Tech giants eye project in Cyprus - KATHIMERINI

26.06.2024

Major companies like Tesla and Samsung have expressed interest in developing a battery-based electricity storage system in Cyprus, according to Energy, Trade and Industry Minister George Papanastasiou. He announced on Tuesday that formal tenders for the 150-megawatt project will be issued in September.

Papanastasiou outlined the government’s strategy to lower electricity costs, which he termed essential for enhancing the country’s economic competitiveness. The strategy is built on three pillars to turn Cyprus into an energy hub.

The first pillar is the rapid establishment of a liquefied natural gas import terminal for power generation. This project is expected to reduce pollutants by 35-40% and lower electricity costs by cutting down on the annual production of 3 million tons of carbon dioxide.

Egypt agrees with five energy firms on exploration in Mediterranean - minister - ET ENERGY WORLD / REUTERS

February 16, 2020, 08:08 IST

CAIRO: Egypt has reached initial agreements with five major energy firms to explore for oil and gas in deep waters in off its western coast on the Mediterranean, the petroleum minister said, the first such deals in that offshore region.

The five companies are Royal Dutch Shell, Chevron , BP, Total and Exxon Mobil, said Tarek El Molla told Sky News Arabia TV on Saturday.

He said the exploration and production agreements spanned seven concessions and had been signed with major companies because of the scale of investment needed. Exploratory drilling in the area would start in early 2021, he said.

The discovery of the giant Mediterranean field of Zohr off the eastern coasts of Egypt by Italy's Eni in 2015 sparked renewed interest and investment in Egypt's energy industry.

Is Egypt’s Energy Hub Dream Falling Apart? - OIL PRICE MAGAZINE

Feb 01, 2020, 12:00 PM CST

Cyril Widdershoven

Since the end of the 1990s Egypt has dreamt of becoming an East Mediterranean gas and energy hub.

The discoveries offshore in the Nile Delta at the end of the 20st Century, that kickstarted the LNG boom sparked hope, but regional and internal conflicts which led to the removal of president Husni Mubarak and the rule of the Muslim Brotherhood have significantly slowed down the country’s energy industry.

However, new discoveries made in the last couple of years, combined with strong results offshore Cyprus, Israel and possibly even the coming years in Lebanon have brought new hope. The so-called East Med Gas Forum, in which most littoral states are participating is seen as one of the main drivers of new energy developments. Led by Egypt-Israel and the Greece-Cyprus quartet, a new start was made to reshape the region’s energy market, with as crown jewel, Egypt’s LNG liquefaction capacity in Idku and Damietta. The combined reserves of the participants, especially Egypt’s elephant-sized fields Zohr and Noor, combined with Israel’s offshore wealth, could supply the European market. The EU and even the U.S. promote the so-called East Med Offshore Gas Pipeline project connecting the East Mediterranean with the Balkans and possibly Italy. The region is optimistic and strategies are being implemented at a remarkable speed. Even with Turkish military and political obstruction constraining or even threatening some of the projects, progress is made.

Factbox: Egypt's push to be east Mediterranean gas hub - REUTERS

JANUARY 15, 2020 / 3:20 PM / UPDATED 19 HOURS AGO


(Reuters) - Egypt began importing gas from Israel’s largest offshore gas field, Leviathan, on Wednesday, a step Cairo hopes will help it become a regional energy hub.

Rapid growth in Egypt’s natural gas supplies, boosted by the discovery of the Mediterranean’s largest field, turned it from a net importer to exporter in late 2018.
ISRAEL DEAL

Egypt’s Dolphinus Holdings signed deals with partners in Israeli gas fields to buy an estimated $19.5 billion of gas.

Partners in Israeli fields Leviathan and Tamar will supply Egypt with 85.3 billion cubic metres (bcm) of gas over 15 years.

Texas-based Noble Energy, Israel’s Delek Drilling and Ratio Oil own Leviathan. Noble, Delek Drilling, Isramco and Tamar Petroleum are leading partners in the Tamar field.

It is unclear how much of the gas imported from Israel will be re-exported.

