Eni's new successful exploration activities in Egypt - ENI

26/02/2016, CET 08:06

Eni successfully drilled a new well in the Nooros East exploration prospect, in the Abu Madi West license and it also completed the drilling of the Zohr 2X well, first appraisal well of Zohr discovery, in the Shorouk block.

San Donato Milanese (Mi), 26 February 2016 - Eni successfully drilled the "Nidoco North 1X" well, in the exploration prospect of "Nooros East", located in the Abu Madi West license, in the Nile Delta, Egypt. The new find start up is expected by the end of March 2016 and will allow the Nooros area, which started production in September 2015, just two months after the initial Nooros discovery, to reach a production of approximately 45,000 barrels of oil equivalent per day (boed). Eni, through its subsidiary IEOC, holds a 75% stake in the concession of Abu Madi West, while BP holds a 25% stake.

Submission to the Petroleum Commissioner of a Revised Development Plan for the Leviathan Project in a Capacity of approx. 21 BCM per annum - DELEK GROUP

Tel Aviv, February 25, 2016. Delek Group (TASE: DLEKG, US ADR: DGRLY) ("the Company") is pleased to announces that the below is an Immediate Report submitted by each of Avner Oil Exploration Limited Partnership and Delek Drilling Limited Partnership ("the Partnerships") with regard to the submission to the Petroleum Commissioner of a revised development plan for the development of Leviathan project in a capacity of approximately 21 BCM per year.

Further to the provisions of Section of the Partnerships' Periodic reports as of December 31, 2014, as released on March 18, 2015 (hereinafter: the "Periodic Report") regarding a proposed outline for the development of the Leviathan field (hereinafter: the "Original Development Plan"), further to the immediate report dated December 17, 2015 regarding the Natural Gas Framework (as defined in the said report) (hereinafter: the "Framework" or the "Gas Framework") coming into force, and to the immediate reports dated December 27, 2015 and January 7, 2016, the Partnerships are pleased to announce that as part of the implementation of the Framework, and in order to advance the development of Leviathan field, on February 25, 2016 Noble Energy Mediterranean Ltd., the Partnerships and Ratio Oil Exploration (1992) Limited Partnership (hereinafter collectively: "Leviathan Partners") submitted to the Petroleum Commissioner in the Ministry of National Infrastructures, Energy and Water Resources (hereinafter: the "Commissioner") a revised development plan for the Leviathan field, which includes supply of natural gas and condensate for the domestic market and for export (hereinafter: the "Development Plan" or the "Plan"), which its main principles are as follows:

Russia cuts deliveries to Turkey's private importers - NATURAL GAS EUROPE

February 25th, 2016

Turkey’s energy minister has confirmed that Russian giant Gazprom has cut gas deliveries to Turkish private companies by 10% over a price dispute. State Anadolu agency reported February 25 that the dispute over prices emerged after Gazprom cancelled a 10.25% discount for private companies in Turkey, which it announced January 29, about a year after it was introduced.

Enerco Enerji, Bosphorus Gaz, Avrasya Gaz, Shell, Batı Hattı, and Kibar Enerji import gas from Russia in line with an agreement signed in 2012. Turkey imports 28-30bn m³/yr from Russia, of which private companies take 10bn m³/yr.

A ‘boring’ proposition - THE TIMES OF MALTA

The yard in Sharjah can handle storage, inspection,
maintenance and repair of pipes.

Thursday, February 25, 2016, 06:01 by Vanessa Macdonald, Sharjah, UAE

You might think that – if you excuse the pun – a pipe storage facility would be boring.

In fact, it might cross your mind that it is a rather strange investment for Medserv to make. And not just any investment but a $45 million one, doubling its size overnight.

It turns out, however, to be a very smart move indeed. Middle East Tubular Services was founded in 2006 and like the entrepreneurial spirit of Medserv’s executives, its founder Paul Hayward, with Peter Howes, saw opportunity and went for it.

METS has pipe storage yards in Sharjah in the United Arab Emirates, since 2010 at Basra in Iraq and since 2012 in the Sohar Free Zone in Oman, just 4.5 kilometres from a port on the Indian Ocean, employing around 160 people overall.

Israeli minister: Noble Energy gas could bring some Middle East stability - FUELFIX

February 24, 2016 | By Jordan Blum

Pipelines to transport the natural gas produced by Houston’s Noble Energy could bring more peace to the Middle East as multiple nations benefit from the abundant gas resources, Israel’s energy minister said Wednesday.

“I think it might serve stability at least in part of the Middle East,” said Yuval Steinitz, Israel’s minister of infrastructure, energy and water, while speaking with a panel of international energy ministers at IHS Energy CERAWeek in downtown Houston.

The group of global energy ministers touted their moves to focus more on natural gas to fuel economic growth — and away from coal.

Israel recently worked out a regulatory framework for Noble to develop the massive Leviathan gas field offshore of Israel. The region is largely unexplored and more discoveries are expected, Steinitz said.

Iran May Boost Gas Exports to Europe Through Greece Facilities - BLOOMBERG

Alexis Tsipras (left) with Hassan Rouhani

February 24, 2016by Paul Tugwell (@paultugwell1) & Nikos Chrysoloras (@nchrysoloras)

Greece is in preliminary talks with Iran to secure natural gas for local needs and provide a gateway for the Persian Gulf nation to supply fuel to other parts of Europe, Greek Energy Minister Panos Skourletis said.

