EBRD supports decarbonisation of energy sector in Cyprus - EBRD

31 Jul 2020

Olga Aristeidou

• EBRD loan of €80 million, alongside EU and EIB financing, for floating storage and regasification unit in Cyprus
• Natural gas introduced to Cyprus, reducing dependence on oil
• Substantial reduction expected in local emissions of CO2 and air pollutants

The population of Cyprus will benefit from cleaner air and reduced energy costs thanks to the introduction of natural gas to the country, with a project jointly financed by the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB) and the European Union (EU).

The EBRD is providing a €80 million loan to the Natural Gas Infrastructure Company of Cyprus (ETYFA) for the acquisition of a floating storage and regasification unit (FSRU) and the development of related infrastructure. The FSRU will be permanently anchored about 1.3 km off the coast of Limassol in Vasilikos Bay and will connect directly to the adjacent Vasilikos power station, the largest power plant in Cyprus.

Bulgaria resumes natural gas transmission to Greece - SEE NEWS

29 JULY 2020

SOFIA (Bulgaria), July 29 (SeeNews) - Bulgarian state-owned gas transmission system operator Bulgartransgaz said on Wednesday that it has resumed natural gas transmission to Greece after fixing a ruptured pipeline.

All orders for Wednesday will be completed in full, Bulgartransgaz said in a statement.

Natural gas transmission to Greece was halted on Monday due to a rupture in the pipeline some 200 metres upstream the valve at the Kulata/Sidirokastron exit.

No one was injured in the accident.

Egypt: Total announces gas discovery in shallow waters - TOTAL

28/07/2020

Paris – Total, bp and Eni (as the Operator) have made a gas discovery with the Bashrush well on the North El Hammad license, located eleven kilometers off the Egyptian coast.

The well encountered 102 meters net gas pay in high quality sandstones of the Abu Madi formation. A production test was conducted with flow rates of up to 32 million standard cubic feet of gas per day (MMscf/d), limited by testing facilities. It is estimated that future deliverability per well will be up to 100 MMscf/d, along with up to 800 barrels of condensate per day. Future plans foresee development through tie-in to nearby existing infrastructures.

“We are very pleased to announce this discovery in Egypt. These results support our strategy to allocate a significant share of our exploration budget to the search of hydrocarbons in the vicinity of existing infrastructures,” said Kevin McLachlan, Senior Vice President Exploration at Total. “These resources have low development costs since they can rapidly be tie-in and put into production.”

Total holds a working interest of 25% in the North El Hammad license, alongside operator ENI (37.5%) and BP (37.5%).

Israel is Diving Into the Troubled Eastern Mediterranean - BLOOMBERG

July 26, 2020, 8:00 AM GMT+3

Seth J. Frantzman

The Israeli cabinet last week approved a pipeline deal to move gas offshore via Cyprus to Greece and Europe. The 1,900-kilometer (1,181 miles) link will connect gas fields in the Eastern Mediterranean basin to European markets. The $6 billion project, many years in the discussion, was boosted in January by an agreement signed in Athens between Israeli Prime Minister Benjamin Netanyahu and his Greek and Cypriot counterparts.

The EastMed project puts Israel on a collision course with Turkey. Ankara has laid claim, reinforced with a maritime deal with Libya, to large parts of the Eastern Mediterranean, where it is exploring for gas—and conducting naval exercises. These moves are exacerbating tensions with Greece.