Egypt signs $430-million gas deal with Texas' Noble Energy - YAHOO FINANCE / REUTERS

November 23, 2019

CAIRO, Nov 23 (Reuters) - Egypt said on Saturday it had signed several multimillion-dollar energy investment accords including a $430-million deal for Texas-based Noble Energy to pump natural gas through the East Mediterranean Gas Company's pipeline.

Under another agreement with Noble, which will also be financed by the U.S. International Development Finance Corporation, the energy company will manufacture petroleum products in partnership with Egyptian company Dolphinus Holdings.

The cabinet detailed the plans at the end of an Africa investment forum held on the site of the country's planned new administrative capital in the desert east of Cairo.

Amsterdam-based Lekela also announced the start of construction work on its West Bakr wind power plant, which will have a capacity of 250 megawatts and require a total investment of $350 million.

Delek in talks to sell Tamar rights to advanced training funds - GLOBES

10 Jul, 2019 19:04
Kobi Yeshayahou

The study funds will pay $53 million for the rights to super royalties from the Tamar natural gas field.

Delek Group Ltd. (TASE: DLEKG), controlled by Yitzhak Tshuva, is taking another step towards divestment from the Tamar natural gas field. The group notified the Tel Aviv Stock Exchange (TASE) today that it is negotiating with the advanced training fund of the schoolteachers and kindergarten teachers for the sale of its rights to super royalties from the reservoir. These rights stem from Delek Group's holding in the Delek Drilling partnership, through which Delek Group holds 22% of the reservoir and 9% of Tamar Petroleum.

If the deal, which is subject to various contingencies, is completed, the advanced training funds, headed by chairman Eyal Gabay, will pay Delek Group $53 million, and the rights to super royalties from the reservoir will be transferred to the funds starting on April 1. The parties agreed that a final examination and accounting would take place at the beginning of 2023, which could either add $2 million to or subtract $2 million from the price.

Delek Group's super royalties from Tamar stood at 1.5% of the revenue from the reservoir as of the end of 2017, and jumped to 6.5% at the beginning of 2018, after Delek Group made back its investment in the reservoir.

ENERGY: Cyprus strikes $9 bln gas production deal - FINANCIAL MIRROR

05 June, 2019

Cyprus will earn $9.3 bln over 18 years from exploiting its Aphrodite gas field after Nicosia renegotiated a contract with industry giant Shell, US-based Noble and Israel’s Delek, the energy minister said Wednesday.

Energy Minister George Lakkotrypis told reporters that a re-working of the production contract ensures the Cyprus government receives an average yearly income of 520 million dollars over the lifespan of the gas field.

“We believe that it is a good deal under the circumstances, it will allow the Republic of Cyprus to earn significant commercial revenues estimated at over $9 billion during 18 years of the well’s lifespan,” Lakkotrypis told reporters.

He said the figures were based on the average price of oil being around $70 a barrel.

Lakkotrypis said under the new deal, the consortium was obliged to keep to a tight deadline to tap the gas reserves.

“Based on the development and production plan that we discussed, we expect the first gas to be extracted by 2024-25."

Previously the consortium had no obligation to stick to a timeline, no natural gas is expected to flow from Aphrodite and be pumped to Egypt via a pipeline.

Energizing diplomacy with our neighbors - THE JERUSALEM POST

THE LEVIATHAN jacket.. (photo credit: ALBATROSS)

MARCH 22, 2019 16:20
MAAYAN JAFFE-HOFFMAN

Forty years on, Israel-Egypt energy cooperation opens the door to warmer relations

Is natural gas propelling us toward the future frontier of stronger Jerusalem-Cairo ties?

The energy cooperation deal signed between Israel and Egypt is the Jewish state’s first significant economic agreement with Egypt since the 1979 peace accord – and a dramatic step up in political and economic relations.

So said Amir Foster, head of strategy and research at the Association of Oil & Gas Exploration Industries, explaining that joint energy cooperation has already led to results in the field. 

In September 2018, Noble Energy and Delek Drilling signed agreements to purchase a stake in the Eastern Mediterranean Gas Company pipeline to advance the export of gas to Egypt.

“This was not just ‘another deal,’ but a dramatic development that changes the existing situation, providing the physical infrastructure for realizing the gas export deal with Egypt signed in February 2018,” Foster said.

Egypt’s imports of Israeli gas delayed to mid-2019 due to pipeline doubts - ENTERPRISE

Monday, 18 March 2019

Egypt’s imports of Israeli gas delayed to mid-2019 due to pipeline doubts: Egypt will begin receiving its first shipments of Israeli gas in the middle of this year, two sources familiar with the matter told Bloomberg. Egypt’s East Gas originally expected trial shipments from Israel’s Tamar and Leviathan gas fields to begin this month, but the sources said that the pipeline still requires further maintenance. Petroleum Minister Tarek El Molla also told the CERAWeek energy conference in Houston last week that Egypt will start importing Israeli gas by mid-2019.

