Saturday, November 17, 2018

Geopolitics: How an energy-friendly future will bolster the region - THE JERUSALEM POST

November 17, 2018 00:37
Eytan Halon


National Infrastructure, Energy and Water Minister and security cabinet member Yuval Steinitz has held a wide range of senior ministerial and Knesset committee positions during nearly two decades in Israel’s parliament. Yet overseeing what can only be described as a revolution in Israel’s energy sector since 2015 might prove to be his most memorable task.

Until major discoveries of natural gas off Israel’s coastline in recent years, few would have dreamed of natural resource-poor Israel supplying former adversaries Jordan and Egypt with natural gas valued at $26 billion.

With ambitious plans to construct a 2,000-kilometer pipeline to supply eastern Mediterranean gas to Europe, and with scientific predictions of additional vast natural gas fields still to be discovered in the Levantine Basin, Israel’s unexpected gas boom to date may be only the tip of its national energy iceberg.

Energy supply and dependence, particularly Arab oil, has always had an important impact on diplomatic relations worldwide. Now, for the first time, Israel is enjoying the fruits of its role as an energy supplier, both domestically and abroad.

Speaking to The Jerusalem Post in early November ahead of his appearance at the Post’s Diplomatic Conference on November 21, Steinitz, who worked as a University of Haifa lecturer in philosophy prior to entering politics, spoke not of theorems or logic but of his vision for Israel’s energy future.

Friday, November 16, 2018

Repsol, ELPE nearing finalized deal for new Ionian Sea block - ENERGY PRESS

16 November 2018

EDEY, the Greek Hydrocarbon Management Company, and a consortium comprising Spain’s Repsol and ELPE (Hellenic Petroleum) have completed negotiations for exploration and production rights at a new Ionian Sea block on offer.

The two sides have delivered a draft agreement to the energy ministry. It will also be forwarded to a supervisory committee within the next few days for approval before being signed by all sides involved and submitted to parliament for ratification. The agreement could be finalized by the end of the month, sources informed.

ENERGY: ExxonMobil begins hydrocarbon exploration off Cyprus - FINANCIAL MIRROR

16 November, 2018

US giant ExxonMobil has begun exploration for oil and gas in block 10 of Cyprus’ Exclusive Economic Zone (EEZ), Energy Minister George Lakkotrypis said on Friday.

Lakkotrypis confirmed test drilling has started offshore Cyprus following a meeting with US Assistant Secretary of State for Energy Resources Francis Fannon in Nicosia.

Fannon is on a regional tour – that includes Israel and Egypt - to meet officials and private sector representatives to discuss energy security and regional cooperation on energy issues.

“His trip will highlight the economic opportunities in the energy sector for Eastern Mediterranean gas development and related exports and encourage discussions on how countries can harness this potential for increased regional stability and economic growth,” the State Department said.

Lakkotrypis said he discussed Cyprus-US energy cooperation, East Med hydrocarbons potential and the strategic significance of US companies active in the Cypriot EEZ.

Thursday, November 15, 2018

Egypt pays Dana Gas USD 111 mn in arrears in 9M2018 - ENTERPRISE

Thursday, 15 November 2018

Egypt paid Dana Gas USD 111 mn in arrears owed in its Financial Results For 9M & Q3 2018, the company said in its earnings release on Wednesday


The story comes as Egypt has been stepping up payments to international oil companies (IOCs), with arrears to oil producers have fallen to their lowest levels yet, coming in at USD 1.2 bn at the end of FY2017-18. 

The company noted that its production output in Egypt fell to 34,500 boepd in 9M2018, from 39,600 boepd in 9M2017.

The Company's 9M 2018 revenue increased 6% to $351 million (AED1,287 mm) from $330 million (AED1,210 mm) over the same period last year. Correspondingly, Q3 2018 revenue increased 6% to $115 million (AED422 mm) from $108 million (AED396 mm). The increase in revenue, driven by higher realised hydrocarbon prices, helped offset production decreases in Egypt and the UAE.

Wednesday, November 14, 2018

US State Department backs Cyprus’s right to drill in EEZ - KATHIMERINI / KNEWS


WEDNESDAY NOVEMBER 14, 2018 - 08:42

Hours after Turkish President Recep Tayyip Erdogan urged all parties engaging in gas exploration activities in the Eastern Mediterranean not to pressure it over Ankara’s own energy plans in the region, the US State Department said Washington “discourages any actions or rhetoric that increase tensions in the region.”

“The US policy on Cyprus’s exclusive economic zone is longstanding and has not changed: the United States recognizes the right of the Republic of Cyprus to develop its resources in its EEZ,” a spokesperson said in response to a question by the Hellas Journal website.

In what was seen as a warning aimed at Greece, Cyprus and the US, Erdogan was quoted as saying on Tuesday, “we tell our friends: Don’t push us, don’t press us.”

