EIB approves €150 million for LNG project in Cyprus - CYPRUS NEWS AGENCY (CNA)

CNA - Cyprus/NICOSIA 11/06/2020 20:31

European Investment Bank’s (EIB) Board of Directors has approved the amount of €150 million to fund the construction of a project which will allow the import of liquefied natural gas (LNG) in Cyprus, Natural Gas Public Company (DEFA) announced on Thursday.

In a press release DEFA says that the project will be implemented by Natural Gas Infrastructure Company of Cyprus (ETYFA).

In particular, the loan is of a duration of 20 years with a favourably low rate and will cover capital construction expenditure, the press release adds.

Energean submits FDP for Karish and Tanin gas fields, offshore Israel - WORLD OIL

JUNE/20/2017

LONDON -- Energean Oil & Gas has announced that its subsidiary, Energean Israel, has submitted the Field Development Plan (FDP) for the Karish and Tanin natural gas fields, offshore Israel, to the Israeli Petroleum Commissioner.

Energean Israel holds 100% of Karish and Tanin, which combined have 2.7 Tcf of natural gas and 41 MMboe of light hydrocarbon liquids, totaling 531 MMboe 2C resources.

The Karish Main Development envisages drilling three wells, using a new Floating Production Storage and Offloading (FPSO) unit that will be installed approximately 90 km away from shore, with 400 MMscfd capacity. The development through an FPSO will enable Energean to maximize the recovery of reserves and minimize environmental impact. It will also allow light hydrocarbons liquid to be safely processed, stored and offloaded away from the coast, with minimal onshore installations needed.

Zohr to Start Gas Production This Year - RIGZONE

Wednesday, March 15, 2017
Andreas Exarheas

Zohr will start gas production in December, according to an investor presentation held in Milan today by Eni.

The Zohr discovery, which was made in August 2015, is believed to hold 5.5 billion barrels of oil equivalent, according to Eni’s website. A December production commencement date would mark a 2.3 year timespan from discovery to output start-up.

Leviathan Gears Up For Development Phase As Sanctioning Nears - HART ENERGY

Wednesday, February 15, 2017 - 4:07pm
Velda Addison 

Work to develop the gigantic Leviathan Field in the Mediterranean Sea offshore Israel is progressing with project sanctioning expected sometime this quarter.

Noble Energy Inc. (NYSE: NBL) delivered an update on the field, which holds about 622 Bcm (22 Tcf) of natural gas, during a conference call Feb. 14 after releasing its fourth-quarter 2016 results and outlook for this year.

“We’re moving into the development phase now,” said J. Keith Elliott, senior vice president for Noble’s Eastern Mediterranean assets. “We have started procurement of the raw materials for both the subsea and the platform construction project.”

Noble Energy to spend $550mn on Leviathan in 2017 - NATURAL GAS WORLD

February 14th, 2017, 9:35am
Ya'acov Zalel

US producer Noble Energy will invest $550mn in the development of Israel's Leviathan gas field "with first gas targeted for the end of 2019," the company said in its guidance for 2017. This is about a fifth of its total spend for the year, which, at $2.3bn, is up by 50% from 2016.

Noble Energy announced February 13 better-than-expected results for Q4 2016 and the full year. The company reported a net loss of $998mn for 2016 compared with a net loss of $2.44bn in 2015. In the last quarter the company reported a net loss of $252mn compared with $2bn a year earlier. The heavy losses in Q4 2015 were mainly due to impairments.

Despite the net loss, the company registered a $1.3bn net cash from operating activities, a non-GAAP measure.

Russian parliament ratifies major gas pipeline deal with Turkey - CHINA.ORG / XINHUA

Xinhua, January 20, 2017

Russia's State Duma, or the lower house of parliament, approved a "Turkish Stream" pipeline deal Friday to deliver its natural gas to Turkey and European markets through the Black Sea.

Russian President Vladimir Putin initiated the Turkish Stream project in 2014, and sealed the agreement with his Turkish counterpart in Istanbul in October 2016 envisioning the construction of two underwater legs of the gas pipeline.

The project, put on hold after Turkey downed a Russian warplane in November 2015 near Turkish-Syrian border, was brought back to agenda in June 2016 when Moscow and Ankara agreed to revive their relations.

Israel: a bright spot for Noble - NATURAL GAS WORLD

November 03rd, 2016, 9:20am

Ya'acov Zalel

Noble Energy recorded a net loss of $144mn in Q3, halving its Q3 2015 loss of $286mn. The company's most profitable region was Israel, where the company recorded revenues of $150mn and income before taxes of $135mn. That compares to $647mn revenues from operations in the US and a loss before taxes of $407mn.

Noble reported record sales in Israel following the decision by the energy ministry to accelerate the use of natural gas for power generation by 15% from 2015 to 2016.

Noble sold 310mn ft³/d in Israel, an increase of 2.3%. The average gas price in Israel was $5.22/mn Btu while in the US the average price was $2.38/mn Btu.

Eni’s Zohr sale causes concern for Cairo - INTERFAX

By Rachel Williamson 24 March 2016

Italy’s Eni has indicated it is looking to sell down its stake in its giant Zohr field in Egypt, a scenario that is causing concern among Egyptian stakeholders.

Eni Chief Executive Claudio Descalzi said on a conference call last week that Zohr was among assets the company was considering targeting for disposal. He said Eni had had to change its strategy for Zohr as the requirement to bring the start of production forward to 2017 had resulted in extra upfront capex costs in the form of another onshore processing facility.

Noble’s Cash Crunch Risks Snagging Leviathan Plans - HAARETZ

U.S. energy company has to come up with $2.5 billion at time it’s being hit by plunging oil prices, growing debt.

Eran Azran Jan 27, 2016 12:49 AM

Noble Energy, the key player in the Israeli gas industry as operating partner in the Tamar and Leviathan natural gas fields, is facing a financial crunch just as it is about to embark on a multibillion-dollar investment to bring Leviathan into production.

Developing Leviathan – by far Israel’s biggest gas reserve – will cost between $5 billion and $6 billion. Noble’s share amounts to $2.5 billon, with the rest coming from its Israeli partners, led by Yitzhak Tshuva’s Delek Group.