Israel Could Be Key to 2020 Middle East Geopolitics - THE BEGIN-SADAT CENTER FOR STRATEGIC STUDIES

January 2, 2020
Frank Musmar
BESA Center Perspectives Paper No. 1,389, January 2, 2020

EXECUTIVE SUMMARY: Israel’s geographical position means it must stay agile and manage complex relations with its Muslim neighbors through quiet collaboration and smart use of its technological and economic advantages. Over the past two decades, Israel has discovered offshore gas, begun extensive seawater desalination, and dramatically expanded its navy’s platforms and missions. Ten years ago, Israel depended on Egypt’s natural gas; nowadays, Israel exports natural gas to Egypt and Jordan.

Noble Energy Closes on Acquisition of Interest in the Eastern Mediterranean Gas (EMG) Pipeline - YAHOO FINANCE

November 6, 2019

HOUSTON--(BUSINESS WIRE)--

Noble Energy, Inc. (NYSE: NBL) (“Noble Energy” or the “Company”) announced today that the Company and its partners have closed on the acquisition of a 39 percent equity interest in the Eastern Mediterranean Gas Company S.A.E. (“EMG”), which owns the EMG Pipeline. The pipeline will be used to transport natural gas volumes into Egypt under the Company’s gas supply agreements with Dolphinus Holdings (“Dolphinus”). Noble Energy’s net acquisition investment in the EMG Pipeline totaled $185 million, and the Company’s effective interest in the pipeline is 10 percent.

J. Keith Elliott, Noble Energy’s Senior Vice President, Offshore, stated, “The closing of the EMG acquisition will support delivery of natural gas from the Tamar and Leviathan fields into Egypt, and represents a major milestone toward Egypt’s goal of becoming a regional energy hub. This acquisition, combined with our recently announced Dolphinus gas sales contracts offtake increases, provides further confidence in both the long-term export market and growing cash flows from our Eastern Mediterranean assets.”

Israel, Egypt mull Sinai LNG plant for Asian exports - GLOBES

28 Jul, 2019 18:40
Amiram Barkat

Building such a facility on the Red Sea shore for liquid natural gas exports would cost $10-15 billion.

Egypt and Israel are considering construction of a liquefaction facility on the shores of the Red Sea in Sinai through which natural gas can be exported to markets in Asia, sources inform "Globes." The initiative is similar to the one previously promoted by Eilat-Ashkelon Pipeline Co. (EAPC), which wanted the facility to be in Israeli territory near Eilat. The idea was shelved due to strong opposition, among other things by the Ministry of Environmental Protection.

This time, the idea is to construct the facility on the Egyptian side of the border, which will make it possible to overcome the opposition to the huge project. In Egypt, the ability to delay such projects for environmental reasons is much more limited. Furthermore, a liquefaction project on Egyptian territory can provide jobs for thousands of Egyptians during the construction stage and hundreds more during the operational stage.

Building the facility on the Red Sea is designed to open the option of exporting Israeli and Egyptian liquefied natural gas (LNG) to the East Asian market: India, China, Japan, South Korea, and other countries, which constitute 70% of the global liquefied gas market. The cost of building a medium-sized land-based liquefaction facility is projected in the $10-15 billion range.

Cypriot energy player looks to draw Gulf capital into the East Med - THE NATIONAL

July 11, 2019 06:47 PM

Jennifer Gnana

Exclusive: Cynergy is looking to raise up to $500 million from the region to consolidate stranded gas assets and stunted infrastructure in the basin

Cyprus-based Cynergy Group, an investment firm focused on the energy sector, is lobbying investors in the Arabian Gulf including sovereign wealth funds to raise as much as $500 million (Dh1.83 billion) that will be part of $10bn raised from a pool of investors used to consolidate Eastern Mediterranean gas assets.

“[The] Gulf can play an important collaborative role in bringing East Med [and] Middle Eastern assets together through Cyprus, so I’m looking at the potential of Abu Dhabi and other Gulf interests looking at employing $500m plus,” Cynergy co-founder and group chief executive Mike Germanos told The National in Abu Dhabi.

