Technocrats complete report for third licencing round - CYPRUS MAIL

DECEMBER 13TH, 2016
Elias Hazou

Technocrats have completed and handed over to energy minister Giorgos Lakkotrypis a report recommending with which companies the government should begin negotiations in the third offshore licensing round.

The report is not binding on the minister, who will study it and make his own proposal to the cabinet.

This is expected to take place soon, Politis reports.

Based on the cabinet’s decision, the government will then name the preferred bidders and commence negotiations with them with a view to awarding exploration concessions in Cyprus’ Exclusive Economic Zone (EEZ).

The selection of the preferred bidders does not mean that the same will be awarded the concessions.

Egypt cancels tender to rent third LNG regasification terminal - REUTERS

December 13, 2016
Reporting by Ehab Farouk; writing by Asma Alsharif; editing by Louise Heavens

CAIRO (Reuters) - Egypt has cancelled its tender to rent a third natural gas import (LNG) regasification terminal as it is no longer needed, Oil Minister Tarek El Molla told Reuters on Tuesday.

"The tender to rent a third regasification terminal was cancelled due to a lack of need for it and until we reassess the gas production capacity of Egypt and the consumption levels over the next few years," he said.

Once a net energy exporter, Egypt began importing liquefied natural gas (LNG) last year and has leased two floating and storage regasification units (FSRU) already to help avert power shortages caused by falling energy production and rising consumption.

8 new wells produce 517 MMCFD of gas in H1 2016: Egypt's Oil - REUTERS / AMWAL AL GHAD

Egypt, for January-April 2016

13 December 2016

Egyptian Oil Ministry announced Monday that eight new wells started production since the beginning of the second half of 2016.

In its reports, the ministry stated that these wells, which are affiliated to different firms, added 517 million cubic feet of natural gas and 2,500 barrels of crude oil to Egypt's national production.

The new wells are located in concession areas joint between International Oil Companies (IOC) and Egyptian oil sector firms at the Mediterranean Sea, Nile Delta, and Western Desert.

The IOCs include Italy's Eni ,the foreign partner of Balaeim Petroleum Company- Petrobel, and Royal Dutch Shell - the foreign partner of Egypt's Badr El Din Petroleum Company - Bapetco.

Packers Plus frac system cuts costs/saves time for an operator in Egypt - WORLD OIL

13/12/2016

CALGARY -- Packers Plus Energy Services worked with an operator in Egypt to complete a 6-stage StackFRAC system using the drillable closeable (DC) FracPORT sleeve in a short timeframe.

"Packers Plus' advanced manufacturing capabilities ensured the product was delivered and tested within three days, meeting the client's operational timeline and technical requirements," said Packers Plus President, Ian Bryant. "Not only was the client working in a short turnaround time, they were also interested in a closeable system that would simplify future operations."

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.

Turkey’s first floating LNG plant anchored in Izmir - DAILY SABAH

GDF Suez Neptune FSRU

13.12.2016

The GDF Suez Neptune plant, which is Turkey's first floating liquefied natural gas (LNG) plant which also contains a Floating Storage Regasification Unit (FRSU), has reached the coasts of the Aegean province Izmir.

The floating plant left France last week and docked at a port in Izmir, which is especially designed for the plant, on Sunday.

The GDF Suez Neptune is to be put into use by Kolin Group in Izmir's district Aliağa within this month.

With a capacity of 5.3 million tons, it is expected to contribute 20 million cubic meters of natural gas per day to Turkey's gas supply, thus considerably increasing the country's supply capacity on a daily basis.

Eni sells a 30% stake in the Shorouk concession, offshore Egypt, to Rosneft - ENI

12/12/2016 08:05

ENI PRESS RELEASE, PRICE SENSITIVE

The agreed conditions include a consideration of 1,125 million US dollars and the pro quota reimbursement of past expenditures, which amount so far at approximately 450 million US dollars. In addition, Rosneft has an option to buy a further 5% stake under the same terms.

San Donato Milanese (Milan), 12 December 2016 – Eni has agreed to sell to Rosneft a 30% participating interest in the Shourouk Concession, offshore Egypt, where the supergiant gas field Zohr is located. Eni, through its subsidiary IEOC, currently holds a 90% stake in the block following the recent dilution of 10% to BP which completion is ongoing.

