Thursday, December 29, 2022

Egypt achieves 53 oil & gas discoveries in 2022 - ZAWYA

December 29, 2022

Egypt has witnessed a spike in its energy reserves in 2022, with 53 new oil and gas discoveries, according to the Ministry of Petroleum and Mineral Resources’ 2022 Achievements Report.

The new discoveries include 42 oil wells and 11 gas wells in the Western Desert, the Suez Gulf, the Mediterranean Sea, and Nile Delta.

The latest gas discovery in the Nargis block occurred in December. Reuters estimated the discovery to have 3.5 trillion cubic feet of natural gas reserves.

Meanwhile, the Minister of Petroleum and Mineral Resources, Tarek El-Molla, stated earlier this month that the volume of Nargis gas discovery was still under assessment.

The Egyptian Natural Gas Holding Company (EGAS) launched an international bid round for oil exploration and exploitation for 12 blocks in the Mediterranean Sea and Nile Delta.

On December 22nd, Minister of Petroleum and Mineral Resources, Tarek El-Molla, stated that Egypt was set to invest a total of $2.1 billion in oil and natural gas exploration plans until 2025.

Tuesday, December 27, 2022

Egypt launches new bid round for Mediterranean, Nile Delta oil and gas exploration - REUTERS

December 27, 20222:26 PM GMT+2Last Updated 2 days ago

CAIRO, Dec 27 (Reuters) - Egypt has set a new international tender for oil and gas exploration rights in the Nile Delta and Mediterranean sea, the state news agency reported on Tuesday.

The tender was set for 12 blocks, split evenly between onshore and offshore, and the deadline for offers in the bid round was set for April 30, 2023, the tender announcement showed.

Wednesday, December 21, 2022

Eni makes another gas discovery offshore Cyprus - ENI

21 DECEMBER 2022 - 10:00 AM CET

San Donato Milanese (Milan), 21 December 2022 – Eni announces a new gas discovery offshore Cyprus with the well Zeus-1, drilled in Block 6, 162 km off the coastline in 2300 meters of water depth. The Block is operated by Eni Cyprus, holding 50% interest, with TotalEnergies as partner.

Zeus-1 is the third consecutive discovery in Block 6. It follows Cronos-1 and Calypso-1 and confirms the promising outlook for the area and its development. Zeus-1 encountered 105 meters of net gas pay in a carbonate reservoir sequence. The gas in place associated to this reservoir is preliminarily estimated between 2 and 3 TCF.

Zeus-1 well was drilled and successfully tested with the Tungsten Explorer drill ship. Results of the test are being incorporated in the evaluation of the discoveries cluster that will drive subsequent studies and operations targeting a fast-track development of Block 6.

Eni has been present in Cyprus since 2013. The Company operates Blocks 2,3,6,8 and 9, and has participating interests in Blocks 7 and 11 operated by TotalEnergies.

Thursday, December 15, 2022

UPDATE 1-Egypt discovers large gas field in Mediterranean, minister says - REUTERS

CAIRO, Dec 15 (Reuters) - Egypt has discovered a large gas field in the Nargis block in the eastern Mediterranean, Petroleum Minister Tarek El Molla said on Thursday.

Evaluation is still ongoing to determine the field’s reserves, he said in a briefing to a parliamentary committee.

Nargis is one of four offshore exploration blocks in which Chevron holds operating interests in Egypt along with Tharwa Petroleum Co, according to Chevron’s website.

The Middle East Economic Survey reported this month that the size of the new well was 3.5 trillion cubic feet of gas.

Egyptian officials have declined to confirm details of the find.

The find could provide a boost to Egypt’s efforts to position itself as an energy hub in the eastern Mediterranean following the 2015 announcement of the discovery by Eni of the giant Zohr gas field.

Sisi’s maritime declaration shields Crete - KATHIMERINI

15.DECEMBER.2022 • 12:15
Vassilis Nedos

Despite Ankara’s efforts to normalize relations with Cairo, the Turkish-Libyan maritime memorandum received another blow to its credibility with the presidential decree of Egypt’s Abdel Fattah el-Sisi declaring the Egypt-Libya maritime border unilaterally with a western limit at the 25th meridian – i.e. even further west than the limit of the August 2020 Greece-Egypt partial demarcation agreement.

The recent developments around Crete serve as a shield for Greece’s rights, as the exploration for hydrocarbons to the southwest of the island at the request of US oil giant ExxonMobil was followed by Sisi’s decree, which transfers Egypt’s claims against Libya further west, dealing another blow to the Turkish-Libyan memorandum. In effect, it makes Tripoli’s desire for exploration south of the eastern part of Crete, where Egypt is now asserting claims, even more difficult.

Although the decree does not reach the median line (as perceived by Greece) leaving room for a future tripartite agreement between Greece, Egypt and Libya, it practically covers even more of Crete against the possibility of Tripoli requesting that exploration be conducted by the Turkish Petroleum Corporation (TPAO) at a point near the east of the island.

Thursday, December 8, 2022

Chevron, partners okay expansion of gas production from Israel’s Tamar field - THE TIMES OF ISRAEL

8 December 2022, 7:51 pm
Sharon Wrobel

Energy firms to invest $673 million in boosting gas production to meet growing demand in Israel and neighboring countries

US energy giant Chevron and its partners in the Tamar natural gas reservoir off Israel’s Mediterranean coast announced Thursday that they have okayed a final investment decision (FID) needed to proceed with the first phase of expanding natural gas production to meet growing domestic demand and boost exports to Egypt.

As part of the FID, the partners in the Tamas natural gas rig, located some 90 kilometers (55 miles) west of Haifa, are expected to invest some $673 million in a project expanding gas production from the offshore field.