Greece produces little oil and almost no gas, while Iran is a member of OPEC and holds gas reserves that BP Plc ranks as the world’s largest. The countries agreed in January for Iran to supply crude to Hellenic Petroleum SA and buy oil products from the refiner. That deal, possibly Iran’s first such agreement with a European company since the lifting of sanctions, opens the road to cooperation in the gas market too, Skourletis said in an interview in Athens.

Larnaca port ‘back on the cards’ - IN CYPRUS - CYPRUS WEEKLY

The Arleigh Burke-class guided-missile destroyer USS Donald Cook
(DDG 75) enters Larnaca's port on October 13 2015

incyprus — 24/02/2016

The head of the Cyprus Oil and Gas Association (COGA) has confirmed that there is still a possibility of using Larnaca’s port facilities for future exploratory drills for energy firms despite a recent snub from the local authority.

Larnaca appeared poised to green light the request from COGA before Larnaca municipality board members swayed in favour of a no following what they claim are health fears. Larnaca Mayor Andreas Louroutziatis had been in favour of allowing the port to open its arms to energy giants, namely ENI and Total.

Gazprom, DEPA and Edison sign Memorandum of Understanding - GAZPROM

Alexey Miller, Marc Benayoun and Theodoros Kitsakos

February 24, 2016

Alexey Miller, Chairman of the Gazprom Management Committee, Marc Benayoun, CEO of Edison SpA, and Theodoros Kitsakos, CEO of DEPA SA, signed today the Memorandum of Understanding on natural gas deliveries across the Black Sea from Russia via third countries to Greece and from Greece to Italy in order to establish a southern route to deliver Russian natural gas to Europe.

The signing ceremony took place after the meeting held today in Rome between Alexey Miller and Federica Guidi, Italian Minister of Economic Development. The ceremony was attended by Giorgos Tsipras, Greek Foreign Ministry's Secretary General for International Economic Relations.

Turkey Changes Tack for the 2020S: Energy Specialist - NATURAL GAS EUROPE

February 24th, 2016

Turkey needs to react quickly to the consequences of the dramatic worsening of its relations with Russia since November. Hasan Selim Ozertem, head of energy security studies at Turkey’s international strategic research organization (USAK), spoke to NGE about the problems facing over half of Turkey's gas supplies and the steps it can take to mitigate them.

Ozertem is one of the new generation of Turkish think-tank experts. He has worked on projects with the UN, the Turkish ministries of domestic and foreign affairs and the UK major BP.

Mr Ozertem, this is a critical juncture in the Turkish-Russian relations. What is its impact on Turkey’s energy security?
Russian-Turkish relations were projected to be mutually beneficial through inter-dependence between our two countries. In the longer term this may be still valid, but right now there are concerns about the future as economic cooperation becomes a secondary issue among increasing security concerns in the region. Turkey’s neighbourhood is unstable, the East Med is a region of unresolved disputes and Russia is confrontational. The rift with Russia is deepening.

Understandably within Turkey energy security has become a major issue, something we were not considering a priority issue a few months ago. But it has now become a popular subject once again. Russia has not cut gas supplies, but we need to ensure our energy needs, including future needs, are secured.

Why Russia may be a smart business partner for Israel - REUTERS

Israeli gas platform, controlled by Noble-Delek, some 24 km
west of Israel’s Ashdod - Feb 25, 2013 REUTERS/Amir Cohen

By Josh Cohen February 23, 2016

Israeli Prime Minister Golda Meir famously lamented that Moses “took us 40 years through the desert in order to bring us to the one spot in the Middle East that has no oil.” That all changed, though, in 2009, when a massive offshore natural gas field named Tamar was discovered. The following year, an even larger field named Leviathan was also discovered in Israeli waters, and another large find was just announced in January. Israel’s fields include more than 32 trillion cubic feet of gas — enough to supply the Israeli economy for 150 years, assuming the gas can actually be brought to market with the help of a suitable partner.

Since Israel possesses far more gas than it needs, Israeli leaders face an enviable dilemma: Where to export this bounty? Both economic factors — particularly the challenge of financing the development of Leviathan — as well as the Middle East’s geopolitical complexities make the choice trickier than it sounds.

Egypt's Midor signs $1.2 billion loan agreement - REUTERS

Tue Feb 23, 2016, CAIRO

Feb 23 Egypt's state-owned Middle East Oil Refinery Company (Midor) has signed an initial loan agreement with three banks for $1.2 billion, the state news agency said on Tuesday.

The loan represents around 80 percent of the cost of its $1.4 billion Alexandria refinery lab expansion, while the remaining $230 million will be self-financed, Midor Chairman Mohamed Abdel Aziz said.

The agreement was signed by Abdel Aziz with the heads of a banking consortium that includes French banks Credit Agricole and BNP Paribas and Italy's CDP.

The expansion at Midor aims to increase the company's refining capacity to 160,000 barrels per day (bpd) from 100,000 bpd.

Egypt has struggled with soaring energy bills caused by high subsidies it provides on fuel for its population of more than 80 million.

Cyprus Can Contribute to Southeast Europe’s Energy Diversification - Bulgarian President - NOVINITE

President Rosen Plevneliev (left) w/ President Anastasiades

February 23, 2016, Tuesday

During the meeting with his Cypriot counterpart Nicos Anastasiades on Monday, Bulgarian President Rosen Plevneliev said that Cyprus can contribute to the energy diversification of the countries from Southeastern Europe.

Anastasiades is on a two-day official visit to Bulgaria on Monday and Tuesday at the invitation of Plevneliev.

