Israel Drilling-rights Auction Draws One Offer So Far; Deadline Extended - HAARETZ

Jun 28, 2017 5:29 AMAvi Bar-Eli

Energy officials put on brave face and extended deadline for proposals for a second time

Israeli energy officials put on a brave face on Tuesday after TheMarker reported that an auction for rights to drill in 24 blocs offshore Israel had attracted only one bid even after the deadline for filing was extended.

TheMarker has learned that the only company to submit a drilling proposal was Greece’s Energean. Two others – Italy’s Edison and Israel’s Shapir Engineering – had purchased the documents and may still act while a fourth – Spain’s Repsol – bought the documents but later backed out.

The Energy Ministry, which had already extended the deadline for submitting proposals to July 10 from February, is extending it a second time to mid-November, officials said.

Greece's Energean Offers to Sell Gas to Israel Electric Corp. at a Discount - HAARETZ

Energean CEO Mathios Rigas. Credit Ofer Vaknin

Feb 13, 2017 12:04 AMAvi Bar-Eli 

Greek company proposes bargain rate to secure key contract for its Karish and Tanin fields in Israel, which it purchased last year.

Energean Oil & Gas, the Greek company that bought Israel’s Karish and Tanin offshore natural-gas fields last year, has offered to sell natural gas to Israel Electric Corporation for around 25% less than IEC is currently paying, beginning in 2021, TheMarker has learned.

The offer is for the sale of about 1 billion cubic meters a year more than IEC is already contracted to buy from the Tamar field. That field is controlled by Noble Energy, Delek Group and Isramco.

The price would be from $4.50 to $4.60 per million British thermal units, compared to the $6 IEC will likely have to pay in 2021 based on the formula in the 2012 contract it signed with the Tamar partners, TheMarker has learned.

Noble says its Israeli gas output rose 28% in quarter - HAARETZ / THE MARKER

TheMarker Aug 04, 2016 1:25 AM

Noble Energy said yesterday that it pumped 28% more natural gas in Israel in the second quarter, a record average of 276 million cubic feet of natural gas equivalent per day. Israel Electric Corporation is increasingly substituting natural gas for coal and signing up industrial customers. Even though sales volumes globally for the Texas-based company climbed 43% year on year to 427,000 barrels of oil equivalent per day, Noble reported an adjusted net loss of $103 million, or 24 cents per diluted share, turning around a $101 million, or 26-cent-a share, profit over the same period in 2015. The company raised its full-year sales volume guidance to approximately 415 million barrels per day and maintained its capital budget of less than $1.5 billion for the year. Noble’s loss was narrower than analysts‘ forecasts of 29 cents, but the share was nevertheless down 2.6% to $33.56 in New York midday local time. (Eran Azran)

Israeli Arab Expat Buys Rights in Two Energy Projects From Globe - HAARETZ / THE MARKER

TheMarker Aug 04, 2016 1:25 AM

Saed Sarsur, an Israeli Arab residing in London, has come to the rescue of energy group Globe Exploration. The company said Wednesday that Sarsur’s closely held SOA Energy Israel bought 70% of the rights in the Yahel and Ofek licenses in order to resume drilling. Sarsur isn’t known in the Israeli capital markets, but sources close to him called him an Israeli “patriot” and said SOA stands for “Son of Abraham.” Ofek was unable to complete the tests needs to confirm oil reserves because the partners didn’t have the cash to pay for them, but preliminary estimates said it could hold 2.17 trillion cubic feet of gas and 181 million barrels of oil. Globe, which will continue holding a minority stake in the two licenses along with publicly traded Capital Point, faces a government deadline to compete drilling or lose their rights. Shares of Globe Exploration closed up 18.6% at 4.38 shekels ($1.15). (Eran Azran)

BP, Eni Announce New Gas Discovery Off Egyptian Coast - HAARETZ / THE MARKER / REUTERS

Eni's Bouri Offshore oil terminal is seen off the Libyan coast, AAP

Newest find confirms potential of area estimated to hold 70-80 billion cubic meters of gas, says Italian energy firm Eni.

TheMarker and Reuters Jun 09, 2016 6:28 PM

The European energy companies BP and Eni on Thursday announced a significant natural gas discovery off the Egyptian coast.

The discovery in the Baltim southwest exploration prospect in the East Nile Delta is 10 kilometers north of the Nooros gas field which was discovered in July last year and has a production rate of 65,000 barrels of oil equivalent per day, the companies said.