Chevron provided details of a two-stage plan aimed at expanding production to about 1.6 billion cubic feet (BCF) of natural gas from the Tamar field to meet Israel’s energy needs and export gas to Egypt and neighboring countries.

Wednesday, December 7, 2022

New drilling round in Aphrodite gas field set for early 2023 -Cypriot minister

December 7, 2022, 3:08 PM GMT+2
Nafisa Eltahir

CAIRO, Dec 7 (Reuters) - A new round of drilling will occur in the Aphodite gas field in the first few months of 2023, Cyprus' energy minister told a news conference in Cairo on Wednesday.

A draft development plan from the JV operating the field is expected by the end of the year, Natasa Pilides said. Cyprus is trying to expedite development so that the first shipment to Egypt could come by 2027, she added.

Wednesday, November 30, 2022

Greece can nearly quadruple gas export capacity by 2025 - gas grid operator - REUTERS

November 30, 2022 — 07:30 am EST
Angeliki Koutantou

ATHENS, Nov 30 (Reuters) - Greece is becoming a European gas corridor and can nearly quadruple its gas export capacity to neighbouring countries in the coming years thanks to new infrastructure under development, Maria Rita Galli, the chief executive of the country's gas grid operator DESFA said on Wednesday.

In the wake of the war in Ukraine, Greece has this year more than halved its imports of Russian gas, instead ramping up deliveries of liquefied natural gas (LNG), mainly from the United States and Egypt, to its sole LNG facility at Revithoussa near Athens.

The terminal, which the government has called "indispensible", has also helped export gas to neigbouring nations including Bulgaria, which was cut off from Russian supplies earlier this year after refusing to pay in roubles.

Monday, November 14, 2022

Oil and gas group Energean calls for east Mediterranean investment boom - FINANCIAL TIMES

14/11/2022
Tom Wilson in London

The chief executive of a London-listed oil and gas company recently threatened by Hizbollah has called for more investment in the energy potential of the eastern Mediterranean after a landmark maritime deal between Lebanon and Israel.

Mathios Rigas, whose Energean delivered the first gas from Israel’s Karish field last month, said the US-brokered agreement, following years of on-off negotiations between the sworn enemies, offered a “new model” for the resolution of border disputes in the contested region.

The deal does not constitute a peace agreement between the two countries, which still do not recognise each other’s governments, but allows for the exploitation of the area’s hydrocarbons while border negotiations continue.

Thursday, November 10, 2022

Energy minister: Gas exploration starts off southwest Greece - AP NEWS

10.NOV.2022
ELENA BECATOROS

ATHENS, Greece (AP) — Greece’s energy and environment minister says U.S. energy giant ExxonMobil has begun prospecting for natural gas off the coast of southwestern Greece, kicking off a delayed project as Europe seeks alternative energy sources due to the war in Ukraine.

ExxonMobil’s ship is already in operation in the area, Energy and Environment Minister Kostas Skrekas said on state-run ERT television Thursday, just four days after Greece’s prime minister announced the project was to start. The move comes amid heightened tensions with neighboring Turkey, and is a project that has been heavily criticized by environmental groups.

“The ship has begun. At this moment it is laying the cables” which are needed for the sonic waves used in the prospecting, Skrekas said.

“The reserves we speculate exist southwest of Crete and the Peloponnese might be the last hope the mining industry has to find a large reserve ... in the region of southeastern Europe, in our region,” he said. However, he noted, “until we drill and see what is really there, everything is on the level of speculation.”

Monday, November 7, 2022

Growth drilling programme update - ENERGEAN

London, 7 November 2022 - Energean plc (LSE: ENOG, TASE: אנאג (is pleased to announce that i) the Zeus01 exploration well has made a commercial gas discovery of 13 bcm ii) contingent resources at Athena have been upgraded following post-well analysis; and iii) the Stena IceMax drilling rig has moved to block 23 to drill the Hercules structure, the final well in Energean’s 2022 drilling campaign.

Zeus well results

The Zeus exploration well, block 12, offshore Israel, has made a commercial discovery with preliminary estimates indicating that the structure contains 13.3 bcm of recoverable natural gas resources (pre-drill estimate 10 - 12 bcm). Energean is now undertaking post-well analysis of the data collected during drilling.

Athena resource upgrade

Energean’s reserve auditor, DeGolyer & MacNaughton (“D&M”), has certified contingent resources of 11.75 bcm in the Athena discovery, an increase of 3.75 bcm on the Company’s 8 bcm preliminary estimate. This increase follows post well studies undertaken on data collected during the drilling process.

Thursday, October 27, 2022

New Italian govt aims to double national gas production - REUTERS

October 27, 202211:27 AM GMT+3

MILAN, Oct 27 (Reuters) - Italy plans to double its national gas production to 6 billion cubic meters (bcm) per year from the current 3 bcm, its industry minister said, in a further effort to cut the country's dependence on Russian supplies.

"One of our goals is to develop a plan that will make us as quickly as possible less dependent and will then turn us into the energy hub of the Mediterranean", Industry Minister Adolfo Urso told Il Messaggero daily in an interview published on Thursday.

The government will also authorise new offshore drilling in the Adriatic sea, he said, echoing the words of Italy's new Prime Minister Giorgia Meloni, who said this week that Rome "has a duty to fully exploit" its offshore gas reserves to diversify energy sources.

Tuesday, October 25, 2022

Israel Grants Approval for Energean to Start production at Karish Offshore Gas Field - OFFSHORE ENGINEER

October 25, 2022
Maayan Lubell and Ari Rabinovitch 

Israel granted Energean permission to start production at the offshore Karish gas field on Tuesday, an Energy Ministry statement said.

Energean has said its floating production storage and offloading vessel [the Energean Power - OE ] is due to start production at Karish in the third quarter but has not given a precise date.

