Arbitration court rules against Nostra Terra in Egypt oil payments dispute - ENTERPRISE

Wednesday, 14 August 2019

Arbitration court rules against Nostra Terra in Egypt oil payments dispute: Nostra Terra Oil & Gas has been found in default of the joint operating agreement (JOA) governing its East Ghazalat joint venture in Egypt with North Petroleum International, the company said on Monday. The London Court of International Arbitration ruled against the UK-based oil and gas company, finding subsidiary Nostra Terra Inc. in default for the non-payment of November and December 2015 cash calls to North Petroleum of around USD 1.06 mn, along with an estimated USD 125k in interest. The company’s failure to make the payments could result in the transfer of Nostra Terra’s 50% stake in the East Ghazalat concession to North Petroleum. Nostra Terra has described the concession as “non-core” to its operations. The company is considering seeking damages from North Petroleum for allegedly breaching the JOA.

Rosneft says gas output at Zohr in Egypt surges to 11.3 bcm in H1 - REUTERS

AUGUST 14, 2019 / 2:00 PM

MOSCOW, Aug 14 (Reuters) - Natural gas production at Zohr, the largest gas field in the Mediterranean Sea, more than tripled in the first half this year to reach 11.3 billion cubic metres (bcm), Russian energy giant Rosneft said on Wednesday.

The field is an important asset for Kremlin-controlled Rosneft in its global expansion strategy and natural gas production programme. Rosneft bought a 30% stake in the project from Italy’s Eni in 2017.

The company said daily gas output at the offshore project would reach 76 million cubic metres (2.7 billion cubic feet) by the end of the year from 68 million cubic metres currently.

“After the field’s start-up in December 2017, its development is going ahead of schedule,” Rosneft said in a statement.

Eni controls 50% of the project, while BP and Mubadala Petroleum each have a 10% stake in Zohr. 

Reporting by Maria Kiselyova and Vladimir Soldatkin, editing by Deepa Babington and David Evans

US-Greece-Cyprus-Israel want oil, gas as much East Med peace - NEW EUROPE

AUGUST 13, 2019 - 16:32

ATHENS – Meeting in Athens, the energy ministers of Greece, Cyprus, and Israel – Kostas Hatzidakis, Georgios Lakkotrypis, and Yuval Steinitz, as well as US Assistant Secretary of State for Energy Resources Frank Fannon – have discussed their cooperation in the field of energy, while affirming their shared commitment to promoting peace, security, and prosperity in the Eastern Mediterranean region.

The four met in Athens on 7 August and agreed to establish a High-Level Working Group (HLWG) that will highlight specific energy projects and propose ways of promoting their implementation.

“The ministers and the United States agreed to support their countries’ energy independence and the establishment of an Energy Corridor of the Eastern Mediterranean, contributing thus to the energy security of the European Union by actively promoting the diversification of import sources and routes,” the US Department of State said in a statement.