Exxon expected to start drilling by week’s end - CYPRUS MAIL

TEKMOR Note: Welcome, USA!
November 14, 2018
Evie Andreou

The Stena Icemax drillship leased by ExxonMobil, is expected to begin drilling in Cyprus’ offshore block 10 by the end of the week, it was reported on Wednesday.

The drillship arrived on location in block 10 on Sunday and is preparing to begin drilling in the site dubbed by Exxon as ‘Delphine’ after the Greek mythology dolphin-shaped sea daemon that was in the service of god Poseidon.

Cyprus News Agency (CNA), said, citing sources, that at the moment the exact time of when the drilling will start cannot be determined due to technical and environmental factors.

The same is true for the duration of the drilling, which is expected to last around two months. Progress, sources told CNA, will depend on the speed of winds, pressure as well as hard rock that can be found during drilling.

The drilling rig will descend about two kilometres to the bottom and about two to three km further.

Tuesday, November 13, 2018

Israel looks to new Arab allies to export gas in volatile region - FINANCIAL TIMES


Jerusalem, 13 November 2018
Mehul Srivastava 


Netanyahu seizes on natural gas to turn Egypt and Jordan into economic partners

When Yuval Steinitz was doing his military service in the Israeli army, Egypt was an enemy and Israel lived in fear of having its oil supplies choked off by Arab rivals. But in recent years, as Israel’s energy minister, Mr Steinitz, 56, found himself in hush-hush meetings with Egyptian officials.

On the agenda: Israel’s gas conundrum. Since the late 1990s, it has discovered huge natural gas reserves off its coast. The initial finds allowed the tiny nation to wean itself off some energy imports, but additional discoveries — which could fuel Israel for 50 years, according to some estimates — have unlocked the potential for exports. “This was unthinkable just a decade or two ago,” Mr Steinitz told the Financial Times.

His problem is getting the gas out of an often hostile neighbourhood. Israel’s long-term goal is to fuel energy-hungry nations in Europe. But in the meantime Mr Steinitz has helped smooth a lucrative place holder agreement with Egypt — which has had a peace treaty with Israel since 1979.

Monday, November 12, 2018

Shell processing 300 mcf/d of gas at Idku liquefaction plant -sources - ENTERPRISE

Monday, 12 November 2018

Royal Dutch Shell’s Idku liquefaction plant is reportedly processing 300 mcf/d of natural gas, compared to 250 mcf/d last month, sources close to the matter said yesterday. 


Natural gas earmarked for exports also increased by around 50 mcf/d due to lower local consumption levels during winter. 

Shell and the Oil Ministry had agreed back in 2016 to gradually ramp up production at the Idku LNG plant.

Eni sells to Mubadala Petroleum a 20% stake in the Nour North Sinai Offshore concession in Egypt - ENI



Abu Dhabi (UAE), 12 November 2018

Eni further strengthens its ties with Mubadala Petroleum, building on the successful partnership in the Shorouk concession. The Chief Executive Officer of Petroleum & Petrochemicals, Mubadala Investment Company, and Chairman of Mubadala Petroleum, Musabbeh Al Kaabi, and the Chief Executive Officer of Eni, Claudio Descalzi, signed an agreement today for the sale of a 20% participating interest, out of Eni’s share, in the Nour North Sinai Offshore concession, in Egypt, to Mubadala Petroleum, a wholly owned subsidiary of Mubadala Investment Company.

BP to Invest $1.8B in Egypt - EGYPT OIL & GAS

Monday, 12th November 2018

BP will invest $1.8 billion in Egypt next year, according to BP’s chief executive Bob Dudley, The National reported.

“We’ve spent in the last two years $6.8bn in Egypt and it will be about $1.8bn dollars next year,” Dudley told The National in an interview in Abu Dhabi.

BP’s regional president of North Africa, Hesham Mekkawy, previously said that the company will invest $2 billion in Egypt during 2019.

BP’s latest spending plans are a substantial decrease from the $4 billion invested in Egypt in 2017.

Dudley also confirmed that the company will be investing significantly in Abu Dhabi, promising $1 billon each year. The company has already discussed investing in the Ruwais downstream facility with the Abu Dhabi National Oil Company (ADNOC). The Emirate is planning to invest $45 billion in the facility over the next five years in collaboration with international partners.

“We’ve reviewed and we’re part of the process with Ruwais. That’s yet to be decided”, Dudley said.

Sunday, November 11, 2018

Oil Ministry expects USD 10 bn in new oil and gas investment during current fiscal year - ENTERPRISE

Sunday, 11 November 2018

INVESTMENT WATCH- Oil Ministry expects USD 10 bn in new oil and gas investment during current fiscal year. 

Oil Minister Tarek El Molla said on Saturday that his ministry expects some USD 10 bn in new investment in the sector in 2018-19. The figure includes both funding for both exploration and production activities. 

The minister said high appetite among international oil companies (IOCs) for Egyptian opportunities underscores their confidence in Egypt’s improved investment climate. 

The minister expects IOCs to bid in an upcoming sale of exploration blocks in the Red Sea region, saying it would be the first time blocks would be on offer in that region.