Speaking at a joint press conference after their meeting on Monday, the two presidents called on the EU to provide support in constructing energy infrastructure in Southeastern Europe, which will increase the energy security of the countries from the region.

Noble Energy to Present at Upcoming Energy Conference - NOBLE ENERGY

Feb. 22, 2016 -- Noble Energy, Inc. (NYSE: NBL) announced that David L. Stover, the Company's Chairman, President & CEO, will present at the Credit Suisse Energy Summit on Tuesday, February 23, 2016 at 8:00 a.m. Mountain Time.

The presentation will be webcast live on the ‘Investors' page of the Company's website, with a replay accessible for 90 days. Presentation materials will also be posted on the website.

Turkey's Generators Face Problems of Price - NATURAL GAS EUROPE

February 22nd, 2016

Electricity prices do not make happy reading for gas-fired power producers in Turkey nowadays.

A surge in renewable generation, slowing demand and the impact of falling commodity prices have all contributed to pare the spot price for the last 14 months.

The story is not dissimilar to what has been happening in European power markets in recent years where renewable generation is gradually displacing thermal production, depressing power prices. The difference is that in Turkey there is a pressing need for more gas generation because of the pending expiry of contracts for public-private gas-fired plants.

But just as 5 GW of thermal plants built under the so-called build-own-operate and build-own-transfer (BOO/BOT) partnerships some 20 years ago are to be phased out in 2018/2019, there are also growing fears that Russia may act on its threats to discontinue the transit of gas through Ukraine to dependent countries by 2019.

Eni completes the authorization process for the development of Zohr gas field - ENI

21/02/2016

The Egyptian Ministry of Petroleum has approved that EGAS grants Eni the Zohr Development Lease, which allows for the development of the gas field located offshore Egypt.

San Donato Milanese (Mi), 21 February 2016 - The Egyptian Ministry of Petroleum and Mineral Resources has approved that the Egyptian Natural Gas Holding Company (EGAS) grants Eni the Zohr Development Lease, which, following the contractual framework definition, allows for the development of the gas field, located in the Shorouk Concession, offshore Egypt.

Gas dynamics and prospects in the East Med - IN BUSINESS / CYPRUS WEEKLY

Charles Ellinas — 21/02/2016

This is based on presentations and discussions at a conference organised by the international think-tank Konrad Adenauer Stiftung at the Truman Institute in Jerusalem on February 10-11 2016.

Participation was by invitation only, with delegates from Israel, Jordan, Turkey and Cyprus, including the EU and Russia. I was a participant and made presentations at the conference and to Israel’s Ministry of Foreign Affairs.

The aim was to discuss and analyse recent developments in the East Med and the Middle East with a particular focus on geopolitics and energy, with an eye on the potential state of the region in the 2020s.

Poseidon Med II Pursues East Mediterranean LNG Bunkering - NGV GLOBAL NEWS / POSEIDON MED II

February 21, 2016 | Europe, Brussels

Logo-Poseidon Med II POSEIDON MED (PM-I), the first Cross European Border project which aimed to introduce LNG as the main fuel for the shipping industry and develop concepts for an Eastern Mediterranean LNG bunkering infrastructure, has completed this first phase and graduated to POSEIDON MED II (PM-II). The new European project aims to design the legislative and market prerequisites for the use of LNG as a marine fuel, again in the Eastern Mediterranean.

A ceremony held in the European Parliament on 17 February marked the formal conclusion of PM-I and commencement of PM-II. The event brought together Members of the European Parliament (MEPs), Member States’ Permanent representatives, delegates from the European Commission, industry participants, as well as the Poseidon Med project partners.

MOU signed between GASCO and Tecnicas Reunidas for enhanced methane recovery project study - ENERGY EGYPT / MINISTRY OF PETROLEUM

February 20, 2016

Eng. Tarek El-Molla, Minister of Petroleum and Mineral Resources, and Mr. Arturo Avello, the Spanish Ambassador in Cairo, witnessed the signing of a Memorandum of Understanding between the Egyptian Natural Gas Company (GASCO) and Spanish company Tecnicas Reunidas, one of the largest international companies specializing in engineering design and construction of oil and gas projects.

The MOU is for the preparation of a technical and economic feasibility study and the provision of finance offers for the second phase of the enhanced methane recovery project at the Western Desert Gas Complex (WDGC). The project aims to maximize the production of ethane/propane mixture, which forms the basis for the production of ethylene and polyethylene in the petrochemical industry, thus contributing to securing feedstock and raw material for new and existing petrochemical projects.

The Memorandum was signed by Eng. Karem Mahmoud, Chairman of GASCO and Mr. Ricardo Sanchez Galindo, Commercial Director of Tecnicas Reunidas. The signing took place in the presence of Eng. Mohamed Taher, First Undersecretary of the Ministry of Petroleum for Petroleum Affairs, Eng. Khaled Abdel Badie, Head of Egyptian Natural Gas Holding Company (EGAS), and Eng. Mohamed Safaan, President and Chairman of Egyptian Petrochemicals Holding Company (ECHEM).

Greece's Hellenic Petroleum to buy 60,000 bpd from Iran - REUTERS

Greek FM Kotzias (left) & Iranian FM Zarif(right)

Sat Feb 20, 2016 1:12pm GMT

DUBAI Feb 20 (Reuters) - Greece's biggest oil refiner, Hellenic Petroleum, will buy 60,000 barrels a day of crude oil from Iran which can increase to 150,000 bpd, Iran's deputy oil minister said on Saturday.