Background: East Gas, Noble Energy and Delek Drilling last year signed a USD 518 mn deal for a 39% stake in Ashkelon-Arish pipeline operator Eastern Mediterranean Gas (EMG), which was supposed to have paved the way for Egypt to begin importing an initial 100 mn scf/d in 1Q2019. In the time since, doubt has been raised over the capability of Israel’s domestic pipeline infrastructure to handle the quantity of gas agreed in last year’s USD 15 bn gas deal. The two countries began talks in January over the construction of a new subsea pipeline that would enable Israeli gas to flow directly to Egypt’s Idku facility, eliminating the need to expand Israel’s onshore infrastructure.

IEC seeks Tamar, Leviathan bids for NIS 2b gas deal - GLOBES

3 Dec, 2018 14:19

Sonia Gorodeisky

Israel Electric Corp. is hoping to cut the price of gas by generating competition between the two partnerships.

Israel Electric Corporation (IEC) (TASE: ELEC.B22) has contacted both the Tamar and Leviathan partnerships, both partly owned by Yitzhak Tshuva, to provide bids to supply 2 billion cubic meters (BCM) of gas annually over two years, Delek Drilling LP (TASE: DEDR.L) notified the Tel Aviv Stock Exchange this morning. At current gas prices the deal has an estimate value of about NIS 2 billion.

According to the report, the gas is to be supplied between October 2019 and the end of June 2021. This time scale extends from when gas is due to begin flowing from the Leviathan reservoir to the start of supply of gas from the Karish reservoir, controlled by Greek company Energean Oil & Gas plc (LSE: ENOG; TASE: ENOG).

The aim of IEC is to try and cut the price of natural gas used in the production of electricity but a competitive process to procure amounts of gas above its commitment to the Tamar partners. At the same time, IEC is anyway trying to lower the price of gas in its agreement with the Tamar partners, which amounts to $6 per thermal unit, 33% over the price closed recently with Energean by private electricity producers.

EMG, Israeli Electric are withdrawing arbitration cases against Egypt - ENTERPRISE

Monday, 1 October 2018

EMG, IEC have begun withdrawing arbitration cases against Egypt: East Mediterranean Gas (EMG) and Israel Electric Corporation have officially begun proceedings to drop their international arbitration case against state energy companies EGPC and EGAS, according to Oil Ministry sources. The two cases would have seen Egypt pay a combined USD 1.988 mn in fines for failing to supply IEC with gas in 2012.

Key step in our energy hub transformation: The withdrawal of the claims are conditions of the USD 518 mn agreement Noble Energy and Delek — the operators of Israel’s Leviathan and Tamar gas fields — and their Egyptian partner East Gas signed last week. The transaction gives Nobel and Delek a 39% stake in EMG, paving the way for the gas field operators to export natural gas to Egypt under a USD 15 bn agreement signed in February with Alaa Arafa’s Dolphinus Holdings.

Advisers: Shahid Law Firm acted as sell-side legal counsel on the EMG transaction, while Alliance Law Firm had was on the buy-side.

Delek, Noble and Egypt Sign $518 Million EMG Pipeline Deal - BLOOMBERG

September 27, 2018, 10:45 AM GMT+3
Yaacov Benmeleh and Mirette Magdy

• Purchase gives buyers the right to operate EMG’s gas pipeline
• Deal paves way for $15 billion Israel-Egypt gas export plan

The companies developing Israel’s largest natural gas fields and their Egyptian partner have bought control of a pipeline to Egypt, clearing legal obstacles to a $15 billion deal to export gas from the Jewish state to its former enemy. Shares of Israeli gas stocks rose.

Greece's DEPA clinches $175-million deal with Shell on domestic gas supplier - INDIA TIMES / REUTERS

July 13, 2018, 15:43 IST

Athens: Greece's state-controlled DEPA gas company will buy out Shell's 49 per cent stake in a domestic gas supplier, Attiki Gas Supply Company, and a gas distributor in Athens and become the sole stakeholder in the two companies, it said on Friday.

The deal between DEPA and Shell, which was signed on Friday, is worth 150 million euros ($174.45 million) and is part of a scheme under Greece's latest international bailout which says that Athens needs to eliminate potential conflicts of interest between DEPA and domestic gas suppliers.

DEPA is 65 per cent owned by the state.

