Israeli energy firm Delek Q2 profit dips on North Sea weakness - REUTERS

AUGUST 30, 2018 / 11:56 AM

JERUSALEM, Aug 30 (Reuters) - Israeli energy conglomerate Delek Group reported lower quarterly profit on Thursday, hurt by a loss from exploration and production (E&P) business in the North Sea at its Ithaca Energy unit.

Delek said it earned 170 million shekels ($47 million) in the second quarter, compared with 180 million a year earlier when a gain from the purchase of Ithaca boosted profits.

Ithaca, wholly owned by Delek, contributed a 32 million shekel loss to Delek’s bottom line versus a 47 million shekel profit a year earlier. The decline was caused by a nearly one-month operational standstill to connect a floating production facility in June.

Revenue rose to 2.1 billion shekels from 1.6 billion, boosted by higher sales at its Delek Israel unit but partly offset by the sale of 9.25 percent of its holdings in the Tamar natural gas field off Israel’s Mediterranean coast.

Tamar’s gas sales hit a new quarterly record of 2.6 billion cubic metres (bcm) in the second quarter.

In addition to a stake in Tamar, Delek, through a subsidiary, has a major share in the nearby Leviathan gas field.

Eni Makes New Gas Discovery in Egypt - RIGZONE

Thursday, August 30, 2018Valerie Jones

Italian oil and gas company Eni S.p.A. has made a new gas discovery in the Egyptian Western Desert, the company announced Aug. 30.

The discovery well has been drilled on the Faramid South exploration prospect located in East Obayed concession, 30 km North-West of the Melehia Concession

The well was drilled on the Faramid South exploration prospect in East Obayed Concession, 18.6 miles (30 kilometers) northwest of the Melehia Concession and reached a target depth of 17,000 feet.

The discovery well has been open to production delivering 25 million cubic square feet per day, confirming the East Obayed Concession’s potential, the company said.

Eni said to be in talks with Shell to connect Western Desert well with processing plant in Obayed - ENTERPRISE

Wednesday, 29 August 2018

Italian oil and gas giant Eni is reportedly in talks with Royal Dutch Shell to begin pumping a daily 23 mcf of gas from a well in its Western Desert concession to the company’s processing plant in Obayed, unnamed EGAS officials said yesterday. 

The Faramit well will be closed until the two sides agree on the terms of constructing a pipeline connecting the field to the facility, they added. 

No further details were provided.

Egypt highlights benefits of Cyprus gas renegotiations - CYPRUS MAIL

AUGUST 27, 2018

Evie Andreou 

Egypt has nothing to fear from the ongoing renegotiations concerning the Cyprus natural gas deal, an Egyptian official has said.

In an interview with Ahram online, the former vice president of the Egyptian Petroleum Authority, Medhat Youssef, said that Cyprus’ renegotiation with energy companies over the revenue sharing agreement for the 4.5 trillion cubic feet (tcf) Aphrodite gas field find is a normal procedure that should be undertaken if there is a change in the market, including oil prices.

Youssef said that any changes in the agreement would only guarantee benefits for every side involved including Egypt, Cyprus and foreign investors.

Cyprus’ cabinet last week appointed a committee to enter talks with energy companies. Energy Minister Giorgos Lakkotrypis said that the best option would be to try and find a mutually acceptable solution with the consortium so that the Aphrodite reserve is developed as soon as possible.

14 private companies apply for natgas distribution licenses - ENTERPRISE

Monday, 27 August 2018

14 unnamed private Egyptian companies have submitted requests to the Natural Gas Regulatory Authority for licenses for the local distribution of natural gas, a source from the regulator said. 

Another two private companies are expected to submit their own requests within the next week, according to the source. 

The authority had set earlier this month the fees that private sector players will be required to pay to use the state’s national grid to transport gas, in addition to the fees for different types of permits and licenses.

Wafa–Mellitah gas pipeline fire in Libya causes no significant damage: NOC - OIL REVIEW MIDDLE EAST

Sunday, 26 August 2018 06:00

Fire outbreak next to a station on Libya’s Wafa-Mellitah gas pipeline was extinguished without causing significant damage, said Libya’s National Oil Corp (NOC) in a statement.

“Preliminary investigations revealed that the arson was carried out with rocket-propelled grenades, gasoline and burnt car tyres found at the scene,” stated NOC.

Industrial Security Departments at the NOC and Mellitah complex closely worked with the Petroleum Facilities Guard and relevant authorities to investigate the incident and identify its perpetrators.