Saturday, March 7, 2020

Lebanon to start oil and gas exploration in Block 9 despite dispute with Israel - XINHUA

Xinhua, March 7, 2020

BEIRUT, March 7 (Xinhua) -- Walid Nasr, head of the Lebanese Petroleum Administration, said Lebanon will start in 2020 oil and gas exploration in Block 9 of its territorial waters regardless of the negotiations with Israel about border demarcation, local media reported on Saturday.

"We will prepare for oil and gas exploration in Block 9 this year and we will be drilling at a distance from the borders with Israel," Nasr said in an interview with Elnashra, an online independent newspaper.

Nasr said that it is currently hard to assess if Lebanon has a wealth of oil and gas and companies may not find any resources in the well that's currently being drilled by Total in Block 4.

"Sometimes we need to drill five wells to find oil and gas," Nasr explained.

Tuesday, March 3, 2020

Libya says oil shutdown losses close to $2.6 billion - ASSOCIATED PRESS

March 3, 2020
Samy Magdy

CAIRO (AP) — Economic fallout continues from a protracted blockade of Libya’s vital oil fields and ports, with losses close to $2.6 billion, the national oil corporation announced Tuesday, intensifying the pressure on a U.N.-supported government in the capital.

Powerful tribes loyal to Libya’s eastern-based forces seized large export terminals and choked off major pipelines in January, aiming to starve the Tripoli-based government of crucial revenues.

The eastern-based forces, led by military commander Khalifa Hifter, launched an offensive in April to capture Tripoli, clashing with an array of militias loosely allied with the U.N.-supported government. The fighting for Tripoli has ground down to a stalemate in recent months.

The National Oil Corporation, which dominates Libya’s critical oil industry, said Tuesday the losses as of Monday were close to $2.6 billion since Jan. 17.

Sunday, March 1, 2020

Record Egyptian finds but gas glut beckons - CYPRUS MAIL

March 1, 2020
Charles Ellinas

Egypt had another successful year in 2019 and this was showcased at the country’s annual petroleum show, EGYPS-2020, held mid-February in Cairo.

But 2020 is turning out to be a pivotal, but challenging, year for the oil and natural gas industries worldwide and Egypt and the East Med are not immune to it.

Opening the conference, Petroleum Minister Tarek El Molla highlighted the successes of 2019, with the oil and gas sector contributing 25 per cent to Egypt’s gross domestic product.

A total of 29 international agreements were signed during EGYPS-2020, reflecting the great potential and promising opportunities of the Egyptian petroleum sector.

Eni to restart Egypt’s Damietta LNG plant operations - OIL REVIEW MIDDLE EAST

Sunday, 01 March 2020 04:30

Supermajor Eni has announced that Egypt’s Damietta LNG plant is expected to resume operations by June following a series of agreements with its partners in Egypt
The liquefaction plant’s owner is the company SEGAS, which is 40 per cent owned by Eni through Union Fenosa Gas (50 per cent Eni and 50 per cent Naturgy). The plant has a capacity of 7.56 bcm per year, but has been idle since November 2012.

The agreements provide for the amicable resolution of the pending disputes of Union Fenosa Gas and SEGAS with EGAS and ARE, and the subsequent corporate restructuring of Union Fenosa Gas, whose assets will be divided between the shareholders Eni and Naturgy.