First gas flows from project off Egypt - OFFSHORE ENERGY

March 10, 2023

Melisa Cavcic

Oil and gas company Energean has achieved the first gas from a well located offshore Egypt while the remaining wells are expected to come online later this year. This brings the firm closer to achieving its 200 kboed medium-term production target.

Back in January 2023, Energean outlined that its “key development projects” – Karish North, NEA/NI, Cassiopea – would enable it to deliver its 200 kboed mid-term production target. To this end, the company disclosed plans for the first gas from NEA/NI in the first half of 2023 while the firm’s expansion in Israel, including a development concept for the 67 bcm Olympus area, was expected to be communicated in 1H 2023. On the other hand, the first gas from Cassiopea in Italy was anticipated in 1H 2024.

In an update on Thursday, 9 March 2023, Energean confirmed that the first gas had been delivered at the North El Amriya and North Idku (NEA/NI) project off Egypt. According to the company, the gas is being produced from the NEA#6 well while the remaining three wells are expected to be brought online over the course of 2023.

Mathios Rigas, Chief Executive Officer of Energean, commented: “Our successful development of first gas at NEA/NI is a good example of our commitment to Egypt and longstanding partnership with the Egyptian Ministry of Petroleum, EGPC and EGAS, creating value for all stakeholders.

Aphrodite low on list of Chevron’s gas plans for East Med - CYPRUS MAIL

March 6, 2023

Dr. Charles Ellinas

The importance of the East Med to Chevron’s gas plans was made clear at the company’s ‘2022 4Q Earnings Conference Call’ on January 27 and subsequently at its ‘Investor Presentation’ on February 28. Mike Wirth, Chevron’s CEO, confirmed that he considers the region to be of “high priority”.

He specifically referred to the $673 million ‘Final Investment Decision’ (FID) taken in December 2022 to expand Tamar gasfield production capacity in Israel from 11billion cubic metres per year (bcm/yr) to 16bcm/yr, expected to come online in early 2025. This will enable Tamar to meet Israel’s growing domestic demand and increase gas deliveries to Egypt.

Following the Tamar FID, Chevron and its partners approved close to $100m budget for the development of Phase 1B of the Leviathan gasfield. This includes pre-FEED engineering for field expansion, including construction of a 4.6million tonnes/yr floating LNG (FLNG) facility, three years after FID. The expansion will increase production capacity to 21bcm/yr from 12bcm/yr now.

First FSRU for Cyprus Begins Commissioning at Cosco Shipyard - THE MARITIME EXECUTIVE

MAR 6, 2023 7:03

The commissioning phase of the first FSRU being converted in Shanghai for Cyprus has begun. The vessel completed its second dry docking on March 4 at the Cosco Shipping Heavy Industry yard and is now preparing for trials before departing for the Mediterranean this year. The project, which has been delayed by several complications, calls for the FSRU to operate in Cyprus till 2044.

The project which is expected to cost approximately €315 million when it is completed is being called the biggest ever project in the history of Cyprus and will create the island’s first LNG facility. The 72,780 dwt LNG carrier built in 2002 as the Gria will be permanently docked less than a mile off the coast of Limassol, Cyprus in Vasilikos Bay. The project plans to directly connect the vessel to the Vasilikos power station.

The European Bank for Reconstruction and Development, which provided $95 million of funding to acquire the vessel for conversion, calls this project critical to Cyprus’ energy security and will help to meet the island’s environmental goals. The FSRU will replace heavy fuel oil used at the power plant. It is estimated that 90 percent of the island’s power supply comes from heavy fuel.