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.
08/APRIL/2019
Energean Oil and Gas, the oil and gas producer focused on the Mediterranean, has successfully completed its drilling operations of the extended reach well, EA-H3, in northern Greece, the company has announced.
The well was brought into production on April 1 and is currently producing at a stable dry oil rate of more than 1,000 bopd on a restricted choke, Energean noted.
The well was drilled to a total measured depth of 5,679 meters and has penetrated 689 meters of the Epsilon sandstone reservoir, in line with pre-drill expectations, Energean informed, adding it will continue to monitor and finetune production parameters to ensure optimal production from the well.
Sunday 17 Feb 2019
UK international energy company Petroceltic has announced its intention to seek arbitration in a dispute with Egypt's state-owned Egyptian General Petroleum Corporation (EGPC) over what Petroceltic says is the Egyptian company's failure to pay debts.
Petroceltic said in a statement that it is seeking arbitration with the World Bank-managed International Centre for Settlement of Investment Disputes over EGPC's "breach of its obligations under multiple Gas Sales Agreements and in particular EGPC’s inability to pay its debts as they fall due for payment."
Petroceltic Chairman Angelo Moskov said that the company has invested hundreds of millions of dollars in Egypt and sustained hundreds of EGPC jobs in joint venture with EGPC, at considerable expense to Petroceltic.
FEB/01/2019
MOSCOW – Gas produced from the deepwater Zohr field in the Egyptian sector of the Mediterranean Sea totaled 12.2 bcm last year, according to partner Rosneft.
During the second half of the year, output increased almost fourfold compared with H1, when production amounted to 3.1 bcm.
Over the course of 2018, the treatment capacity was increased in stages from 11.3 MMcm/d (400 MMcf/d) to the current 56.6 MMcm/d (2 bcf/d), in line with the development plan and the gas sales agreement.
Rosneft expects gas output to reach the design capacity of 76 MMcm/d (2.7 bcf/d) by the end of 2019.
Zohr holds estimated in-place volumes of 850 bcm. Other partners are Eni, BP, and Mubadala Petroleum.
August 12, 2017
Charles Ellinas
The news last week was that Noble Energy decided to move two of its senior staff from Cyprus to Israel. Some ‘political sources’ interpreted this to be the result of dissatisfaction with the way government is handling commercialisation of Aphrodite and in particular the inordinate delays and lack of progress.
Not unexpectedly, both the government and Noble denied this. However, there is no denying that commercial development of Aphrodite is now long overdue.
The development plan was originally submitted by Noble mid-2015. Following acquisition of 35% of Block 12 by BG, which in turn was acquired by Shell early 2016, the development plan was subsequently revised and resubmitted. Since then there has been no real progress and astonishingly approval of the plan has not yet been concluded.
August 9, 2017
Greek oil producer Energean has exceeded its target for gas sales contracts needed before it goes ahead with plans to tap two gas fields off Israel’s coast, market sources said on Wednesday.
Energean bought the Karish and Tanin fields, located in deep waters around 100 kilometres off Israel’s coast, last August for $148 million from U.S.-Israeli partners Delek Group and Noble Energy.
It plans to lease its own floating production, storage and offloading vessel and build a separate pipeline to Israel at a cost of up to $1.5 billion.
Energean had targeted gas sales contracts of 3 billion cubic metres annually before making a final investment decision and has so far secured 4.6 bcm a year, market sources said.
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| Idan Ofer |
8 Aug, 2017 19:12
Sonia Gorodeisky
Israel Chemicals, Oil Refineries, and OPC Energy signed a 15-year deal to buy gas from Tanin and Karish.
OPC Energy, Oil Refineries Ltd. (TASE:ORL), and Israel Chemicals(TASE: ICL: NYSE: ICL), companies controlled by Idan Ofer, today notified the Tel Aviv Stock Exchange (TASE) that they had signed an agreement in principle to buy natural gas from the Karin and Tanin reservoirs owned by Greek company Energean. The agreement amounts to $6 billion over 15 years.
The three companies negotiated jointly in an attempt to obtain better terms. According to the report, OPC Energy will buy 9 BMC, Oil Refineries 17 BCM, and Israel Chemicals 23 BCM.
25/06/2016
Cyprus gas funding a peace deal was a hot topic with statements and counter-statements by the President, the Foreign Minister and many others, such as:
Studies in progress to fund settlement from proceeds from natural gas Natural gas to contribute to the funding of the cost of settlement;
Cyprus FM says gas could partly fund reunification;
Government denies Foreign Minister statements on gas;
President: We will not use natural gas to pay others’ obligations;
President: A minor part from the natural gas proceeds could be used to fund the solution, The President confirms in all respects that the Foreign Minister statements are in-line with government thinking;
