seven months ahead of schedule.

Egypt, Cyprus to sign deal to connect Aphrodite gas field with Egypt - REUTERS

APRIL 29, 2018 / 5:43 PM
Reporting by Nadine Awadalla and Patrick Werr; writing by Arwa Gaballa; editing by Jason Neely

CAIRO (Reuters) - Egypt aims to sign an agreement with Cyprus to connect the island’s Aphrodite gas field with Egypt, Egypt’s oil minister said on Sunday.

Tarek El Molla, speaking at an American Chamber of Commerce in Egypt event in Cairo, also said the country was preparing a bid round for unexplored offshore areas west of the Nile Delta to the Libyan border.

“We intend to have a bid round in this area shortly,” Molla said.

Egypt may also invite companies to bid for oil and gas exploration in the Red Sea before year-end, he said.

Nostra Terra’s Egypt oil dispute referred to arbitration - ENTERPRISE

April 29, 2018

A dispute between Nostra Terra subsidiary Sahara Resources Inc. and the operator of the East Ghazalat concession in Egypt has been referred to the London Court of International Arbitration, the UK-based oil and gas company said on Thursday, according to Law 360.

Sahara Resources Inc. owns a 50% non-operating interest in the concession, where it sees “significant scope” to boost output. Nostra Terra purchased Echo Energy’s 25% stake in the East Ghazalat concession for USD 500k in June 2017. The company is hoping to reach a settlement.

Oil exploration company Nostra Terra said Thursday that its ultimate subsidiary had its dispute with the operator of an oil and gas producing field in Egypt referred to arbitration, remarking that it hopes a settlement could improve production of the asset in which it has a partial interest.

The referral is over the operations of “the East Ghazalat Concession Egypt,” which is located about 150 miles southwest of Cairo. Nostra Terra’s ultimate subsidiary, Sahara Resources Inc., owns a 50 percent non-operating interest in the concession.

Crunch year for Cyprus bid to become regional energy player - KATHIMERINI

Cypriot FM presents to Heads of Government, on behalf of the 

Commonwealth Ministerial Action Group (#CMAG) 

29 APRIL 2018 - 08:04Athanasios Ellis

Nicosia is building strong alliances with East Med neighbours to bolster its influence

Cyprus is ramping up efforts to become a regional energy player with 2018 seen as a critical year in deciding where it stands, Foreign Minister Nicos Christodoulides said in an exclusive interview with Kathimerini.

“All that I would like to say publicly is that 2018 will be a decisive year for the future of the Republic of Cyprus’ energy planning, its energy perspective, and that of the East Mediterranean in general,” said Christodoulides.

He said despite the negative development of Turkish naval ships blocking an ENI drill rig in February from accessing Cyprus’ EEZ, Nicosia’s energy plans continue to “run smoothly”.

"2018 will be a decisive year for the future of the Republic of Cyprus’ energy planning, its energy perspective"

“We are in constant contact and consultation with all the companies involved but also with the countries of the region as well as with EU Member States…we are in talks with Egypt and Israel, we have had related discussions with the governments of the USA, France, Italy , the European Commission.”

Egypt preparing for a gas-rich future - CYPRUS MAIL

April 29, 2018
Charles Ellinas

Egypt is determined to drive and manage its rapidly expanding energy sector and ensure that the new liberalised industry and systems are run on international standards, Egypt’s Petroleum Minister Tareq El Molla has said.

Speaking at the International Gas Union (IGU) Workshop in Cairo on April 19, El Molla said his department would put Egypt at the forefront of natural gas developments.

Since the discovery of the first gas-field Abu Madi in 1967, Egypt’s gas reserves have increased dramatically, particularly during the last two to three years, with the development of giant Zohr being the game-changer.

Egypt’s oil and gas sector is being developed on the basis of three key pillars, with corresponding action areas:

• Energy security: boosting and diversifying energy supply
• Financial sustainability: by addressing historic debts and reforming energy subsidies
• Sector governance: improving oil and gas sector governance