The deal was made during the recent visit of Greek Prime Minister Alexis Tsipras to Tehran, Amir-Hossein Zamaninia was quoted as saying by oil ministry's news agency, Shana.

Hellenic Petroleum was a major buyer of Iranian crude, which accounted for about 20 percent of the southeast European country's annual crude oil imports, before sanctions were imposed on Tehran in 2011.

Turkey, Kurds in Duel Over Energy - NATURAL GAS EUROPE

February 19th, 2016

The intensification of ground warfare in Syria, internal strife in Turkey and the rhetoric of combat throughout the region are jeopardising prospects for both a gas pipeline from northern Iraq to Turkey and independence for the Iraqi Kurds.

On February 18, Kurdish separatists in Turkey warned against attempts to build a gas pipeline from Iraqi Kurdistan to Turkey, saying this would only stand to benefit Turkey’s ruling Justice Party, known by its Turkish initials as the AKP.

The statement from the Group of Communities in Kurdistan (KCK), an offshoot of the banned Kurdistan Workers’ Party (PKK) which is leading the revived war against Turkish rule in Kurdish areas of southeastern Turkey, came at a critical juncture. The day before, at least 28 people were killed in a car bomb attack on buses carrying soldiers to a military barracks in Ankara while a second attack, in the southern district of Lice on February 18 killed a further six members of the security forces.

First Siemens gas turbines begin their journey to Egypt Friday, Feb 19, 2016 - YOUR RENEWABLE NEWS

The first gas turbines for the largest order in Siemens' history have started their journey to Egypt. Two turbines for the Beni Suef power plant project will be loaded onto a barge at the Berlin Westhafen port, from where they will be shipped to the Rotterdam seaport. Via the Port of Adabiya on the Red Sea the 890-ton cargo will then be transported to Beni Suef. By comparison, an empty Airbus A380 has a weight of 277 metric tons. The gas turbines are scheduled to be installed in the power plant in mid-May.

The two SGT5-8000H gas turbines will begin their three-month trip at Berlin Westhafen and will end it at the Beni Suef power plant project situated around 110 kilometers south of Cairo. The machines, which each measure 12.6 meters long, 5.5 meters high and 5.5 meters wide, will be loaded into a barge with the aid of two cranes and first shipped to the Port of Rotterdam. In this seaport, the two gas turbines will be loaded onto the "Wiebke" heavy load carrier with the ship's onboard cranes. The ship will travel from Rotterdam to the Mediterranean Sea across the Strait of Gibraltar. The cargo arrives at the destination port of Adabiya on the Red Sea, passing through the Suez Canal. A 40-axle trailer will transport the turbines the rest of the way, traveling the 250-kilometer route along the Nile to Beni Suef in about five days.

Israel Risks Losing Jordanian Market - NATURAL GAS EUROPE

LNG Terminal, Aqaba

February 18th, 2016

While Israel is still stuck in internal policy debates, Jordan, Israel’s next-door neighbour and a potential export market, may have found alternative sources of natural gas.

Despite its ongoing energy crisis and a desperate need to import cheap natural gas from a reliable source, Jordan’s lawmakers seem no longer as keen to close a deal with Israel.

Dependent on imported energy for 98% of its needs, Jordan previously relied on Egyptian gas to satisfy most of its domestic demand. The disruptions in the flow of gas in the aftermath of the Arab spring caused a sudden spike in Jordan’s energy bill and forced the country into a severe crisis.

Texan Noble Energy announced in September 2014 the signing of a non-binding Letter of Intent (LOI) to supply natural gas from Israel’s 22 trillion cubic feet (Tcf) Leviathan field to Jordan’s National Electric Power Company (Nepco). Under the terms of the LOI, Noble and its partners would supply a base gross quantity of 1.6 trillion ft³ from Leviathan to Jordan over a period of 15 years, beginning at a rate of 300mn ft³/d. A final deal would be subject to regulatory approvals.

The World Refining Association holds the Inaugural Egypt Downstream Summit - ENERGY EGYPT / WORLD REFINING ASSOCIATION

Hannah Wharrier, Managing Director of the World Refining
Association, & Eng. Mohamed Al Masry, Chairman and CEO of EGPC

February 18, 2016

Under the Auspices of the Ministry of Petroleum and Mineral Resources, The World Refining Association (WRA) inaugurated its first Downstream Summit and Exhibition in Egypt bringing together key stakeholders and industry experts together to discuss innovative ideas on how Egypt can realise its downstream potential.

The World Refining Association launched yesterday its first Egypt Downstream Summit & Exhibition that focused on attracting investment and highlighting the latest projects and opportunities for Egypt’s refining and petrochemical sectors.

Senior representatives from EGPC, Midor, EGAS, Nasr Petroleum, Asiut Oil Refining Company, Cairo Oil Refining Company, Carbon Holdings, Axens, UOP, thyssenkrupp and many more to discuss the potential of the downstream industry in Egypt.

Tapping into new revenue streams - DAILY NEWS EGYPT

Patrick Allman-Ward, CEO, Dana Gas

Regional giant Dana Gas will commit millions to E&P in the next three years

February 18, 2016

To say the last 12 months have been hard on the hydrocarbons business undersells understatement. The price of a barrel of Brent, which already plummeted from over $100 to under $50 before the end of 2014, has continued to fall throughout the year, languishing at less than $40 as 2015 drew to an end. Natural gas fared little better, with the Million British Thermal Unit (mmBTU) value dropping to less than half its December 2014 peak by November 2015, although prices rallied in the last fortnight of the year.

