Friday, May 25, 2018

EBRD finances upgrade of Egypt’s Suez oil refinery - ENERGY EGYPT / OIL & GAS JOURNAL

May 25, 2018

The European Bank for Reconstruction & Development (EBRD) is providing a $200-million loan to state-owned Egyptian General Petroleum Corp. subsidiary Suez Oil Processing Co. (SOPC) for the upgrade of its 68,000-b/d refinery adjacent to Suez, Egypt, at the entrance of the Suez Canal.

ERBD funds will finance investments to modernize the refinery with technical updates to improve overall operational performance and energy efficiency at the site, as well as works to reduce the refinery’s carbon footprint, ERBD said.

Specifically, the proposed projects will increase flexibility of the plant’s crude intake and enable production of higher-quality, lower-sulfur fuels, ERBD said.

The refinery also will implement an extensive energy efficiency program that will reduce emissions of carbon dioxide equivalent by more than 295,000 tonnes/year and result in a savings of 300,000 Mw-hr of energy and 384,000 cu m of water annually, the international financial institution said.

Thursday, May 24, 2018

Natural gas exported to Italy from Libya after four year halt - THE LIBYA OBSERVER

May 24, 2018 - 13:00
Housam Najjair

The National Oil Corporation (NOC) shipped on Wednesday its first quantity of propane gas from the Zueitina port to Italy, estimated at approximately 61,761 barrels.

The NOC said in a statement that the shipment is the first of its kind to Italy in four years, since the gas plant at the port of Zueitina was shut down causing gas exports to Italy being halted.

Libya is considered to be one of the largest exporters of natural gas to Italy through Italy's oil giant Eni, which invests in Libya.

Oil Ministry wants Haliburton to advise on maturing fields - ENTERPRISE

Thursday, 24 May 2018

Oil Minister Tarek El Molla met with Halliburton’s Executive Vice President of Global Business, Eric Carre, on Wednesday to discuss the possibility of the company advising the ministry on strategies on further development on maturing fields, according to an Oil Ministry statement


They also discussed progress on the seismic database currently being developed to market Egypt’s reserves.

Tharwa Petroleum readies to drill in North Sinai’s Noor concession - ENTERPRISE

Thursday, 24 May 2018

Tharwa Petroleum is waiting for final gas exploration approvals to begin drilling in the Noor concession in North Sinai, a company source says

The number of wells to be drilled will be determined once the contracts are signed, they added. 

The Cabinet had approved earlier this month a USD 105 mn exploration agreement with Eni and Tharwa to search for oil and gas in the Mediterranean off the coast of North Sinai. 

Parliament had signed off on the agreement earlier in the week.

Wednesday, May 23, 2018

Delek Royalties issues $113m bond - GLOBES

23 May, 2018 15:44
Kobi Yeshayahou

The first stage in Delek Royalties' two-stage offering was completed yesterday with the company raising $113 million (NIS 404 million) in the bond issue for investment institutions. Demand totaled NIS 900 million. Leading investment institutions took part in the issue, led by Leader Underwriters and Excellence Nessuah Underwriting.

Delek Royalties is a special purpose vehicle (SPV) founded by Delek Group Ltd. (TASE: DLEKG), controlled by Yitzhak Tshuva, in order to absorb the super royalties from the Tamar natural gas reservoir to which Delek Group's Delek Energy subsidiary is entitled.
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The interest on the 4.7-year dollar-denominated bonds, rated Aa3 with a stable outlook by Midroog, was set at 5.48%.

Tuesday, May 22, 2018

EGAS offers 16 Mediterranean & Nile Delta blocks in oil & gas bid round - ENTERPRISE


May 22, 2018

The Egyptian Natural Gas Holding Company (EGAS) launched the 2018 bid round for oil & gas exploration on 16 concession areas: 13 blocks in the Mediterranean Sea and three concessions in the onshore Nile Delta region.

The Egyptian Ministry of Petroleum announced in an Al Ahram newspaper advertisement that the deadline for receiving bids for the EGAS tender will be on October 1, 2018

EGPC launches 2018 oil & gas exploration bid round for 11 blocks - ENTERPRISE


May 22, 2018

The Egyptian General Petroleum Corporation (EGPC) launched the 2018 bid round for oil & gas exploration on 11 blocks: Five in the Western Desert, two in the onshore Nile Delta region, one in the Eastern Desert, and three in the Gulf of Suez (both onshore & offshore).

The Egyptian Ministry of Petroleum announced in an Al Ahram newspaper advertisement that the deadline for receiving bids for the EGPC tender will be on October 8, 2018.

SDX Energy's Kelvin-1X well disappoints in Egypt - WORLD OIL

MAY/22/2018

LONDON -- SDX Energy Inc., the North Africa focused oil and gas company, announces that the Kelvin-1X exploration well at South Disouq, Egypt (SDX 55% working interest and operator) has been drilled to a TD of 8,075 ft, encountering 606 net ft of high-quality reservoir interval in the Abu‐Madi formation, with an average porosity of 21%. However, the sands had low gas saturation and were not deemed to be commercial.

