Bulgarian PM Borisov: IGB to Lead to a Real Diversification of Sources - NOVINITE

May 25, 2019, Saturday // 08:57

Interconnector Greece-Bulgaria (IGB), which envisages transportation of Azerbaijani gas to Bulgaria will ensure real diversification of sources, said Bulgaria’s Prime Minister Boyko Borissov, Trend reports.

He made the remarks during a meeting with Greek Prime Minister Alexis Tsipras before the groundbreaking ceremony of the interconnector that took place May 22 in Bulgaria’s Kirkovo.

“The realization of the project for construction of gas interconnection between Bulgaria and Greece will have a key role for the whole region and for Europe. The project is of strategic importance not only for our two countries but also for the whole of Europe, including the countries of the Western Balkans," said the prime minister.

Borissov pointed out that the interconnector will lead to a real diversification of the sources and routes for natural gas supply.

IGB is a gas pipeline, which will allow Bulgaria to receive Azerbaijani gas, in particular, the gas produced from Azerbaijan's Shah Deniz 2 gas and condensate field. IGB is expected to be connected to TAP via which gas from the Shah Deniz field will be delivered to the European markets.

The initial capacity of IGB will be 3 billion cubic meters of gas.

Obscure Cypriot Plots $10 Billion Bet on East Med Gas - YAHOO FINANCE / BLOOMBERG

May 23, 2019Yaacov Benmeleh

A little-known investor group is planning a major shakeup of the Eastern Mediterranean natural gas industry in a bid to unlock hundreds of billions of dollars of sales stymied by the political and industrial complexities of the region.

Cynergy Group, an investment firm based in Cyprus, is looking to spend between $5 billion and $10 billion in the coming years buying under-utilized natural gas assets in the region, according to Chief Executive Officer Mike Germanos. The company is in talks with “some of the most respected global family offices, private equity firms and sovereign funds” about raising the cash, he said.

Germanos declined to give the names of his associates or the assets he’s targeting, citing the sensitive nature of the period before Cynergy provides a formal offer. He said the firm is in the final stages of putting its bid together, which it will reveal by mid-June.

Significant quantities of natural gas have been found off the coasts of Egypt, Israel and Cyprus over the past decade, which has united regional governments in the hope of developing an energy hub in the East Med. Still, companies have struggled to overcome longstanding political and legal hurdles and find viable export markets, leaving many investors to question whether these firms can realize the region’s full potential.

To overcome these hurdles, Germanos assembled a team of veteran oil, gas and finance industry executives and political operatives. Lou Montilla, for example, leads Cynergy’s energy projects after almost two decades of experience in liquefied natural gas with BP Plc, Glencore Plc and Morgan Stanley. Joshua Hantman, a former adviser at Israel’s defense and foreign ministries, manages corporate affairs for the firm.

Dana Gas spuds Merak-1 wildcat off Egypt - OIL & GAS JOURNAL

HOUSTON, May 22, 2019

Dana Gas PJSC, Sharjah, has spudded a deepwater wildcat on its North El Arish concession area offshore Egypt (OGJ Online, Feb. 18, 2014).

The company says the Merak-1 well is on one of three prospects it describes as “world class” in the area, also known as Block 6.

The ADVantage Drilling Services SAE Tungsten Explorer drillship is drilling the well in 755 m of water. The area is southeast of Eni’s giant Zohr natural gas discovery.

Dana Gas holds a 100% interest in the concession. It expects drilling of the Merak prospect to take 70 days.

Eastern Mediterranean Energy Center is Necessary - INTERNATIONAL POLICY DIGEST

22 MAY 2019
Robert M. Cutler and Theodore Karasik

U.S. Secretary of State Mike Pompeo’s visit to the eastern Mediterranean in March accentuates the American search for ways to integrate energy development into a broader security entente or organization. It came nearly at the same time that the bipartisan-sponsored Eastern Mediterranean Security and Energy Partnership Act of 2019 was introduced in the U.S. Congress. This bill mandates the establishment of a United States-Eastern Mediterranean Energy Center and requires the Secretary of State to report to Congress on a “plan to work with United States businesses seeking to invest in Eastern Mediterranean energy exploration, development, and cooperation.”

The international security aspects of the Eastern Mediterranean Security and Energy Partnership Act focus on cooperation with Cyprus, Greece, and Israel. The language proposing to establish the Energy Center, however, does not have that restriction.

According to the legislation, the center would be established by the Secretary of Energy in consultation with the Secretary of State. At least the initial funds would therefore presumably come from appropriations to the respective Departments in the executive branch. Yet it would not need to be based in Washington.

Minister: Gas drilling at 8 sites off Cyprus over 24 months - THE WASHINGTON POST / ASSOCIATED PRESS

E&P companies with rights/participation in Cyprus' EEZ

May 21 at 4:10 PM

LIMASSOL, Cyprus — Cyprus’ energy minister says energy companies will drill in search of natural gas in waters off the east Mediterranean island nation’s southern coast at eight separate sites over the next two years.

Georgios Lakkotrypis said Tuesday that exploratory drilling would take place at six of those sites, while the remaining two would be to confirm gas deposits already discovered there.

Lakkotrypis didn’t specify the exact locations where the drilling would take place. He said that drilling would start at the end of this year or early 2020.

Energy companies including ExxonMobil, Total and Eni are licensed to conduct a hydrocarbons search off Cyprus. Gas has been discovered at three locations.

Cyprus accuses Turkey of violating its sovereign rights by attempting to drill in waters where it has exclusive economic rights.

Egypt’s target for natgas production increases to 7.95 bcf/d in 2019-20 - ENTERPRISE

Tuesday, 21 May 2019

The government has raised its target for natural gas production to 7.95 bcf/d during FY2019-2020, up from 7.5 bcf/d in the current plan, an industry source told the press.

Linking the second development phase of wells at the North Alexandria field, as well as an expected increase in production from the Zohr field, will offset the annual 10% fall in production due to field maturation. 

The ministry is also planning to complete 11 natgas projects by 2023 at a combined investment value of USD 18 bn to increase production by some 2 bcf/d.

Egypt committed to working with US, highest standards in gas projects - ENTERPRISE

Tuesday, 21 May 2019

El Sisi meets with Noble Energy boss, says Egypt is committed to strengthening ties with the US: A meeting between President Abdel Fattah El Sisi and Noble Energy CEO David Stover tops the front pages of Al Ahram, Al Akhbar and Al Gomhuria this morning. El Sisi used the occasion to reaffirm Egypt’s commitment to strengthening strategic ties with the US and said the country was following the highest standards in its gas exploration and production projects.

Other coverage of the story: Noble, which is helping lead the charge to develop Israeli gas fields and sell the offtake to Egypt, is interested in a helping build a gas pipeline between Egypt and Cyprus, an unnamed Oil Ministry source told Youm7. No further details were provided on the company’s plans. Egypt and Cyprus signed an agreement last year, which would allow natural gas from the Aphrodite gas field to be transported to Egypt’s liquefaction facilities at Idku and Damietta, and re-exported as liquefied natural gas.

Libya's oil and gas revenues reach $1.87 billion in April -NOC statement - REUTERS

MAY 19, 2019 / 5:23 PM

DUBAI, May 19 (Reuters) - Libya’s oil and gas revenues reached $1.87 billion in April, up 22% from the previous month as oil prices rose, the country’s National Oil Corporation (NOC) said in statement on Sunday.