Despite the state of global energy markets, Dana Gas, the Middle East’s leading privately owned gas company has faith enough in Egypt and the Al-Sisi administration to commit millions in exploration and production (E&P) in the country. Dana is based in the United Arab Emirates, but hasassets in Egypt and the Kurdistan Region of Iraq. Via its subsidiary, Dana Gas Egypt, it holds 100% E&P and development rights on fields in the Nile Delta and has a minority share in an LPG plant on the Gulf of Suez.

Petroceltic Sells Egyptian Licenses to Edison - RIGZONE

by Rigzone Staff|Thursday, February 18, 2016

Petroceltic International plc has completed the sale of the North Thekah, North Port Fouad and South Idku exploration licenses in Egypt to its joint venture partner Edison International S.p.A, for a cash consideration of $9.5 million.

Following government approvals and the waiver of pre-emption rights held by the Egyptian Natural Gas Holding Company, the transaction has now formally completed and funds have been received. The company first announced that it had reached an agreement to sell the licenses to Edison in December last year.

Commenting on the transaction, Petroceltic Chief Executive Brian O’Cathain said in a company statement:

“This sale continues our strategic initiative, announced in early 2015, to focus the company on the Ain Tsila development in Algeria.”

Noble Energy says looking to 'monetize' assets amid crude slump - REUTERS

Wed Feb 17, 2016
BY SWETHA GOPINATH

Oil and gas producer Noble Energy Inc (NBL.N) posted a surprise quarterly profit and said it would "monetize" assets to cope with a slump in oil prices that is eroding cash flows, sending the company's shares up 8 percent.

A more-than 70 percent fall in oil prices since mid-2014 has prompted oil producers to prune portfolios and use proceeds from asset sales to boost liquidity.

Crude prices, however, rose sharply to above $34 a barrel on Wednesday, on increased hopes of a freeze in production by top producers such as Saudi Arabia and Russia.

Noble, which operates in U.S. shale fields and offshore Gulf of Mexico, Israel and West Africa, said it exited the fourth quarter with $5 billion in liquidity.

" ... Our ability to monetize additional assets, gives us flexibility to adjust in a volatile price environment," Chief Executive David Stover said on a post-earnings call.

Energy Goals May Unify Eastern Med - NATURAL GAS EUROPE

Singapore's Minister K Shanmugam (right) with (former) Israeli
Deputy National Security Advisor Dr Eran Lerman, 11 Oct 2013

February 17th, 2016

As a former deputy adviser to the Israel National Security Council, Dr Eran Lerman has strong and clear views about the eastern Mediterranean as a strategic environment, particularly now with the increasing prospects for regional cooperation in energy. He sees the eastern Mediterranean as the successor to the 'colonial' term, Middle East. He is now professor at Bar-Ilan University’s Begin-Sadat Center for Strategic Studies 
at Ramat Gan and gave an interview to NGE.

Dr Lerman, you refer to ‘The Union for the Mediterranean’ as an important symbol of cooperation. What does this mean?

I refer to closer cooperation within the Mediterranean framework, which can be built block by block, as demonstrated by the January 27 tripartite summit of Israel, Cyprus and Greece. A parallel process already links Egypt, Cyprus and Greece and indirectly, Jordan as well. Export-oriented gas policies can help cement links between the countries. This is not an effort to isolate Turkey, but rather to create a regional balance of power in which she can find her place once her leaders change course.

Towards Energy Union: The Commission presents sustainable energy security package - EUROPEAN COMMISSION

EC - Press release
Brussels, 16 February 2016

The Commission today presented its energy security package with necessary proposals to equip the EU for global energy transition as well as to be prepared for possible energy supply interruptions.

Energy security dimension is one of the cornerstones of the Energy Union strategy, a key political priority of the Juncker Commission.

Implementing Energy Union: The Commission presents energy security package

The Commission today unveiled a package of energy security measures to equip the EU for global energy transition to address possible energy supply interruptions. Energy security dimension is one of the cornerstones of the Energy Union strategy, a key political priority of the Juncker Commission.

Cyprus set for third round of hydrocarbon exploration licensing - CYPRUS WEEKLY

incyprus.com — 16/02/2016

Cabinet on Tuesday gave the green line for the opening of the third hydrocarbon exploration licensing round inside Cyprus’ Exclusive Economic Zone (EEZ).

This is what government spokesman Nicos Christodoulides told journalists after a morning Cabinet meeting chaired by President Nicos Anastasiades.

“At the same time, the Energy Minister was authorized to table before Cabinet the soonest possible all necessary proposals towards the implementation of the decision,” the spokesman added.

Last week, Minister Giorgos Lakkotrypis said that a lot of energy companies have expressed interest in getting a license and he added:

Cyprus To Offer 12 Blocks In Third Offshore Licensing Round - OILPRICE.com

Cypriot President Nicos Anastasiades

By Charles Kennedy, Tue, 16 February 2016

The authorities of Cyprus have announced their third offshore licensing round for oil and gas exploration in the Exclusive Economic Zone (EEZ), with 12 blocks up for grabs not far from Israel’s giant Leviathan gas field in the Levant Basin.

The 12 blocks are off the southern coast of Cyprus, near the Israeli Leviathan Basin discovered by Texas-based Noble Energy, which is also preparing to exploit another Cypriot gas block containing at least 4.5 trillion cubic feet.