Ambassador Pyatt’s Remarks at the 2nd Energy Union Leaders Academy Aikaterini Laskaridis Foundation - US EMBASSY ATHENS GREECE

Aikaterini Laskaridis Foundation

Panorama City Hall

April 12, 2019, 16:00

Let me start this short address by thanking the Greek Energy Forum and the American College of Thessaloniki for organizing this “Energy Union Future Leaders” Academy, bringing together young leaders from 18 countries to discuss the opportunities and challenges in the vitally important energy sector. I can’t think of a better location for this event than Thessaloniki, exactly at the moment that northern Greece is reestablishing its role as the commercial and energy hub of the Balkans. I’m also especially glad that this is happening on the campus of Anatolia College, which is really one of the hidden gems of the U.S. legacy of support in northern Greece, and I’m delighted to be on the campus on such a beautiful day.

Two of the Academy’s main objectives are the promotion of energy diversification and energy security, which happen to mirror priorities of the United States government. And I think the energy security of our European partners and allies has been a longstanding priority for the United States, but it’s only over the past few years, that Greece has become a real leader in these efforts. I know that the Greek Minister of Energy, Minister Stathakis, heard this message very clearly from our Secretary of State and our Secretary of Energy when he was in Houston last month, and Secretary Pompeo repeated a similar message when he recently participated in the first 3+1 summit meeting in Jerusalem with Prime Ministers Netanyahu, Anastasiadis, and Tsipras.

Egypt Looks to Offshore Gas Field for Growth and Influence - THE NEW YORK TIMES

March 11, 2019

Clifford Krauss and Declan Walsh

CAIRO — President Abdel Fattah el-Sisi likes to flaunt his plans for modernizing Egypt, like the flashy new administrative capital rising from the desert outside Cairo. But most Egyptians view his rule as a time of painful belt-tightening, with soaring inflation, a currency crash and cuts to subsidies that have made fuel, electricity and water more expensive.

Now there is a ray of hope emerging a hundred miles offshore.

It comes in the form of a windfall natural gas discovery with the potential to lift Egypt’s limping economy, build a new commercial alliance with Israel and maybe, even, revive the country’s diminished regional clout.

Egypt’s gas push is part of a tectonic shift in energy and geopolitics. Natural gas, long a poor cousin to oil, is gaining importance and becoming a tool for countries to leverage power and prestige. Advances in the shipping of liquefied gas have made it a global fuel and strengthened the hand of countries that until recently were not major energy exporters, including the United States and now Egypt.

ExxonMobil declares large Cyprus gas find - GLOBES

28 Feb, 2019 17:46

Guy Ben Simon

The company believes Block 10 contains 5-8 TCF of gas. Leumi Capital Markets analyst Ella Fried: A regional hub no longer appears unrealistic.

Oil and gas exploration giant ExxonMobil today reported that it had found gas in Block 10 off the shores of Cyprus. The company put the find in the 5-8 TCF range, equivalent to 140-230 BCM of gas. For the sake of comparison, the Tamar gas reservoir contains 280 BCM. ExxonMobil's report is based on previous analysis of its exploratory drilling.

Senior Leumi Capital Markets analyst Ella Fried told "Globes," "This is a dramatic discovery, because the idea of a regional hub no longer appears unrealistic. Combined with the Aphrodite reservoir, the quantity of gas is close to that in Tamar. Furthermore, the US company's presence will probably be less sensitive to regional politics. Where the regional hub aspirations of Egypt and Israel are concerned, the addition of another US concern can only contribute to Israeli gas in the long term. It is very important for Israel to have other concerns here besides European ones like Eni and BP, because the Europeans are more sensitive to a connection with the Persian Gulf states. Other than Noble Energy, not a single US company operates in the Mediterranean Sea."

Egypt says “NO” to East Med - IBNA

13 February 2019, 11:30

Nefeli Tzanetakou

The East Med gas pipeline received an unequivocal "no" from Egypt.

Egypt's Minister of Petroleum and Mineral Resources, Tarek El Molla, in an interview with the Cyprus News Agency, said he was opposed to the transportation of gas from East Mediterranean to Europe via the East Med pipeline.