Delek, Noble, Egyptian partner in talks to acquire stake in EMG - ENTERPRISE

Tuesday, 19 June 2018

Delek, Noble, Egyptian partner in talks to acquire stake in EMG, which could quash outstanding arbitration ruling: The stars appear to be aligning in favor of an agreement that could see Egypt become a hub for East Mediterranean gas and end a long-standing arbitration case. Israel’s Delek, its Texas-based partner on the Leviathan gas field in Israel Noble Energy, and an unnamed Egyptian partner are in advanced talks to close on the acquisition of a 37% stake in the East Mediterranean Gas Company (EMG), which owns a pipeline that had once been used to transport Egyptian LNG to Israel, people familiar with the matter tell Bloomberg.

Clearing the way for gas imports from Israel: The stakes under discussion include those currently owned by businessmen Sam Zell and Yossi Maiman, who along with Israel Electric Corporation, successfully won arbitration cases against Egypt for cutting off natural gas exports to Israel in favor of domestic consumption back in 2012. If completed, the transaction would make the consortium the largest voting bloc in EGM, and potentially clearing the biggest legal hurdle standing against Egypt importing gas from Israel. As we noted last week, Delek shareholders will meet on 1 July to vote on investing USD 200 mn to buy EMG.

Israel's Delek Drilling seeks shareholder approval for Egypt pipeline investment - REUTERS

JUNE 11, 2018 / 3:20 PM

Reporting by Ari Rabinovitch; Editing by Susan Fenton

JERUSALEM (Reuters) - Shareholders in Israel’s Delek Drilling will vote next month on whether to approve a $200 million investment that will allow the company to export gas to Egypt via a subsea pipeline.

Delek announced on Monday that it would hold a special shareholders’ meeting on July 1 to decide whether to go ahead with the investment in East Mediterranean Gas (EMG), which operates a pipeline to carry gas between Israel and Egypt’s Sinai Peninsula.

Delek and Texas-based Noble Energy are partners in the large Tamar and Leviathan natural gas fields off Israel’s coast and signed deals in February with Egyptian firm Dolphinus Holdings to sell $15 billion of gas.

Delek and Noble have been negotiating to buy the rights to use EMG’s pipeline, which was built years ago as part of a now-defunct Egyptian-Israeli natural gas deal but has been out of use.

Partners sign deal to export $15 billion in Israeli natgas to Egypt - REUTERS

FEBRUARY 19, 2018 / 2:42 PMReporting by Tova Cohen and Ari Rabinovitch

TEL AVIV (Reuters) - The partners in Israel’s Tamar and Leviathan natural gas fields have signed 10-year agreements to sell $15 billion worth of natural gas to Egyptian company Dolphinus, Delek Drilling said on Monday.

Various possibilities for transmission of the gas to Egypt are being examined, including use of the East Mediterranean Gas pipeline. Delek Drilling and its partner, Texas-based Noble Energy, intend to begin negotiations with EMG for the use of the pipeline to Egypt, Delek said in a statement.

Maersk sells its 50% stake in Egyptian Drilling Company to EGPC - ENTERPRISE

Tuesday, 19 December 2017

Maersk Drilling agreed to sell its 50% stake in Egyptian Drilling Company to the EGPC for USD 100 mn, Reuters reports. The cash transaction leaves the EGPC as the sole shareholder of Egyptian Drilling Company.

Dec 18 (Reuters) - MAERSK DRILLING, UNIT OF A. P. MOLLER-MAERSK, SAYS

* IT AND AND EGYPTIAN GENERAL PETROLEUM CORPORATION HAS SIGNED AN AGREEMENT WHEREBY EGPC WILL ACQUIRE A.P. MOLLER - MAERSK‘S 50 PERCENT SHAREHOLDING IN EGYPTIAN DRILLING COMPANY FOR 100 MILLION DOLLARS IN AN ALL-CASH TRANSACTION

* FOLLOWING THE TRANSACTION EGPC WILL BECOME SOLE OWNER OF EDC AND WILL AS PART OF THE AGREEMENT TAKE OVER THE ENTIRE PORTFOLIO, OBLIGATIONS AND RIGHTS Further company coverage: (Copenhagen newsroom)

Israel's Delek Group Mulling $280M Sale of Royalties From Tamar Offshore Gas Field - HAARETZ

Yitzhak Tshuva

Oct 18, 2017 2:57 AMEran Araz
Delek Group faces a government deadline to divest its 31.25% stake in Tamar by 2020 as part of regulation in place to dismantle Israel's gas cartel

In a deal that could be valued at 1 billion shekels ($280 million), Delek Group is weighing a plan to sell the royalties it is entitled to from its Delek Drilling subsidiary to investors, TheMarker has learned.

Known as overriding royalties, the money is paid to Delek Group from revenues generated from the Tamar gas field and are paid out before Delek Drilling pays dividends to the holders of its participation units.

The royalties have amounted to 3% of revenues until now but are due to rise to 13% now that Delek Drilling has earned back the cost of developing Tamar.