On Oct. 9, the London-listed energy group began pumping gas to its floating production facility as part of reverse flow testing procedures.

Israel and Lebanon on Thursday are expected to sign a U.S.-brokered maritime border deal reached this month, opening the way for offshore energy exploration.

Thursday, October 20, 2022

PGS supporting gas exploration offshore Cyprus - OFFSHORE

OCT.20.2022

OSLO, Norway — PGS has unveiled its new Cyprus Vision offering, covering most discoveries and exploration wells to date offshore Cyprus.

The most recent Cronos-1 gas discovery well drilled by Eni and TotalEnergies in Block 6 confirms the prolific presalt Miocene-Cretaceous carbonate play in the area, the company said, following the earlier Calypso and Glaucus finds.

Cronos-1 well encountered various good-quality carbonate reservoir intervals with overall net gas pay of more than 260 m. Early estimates suggest about 2.5 Tcf in place, with significant upside. A further exploration well (Zeus-1) is drilling on the block.

According to PGS, Cyprus Vision benefits from 3D GeoStreamer broadband quality that should provide additional insights and allow analogs to be determined on other blocks in the area.

Friday, October 14, 2022

EU official: East Med gas can wean bloc off Russian energy - ABC News

October 14, 2022, 8:34 PM
MENELAOS HADJICOSTIS

NICOSIA, Cyprus -- Natural gas from undersea deposits in the eastern Mediterranean can help replace Russia’s diminished supply of the fossil fuel to Europe as the continent also looks to make a quick transition to renewable energy, the European Union’s energy commissioner said Friday.

Commissioner Kadri Simson told the East Mediterranean Gas Forum conference in the Cypriot capital, Nicosia, that the region can play an increasingly important role as a short- to medium-term supplier of gas.

She pointed to a June deal for Israel to send more gas to EU countries through Egypt, which has facilities to liquefy it for export by sea.

Thursday, October 6, 2022

Energean hits gas discovery in waters off Israel - OFFSHORE ENERGY

06 Oct 2022 | 08:51 UTC
October 6, 2022, by Nermina Kulovic

E&P company Energean has made a commercial gas discovery with the Hermes exploration well offshore Israel and has moved on to drill the next well in the campaign.

As reported in June 2022, Energean made plans to drill two more exploration wells off Israel and exercised its options with Stena Drilling for those wells.

The Hermes exploration well is located in Block 31 and it was spud in August, using the Stena IceMAX drillship. Preliminary estimates indicate that the structure contains 7 – 15 bcm of recoverable natural gas resources, Energean informed on Thursday.

Detailed analysis of the data collected by the well is ongoing, with the aim of refining volumetric estimates and potential commerciality for both the discovery and the full area. The Hermes discovery has helped to de-risk the nearby Poseidon and Orpheus structures, which represent attractive potential future appraisal targets to fully assess the potential of the area around block 31.

Sunday, September 25, 2022

Egypt's 2021-2022 natural gas and LNG export revenue hits $8 billion - REUTERS

September 25, 20221:27 PM

Sept 25 (Reuters) - Egypt's natural gas and liquefied natural gas (LNG) export revenue reached $8 billion in its 2021/22 fiscal year after volumes increased by 7.2 million tonnes, the Egyptian cabinet said on its Facebook page on Sunday.

The statement did not include comparative numbers for the previous fiscal year. Egypt's fiscal year runs from July 1 to June 30.

Egypt earns about $500 million monthly from natural gas exports and aims to raise that figure to $1 billion "in the coming period", Finance Minister Mohamed Maait said in a statement last week.

Egypt has been pushing to maximise its exports of natural gas to generate foreign currency revenue after coming under financial pressure due to the impact of the war in Ukraine.

The government says gas exports have been boosted after the it introduced an electricity rationing plan in August.

Aphrodite back in the limelight - CYPRUS MAIL

September 25, 2022
Dr. Charles Ellinas

The roadmap to resolve the dispute with Israel is welcome but Europe is still phasing out gas

The news this week that the energy ministers of Cyprus and Israel agreed to a roadmap for future negotiations on how to resolve the long-standing dispute on how to share the Aphrodite gasfield that Israel claims extends into the adjacent Ishai block. This is long-overdue and is a welcome development. The two ministers have made significant progress on the principles of a unitization agreement and the terms for an expert to be appointed to advise on the Ishai share.

Teams from the two sides will continue the discussions “over the coming weeks,” but no firm timetable was given. However, with terms still to be agreed, an expert to be appointed, review the geological, survey and all drilling data and make recommendations for the two sides to agree, this will take months.

Monday, September 19, 2022

Cyprus, Israel pledge quick deal in gas field dispute - KATHIMERINI

19.09.2022 • 19:30
MENELAOS HADJICOSTIS

Israel and Cyprus said Monday that they have made “significant” headway in resolving a long-running dispute over an offshore natural gas deposit and say they are committed to quickly reaching a deal as Europe looks for new energy sources.

Cyprus Energy Minister Natasa Pilides and her Israeli counterpart, Karine Elharrar, held talks in the Cypriot capital, pledging to press toward a “fair and swift resolution.”

Israel claims that a portion of Cyprus’ Aphrodite deposit estimated to hold some 4.4 trillion cubic feet of natural gas falls inside its nearby Ishai field, along an offshore demarcation line that separates the two countries’ exclusive economic zones.

Negotiations have stretched for several years, but Europe’s need to wean itself off Russian energy sources since the war in Ukraine appears to have added a new sense of urgency to the talks. Russia has cut back natural gas supplies to Europe, driving up prices.

Sunday, September 18, 2022

Partners in Cyprus' Aphrodite gas field approve $192 mln investment - REUTERS

JERUSALEM, Sept 18 (Reuters) - The partners in the Aphrodite gas field in Cypriot waters have approved a $192 million investment to begin drilling and to cover other development costs for the offshore project, Israeli firm NewMed Energy (NWMDp.TA) said on Sunday.