The well will now be plugged and abandoned, and the rig will move to the site of the next drilling location on the South Disouq licence, the SD-4X appraisal well.

Following the April 2017 SD-1X discovery on South Disouq, SDX targeted two near-field prospects, Ibn Yunus, where the Company has recently announced a significant discovery, and Kelvin. The Kelvin-1X well was located structurally updip of the SD-1X discovery and thought to potentially be connected to the original SD-1X structure by a continuous gas bearing section. However, the identified layer appears to be separated from the original discovery and contains gas with non-commercial saturations. The Company is now focused on completing the development at SD-1X and bringing both discoveries on stream as quickly as possible, with first gas prior to year-end 2018.

Egypt Sets Deadlines For Oil And Gas Exploration Bids - RIGZONE / REUTERS

Tuesday, May 22, 2018
Reporting by Ehab Farouk, writing by Sami Aboudi; editing by Jason Neely

CAIRO, May 22 (Reuters) - Egypt has set October 1 and October 8 deadlines for two major international tenders for oil and gas exploration spanning 27 onshore and offshore blocks, the oil ministry said on Tuesday.

Bids for 11 blocs offered by the Egyptian General Petroleum Corp (EPGC) must be submitted by October 1, the ministry said in an advertisement published in the state-run al-Ahram newspaper.

Companies interested in 16 concession areas offered under state-buyer EGAS must submit their bids by October 8, it said.

The EPGC tenders include five blocks in the Western Desert, two in the Nile Valley, three in the Gulf of Suez and one in the Eastern Desert.

The EGAS tender, described by the ministry as the largest in the company's history, includes 13 offshore Mediterranean blocks and 3 in the Nile Delta.

Monday, May 21, 2018

Egypt to launch 2 international bid rounds for oil and gas exploration in 2018 - statement - REUTERS

MAY 21, 2018 / 10:42 AM
Reporting by Nadine Awadalla; Editing by Toby Chopra

CAIRO, May 21 (Reuters) - Egypt will launch two international bid rounds for oil and gas exploration in 2018, the petroleum ministry said in a statement on Monday.

One bid round will cover 16 sectors under the state-buyer EGAS, while the other will cover 11 sectors under the Egyptian General Petroleum Corp (EGPC), the statement said.

The EGAS bid round is set to be the largest since its founding in 2001. 

France’s Total may expand presence into block 8 of EEZ (Updated) - CYPRUS MAIL

MAY 21, 2018

French energy giant Total, wants to expand its presence into block 8 of Cyprus’ exclusive economic zone (EEZ) Energy Minister Yiorgos Lakkotrypis said on Monday.

Speaking to reporters at the presidential palace after the meeting between President Nicos Anastasiades and the Regional Director of Total, Stephane Michel, Lakkotrypis said the discussion had been constructive. “The next steps in the exploration programme were discussed and one of the most important issues was the interest by Total in participating in block 8,” he said.

Block 8 was licensed to Italy’s ENI and “now we see interest by the French company to grow in this segment. It is a very important development that strengthens the [ENI-Total] consortium and expand its presence in Cyprus’ EEZ,” Lakkotrypis added. The consortium has 50 per cent stake each in blocks 6 and 11.

Kuwait Energy looks to spin-off Egyptian assets - ENTERPRISE

Monday, 21 May 2018

Kuwait Energy looks to spin-off Egyptian assets: Kuwait Energy has hired investment bank Perella Weinberg Partners to advise on possibly divesting its stakes in Egypt and Iraq, sources close to the matter tell Reuters. Plans include spinning off Egypt assets that include interests in four oil and gas fields, including the Abu Sennan concession. Kuwait Energy had reduced its stake in that field to 25% last year. In Iraq, the company is looking to sell part or all of its Block 9 field. The move comes as the company is looking for liquidity to pay back shareholders and creditors. Talks for a possible merger with the UK’s SOCO International earlier this year had reportedly had fallen apart. The firm, which lost its CEO and saw a credit downgrade last year, owes USD 290 mn due next year, and should start repayments of a convertible loan of around USD 150 mn this year to an entity controlled by private equity group Abraaj.

Sunday, May 20, 2018

‘Cyprus’ oil and gas resources should be equitably shared between both communities on the island’ - CYPRUS MAIL

MAY 20, 2018
Apostolos Zoupaniotis

Cyprus’ oil and gas resources should be equitably shared between both communities on the island, in the context of an overall settlement said Jonathan Cohen, Deputy Assistant Secretary for European and Eurasian Affairs.

Cohen replied in writing to questions concerning Cyprus, submitted by Bob Menendez, the Ranking Member of the Senate Foreign Relations Committee.

