Energean gets Total’s stake in the Ionian - KATHIMERINI

27.02.2020 : 22:11
Chryssa Liaggou

Greek oil enterprise Energean has secured its entry into Block 2 of the Ionian Sea by buying out the stake of French company Total, which had been seeking to disengage from the region for months.

Total had a 50 percent stake in the consortium to survey Block 2, while Hellenic Petroleum and Edison each hold 25 percent. Sources say Total first offered its two partners the stake but that they were not interested. Energean agreed to buy it because it appreciates the synergies this particular block presents with the other areas it has undertaken in Greece (Ioannina), as well as similar ones in Montenegro and the concessions of Edison in Italy.

EU imposes sanctions on Turkish energy officials - KATHIMERINI

THURSDAY FEBRUARY 27, 2020 - 21:47

The European Union has imposed sanctions on two high-ranking officials from the Turkish Petroleum Corporation (TPAO) in connection with Turkey's illegal drilling activities in Cyprus’ exclusive economic zone, it emerged on Thursday.

The restrictive measures to be imposed on Mehmet Ferruh Akalin and Ali Coscun Namoglu consist of a ban on travel to the EU and an asset freeze, the Cyprus Mail reported. Moreover, EU persons and entities are not permitted to make funds available to the two individuals, it said.

The decision was made public on Thursday in the EU’s Official Journal which referred to Akalin as Vice-President and member of the Board of Directors of the Turkish Petroleum Corporation (TPAO) and head of TPAO’s exploration, research and development and information technologies departments and to Namoglu as TPAO’s deputy director of exploration involved in planning and overseeing TPAO’s offshore hydrocarbon exploration activities.

Egypt reaches agreement with Eni, Naturgy over Damietta LNG plant - AHRAM ONLINE / REUTERS

Thursday 27 Feb 2020

Italy’s Eni and Spain’s Naturgy have reached an agreement with Egypt to resolve a series of disputes over the Damietta gas liquefaction plant in northern Egypt, paving the way for the facility to restart by June, the Egyptian Ministry of Petroleum and Mineral ressoruces and the companies said on Thursday.

The agreement will end Naturgy’s business interests in Egypt and dissolve a joint venture between Naturgy and Eni, while Eni and state-owned Egyptian firms will increase their holdings in the Damietta plant.

The facility, which has a capacity of 7.56 billion cubic meters per year, has been idle since the end of 2012 when a popular uprising hit gas supplies in Egypt and the government was forced to import gas to meet domestic demand.

Drillship off Lebanon to start oil and gas exploration - FRANCE24

25/FEB/2020 - 17:57
Beirut (AFP)

A drillship anchored off Lebanon Tuesday to explore for oil and gas, an energy firm and the government said, raising hopes for a future boost to the country's crumbling economy.

Information Minister Manal Abdel Samad said the first ever such exploration would start within 48 hours.

The Tungsten Explorer was to start drilling in its first exploration well situated some 30 kilometres (16 nautical miles) offshore from Beirut, French oil firm Total said.

"Total is pleased to start exploration operations on block 4, which is the first deepwater exploration well in Lebanon," Total's Lebanon chief Ricardo Darre said.

Anticipation has been high in Lebanon for exploration to start, with many hoping a major hydrocarbon discovery could help redress the debt-burdened economy.

Energy Minister Raymond Ghajar said on Twitter the ship had anchored in block 4.

Greece's Gastrade extends deadline for Alexandroupolis LNG capacity bids - PLATTS

25 Feb 2020 | 09:51 UTC

Stuart Elliott, Author / Jonathan Fox, Editor

• Binding bids can now be submitted up to March 10
• Non-binding first phase saw interest for 12.2 Bcm/year
• Commercial start-up of FSRU seen in Q3 2022

London — Gastrade, the Greek developer of a planned floating LNG import facility at Alexandroupolis in northern Greece, has extended the deadline for binding bids for capacity in the project to March 10, it said late Monday.

The original deadline for interested participants to submit their offers was Monday, but Gastrade opted to extend the deadline to allow interested parties more time to submit their bids.

In particular, Gastrade said it wanted to attract bidders that did not take part in the first, non-binding phase for expressions of interest in Alexandroupolis LNG capacity.

The fifteenth Zohr well is expected to go online in March - ENTERPRISE

Tuesday, 25 February 2020

Italy’s Eni will begin commercial operations on the Zohr natural gas field’s 15th well next month, Oil Minister Tarek El Molla said, according to the local press. 

The new well will put the field on track to reaching maximum production capacity this year. 

Production at the Zohr field inched up to 2.7 bcf/d last November with the connection of four wells in the field’s southern region.

Israel Electric buys gas 45% below Tamar prices - GLOBES

23 Feb, 2020 18:19
Amiram Barkat

With the coronavirus outbreak pushing down gas prices, IEC has bought liquefied natural gas for $3.39 and $3.61 per BTU.

Because the coronavirus crisis is pushing down global liquefied natural gas (LNG) prices, Israel Electric Corporation (IEC) (TASE: ELEC.B22) is buying up LNG at the lowest ever price. Sources inform "Globes" that IEC is buying LNG on the spot market at an average price of $3.50 per BTU, 45% lower than the price paid by the company to owners of the Tamar natural gas reservoir. Every LNG cargo purchased at these prices lowers the electricity rate by 0.1-0.2%, and IEC is planning to buy more such cargoes.