Most of the investment is for drilling a well that will first confirm the size of the gas deposit, estimated to be 124 billion cubic metres, and then be used for production, NewMed said.

Drilling is expected to begin in the first half of 2023.

NewMed has a 30% stake in Aphrodite, located about 170 km south of Limassol. Chevron (CVX.N) and Shell each have a 35% share.

The partners are examining development options, NewMed said, including connecting the field to existing facilities in the area or linking it to development plans for nearby assets in Egypt.

Saturday, September 17, 2022

Israeli energy minister due in Cyprus to address Aphrodite field dispute - CYPRUS MAIL

September 17, 2022
Christodoulos Mavroudis

Israeli energy minister Karine Elharrar will be in Cyprus on Monday 19 to address the pending dispute with Nicosia over the Yishai gas field, according to his Cypriot counterpart Natasa Pilides.
Pilides told CNA on that Elharrar will be visiting Cyprus “in the context of our institutionalised discussion over Yishai.”

Israeli daily business newspaper Calcalist on Saturday, citing unnamed but reliable sources reported that Israel was looking into a new framework to address the pending dispute with Cyprus over the Aphrodite/Yishai gas fields.

Reportedly, Elharrar will propose to the Cypriot side to take over 10 per cent of the field which the Israeli side considers its own, against monetary compensation.

This comes six months after intergovernmental parleys aimed at resolving the longstanding dispute were announced to be taking place between the two countries.

Thursday, September 15, 2022

If Nasrallah attacks Karish gas field, Lebanon will pay the price - Gantz - JERUSALEM POST

SEPTEMBER 15, 2022 20:55
By TOVAH LAZAROFF, ANNA AHRONHEIM

Israel warned that Lebanon would pay the price for any Hezbollah attack on its offshore Karish gas field, even as it said it hoped a US-brokered deal to set a maritime boundary in the north was close to completion.

“If [Hezbollah leader Hassan] Nasrallah wants to try and harm and to complicate this process, he is welcome to do so, the price is Lebanon,” Defense Minister Benny Gantz told Reichman University’s 21st World Summit on Counter-Terrorism on Thursday morning. “I hope for his sake that he won’t do this, we are prepared to defend our interests.”

Gantz’ words come as US envoy Amos Hochstein appears to be on the edge of concluding a deal between the Lebanese and Israeli governments to set a maritime border off the Mediterranean Sea. It would give Israel rights to the Karish gas field and Lebanon the right to the abutting Kana gas field.

Saturday, September 10, 2022

Greece signs agreement with Italy on natural gas storage - KATHIMERINI

10.SEPT.2022 • 09:06

Energy Minister Kostas Skrekas said on Friday he signed a memorandum of understanding with his Italian counterpart to have natural gas stored in Italy.

The agreement covers 1.5 TWh (terra watt hours) of natural gas that can be transported to Greece via reverse flows, the minister said, without providing further details.

Greece had been in talks with Italy to see whether it can store gas there as part of efforts to secure supplies if Russian flows are disrupted.

Greece has no gas storage facilities and may need to store enough gas in other states to cover 15% of its annual use in the coming winter.

In a pre-recorded message aired at the 6th Southeast Europe Energy Forum 2022 held in Thessaloniki on Friday, Skrekas said Greece has transformed into a regional hub of both natural gas and green energy.

Monday, September 5, 2022

Rumors about Israel-Lebanon gas pact as Cyprus sits out - KATHIMERINI

05 SEPTEMBER 2022 - 11:35

America’s energy czar is purported to be mediating a secret gas arrangement between Israel and Lebanon, a Herculean task given delineation complexities but not farfetched given ongoing efforts to resolve similar disputes between Tel Aviv and Nicosia.

US Senior Advisor for Energy Security Amos Hochstein will be in Beirut this week, according to sources in Israel, in an effort to mediate talks between Lebanon and Israel over a shared maritime border.

It was reported that Hochstein would present a new Israeli proposal that "includes a solution that would allow the Lebanese to develop the gas reserves in the disputed area while preserving Israel's commercial rights.”

Israel has been seeking a similar deal with neighbor Cyprus. The two countries claim zones that border Lebanon’s waters, proven to be rich in hydrocarbons, but also claim rights to a deposit spanning across their shared maritime border.

Monday, August 29, 2022

Bulgaria to double reserve capacity at new Greek LNG terminal - REUTERS

SOFIA, Aug 29 (Reuters) - Bulgaria has reached an agreement in principle to double its reserved capacity at a new liquefied natural gas (LNG) facility to be built off the northern Greek port of Alexandroupolis, the interim energy minister said on Monday.

Rossen Hristov told reporters that raising the reserved capacity to 1 billion cubic meters (bcm) of gas per year at the LNG terminal, expected to become operational at the end of 2023, will help the Balkan country ensure diversified and stable gas supplies.

The interim government, which has come under fire at home for seeking to renew gas supplies from Russia’s Gazprom , has said it plans to open tenders for mid to long-term gas deliveries and wanted to import more LNG gas through Greece.

The Alexandroupolis terminal is due to be built by a consortium of Greece’s Copelouzos family, Greek gas companies DEPA and DESFA, Bulgaria’s Bulgartransgaz and Cyprus’s Gaslog.

Thursday, August 25, 2022

ExxonMobil asks for 2-year extension to drilling rights - KATHIMERINI

25.AUG.2022 • 22:43
Chryssa Liaggou

Energy multinational ExxonMobil has asked for a two-year extension to the lease of two fields west and southwest of Crete for oil and gas exploration.

The two fields had been leased to France’s Total for three years in October 2019, but it withdrew last April.

