Contract would see $9.5b revenue over 18 years from AphroditeJune 5, 2019 at 10:13am - IN-CYPRUS

June 5, 2019 at 10:13am
Bouli Hadjioannou

Cyprus should see a total net revenue of $9.5b from the sale of natural gas from the Aphrodite plot to Egypts’ Idku LNG terminal under an agreement between the Energy Ministry and the Noble-Shell-Delek consortium, Phileleftheros reported on Wednesday.

It said the calculations are based on projected average prices over a period of 18 years, beginning in 2024, it added.

The newspaper said that the state will receive an average of $525 m a year for each of the 18 years.

In the first years, and until capital investment made by the companies is paid off, state revenue is estimated at between $200m and $250m.

Once the infrastructure is paid off, the lion’s share will go to the state which can anticipate revenue of some $750m a year, the newspaper said.

BP’s additional seismic mapping of Atoll gas field to be completed in 4Q2018 - ENTERPRISE

Monday, 30 April 2018

BP intends to conclude in 4Q2018 additional seismic scans it has been conducting at its Atoll gas field to locate additional reserves, a source tells Youm 7, adding that initial data brings “good news”. 

BP Group CEO Bob Dudley had announced in February that his company would invest USD 1 bn this year as production from Atoll gas field began seven months ahead of schedule.

Greek Energy Firm Secures $1.25b to Develop Two Israeli Natural Gas Fields - HAARETZ / REUTERS

Feb 27, 2018 8:53 PM

The Greek energy firm Energean has secured $1.25 billion in funding for the development of two natural gas fields offshore Israel, the company’s CEO said Tuesday. The company signed commitment letters with Morgan Stanley, French investment bank Natixis and Israel’s Bank Hapoalim, CEO Mathios Rigas told an energy conference in Tel Aviv, according to an official transcript. It’s unusual for institutions to lend money for an energy project, but Energean has lined up anchor customers for its gas, so the risk is relatively low. The company estimates it will cost $1.6 billion to put the two fields into production. Energean hopes to begin production at the Karish and Tanin fields, which contain an estimated 2.4 trillion cubic feet of natural gas, in 2021. The company is also planning to raise $500 million in an initial public offering in London and may dual-list its shares on the Tel Aviv Stock Exchange. (Reuters)

Eni starts extraction of 200m cubic feet of gas per day from Zohr in October - DAILY NEWS EGYPT

Saturday February 25, 2017

Mohamed Adel

Company to rent a temporary gas processing plant until the completion of the permanent unit, says source

The Italian company Eni aims to begin pumping 200m cubic feet of gas per day from the deep-water Zohr field in the Mediterranean by October, through a temporary ground gas processing station.

A source at the Egyptian Natural Gas Holding Company (EGAS) told Daily News Egypt that Eni will rent a temporary station until it completes the establishment of the permanent treatment plant.

He added that Eni is set to complete the first phase of the treatment plant with a capacity of 650m cubic feet of gas per day by the end of 2017.

Energean Appoints TechnipFMC as Concept and Engineering Design Contractor for Karish and Tanin FPSO, Israel - ENERGEAN OIL & GAS

February 2, 2017

Energean Oil & Gas (“Energean” or “the Company”) is pleased to announce that it has appointed TechnipFMC as the Concept and Front End Engineering Design (FEED) contractor for the Karish and Tanin development programme. This follows Energean’s recent decision to develop the Fields using a Floating Production, Storage and Offloading (“FPSO”) unit to facilitate the quickest route to market in line with the Government of Israel’s gas strategy.

TechnipFMC is a global leader in oil and gas subsea, onshore/offshore and surface contracting. It has highly relevant experience in deep water development programmes analogous to Karish and Tanin, and has delivered some of the largest FPSO units in the world including the Akpo, Nkossa, Girassol and Dalia fields. Its broader subsea capabilities mean that it is well placed to design and configure a fully integrated infrastructure for the Karish and Tanin projects.

Egypt Pays $5.8/1mBTU for Zohr Gas - EGYPT OIL & GAS

During signing an agreement between EGPC and ENI 1-6-2015

Thursday, 15th December 2016

A source with the Agreements Department at the Egyptian General Petroleum Corporation (EGPC) stated to Egypt Oil&Gas that Egypt buys Eni’s equity gas from Zohr field for $5.8 per 1m thermal unit (BTU), according to the recent agreement in November 2016 between the Egyptian Prime Minister, Sherif Ismail, the Minister of Petroleum, Tarek El Molla, and Eni’s officials.

The source added that the Egyptian government agreed with the Italian partner to hold negotiations in January 2017 to review the agreement and decide on new selling price of Eni’s gas for 2018. They also agreed on reviewing the agreement in 2019.

Apache to drill 20 horizontal natural gas wells for USD 100 mn - ENTERPRISE

Wednesday, 14 December 2016

Apache intends to spend USD 100 mn for horizontal drilling on 20 wells in the Apollonia [formations] in the Western Desert, Al Borsa reports. If successful, the vertical wells are expected to produce around 40 mcf/d from limestone. Apache has spent USD 24 mn so far on exploration and testing in the Apollonia field and expects to bring the second of three other wells online early next month.

Delek Group, Ratio approve Leviathan investment - NATURAL GAS WORLD

December 13th, 2016 - 8:35am

Ya'acov Zalel

Delek Drilling and Avner, the two Delek Group subsidiaries with a combined 45.3% holding in the Leviathan gas field, said December 12 that their boards have approved the investment in the first phase of the project.

Ratio, the third Israeli partner, with 15%, also approved the development program and the working plan. Now all eyes will turn to Noble Energy, a 39.7% shareholder, and the operator, to approve the project and take final investment decision before sanctioning the project as early as next year.

The total budget for phase 1 is estimated at $3.5-$4bn according to a filing to the Tel-Aviv Stock Exchange (TASE) for a production capacity of 12bn m³/yr.

Last month Delek Group announced a major project financing deal with HSBC and JP Morgan to the tune of $1.7bn. However so far it is not clear which guarantees the banks have received apart from a lien on the group's rights to Leviathan.

Energean gets exploitation license offshore western Greece - OIL & GAS JOURNAL

11/29/2016

Houston

By OGJ editors

The Greek Ministry of Environment and Energy and Energean Oil & Gas SA have agreed to the conversion of the West Katakolon exploration license to a 25-year exploitation license effective immediately.

West Katakolon is part of the Katakolon concession area and covers 60 sq km with 10 million bbl of recoverable oil. Energean will be operator of the field development, which follows that of its operated Prinos oil field and South Kavala gas field, both in the North Aegean Sea.

A field development plan (FDP) for West Katakolon will be submitted to the energy ministry by the end of February. Drilling is planned for 2018 and will use extended-reach drilling technology to drill from onshore to offshore reservoirs. Production startup is expected in 2018-19.

Noble Plans Sale of 10% Stake in Leviathan - HAARETZ

Nov 22, 2016 4:22 AMAvi Bar-Eli 
Proceeds would help Texas company raise badly needed cash to develop giant gas field.

After selling stakes in the Tamar gas field as well as its holding in the tiny Tanin and Karish fields for a combined $438 million over the past year, Texas-based Nobel Energy is now gearing up to sell part of its stake in the giant Leviathan reserve.

In a presentation to investors over the weekend, the company said it was looking to sell a 10% stake in Leviathan, whose 622 billion cubic meters of estimated reserves make it by far Israel’s biggest field. Noble now holds a 39.7% stake, making it the second-largest partner after Israel’s Avner and Delek Drilling, both units of Delek Group, which each have 22.7%. Ratio Oil holds the remaining 15%.