Energy Minister: We want Bulgaria to Maintain its Strategic Position on Europe's Gas Map - NOVINITE

February 23, 2019, Saturday // 12:20

The southern gas corridor is at the heart of diversification not only for Bulgaria but also for the whole of Europe, Energy Minister Temenujka Petkova told Darik. The role of Bulgaria is key via the connector with Greece, because new gas supplies will be provided from the Caspian region, she explained.

This will give a new look and will diversify the sources of natural gas for our country, Minister Petkova said.

The connector with Greece must be ready in 2020 and put into operation, the energy minister announced.

The Greece - Bulgaria Interconnector is important for both our country and Europe, and we have negotiated 1 billion cubic meters of gas from the Caspian region, Temenujka Petkova said.

17 billion gas passes through our country from Russia to different countries, of which 14 billion are for Turkey. Following the construction of the direct link between Russia and Turkey, Ankara will receive gas directly from Russia, she described the situation at the moment.

Anastasiades off to Egypt for first-ever EU-Arab League Summit - CYPRUS MAIL

February 23, 2019

President Nicos Anastasiades leaves for Sharm el-Sheikh in Egypt on Sunday, to attend the 1st EU-Arab League Summit, in the framework of which he is set to have bilateral meetings with heads of states in the region and to promote Cyprus’ initiative to play a coordinating role in introducing policies and strategies by neighbouring countries to tackle climate change.

The EU-League of Arab States (LAS) summit will bring together for the first time, heads of state or government with EU leaders.

European Council President Donald Tusk will co-chair the meeting with Egyptian President Abdel Fattah al-Sisi. He will represent the EU along with Commission President Jean-Claude Juncker.

Anastasiades will meet with Egypt’s President Abdel Fattah al-Sisi on Sunday, and Lebanese Premier Saad Hariri and Kind Abdullah of Jordan on Monday.

The meetings will offer the opportunity to further promote and enhance bilateral cooperation as well as the trilateral cooperation and to point out Cyprus’ role as a European pillar of stability and as a state that can boost security in the region by playing its role in the area, a statement said.

ENERGY: ExxonMobil could announce Cyprus exploration results next week - FINANCIAL MIRROR

21 February, 2019

Eagerly awaited results from two test drills offshore Cyprus for hydrocarbons by US energy giant ExxonMobil and Qatar Petroleum are expected to be announced next week, according to reports.

It is believed that Energy Minister George Lakkotrypis could announce the end of the exploration drills next Monday with both the government and ExxonMobil declaring the results soon after, although President Nicos Anastasiades will be consulted first.

Earlier this month, local media speculated that ExxonMobil could announce a “sizeable find” in block 10 following exploration drills at wells Delphine-1 and Glafcos-1 in Cyprus’ Exclusive Economic Zone.

A high-level Cypriot source, who reportedly spoke on the condition of anonymity, said the reserve isn't as large as the Zohr gas field in the Egyptian sector of the Mediterranean but “has a similar reserve.”

The reserve – found at Glafcos-1 - was said to hold at least 2.5 trillion cubic feet of natural gas – the minimum amount required to make it commercially viable.

Egypt signs 7 agreements to explore petrol, gas with investments of $162M - EGYPT TODAY

Wed, Feb. 20, 2019

CAIRO – 20 February 2019: Seven Agreements were signed to explore petrol and gas with minimum investments of $162 million during 2017/2018, an official source at the Petroleum Authority said.

The source elaborated that procedures of 10 new agreements were completed during July and August 2018, noting that 19 contracts were signed to develop the discovered fields until August 2018 in order to support the targeted plans to increase the production of petrol and gas.

He added that 98 exploratory wells were drilled to support and increase the reserves of the petroleum wealth, of which 58 wells were put on production.

According to the source, the petroleum sector succeeded in securing the market needs of petroleum products, as the average production of crude oil hit 626,000 barrels of crude oil and condensates during a year.

Israel's Leviathan Energy Prize: Where Will The Gas Go? - FORBES

Feb 19, 2019, 07:35am
Ariel Cohen

Israel is finally emerging as a natural gas player in the Mediterranean. In the last week of January, the Israeli Navy conducted a complex drill simulating attacks on the country’s offshore oil and gas infrastructure. The exercise included coordinated operations between dozens of naval vessels and aircraft, and even incorporated a live-fire missile test against an abandoned cargo vessel (imitating an enemy transport filled with Hamas or Hezbollah militants). Israel’s week-long “Raging Sea” operation comes on the heels of two joint military drills with Cypriot forces held in November and December – presumably to protect the region’s newest and most valuable energy asset – the Leviathan offshore gas field.

The Leviathan falls almost exclusively in Israeli territorial waters, but neighboring states have demonstrated a mutual interest in seeing the reservoir and surrounding plays developed. Indeed, the vast economic potential of Eastern Mediterranean hydrocarbons has galvanized diplomatic and economic ties between Israel, Cyprus, and Greece. In December, the three nations held a trilateral summit in Beersheba, Israel, where they agreed to launch the EastMed pipeline project, a $7 billion endeavor that would see Israeli gas pumped to Greece via Cyprus and Crete at a rate of 10 billion cubic meters (bcm) per annum. Once in Greece, the gas would then connect to the 20 bcm per annum Poseidon pipeline in Italy, and then onward to the rest of Europe.

Petroceltic to seek arbitration against EGPC for inability to pay debts - AHRAM ONLINE

Sunday 17 Feb 2019

UK international energy company Petroceltic has announced its intention to seek arbitration in a dispute with Egypt's state-owned Egyptian General Petroleum Corporation (EGPC) over what Petroceltic says is the Egyptian company's failure to pay debts.

Petroceltic said in a statement that it is seeking arbitration with the World Bank-managed International Centre for Settlement of Investment Disputes over EGPC's "breach of its obligations under multiple Gas Sales Agreements and in particular EGPC’s inability to pay its debts as they fall due for payment."

Petroceltic Chairman Angelo Moskov said that the company has invested hundreds of millions of dollars in Egypt and sustained hundreds of EGPC jobs in joint venture with EGPC, at considerable expense to Petroceltic.