In June last year, Noble Energy made a commercial find in the Aphrodite offshore natural gas field, thus confirming the potential of the EEZ.

Italy’s Eni invested $4 bn on first phase of Zohr gas field – Egyptian official - ENERGY EGYPT / REUTERS

February 16, 2016

EniItaly’s Eni has invested $4 billion in the development of the first phase of Egypt’s giant offshore Mediterranean gas field, Zohr, including the drilling of four wells, an Egyptian official said on Monday.

Eni’s total investment in Zohr is between $12 billion and $16 billion, the official added on the sidelines of an Egyptian energy conference.

SOURCE / Reuters

EGAS renegotiates WDDM Phase 9b with BG, Shell and Petronas - ENERGY EGYPT / AL BORSA NEWS

BG’s activities in Egypt – including WDDM project
(Source: BG Group)

February 15, 2016

The Egyptian Natural Gas Holding Company (EGAS) is restarting negotiations with BG Group and Petronas over the West Delta Deep Marine (WDDM) Phase 9b project and bringing it on stream.

EGAS chief Khaled Abdel Badie said that regular meetings are taking place with foreign partners BG, Shell (which has recently acquired BG) and Petronas and that ongoing talks are in progress to ensure a mutually acceptable resolution is reached, noting that talks involve negotiations over the price of gas produced from Phase 9b of the Burullus fields.

BG Group had announced in December that it was delaying bringing the Phase 9b wells on stream to mid-2016 at the earliest as receivables from Egypt continued to increase.

Israel's Netanyahu defends gas deal in rare Supreme Court visit - REUTERS

Israeli Prime minister Bejamin Netanyahu (C) sits in the Supreme
Court, February 14, 2016. REUTERS/ Jim Hollander

Sun Feb 14, 2016
JERUSALEM | BY STEVEN SCHEER

Prime Minister Benjamin Netanyahu told Israel's top court on Sunday the country must forge ahead with developing a large natural gas field, with billions of dollars worth of potential exports, for both economic and security reasons.

In an unusual step for an Israeli prime minister, Netanyahu testified, at his own request, in the Supreme Court to defend a framework gas deal after opposition parties and non-government organizations filed petitions to block plans to develop the Leviathan field off Israel's Mediterranean coast.

Critics, including the anti-trust authority, have argued that planned control of the country's gas reserves by one consortium will limit competition and keep prices high.

‘Damage already done’ to Cyprus gas industry - CYPRUS MAIL

FEBRUARY 14TH, 2016 EVIE ANDREOU

THE government’s scramble to offer Limassol as an alternative support hub to the energy giants turfed out of Larnaca, is too little too late as the damage to the island’s image has already been done, business leaders have told the Sunday Mail.

Larnaca municipality’s decision to reject a request to extend the operation of MedServ, a company providing oil and gas exploration support services out of the port, has angered those directly involved and caused widespread disappointment in the industry, even more so as the move was ‘respected’ by the government.

It has also led to the delay in French company Total’s exploratory drilling by three to four months, Energy Minister Giorgos Lakkotrypis said on Saturday.

EGAS decreases gas imports to 650m cubic feet per day - DAILY NEWS EGYPT

LNG shipment will arrive to Sokhna Port to connect to national gas grid, says official

Mohamed Adel February 13, 2016

The Egyptian Natural Gas Holding Company (EGAS) decreased the volume of imported gas by approximately 650m cubic feet per day compared to 700m feet in January.

The decline was a result of the decline of gross domestic consumption of natural gas, according to a senior official in EGAS.

The capacity of the two gas ships that facilitate the transport of gas is estimated at 1.2bn cubic feet per day.

OMV prepares to sell Turkish subsidiary - OIL & GAS JOURNAL

HOUSTON, 02/12/2016
By OGJ editors

OMV AG is selecting advisors to assist with the sale of part or all of OMV Petrol Ofisi AS, a wholly owned wholesale and retail oil-products distributor in Turkey.

The subsidiary, with 1,785 fuel stations, has the largest retail network in the country, along with extensive storage and logistics assets. It sold about 10 million tonnes of oil products last year.

OMV is focusing on upstream and integrated downstream businesses.

British businesses must be partners of choice for Egypt’s energy future: Donaldson - DAILY NEWS EGYPT

British Gas and British Petroleum have together invested almost $40bn in developing Egypt’s energy sector

Daily News Egypt, 12/2/2016

MP Jeffrey Donaldson, Prime Minister David Cameron’s trade envoy to Egypt, will meet Thursday with Minister of Petroleum Tarek Al-Molla to discuss British investments and future opportunities in Egypt’s energy sector.

Donaldson and Al-Molla will be joined by a number of leading British energy companies, including major long-term investors such as Brit Petroleum and British Gas as well as experts in industry supply chain services.

Oil traders look again at floating storage as onshore tanks fill - ENERGY VOICE / BLOOMBERG

Written by Bloomberg - 11/02/2016

The world is so awash with crude, the boss of BP Plc said people will be filling their “swimming pools” with it by the end of the year.

While the company’s Chief Executive Officer Bob Dudley bemoaned this bearish outlook for oil, traders were eyeing a potentially profitable opportunity: turning supertankers into temporary floating storage facilities.

Trading houses including Vitol Group, Koch Supply & Trading LP and Glencore Plc, plus the in-house trading arms of BP and Royal Dutch Shell Plc, collectively made billions of dollars from 2008 to 2009 stockpiling crude at sea. At the peak of the floating storage spree, sheltered anchorages in the North Sea, the Persian Gulf, the Singapore Strait and off South Africa each hosted dozens of supertankers.