China's State Grid seals acquisition of stake in Greek power grid - REUTERS

Tue Jun 20, 2017 6:54pm GMT
Reporting by Angeliki Koutantou; editing by Susan Thomas

ATHENS, June 20 (Reuters) - China's State Grid, the world's biggest utility, concluded on Tuesday the acquisition of a minority stake in Greece's power grid operator ADMIE, Beijing's second big investment in the bailed-out country in more than a year.

Under its latest international bailout by the European Union and the International Monetary Fund, Greece has agreed to spin off ADMIE from its state-controlled power utility Public Power Corp. and sell a 24 percent stake to State Grid for 320 million euros ($356 million).

Greece’s Energean inks deals to supply Israeli gas to Dalia and Or - NEW EUROPE

May 31, 2017 09:00
New Europe Online/KG

Dalia and Or will purchase part of their gas requirements from Karish-Tanin to operate the Dalia power plant as well as future power plants to be built by Or

Greece’s Energean Oil & Gas announced on May 30 that its subsidiary Energean Israel has signed with Dalia Power Energies and its sister company – Or Power Energies, two agreements for the supply of natural gas from the Karish and Tanin fields, offshore Israel.

Dalia and Or will purchase part of their gas requirements from Karish-Tanin to operate the Dalia power plant, the largest private power station in Tzafit, south-central Israel, as well as future power plants to be built by Or, Energean said.

Egypt to receive first shipment of Iraqi crude oil on Tuesday under new deal - AHRAM ONLINE

Egypt's Petroleum Minister Tarek El Molla

Monday 15 May 2017

Egypt will receive two million barrels of crude oil on Tuesday from Iraq, the first shipment to arrive as part of a deal with the Iraq's state oil marketing company SOMO, Al-Ahram’s Arabic website quoted Egypt’s Oil Minister Tarek El-Molla as saying.

Under the terms of the year-long agreement, which was reached last month by Baghdad and Cairo, Iraq will sell 12 million barrels of oil to Egypt.

Cairo has been struggling to procure oil and natural gas for domestic market needs from several sources in the past few years.

However, recent surges in natural gas discoveries and projected finds in the country promise to help Egypt cut down on its liquefied natural gas (LNG) imports in the coming year.

OMV agrees to sell Turkish unit Petrol Ofisi to Vitol for $1.45 billion - REUTERS

Logo of Austrian oil and gas group OMV at Vienna gas station
on November 9, 2016 REUTERS,Heinz-Peter Bader

Fri Mar 3, 2017 | 5:44pm ESTReporting by Maria Sheahan and Shadia Nasralla; editing by Grant McCool

Austrian energy group OMV (OMVV.VI) said it agreed to sell its Turkish fuel supply and distribution unit Petrol Ofisi to Vitol Investment Partnership, managed by the Swiss-based commodities firm Vitol VITOLV.UL, for 1.37 billion euros ($1.45 billion).

Saudi Aramco and the State Oil Company of Azerbaijan (SOCAR) had also placed bids for Petrol Ofisi, sources familiar with the matter said. OMV counted the Turkish petrol station chain as one of its non-core assets it is shedding to generate cash.

Greek Firm in $380m Libya Deal - LIBYA BUSINESS NEWS

January 28, 2017

Greek company METKA has announced that it has concluded an agreement with the General Authority for Electricity and Renewable Energy of Libya (GAEREL) to carry out the engineering, procurement and construction (EPC) contract for a new power plant in Tobruk, Libya. The agreement was made in Athens on 25 January 2017.

The project, with total output of more than 500MW, includes the supply and installation of 3 General Electric GT13E2 gas turbines in open cycle configuration, together with all associated balance of plant equipment and a 220/66kV substation. The contract value for METKA amounts to $380 million.

The contract is subject to final approval from the responsible state authorities in Libya, and will only become effective upon opening of an irrevocable letter of credit confirmed by 1st class international bank.

Energean to Invest $1.5 Billion in Offshore Gas Facilities - HAARETZ / REUTERS

Energean's Mathios Rigas

Reuters Jan 12, 2017 6:45 AM

Greek company says it will set up its own facilities to deliver gas from Karish and Tanin fields.

Greek company Energean Oil & Gas plans to build its own production system (FPSO) on the eastern Mediterranean at a cost of up to $1.5 billion to tap two Israeli offshore gas fields, the group’s CEO told Reuters in an interview on Wednesday.

Greece’s only oil producer is also looking to bring a financial partner into the project to develop the Tanin and Karish fields, which are situated in deep waters around 100 kilometers off Israel’s coast and have combined gas reserves estimated at 2.4 trillion cubic feet.

Energean bought Karish and Tanin last August for $148 million from U.S.-Israeli partners Delek Group and Noble Energy, who are developing two much larger fields nearby and were required by Israel to sell off other discoveries in an effort to open up the sector to competition.