Friday, December 28, 2018

Libyan oil revenue dips to $2.4 billion in November: NOC - REUTERS

DECEMBER 28, 2018 / 11:20 AM

DUBAI (Reuters) - Libya’s oil and gas revenue dipped to $2.4 billion in November from $2.87 billion in October, but full-year revenue is expected to surge by 76 percent to $24.2 billion, state oil firm NOC said on Friday.

Although lower than the previous month, November revenue was the third highest monthly figure in 2018, NOC said.

Despite recurrent security problems that have affected output from Libyan oilfields, NOC’s revenue has been boosted this year by higher oil prices and production.

Libya currently produces about 1.15 million barrels per day of oil.

“NOC will continue to drive the economic recovery and provide the funds necessary to ensure a fair distribution of wealth and economic justice across the country,” NOC Chairman Mustafa Sanalla said in a statement.

East Mediterranean gas no game-changer: IEA's Birol - ANADOLU AGENCY

Turkish head of the International Energy Agency (IEA) Fatih Birol
28.12.2018Ovunc Kutlu and Nuran Erkul Kaya

ANKARA - Natural gas resources in the eastern Mediterranean are unlikely to be a game-changer given rising supplies in the global gas market, according to the Turkish head of the International Energy Agency (IEA).

Discoveries of new gas resources in the eastern Mediterranean have put some countries in the spotlight, but feasibility, political challenges, and the presence of other major gas producers impose hurdles on projects that may fail to have a major impact on the gas market, Fatih Birol said on Friday.

"Qatar's liquefied natural gas has a very dominant role in the Mediterranean market," he told Anadolu Agency.

"With Qatar, American gas, and incoming supply from Israel and Egypt, it looks very difficult economically to constitute a major project in the eastern Mediterranean, plus there are some political issues as well."

Currently, Qatar is leading liquefied natural gas (LNG) exports with 12 consecutive years under its belt, while the U.S. is looking to raise its LNG exports with its abundant shale gas supplies.

The Mediterranean Pipeline Wars Are Heating Up - OILPRICE.COM

Dec 28, 2018, 9:30 AM CST
Viktor Katona

Things have been quite active in the Eastern Mediterranean lately, with Israel, Cyprus and Greece pushing forward for the realization of the EastMed pipeline, a new gas conduit destined to diversify Europe’s natural gas sources and find a long-term reliable market outlet for all the recent Mediterranean gas discoveries. The three sides have reached an agreement in late November (roughly a year after signing the MoU) to lay the pipeline, the estimated cost of which hovers around $7 billion (roughly the same as rival TurkStream’s construction cost). Yet behind the brave facade, it is still very early to talk about EastMed as a viable and profitable project as it faces an uphill battle with traditionally difficult Levantine geopolitics, as well as field geology.

The EastMed gas pipeline is expected to start some 170 kilometers off the southern coast of Cyprus and reach Otranto on the Puglian coast of Italy via the island of Crete and the Greek mainland. Since most of its subsea section is projected to be laid at depths of 3-3.5 kilometer, in case it is built it would become the deepest subsea gas pipeline, most probably the longest, too, with an estimated length of 1900km. The countries involved proceed from the premise that the pipeline’s throughput capacity would be 20 BCM per year (706 BCf), although previous estimates were within the 12-16 BCm per year interval. According to Yuval Steinitz, the Israeli Energy Minister, the stakeholders would need a year to iron out all the remaining administrative issues and 4-5 years to build the pipeline, meaning it could come onstream not before 2025.

Wednesday, December 26, 2018

Oil Ministry to increase Atoll field production to 400 mcf/d next October - ENTERPRISE

Wednesday, 26 December 2018

The Oil Ministry expects natural gas production from North Damietta’s Atoll field (BP) to increase to 400 mcf/d by next October, once drilling on the fourth well is complete, Oil Minister Tarek El Molla said. 

The field currently produces 350 mcf/d of gas. 

Tuesday, December 25, 2018

Egypt achieved self sufficiency in natural gas consumption in 2018: Ministry - AHRAM ONLINE / REUTERS

Tuesday 25 Dec 2018

Egypt's Ministry of Petroleum says that the country achieved self sufficiency in natural gas consumption in September 2018 due to the gradual increase in local production and the plan to develop major gas fields in the Mediterranean.

The discovery of the large offshore fields has resulted in the halting of natural gas imports for the first time in three years.

The ministry said in a statement that 2018 witnessed remarkable achievements and improvements in the oil and gas sector.

"Natural gas has been extended to more than 1 million residential units in 72 highly-populated cities and villages across Egypt in 2018," the statement read.

"As many as 18,784 cars have been adjusted to operate with natural gas during the period between January and November 2018."

Monday, December 24, 2018

The CEO of Energean Mathios Rigas: In Gas Transaction One Must Not be Greedy - CALCALIST

Mathios Rigas holding Tanin (crocodile) & Karish (shark)
December 24, 2018

When everyone kept their distance from the fickle Israeli energy market, Energean went against the stream and bought two small fields from Tshuva and Noble Energy’s duopoly. After two years, the CEO and owner Mathios Rigas is satisfied from the purchase, which according to him is better than expectations. In this first interview he reveals the secret: “when you are honest/direct and offer a low price, the market responds. One mustn’t be greedy in this market.”

Crete gas discovery will prompt ‘need for LNG facility on island’ - ENERGY PRESS

24 DEC 2018

The potential discovery of natural gas deposits west and southwest of Crete will prompt the need for infrastructure development on the island, including an LNG facility, Yiannis Basias, chairman of EDEY, the Greek Hydrocarbon Management Company, has told local newspaper Haniotika Nea in arguably his most forthright comments to date on the island’s energy prospects and subsequent actions.

Besides an LNG facility, the discovery of natural gas deposits in the region would also require pipeline development for natural gas transmission to platforms or the shore and subsequent transportation, Basias told the Cretan newspaper.

The official noted he is confident drilling expeditions planned for the region will produce favorable results. “Natural gas will be discovered west and southwest of Crete as the geological characteristics here converge with those of Egypt, Cyprus and Israel,” he pointed out.

Sunday, December 23, 2018

Cyprus needs to build East Med security alliance to support energy future - FINANCIAL MIRROR

23 December, 2018 
Cyril Widdershoven

The growing regional energy cooperation between Israel, Cyprus and Greece has been given another boost this week.

During the 5th trilateral summit, Israel’s PM Benjamin Netanyahu, Cypriot President Nicos Anastasiades and Greek PM Alexis Tsipras stated in the Israeli city of Beersheva that they will sign an agreement early 2019 to start the construction of an offshore East Mediterranean gas pipeline to Europe.

As indicated before, the $7 bln pipeline will compete with Russian pipeline gas exports to European markets in a move to quell the growing Russian stranglehold.

The commercial and financial viability of the project will be studied further during the upcoming feasibility study, partly financed by the EU, which has pledged $100 million already.