Chris Bake, a senior executive at Vitol, the world’s largest independent oil trader, gave the clearest indication yet this week that traders are considering the same strategy again.

“Primary and secondary storage is pretty much full,” Bake said in London Wednesday. “It’s probably a good time to be a vessel owner.”

The OECD is also calling on Israel to implement the gas framework - JERUSALEM POST

Israel Navy missile ship patrols near Tamar gas field‏
(photo credit:MARC ISRAEL SELLEM/THE JERUSALEM POST)

The organization notes that delaying development of the Leviathan reservoir will lead to a slowdown in development of the smaller gas fields and deter continued exploration.
Last week the OECD published a special report that included the anticipated response to a slew of economic characteristics, such as stability and growth, poverty levels, social gaps, and so on. Under the heading “creating the right conditions for developing an efficient gas market,” the OECD recommends implementing the gas framework drawn up by the government, in order to “guarantee development of the Leviathan reservoir and the development of the infrastructures required in order to create future competition in the gas market.” In other words, the OECD, an organization external to the state, agrees with the government’s actions in connection with the gas framework.

Eni to complete second well in Zohr field by April for $100m - DAILY NEWS EGYPT

The Italian company is drilling six wells in Zohr in deep waters this year, says official

Mohamed Adel, February 10, 2016

The Italian Eni will finish drilling the second well in the Zohr field in the Shorouk concession area located in the deep waters of the Mediterranean by the next April, with a cost of approximately $100m.

A prominent official at the Egyptian Natural Gas Holding Company (EGAS), who requested to remain anonymous, said the company aims to complete the drilling of six wells in the Shorouk concession area in 2016.

Eni agreed with the Ministry of Petroleum to start production from the Zohr field in 2017 with amounts reaching 1bn cubic feet of gas daily. The official said the agreement includes increasing the production from the concession area to 2.7bn cubic feet of gas daily in 2019.

Egypt may not meet 2016 target to pay back oil arrears – PM - ENERGY EGYPT / GULF NEWS

February 10, 2016

Lower oil and gas revenues mean the debt will ‘at least [be reduced] to a very reasonable’ level by end of year, Prime Minister Ismail says.

Egypt may miss its target of repaying the $3 billion it owes to foreign oil and gas companies by the end of 2016, the Egyptian Prime Minister said on Tuesday.

Sherif Ismail told reporters in Dubai lower oil and gas revenues mean the debt will “at least [be reduced] to a very reasonable” level by the end of year.

This would not be the first time the government has pushed backed the deadline. It previously said it would repay its arrears by mid-2015, then it said by mid-2016 before again pushing the target back to the end of the year.

Cyprus Drops Interim Gas Import Plan - NATURAL GAS EUROPE

February 10th, 2016

Cyprus’ attempts to import gas as an interim solution until Aphrodite comes on line have come to a dead end. This was decided at a meeting at the presidential palace February 7. The key participants at the meeting were the energy minister, the regulator Cera, the gas company Defa and the electricity company EAC.

The government rejected as unfavorable the proposal of the Dutch company Vitol. It said Vitol wanted to sell about a quarter more than the originally proposed quantities. This would benefit Vitol, but could increase Cyprus’ risk of being left with quantities of gas it could not use, in a "take-or-pay" contract. Moreover, there could be a risk that losers would argue that the rules of the tender had changed, benefiting Vitol.

In any case, it is understood that Defa’s tender evaluation did not demonstrate any benefits to Cyprus. This is because the low oil price would negate any savings in the production of electricity from gas.

An opportunity lost: the case of Larnaca port - CYPRUS MAIL

February 9th, 2016, By Reginos Tsanos

The global economy is in turmoil. Large economies are teetering on the brink of collapse. There is volatility across all markets and sectors. The world has borne witness to billions of dollars’ worth of assets and securities being wiped out in just a single day of trading. The Eastern Mediterranean, once a haven for cruise liners, is now a station for warships and aircraft carriers patrolling trouble spots in Syria, Lebanon, and Libya.

Cyprus has been through its own troubles as well. The events that unfolded in March 2013 shook the foundations of everything that was built, particularly in the post-1974 era. But as the government readily informs us that we are ready to exit our economic stability programme, and return the country to growth, there are some events that point worryingly to the fact that we have failed to heed the lessons of the past.

Cyprus cancels Leviathan tender - GLOBES

09/02/2016, Globes correspondent

Gas Public Company (DEFA) has been unable to reach any agreement to buy gas from the Leviathan field.

The Leviathan partners notified the Tel Aviv Stock Exchange (TASE) today that the Cypriot Natural Gas Public Company (DEFA) had cancelled its gas supply tender from the leviathan gas field. The Leviathan partners reported that they were unable to reach agreement with the Cypriot government on the terms for the tender for supplying gas. The partners also reported that they are still talking to the Cypriot government about supplying gas from Cyprus's Aphrodite field. The Leviathan partners are Noble Energy Inc. (NYSE: NBL) (39.66%) of Leviathan, Delek Group Ltd. (TASE: DLEKG) units Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L) each own 22.67% and Ratio Oil Exploration (1992) LP (TASE:RATI.L) owns 15%. Noble and Delek's units also own most of the Aphrodite field.

Following the notification share prices in the Leviathan partners fell sharply.