He even justified his position by saying that the feasibility study for this project would last up to two years, which in itself is a luxury the region of Eastern Mediterranean can no longer afford.

"I would say there are many options for Eastern Mediterranean. However, we believe that Egypt is the best choice both economically and politically. Existing facilities and infrastructure for LNG processing and storage provide Egypt with a competitive advantage, as each existing facility will cost about USD 10 billion to be realized, thus making it the most economical option. In addition, Egyptian policy is the open market and the pursuit of maximum benefit for all parties, both for producers and for consumers. We encourage choices that can help producers exploit their resources and consumers to secure their needs in the most efficient, fast and sustainable way and at the lowest cost", the Egyptian official said.

EGYPS Day 1 Highlights - ENTERPRISE

Tuesday, 12 February 2019

New, investor-friendly production-sharing agreements are in the spotlight as gov’t pushes Egypt as a regional energy hub. The three-day Egypt Petroleum Show, which got underway yesterday, is best thought of as the physical embodiment of the Sisi administration’s strategy to position Egypt as the premier eastern Mediterranean energy hub. Domestic and international media offered wall-to-wall coverage.

If you read nothing else, read this from Reuters: “Egypt’s gas output will get a boost this year as the country’s huge Zohr field nears peak production and with USD 1.8 bn in investment from BP, officials said on Monday, as Egypt returns to export markets and positions itself as a regional hub.” Egypt is leveraging its “strategic location and well-developed infrastructure to become a key international trading and distribution center for gas, a potentially remarkable turnaround for a country that spent about USD 3 bn on annual liquefied natural gas (LNG) imports as recently as 2016.”

Digging into the highlights from yesterday:

Beyond Energy: The Significance of the Eastern Mediterranean Gas Forum - INSS

February 3, 2019, INSS Insight No. 1133
Ofir Winter, Gallia Lindenstrauss

The Energy Ministers of Egypt, Cyprus, Greece, Israel, Italy, Jordan, and the Palestinian Authority met in Cairo in mid-January 2019 to discuss the establishment of the Eastern Mediterranean Gas Forum, which will serve as the umbrella for cooperation and dialogue regarding the development of gas resources in the region. While the subject of energy is the basis for the forum, there are also broader geostrategic processes that led to its establishment, and they reflect the regional states’ shared perceptions regarding the importance of the Eastern Mediterranean to their national security. The countries of the region could leverage these processes into additional partnerships in the Eastern Mediterranean, beyond the issue of gas resources. However, to serve as a base for long term regional strategic development, the Gas Forum must achieve other objectives: strengthen regional recognition – particularly in Arab countries – of the potential value of cooperative relations in the Eastern Mediterranean that include Israel; increase the human and civic interactions between all peoples of the region; and continue to foster the concept of a shared regional space.

EGYPT PULSE Is new energy league an alliance against Ankara? - AL MONITOR

January 24, 2019
Mohamed Saied 

CAIRO — A new eastern Mediterranean alliance that includes Israel is moving to take advantage of the energy-rich region, which has natural gas reserves estimated at 122 trillion cubic feet (3.45 trillion cubic meters). Some observers say the coalition also wants to counter any efforts Turkey might make to control energy sources in the region.

The Egyptian Ministry of Petroleum announced Jan. 14 that six countries and the Palestinian Authority (PA) had agreed to establish the Eastern Mediterranean Gas Forum (EMGF), with Cairo as its headquarters. The presidents of Egypt, Cyprus and Greece had held a trilateral summit Oct. 10 on the Greek island of Crete during which they agreed to establish the forum.

Turkey began its first oil and gas exploration off the coast of Antalya by launching the drilling ship Fatih on Oct. 29.

Israel will begin exporting gas to Egypt in a few months' time - energy minister - REUTERS

JANUARY 14, 2019 / 6:02 PM

CAIRO, Jan 14 (Reuters) - Israel will begin exporting natural gas to Egypt “in a few months’ time”, Israeli energy minister Yuval Steinitz said on Monday.

Steinitz did not give a specific target for initial exports, but said shipments will double after the huge Leviathan field in the eastern Mediterranean comes fully online in November.