ExxonMobil and Greek refiner HELPE have stepped in.

Tuesday, August 23, 2022

Cyprus’ total potential natural gas capacity now between 11.7 tcf and 14 .7 tcf - IN-CYPRUS

23 AUGUST 2022
Annie Charalambous

TotalEnergies TTEF.PA of France and Italy’s Eni ENI.MI’s significant natural gas discovery at the Cronos-1 well off Cyprus raises the Mediterranean island’s total potential capacity between 11.7 tcf and 14 .7 tcf.

This is what Philenews reported on Tuesday, hours only after Eni said preliminary estimates indicate about 2.5 tcf of gas in place, with significant additional upside that will be investigated by a further exploration well in the area.

The island reported its first natural gas discovery, Aphrodite, in 2011, measuring around 4.5 trillion cubic feet (tcf) and now run by U.S. energy firm Chevron CVX.N.

Monday’s discovery marks the third offshore gas find reported in Cyprus, all of them still untapped.

And it comes as the European Union seeks alternative supply to Russian gas after Moscow’s February invasion of Ukraine.

Monday, August 22, 2022

Eni makes a significant gas discovery offshore Cyprus - ENI

22 AUGUST 2022 - 11:00 AM CEST

San Donato Milanese (Milan), 22 August 2022 – Eni announces a significant gas discovery in the Cronos-1 well drilled in Block 6, 160 km off Cyprus coastline, in 2,287 metres of water depth. The Block is operated by Eni Cyprus holding 50% interest with TotalEnergies as partner.

Preliminary estimates indicate about 2.5 TCF of gas in place, with significant additional upside that will be investigated by a further exploration well in the area.

The well has encountered an important gas column in a carbonate reservoir sequence of fair to excellent properties. The intense data acquisition campaign has shown an overall net pay of more than 260m with intervals owning excellent permeability. Studies on a fast-track development options are already ongoing.

TotalEnergies and ENI make major gas discovery off the shore of Cyprus - REUTERS / UPSTREAM ONLINE

August 22, 202212:08 PM GMT+3

PARIS, Aug 22 (Reuters) - Energy companies TotalEnergies (TTEF.PA) and ENI (ENI.MI) said they had made a significant gas discovery at the Cronos-1 well, in Block 6, offshore Cyprus.

Cronos-1 probe in Block 6 has found at least 2.5 Tcf of gas in place, with significantly more potential, according to the operator, as per UpStream Online

Cronos-1 encountered several good quality carbonate reservoir intervals and confirmed overall net gas pay of more than 260 meters, said TotalEnergies in a statement.

"This successful exploration well at Cronos-1 is another illustration of the impact of our Exploration strategy which is focused on discovering resources with low technical cost and low carbon emissions, to contribute to energy security including to provide an additional sources of gas supply to Europe," said Kevin McLachlan, Senior Vice President, Exploration at TotalEnergies.

Wednesday, August 17, 2022

Egypt Gas’ H1 net profit soars 333.2% YoY - ZAWYA

August 17, 2022
Staff Writer, Arab Finance
  • Net profit after tax reached over $5mln in H1 2022
Egypt Gas (EGAS) reported a 333.2% year-on-year (YoY) surge in net profit after tax for the first half (H1) of 2022, according to the financial income statement filed to the Egyptian Exchange (EGX) on August 16th.

Net profit after tax reached EGP 103.52 million in H1 2022, compared to a profit of EGP 23.89 million in H1 2021.

Moreover, the company generated operating revenues of EGP 3.06 billion in the first six months of 2022, up from EGP 2.25 billion in the year-ago period.

Egypt Gas is an Egypt-based shareholding company engaged in the design, installation, operation, and maintenance of natural gas distribution networks and pressure reduction stations for domestic, commercial, and industrial applications.

Friday, August 5, 2022

Eni-Total discovers large gas deposits in block six, reports say (updated) - CYPRUS MAIL

August 5, 2022 
Nick Theodoulou

A large natural gas deposit has been discovered by ENI/Total in block six of Cyprus’ EEZ, daily Alithia and state broadcaster Cybc reported on Friday, but the energy ministry later stated drilling at the block is still in progress.

The initial report added that an official announcement is expected once more work has been carried out, while there are positive indications that there may be more deposits nearby.

Soon after the reports emerged, Foreign Minister Ioannis Kasoulides warned that: “Block six is one of the seven locations which Turkey has decided to carry out illegal drillings.”

Kasoulides told radio Trito he hopes the positive developments on new deposits will not be impacted by the Abdulhamid Han, Turkey’s newest drillship.

The minister further stated that there are procedures when new deposits are located namely that the energy ministry is informed first and the company issues its announcement soon after.

Friday, July 29, 2022

World LNG Summit & Awards to be hosted in Greece - LNG INDUSTRY

Thursday, 28 July 2022 08:56

The 22nd World LNG Summit & Awards will be held in Athens, Greece, for the first time on 29 November - 02 December 2022. The Summit is endorsed by the Ministry of Environment & Energy, Greece, and hosted by DESFA.

The 22nd World LNG Summit & Awards will bring together global LNG leaders from across the value chain to define the critical role of LNG and gas in both energy security and the ongoing drive for decarbonisation. As LNG enters a new frontier, this will be one of the most important conversations yet for the future of the global LNG and gas industry.

Thursday, July 21, 2022

Cyprus expects gas field development plan by end of year - ASSOCIATED PRESS

July 21, 2022
MENELAOS HADJICOSTIS

NICOSIA, Cyprus (AP) — A plan to develop a sizeable natural gas field off Cyprus that could help the European Union find alternative energy sources to Russia will be ready by the end of the year, the east Mediterranean island nation’s energy minister said Thursday.

