Redrawing Europe's energy map will fuel multifaceted benefits for Israel's future - JERUSALEM POST

OCTOBER 5, 2019 19:17 JESSE BOGNER 

As the recent drone attacks on Saudi oil facilities as well as ongoing US-Iran tensions threaten the stability of energy markets worldwide, the opposite trend is taking hold in Israel, a nation that has long grappled with the challenges of being surrounded by hostile oil-rich neighbors.

The once-unthinkable notion of Israeli gas exports to Egypt is on the verge of becoming a reality following an agreement reached this month that enables the East Mediterranean Gas Company to operate Europe Asia Pipeline Co.’s coastal terminal in Ashkelon. At the same time, the $7 billion Israeli-Greek-Cypriot EastMed pipeline has the potential to forge Israel’s presence as an energy provider to Europe.

Yet a different pipeline project which is rarely mentioned in the same breath as Israel carries a dual promise – propping up the Israeli economy while bolstering the Jewish state’s long-term security, with or without Israel’s direct participation in the initiative.

Though Israel has yet to sign onto the project, the Azerbaijan-led Southern Gas Corridor (SGC) should be squarely on the nation’s radar as it looks to expand its influence economically. SGC’s scope is staggering. Spanning 2,200 miles (3,540 km.) across seven countries and connecting three linked pipelines, the $41.5b. project will reshape the geopolitical landscape of European energy consumption.

Announcement by the Presidency of the Republic of Cyprus on the illegal activities of Turkey within Cyprus’ Exclusive Economic Zone - REPUBLIC OF CYPRUS

04-10-2019 08:45

The Government of the Republic of Cyprus strongly condemns Turkey’s new attempt to illegally conduct drilling operations in the south-west of the island, within Cyprus’ Exclusive Economic Zone (EEZ) and continental shelf. The new planned drilling, this time round in a duly licensed block, constitutes a further severe escalation of Turkey’s continued violations of the sovereign rights of the Republic of Cyprus under the UN Convention on the Law of the Sea as well as customary International Law.

In flagrant violation of international law, Turkey has chosen to conduct a drilling operation within offshore exploration Block 7, which was licensed by the Government of Cyprus to European companies, and lies within the EEZ/continental shelf of Cyprus, already delimited, in accordance with international law, between the relevant opposite coastal states, namely the Republic of Cyprus and the Arab Republic of Egypt, by means of the 2003 EEZ Delimitation Agreement. The hydrocarbons exploration and/or exploitation of the exploration Block 7 is an exclusive sovereign right of Cyprus and does not affect the rights of any third state, including Turkey.

Israel to boost gas supply to Egypt by 34% after changes to landmark agreement - ENTERPRISE

Thursday, 3 October 2019

Israel to boost gas supply to Egypt: Dolphinus Holdings and the operators of Israel’s offshore natural gas fields Delek Drilling and Noble Energy have agreed to increase the supply of natural gas to Egypt by 34% to 85.3 bn cubic meters (bcm) under amendments to the landmark 2018 agreement, both Bloomberg and Reuters reported, citing an Israeli bourse statement.

What’s new? The value of the agreement is now USD 19.5 bn, up from USD 15 bn when the parties signed the original pact in February 2018. Exports from the Leviathan field will double to 60 bcm over 15 years and shipments from the Tamar field will fall to 25.3 bcm from 32 bcm. Gas shipments will begin flowing on 1 January 2020, through to 2034. The first three years will see a total of 2.1 bcm sold annually, before growing to 6.7 bcm a year after that. Oil Minister Tarek El Molla previously said the first shipment is on track to arrive by the end of the year.

Israel to increase natural gas exports to Egypt, companies say - REUTERS

OCTOBER 2, 2019 / 9:47 AM

Reporting by Tova Cohen and Ari Rabinovitch

(Reuters) - Israel will significantly increase the amount of natural gas it plans to export to Egypt under a landmark deal, energy companies in Israel said on Wednesday.

Partners in Israel’s Leviathan and Tamar offshore gas fields signed a deal last year to sell $15 billion worth of gas to a customer in Egypt in what Israeli officials called it the most significant deal to emerge since the neighbors made peace in 1979.

Under the amended agreement, the companies said the amount to be sold from the Leviathan field will nearly double to 60 billion cubic meters (bcm) of gas over 15 years. Exports from the nearby Tamar field will be reduced to 25.3 bcm from 32 bcm over the same period.

One source in the Israeli energy industry estimated the value of gas to be exported was now $19.5 billion — $14 billion coming from Leviathan and $5.5 billion from Tamar.

Texas-based Noble Energy, Israel’s Delek Drilling and Ratio Oil own Leviathan. Noble, Delek Drilling, Isramco and Tamar Petroleum are leading partners in the Tamar field.

Israel Electric set to sign new Tamar gas deal - GLOBES

23 Sep, 2019 18:26
Amiram Barkat

The gas price in the new agreement has been lowered to $4.30 per BTU for 18 months.

Israel Electric Corporation (IEC) is close to signing a new agreement with the owners of rights in the Tamar natural gas reservoir. The gas price in the new agreement has been lowered to $4.30 per BTU for 18 months, after which the agreement with IEC will be renegotiated. In effect, the agreement renews the competition between the Tamar and Leviathan reservoirs, because it enables IEC to buy gas from Tamar at a lower price than it obtained from Leviathan. The agreement is also an achievement for the Public Utilities Authority (Electricity), because it improves the terms in comparison with the previous agreement between IEC and Tamar, which the Public Utilities Authority refused to approve.

Leviathan won out over Tamar in a tender published by IEC for the purchase of variable quantities of gas beyond the minimum that it is obligated to buy from Tamar. The holders of rights in the two reservoirs offer the same price - $4.79 per BTU, but IEC management preferred Leviathan to Tamar.

EGAS cancels third consecutive LNG tender - ENTERPRISE

Sunday, 29 September 2019

EGAS has canceled an LNG tender for six cargoes from the Idku gas liquefaction plant for loading between 5 October and 1 November, three market sources told Reuters without providing a reason. 

This is the third consecutive tender cancelled by the company. 

The tender canceled last month was due to low bids, sources told the newswire.