As well as Leviathan, two smaller fields are expected to come online in the next few years. Steinitz said Israeli exports to Egypt were expected to reach 7 billion cubic meters annually over 10 years.

Steinitz was speaking on the sidelines of a regional gas forum in Cairo, where he said Israel and Egypt had discussed how to extend cooperation on natural gas, including through exports. .

Egypt is hoping to leverage its strategic location straddling the Suez Canal, its land bridge between Asia and Africa and its well-developed infrastructure to become a key trading and distribution centre in the region and beyond.

Government seeks to transform Egypt into regional energy hub benefiting from sector growth - DAILY NEWS EGYPT

13.01.2019Ahmed Lamloum

The oil and gas sector has been a pillar to the Egyptian economy in the last few years, contributing about 15% to the GDP, especially after the 2011 uprising negatively affected the tourism and investment sectors, drying up foreign currency reserves.

The Executive Vice President of Operations at Egyptian Natural Gas Holding Company (EGAS), Magdy Galal, opened on Sunday the Egypt Energy Hub 2019 conference on behalf of Tarek El-Molla, the minster of petroleum and mineral resources, and delivered the opening speech.

Galal highlighted the importance of adopting the required technological elements that can give a real push to the energy sector.

He stressed the government’s keenness to transform Egypt into a regional oil and gas hub, benefiting from the recent discoveries in the Mediterranean and the Nile Delta.

LNG tanker carrying first export cargo from Texas headed to Greece - KATHIMERINI

FRIDAY DECEMBER 14, 2018

The first shipment of liquefied natural gas (LNG) from Texas, in the United States, is headed to Greece.

The Maria Energy LNG tanker, carrying the first export cargo from Cheniere Energy’s terminal near Corpus Christi, left the facility Tuesday and is expected to arrive at the Revithoussa LNG terminal, an islet west of Athens, on December 29.

In a statement Thursday, Greece’s Energy Ministry confirmed that LNG from the US will be unloaded before the end of the year at the newly-built tank.

The ministry said the deal demonstrates efforts on both sides to strengthen cooperation on energy security. It said natural gas is required to play a transitional role in bolstering Greece’s energy security.

Greece, which relies on Russian gas for its energy needs, inaugurated the Revithoussa LNG tank in November in a bid to boost its storage capacity and advance its ambitions to become a regional energy hub.

Interview: President of Cyprus on Sisi, gas deal, Turkey and Syria - EGYPT INDEPENDENT

December 10, 2018, 2:24 pm
Gamaa Hamduillah

This edited interview of President Nicos Anastasiades, of the Republic of Cyprus, was originally authored by Gamaa Hamduillah and Fady Francis, and published by Egyptian newspaper Al-Masry Al-Youm on Friday, December 7, 2018.

Al-Masry Al-Youm: After the 30 June Revolution, and President Abdel-Fattah al-Sisi’s 2014 rise to power in Egypt, the past four years witnessed a great development of Egyptian-Cypriot relations, in all fields and departments. How do you see the future of relations between Egypt and Cyprus, during President Sisi’s second term?

President Anastasiades: Bilateral relations between Cyprus and Egypt are at their highest point ever, and this reflects our readiness to further broaden our ties in the future, and reach the full potential of our partnership, including engaging the private sector. It is always with great pleasure that I meet President Sisi, and I look forward to continuing close work together, with the common aim of promoting peace, stability and prosperity in our region.

House ratifies Egypt-Cyprus pipeline agreement, other recent agreements - ENTERPRISE

Monday, 10 December 2018

The House of Representatives’ Legislative Committee approved yesterday the Egypt-Cyprus agreement to establish a natural gas pipeline connecting Cyprus’ Aphrodite natgas field to liquefaction plants at home, according to Youm7. 

The pipeline will be used to bring in natgas for re-export to Europe, a key element of Egypt’s bid to become an energy hub for the Eastern Mediterranean.

The committee also approved a USD 65 mn grant from USAID to support water infrastructure, and a KWD 100,000 grant from the Arab Fund for Social and Economic Development to purchase equipment for the Theodor Bilharz Research Institute in Giza.