Energy Minister Natasa Pilides said another well is expected to be drilled at the Aphrodite field in the next few months and will be used to gather additional information about the deposit’s size and to extract gas at a later stage.

Initially discovered in 2011, the Aphrodite field is estimated to hold up to 4.4 trillion cubic feet of gas. Chevron, along with partners Dutch Shell and Israeli NewMed Energy, now own the drilling rights to the field.

Aphrodite sits close to the massive Leviathan gas field, which is also jointly operated by Chevron and NewMed.

Tuesday, July 12, 2022

New pipeline from Greece to Bulgaria offsets Russian gas cut - ABC NEWS / ASSOCIATED PRESS

July 12, 2022, 10:54 PM
The Associated Press

ATHENS, Greece -- The leaders of Greece and Bulgaria on Friday marked the completion of a new pipeline that will supply natural gas from Azerbaijan to Bulgaria, whose vital supply of Russian gas was cut off in April amid the fallout over Russia's invasion of Ukraine.

Greek Prime Minister Kyriakos Mitsotakis stressed the importance of the new link as an alternative supply line for Bulgaria, as neighboring Greece jockeys to become a regional energy transport hub.

“This isn't just a gas pipeline, but a crucial south-north energy bridge,” Mitsotakis said during a ceremony in northeastern Greece.

Tuesday, June 21, 2022

Egypt and Chevron agree to explore new East Med gas deal - REUTERS

June 21, 2022, 10:51 AM GMT+3

CAIRO/HOUSTON, June 20 (Reuters) - Egypt's state-owned gas company and U.S.-based Chevron Corp (CVX.N)on Monday signed a preliminary agreement to explore sending natural gas from offshore Mediterranean fields to Egypt for processing and export.

The memorandum of understanding signed by Egyptian Natural Gas Holding Company (EGAS) and Chevron will consider transport, import, liquefication and export of natural gas from the eastern Mediterranean, the ministry said.

Chevron two years ago acquired an about 40% stake in a massive natural gas field in the Mediteranean Sea off the coast of Israel. It also plans to drill its first exploration well in a concession area in the eastern Mediterranean in September, Egypt's petroleum ministry said in a statement.

Possible Turkish provocations near Cyprus’ gas exploration plot 6 not ruled out - IN-CYPRUS

21 JUNE 2022

Nicosia is not ruling out possible provocations by Turkey near natural gas exploration plot 6 within Cyprus’ Exclusive Economic Zone in the near future, Philenews reported on Tuesday.

This is what President Nicos Anastasiades told National Council members who met on Monday, adding that Turkey is likely to send a fourth survey-conducting vessel in the Mediterranean island’s EEZ, in full violation of international law.

Turkey continues to carry its Eastern Mediterranean provocative operations on sea into the summer, leading to an escalating war of words with both Cyprus and Greece.

Nicosia is certain that the target of the Turkish actions this time will be block 6. However, Turkey’s actions are carried out in such a way that problems do not arise with the countries whose companies are active in Cyprus’ EEZ.

Monday, June 13, 2022

DNV further confirms feasibility and maturity of the EastMed pipeline - DNV

13 June 2022

On 10 June, 2022, DNV issued confirmation of the Feasibility Statement of the Eastern Mediterranean Deepwater Pipeline (EastMed), a 2000 km long onshore and offshore natural gas conduit project meant to connect offshore gas reserves from the Levantine Basin to Greece via Cyprus, and further to southeastern European countries in conjunction with Poseidon and Greece-Bulgaria interconnection (IGB) pipelines.

The current design envisions a 1400 km offshore and 600 km onshore pipeline, with an initial capacity of about 10 billion m3 of gas each year; the maximum water depth reached, for a short section of around 10 km, is 3000 m, in line with other ultradeep-water pipelines already installed in other parts of the world.

The unique context of this project in the Eastern Mediterranean region helps countries with coal- and heavy crude oil-reliant energy systems transition to the cleaner source that is natural gas to reach their net-zero targets and strengthen their energy security.

In particular, the EastMed Project, developed by IGI Poseidon S.A., is meant to respond to the specific needs of regions such as Cyprus or some part of Greece, which are not tightly connected to the continent’s energy system and whose economies rely heavily on energy-intensive users like marine tankers and international aviation. It would also allow countries like Bulgaria to diversify their supplies and increase their energy security.

Friday, May 27, 2022

Greece-Bulgaria gas interconnector operational from 1 July - EURACTIV

May 27, 2022
Krassen Nikolov

The launch of the gas interconnector became possible after the Bulgarian and Greek energy regulators took a joint decision to licence the gas connection operator – ICGB. The decision was fast-tracked due to the war in Ukraine, which has led to the suspension of Gazprom’s gas supplies to Bulgaria. Authorities in Sofia have rejected Russian demands to change contracts and pay for natural gas in roubles.

The gas connection between Bulgaria and Greece will start operating on 1 July, with Bulgaria poised to receive one billion cubic metres of gas from Azerbaijan – enough to meet the country’s needs during summer, with prices expected to be lower than Russian gas.

The launch of the gas interconnector became possible after the Bulgarian and Greek energy regulators took a joint decision to licence the gas connection operator – ICGB. The decision was fast-tracked due to the war in Ukraine, which has led to the suspension of Gazprom’s gas supplies to Bulgaria. Authorities in Sofia have rejected Russian demands to change contracts and pay for natural gas in roubles.

Monday, May 23, 2022

Eni-Total consortium starts exploratory gas drilling off Cyprus - REUTERS

May 23, 2022, 6:09 PM GMT+3

NICOSIA, May 23 (Reuters) - Italy's Eni (ENI.MI) and TotalEnergies (TTEF.PA) of France began drilling an exploration gas well off the coast of Cyprus on Monday, the island's energy ministry said.