SDX Energy Hits Oil Pay in Egypt - E&P

Monday, February 8, 2016

The Al Amir SE 23 (AASE-23) development well in North West Gemsa in Egypt has encountered oil-bearing reservoir sections in the Kareem Rahmi and Shagar formations and will be completed as a producer in the Shagar, according to SDX Energy Inc.

The well was drilled to a depth of 3,018 m (9,900 ft) where both the Shagar and Rahmi oil reservoirs were encountered. Log analysis indicates 7 m (23 ft) of net Shagar oil pay and 9 m (28 ft) of net Rahmi oil pay, the release said. The well has been completed as an oil producer in the Shagar and has flowed on test light 42.2 degree API oil at a rate of 3,860 barrels of oil per day (bbl/d) with 2.55 million standard cubic feet of associated gas per day (MMscf/d).

The well will be placed in production in the coming days as soon as the completion rig has moved off location, the release said.

Recent Mediterranean discoveries revive interest in exploration - ALEM & ASSOCIATES

February 08 2016

Introduction

Recent discoveries in the eastern Mediterranean Sea – in particular, the major Zohr Field in Egypt, with estimated gas reserves of 30 trillion cubic feet (equivalent to 5.5 billion barrels of oil) – may constitute the world's largest natural gas find, according to Italian multinational Eni. Cyprus and Israel have also made significant discoveries in the past year, such as:

• the Tamar Field, containing proven reserves of 7.1 trillion cubic feet;
• the South Field, containing 81 billion cubic feet;
• the Tanin Field, with 1.1 trillion cubic feet; and
• the Aphrodite Field, with an estimated 7 trillion cubic feet.

Meanwhile, Delek and Noble Energy have partnered to explore the huge Leviathan Field, with an estimated 22 trillion cubic feet of gas reserves, as well as the Tamar Field. These discoveries will transform the eastern Mediterranean into a major energy hub.

Turkey's Rising Natural Gas Demand Needs U.S. LNG - FORBES

Turkey’s Natural Gas Imports are Surging, Sources: EIA; JTC

FEB 7, 2016
Jude Clemente , CONTRIBUTOR

The ongoing tension between Turkey and Russia makes Turkey’s dependence on foreign energy perhaps the country’s biggest concern. And this begins with natural gas, which passed oil in 2012 to become Turkey’s main source of energy. Turkey imports 99% of its gas, and Russia pipes in nearly 60% of Turkey’s total gas use.

Turkey is the second largest consumer of Russian gas and paid Gazprom some $10 billion last year. Iran supplies 20% of Turkey’s gas and Azerbaijan 10%, all via pipeline. LNG, mainly from two countries (Algeria and Nigeria), supplies about 13% of the country’s gas. As an OECD Member, and thus a member of the IEA, Turkey has been advised to diversify away from Russian gas, and Russia may also be looking elsewhere (e.g., China, India) in its response to the downing of its warplane by Turkey in November.

‘Tripartite’ gas would be double the price, experts say - CYPRUS MAIL

February 7th, 2016, By Elias Hazou

Despite being talked up by the leaders of Cyprus, Greece and Israel at the recent tripartite confab in Nicosia, the proposed East Med gas pipeline project remains commercially unrealistic, an energy expert has told the Sunday Mail.

The East Med pipeline aims to connect the region’s reservoirs with Greece through the island of Crete.

But for all the hype, also propagated by the press here, the pipeline makes little economic sense, said Charles Ellinas, CEO of e-CNHC (ECP Natural Hydrocarbons Company).

“Both the East Med pipeline as well as the Euro-Asia Interconnector are highly challenged projects,” he observed.

Israel mulling twin gas pipelines to Turkey, Greece - TIMES OF ISRAEL

Energy Minister Yuval Steinitz attends a Likud faction meeting
at the Knesset on July 27, 2015. (Yonatan Sindel/Flash90)

BY AFP February 7, 2016
Energy minister says export project could come to fruition ‘if things improve’ with Ankara amid ongoing feud

Israel is looking to exploit its substantial natural gas reserves with two potential pipeline projects to Turkey and Greece, its Energy Minister Yuval Steinitz announced Sunday.

“If things improve with Turkey… gas could both be sold to Turkey, and to Greece via Turkey,” Steinitz told Kathimerini daily.

Israel and Turkey have reportedly been working on a rapprochement after falling out over the storming by Israeli commandos in 2010 of a Turkish flotilla to Gaza.

EBRD: $341 million loan to upgrade Egypt’s oil and gas infrastructure - ENERGY EGYPT / EBRD

Tanker Ship Application & Tank Farm Terminal

February 7, 2016

The European Bank for Reconstruction and Development (EBRD): The funds will be used to construct and operate a bulk-liquids terminal.

A US$ 341 million facility to Sonker, an Egyptian company providing hydrocarbon storage and bunkering, will support a significant upgrade of the country’s oil and gas infrastructure and will contribute to the energy security of Egypt.

As part of a consortium, the EBRD is extending a US$ 72 million senior loan and a US$ 22 million mezzanine loan to the company, while the International Finance Corporation (IFC), a member of the World Bank Group, is providing a US$ 70 million senior loan along with a US$ 22 million mezzanine loan and mobilising US$52.5 million from other investors. In addition, the Commercial International Bank (CIB) of Egypt, the country’s largest private-sector bank, is availing with US$ 28 million and the equivalent of US$ 44 million in Egyptian pounds loan as well as a US$ 30 million Credit Support Instrument Facility.