The Senate Foreign Relations Committee moved without a vote the confirmation of the Ambassadorial Nominee, Jonathan Cohen, to the full Senate, where he is expected to receive an easy approval. Cohen was nominated by President Trump to be the Deputy Permanent Representative of the United States to the United Nations.

Asked on the role the Security Council should play in addressing Turkey’s belligerent actions in the Eastern Mediterranean and the Aegean Sea, including Turkish naval efforts to obstruct hydrocarbons exploration in Cyprus’ Exclusive Economic Zone, Cohen said:
“If confirmed, I will continue to support longstanding U.S. policy recognizing the Republic of Cyprus’s right to develop its resources in its EEZ. The island’s oil and gas resources, like all of its resources, should be equitably shared between both communities on the island in the context of an overall settlement”.

Schlumberger to complete Gulf of Suez seismic studies before end of 2018 - ENTERPRISE

Sunday, 20 May 2018

Oilfield services company Schlumberger is set to complete seismic studies in the Gulf of Suez before the end of this year, a source tells Youm 7

Norway’s TGS also expects to deliver final data in December this year after completing a 10,000-km 2D seismic surveyalong Egypt’s Red Sea border with Saudi Arabia. 

Schlumberger and TGS-NOPEC are two of five firms that were awarded contracts for scans in the area last year.

Promoting gas as a catalyst to energy transformation - CYPRUS MAIL

MAY 20, 2018

One of the best-known Cypriots in the global natural gas sector is Menelaos Ydreos, executive director of public affairs of the International Gas Union (IGU).

Charles Ellinas spoke to him about the role of gas in the future energy mix and how Cyprus can benefit

What is the main function of the IGU and your role in the organisation?
The International Gas Union (IGU) was founded in 1931 and is a worldwide non-profit organisation aimed at promoting the political, technical and economic progress of the gas industry. IGU has more than 150 members worldwide on all continents, representing approximately 97 per cent of the world gas market. The Cyprus Charter member to the IGU is the Ministry of Energy, Commerce, Industry & Tourism.

As the executive director of public affairs, I oversee all of the global strategic communications and outreach efforts for the IGU ensuring that governments and policymakers recognise the significant role that gas can play in enabling the energy transition and cleaning-up the polluted and dirty air in the world’s cities.

Israel and Cyprus disagree over Aphrodite Gas Field - THE TIMES OF ISRAEL

MAY 20, 2018, 1:04 AM

A disagreement over the ownership rights to the Aphrodite natural gas field in Cyprus is delaying billion-dollar plans to turn the eastern Mediterranean area into a larger energy hub. Aphrodite is located along the edge of Cyprus’ economic waters. One of its tips stretches across Cyprus’ border into Israel’s maritime zone. According to a recent estimate in Israel, there are as much as 10 billion cubic meters of gas worth close to $1.5 billion at stake. However, this amount is less than 10% of Aphrodite’s total reserves. Israel has said that it will not give up on this gas and that companies operating on the Israeli side are ready for legal action if Aphrodite is developed without them.

Prime Minister Benjamin Netanyahu and Energy Minister Yuval Steinitz have flown to Cyprus to discuss plans to join the two countries’ electricity grids and build a pipeline to supply Mainland Europe with their gas fields. Energy Minister Steinitz has said that he was optimistic that the dispute will be solved within six months and that the governments have asked the companies to reach an agreement among themselves on how much gas is located on each side’s economic waters. If the dispute is not resolved within a specified period, they will turn to an international expert, not an arbitrator. Cyprus’ Energy Minister Yiorgos Lakkotrypis has suggested a similar course of action.

ExxonMobil eyes Africa expansion, Egypt tops the list - ENTERPRISE

Sunday, 20 May 2018

INVESTMENT WATCH- ExxonMobil is eyeing expansion opportunities in Africa, now that oil prices are on the rise again, according to the Africa Report. “The company wants to reinvest in Africa, partly to compete against Eni and Total and to not leave them to dominate the continent,” says OCP Policy Center research associate Francis Perrin. “ExxonMobil looks at everything and everywhere, from Egypt to Mauritania through South Africa, but that doesn’t mean it will buy all the blocks it is studying or start producing from all the fields it is exploring.”

Egypt may be a good choice for Exxon, where it’s already eyeing opportunities in the East Mediterranean. “The foray into Egypt’s offshore oil and gas it is currently considering can be linked to a desire to combine recent gas discoveries in Cyprus with new Egyptian fields and also to find business opportunities for its gas in the highly populated – close to 100 mn people – and top energy-consuming country in the region,” Wood Mackenzie’s upstream Egypt analyst Stephen Fullerton. Egypt is close to finalizing an agreement with Cyprus to build a USD 800 mn to USD 1 bn gas pipeline that should see Egypt begin exporting LNG to Europe, moving one step closer to achieving its goal of becoming a regional hub.