The Tungsten Explorer drillship arrived on location south-west of the island on Monday and started drilling work on the 'Cronos-1' prospect, the ministry said.

Eni Cyprus and TotalEnergies EP Cyprus BV, the local units of the two energy majors, collaborate on the project. Eni is operator of the offshore area known as Block 6, with a 50% participation interest. Total has the remaining 50%.

In February 2018 they reported a gas discovery at the Calypso well, another area of the same block.

Cyprus's offshore exploration programme has faced strong objections from Turkey. The island was divided after a 1974 Turkish invasion, with overlapping claims of jurisdiction extending from land to the sea since.

Reporting by Michele Kambas Editing by David Goodman

Monday, May 16, 2022

Israel ramping up gas output, looks to help supply Europe - REUTERS

May 17, 2022, 4:52 PM GMT+8
Ari Rabinovitch

HAIFA, Israel, May 16 (Reuters) - Israel is boosting offshore natural gas output and aims to reach a supply agreement with Europe in the coming months as the continent looks to replace Russian supply.

The country is on track in the next few years to double production to about 40 billion cubic metres (bcm) from about 20 bcm as it expands current projects and brings new fields online, industry officials say.

Israel currently supplies its own market and through a local network of pipelines exports to neighbours Egypt and Jordan, while much of the additional gas is earmarked for Europe.

Monday, May 9, 2022

Energean discovers new gas off Israel's coast - REUTERS

LONDON, May 9 (Reuters) - Eastern Mediterranean-focused oil and gas producer Energean (ENOG.L) said on Monday it had made a new commercial gas discovery off the coast of Israel, although it fell far short of the company's previous estimates.

Energean said it had discovered 8 billion cubic metre (bcm) natural gas in its Athena exploration well which lies between its Karish and Tanin fields.

The figure however falls short of the company's estimates of a 21 bcm resource, which it included in an investor presentation last month.

Energean shares traded in London were up 4% by 0821 GMT.

Athena could be developed by linking it to the floating production and storage vessel (FPSO) Energean plans to use to send gas into the Israeli market from Karish starting in the third quarter, the company said.

Wednesday, May 4, 2022

Cyprus to export natural gas by 2026, energy minister says - KATHIMERINI

04.05.2022 • 11:52

Cyprus is hoping to begin exporting its natural gas from the Aphrodite gas field by 2026, Minister of Energy, Commerce and Industry, Natasa Pilides, has said.

Speaking after a hearing of the parliamentary committee of Commerce, Pilides said there are many options concerning natural gas infrastructures, one of which is a pipeline connecting the Cypriot gas fields with Egypt, either a joint pipeline with Israeli gas fields or separately.

Pilides also said that there were already discussions with companies that own pipelines from various gas fields to the Egyptian natural gas infrastructure and its contractor companies, as they also should be engaged in the talks with a view to developing the infrastructure within the timeframe, that is three to four years.

Sunday, May 1, 2022

ExxonMobil Strikes Gas Off Cyprus - JOURNAL OF PETROLEUM TECHNOLOGY

May 1, 2022

The Cyprus energy ministry confirmed a reservoir of high-quality gas was encountered by the ExxonMobil-led Glaucus-2 appraisal well. The drilling of the well was conducted in the area known as Block 10 in the Exclusive Economic Zone (EEZ) that has been challenged by Turkey. The ministry said that operations in the EEZ included production testing.

“The consortium will proceed with a detailed analysis and evaluation of the data collected to more accurately determine the qualitative and quantitative characteristics of the reservoir, as well as potential development and commercialization of the discoveries,” the ministry said in a statement.

Cyprus previously estimated gas resources in the reservoir of between 5 and 8 Tcf when the discovery from the Glaucus-1 well was announced in 2019. ExxonMobil and Block 10 partner Qatar Petroleum began drilling the Glaucus-2 well using drillship Stena Forth in December 2021.

ExxonMobil is the operator and holds a 60% interest in Block 10. Qatar Petroleum International Upstream OPC holds the remaining 40% stake.

Sunday, April 10, 2022

Drilling of first Eni-Total well expected in the coming weeks – Energy Minister (Update) - CYPRUS MAIL

April 10, 20229

Cyprus’s Energy Minister, Natasa Pilidou, said that drilling of the first well in the Eni-Total consortium will get underway in the coming weeks.

Pilides, in an interview to Greek-language newspaper ‘Kathimerini’, said that the government is in continuous contact with the Eni-Total consortium for two exploratory wells in 2022.

According to the Energy Minister, the consortium’s delay until now has been due mainly to the effects of measures taken worldwide to address the Covid pandemic.

Regarding the results of drilling at the Glafcos 2 target well by ExxonMobil and Qatar Petroleum (QP), Pilidou expressed the government’s satisfaction. “Preliminary results are expected in the coming months,” she said, noting that no announcement is expected before the evaluation is completed.

Monday, March 21, 2022

Evaluation drilling completed at Glafcos 2, high quality natural gas found - CYPRUS MAIL

March 21, 20224
Constantinos Tsindas

Evaluation drilling in the Glafcos 2 offshore plot 10 has been completed successfully and safely, the energy ministry said on Monday.

The drilling activity, which also included production testing, was carried out by the ExxonMobil Exploration and Production Cyprus (Offshore) Limited / Qatar Petroleum International Upstream LLC joint venture, which holds the hydrocarbon licence for the plot.

The drilling work led to the discovery of a natural gas concentration with high quality characteristics, the ministry said.

The companies involved will proceed with a detailed analysis and evaluation of all collected data for a more precise specification of quality and quantity as well as feasible options in developing and commercialising the find.

Friday, March 18, 2022

Eni pledges more gas for Europe to help cut reliance on Russia - REUTERS

March 18, 2022, 7:32 PM GMT+2
Stephen Jewkes

  • Extra gas could come from Algeria, Egypt and beyond
  • Eni steps up targets on path to carbon neutrality
  • Returns raised but still disappoint, says broker

MILAN, March 18 (Reuters) - Italian energy group Eni said on Friday it could provide extra gas to Europe to help reduce reliance on Russian supplies after Moscow's invasion of Ukraine.

Eni made the pledge as it set out its strategy to 2025, promising investors better returns and vowing to pick up the pace on its climate ambition to be carbon neutral by 2050.

"We are leveraging our global upstream business and partnerships with producing countries to find alternative supply opportunities for Europe," Chief Executive Claudio Descalzi told a conference call.

The European Union, which relies on Russia for 40% of its gas and 27% of its oil, has proposed plans to replace nearly two-thirds of Russian gas imports this year and aims to phase out dependence on all Russian fossil fuels by 2027.

Tuesday, March 15, 2022

The US should link eastern Mediterranean gas to Europe to subvert Russia - THE HILL

MARCH/15/22 12:00 PM EDT
Nicholas Saidel, Godfrey Garner 

The Biden administration should pause its hyper-focus on renewable energy and support efforts to prevent Russian energy blackmail against our European allies. The European Union (EU) has declared it will cut reliance on Russian gas by two-thirds. If the U.S. is serious about energy security in Europe, it must help ensure that eastern Mediterranean natural gas makes it to Europe’s shores.

In late January, President Biden took the opposite route, surprising Greece, Israel and Cyprus — the regional entities in the U.S.-sponsored “3+1” cooperation framework — by withdrawing support for the EastMed Pipeline, an unfunded, multibillion-dollar concept conceived in 2016 that would have brought eastern Mediterranean gas to Europe via an underground pipeline. Biden cited climate change and economic viability concerns, both arguably reasonable positions at the time. However, considering Russia’s war in Ukraine and its downstream effects, Biden must show flexibility and adapt his natural gas policy.

Gas from the eastern Mediterranean could diversify Europe’s energy portfolio. Israel alone has approximately 2.2 trillion cubic meters of gas awaiting discovery. While it wouldn’t satisfy all of Europe’s needs, it would help to offset Russian gas imports. NATO countries such as Germany, Italy and Turkey could benefit from new suppliers, especially since German Chancellor Olaf Scholz has halted the Nord Stream 2 pipeline project that would have increased the country’s reliance on Russian gas. Like Germany, Italy is seeking alternative sources.

Thursday, March 10, 2022

Israel, Cyprus face an opportunity for shared economic reservoir - opinion - THE JERUSALEM POST

MARCH 10, 2022 19:03
Michael Harari

The Yishai reservoir, located about 170 km. west of Haifa, is part of Israel’s economic waters and is a geological continuation of the Aphrodite reservoir, located in Cypriot economic waters. In other words, it is a cross-border reservoir.

The most common practice worldwide is an agreement for joint exploitation, i.e. unitization. The two countries agreed that this was indeed a joint reservoir, but even though more than 10 years had passed, the countries had not been able to reach an agreement concerning the exact portion of each country.

A year ago, the two governments decided to impose the task on the companies on both sides and instructed them to negotiate between them to reach an agreement on the compensation that the companies on the Cypriot side will give to those on the Israeli side.

The compensation is for a full waiver by the Israeli side of its rights and assets in the reservoir, as well as a waiver of a unitization move, as agreed between the countries in 2010. A time frame of one year was set for this, at the end of which, if the companies failed, the reins would be returned to the two governments.

Tuesday, March 8, 2022

Chevron CEO says Israel gas pipeline could supply Europe amid crisis - THE JERUSALEM POST

MARCH 8, 2022 13:00
BEN ZION GAD, REUTERS 

Europe's natural gas shortage, which has pushed prices to multi-year highs, has revived talk of the EastMed pipeline – a Mediterranean Sea pipeline that could carry gas from Israel to European customers, Chevron Chief Executive Michael Wirth said on Monday at the CERAWeek energy conference.

Wirth downplayed concerns over global oil supplies amid the ongoing Russia-Ukraine war and the subsequent potential for an energy crisis.

The EastMed pipeline, meant to transfer natural gas from Israeli waters to Europe via Greece and Cyprus, was announced in 2016, and several agreements have been signed between the three countries on the subject. They aim to complete the €6 billion ($6.54 b.) project by 2025, but no financing has been secured for it as of yet.

Sunday, February 6, 2022

Elharrar vows involvement if Israel-Cyprus gas field dispute unresolved - THE JERUSALEM POST

FEBRUARY 6, 2022 17:15

If the Israeli and Cypriot companies licensed to develop the Aphrodite-Yishai gas field do not reach an agreement on the matter by March 4, the state will get involved, Energy Minister Karin Elharrar said last week in a letter to Nammax Oil and Gas Ltd.

“Israel never gave up on its rights to the Yishai Reservoir, including the demand that the reservoir not be opened unilaterally... This stance has been made clear to all sides a number of times on different occasions,” she wrote in response to a letter from Herzliya-based Nammax, which, together with Israel Opportunity, holds the license to operate the field.

Israel and Cyprus have been involved in a years-long dispute over the development of the gas field in the Mediterranean. About 10% of the Aphrodite-Yishai gas field is in Israel’s exclusive economic zone, and the rest belongs to Cyprus. The two countries agreed in 2010 to develop it together.

The Energy Ministry estimates the Israeli part of Aphrodite-Yishai has 10 billion to 12 billion cubic meters of natural gas, much less than the Leviathan gas field, which has an estimated 605 bcm.

After Cyprus moved toward developing Aphrodite, the Energy Ministry under former minister Yuval Steinitz agreed with its Cypriot counterpart last March that the companies involved would negotiate and reach an agreement within a year.