The agreed conditions include a consideration of 1,125 million US dollars and the pro quota reimbursement of past expenditures, which amount so far at approximately 450 million US dollars. In addition, Rosneft has an option to buy a further 5% stake under the same terms.

Eni sells 30 percent stake in Egypt's Zohr gas field to Rosneft - REUTERS

Mon Dec 12, 2016 | 9:39am EST

By Stephen Jewkes and Valentina Za | MILAN
Additional reporting by Vladimir Soldatkin in MOSCOW; Editing by Mark Potter and Michael Urquhart

Italian energy company Eni will sell a 30 percent stake in its giant Egyptian offshore gas field Zohr to Russia's Rosneft for $1.575 billion, pressing ahead with asset sales to fund investments and offset weak oil prices.

Eni, which owns 90 percent of the Shorouk concession containing Zohr, said Rosneft would pay $1.125 billion cash for the stake and would reimburse investments already carried out by Eni for around $450 million.

The deal comes less than a month after Eni's sale of a 10 percent stake in Zohr to BP at the same implied price, bringing overall proceeds to around $2.1 billion.

Minister of Petroleum to meet with Rosneft Chief Executive Igor Sechin - ENERGY EGYPT / EGYPT'S MINISTRY OF PETROLEUM

December 12, 2016

Rosneft Chief Executive Igor Sechin arrived yesterday in Cairo to meet today tith Minister of Petroleum and Mineral Resources Tarek El Molla, to discuss existing and potential opportunities in Egypt’s oil and gas exploration.

The board of Russia’s Rosneft plans to discuss buying a stake of up to 35 percent in the Shorouk concession, offshore Egypt, the company said on Last Monday. The concession includes the supergiant Zohr gas field, which was discovered by Eni in August 2015 and is the largest natural gas field ever found in the Mediterranean, with a total potential of 850 billion cubic meters of gas in place.

Development of Leviathan Field to Produce Natural Gas by End of 2019 - DELEK GROUP

Tel Aviv, December 12, 2016

Delek Group (TASE: DLEKG, US ADR: DGRLY) (“the Company”) provides below an Immediate Report published by each of Delek Drilling Limited Partnership and Avner Oil Exploration Limited Partnership ("the Partnerships") concerning the decisions taken for development of the Leviathan Field in order to produce natural gas by the end of 2019.

Pursuant to what was stated in the Partnerships' Annual Reports dated December 31, 2015 that were published on March 28, 2016 ("the Annual Reports") concerning the updated development plan for the Leviathan Field ("the Development Plan"), and having received the regulatory approvals and progress in the technical agreements concerning development of the Leviathan Field, including approval of the Development Plan by the Petroleum Commissioner at the Ministry of National Infrastructures, Energy and Water Resources, as stated in the Immediate Report dated June 2, 2016, 

entering into an agreement to receive Front End Engineering Design (FEED) services for the production platform as approved in the Development Plan, as stated in the Immediate Report dated June 22, 2016, 

Doosan Heavy inks 160 billion won deal in Egypt - THE KOREA TIMES / ENTERPRISE

2016-12-12 18:20
Jhoo Dong-chan

Doosan Heavy Industries & Construction has won a 160 billion won (USD 137 mn) order to build power equipment in Egypt.

The nation's top power equipment maker inked a Notice of Award (NOA) deal with Egypt's state-owned power supplier duo of Upper Egypt Electricity Production Company (UEEPC) and Cairo Electricity Production Company (CEPC) to provide 650 megawatt gas turbines and power generators as well as their related parts for two power plants in Egypt.

One gas turbine will be built for the Assiut Power Plant, which is currently under construction by UEEPC, and the other is set for CEPC's Cairo West Power Plant. Both pieces of equipment will be delivered by April 2020, Doosan Heavy said in a press release.

Israel and Turkey Seek to Shield Natural Gas Ties From Politics - BLOOMBERG

December 12, 2016 — 3:05 AM EST

Yaacov Benmeleh and David Wainer

• Governments working on deal that would provide such insurance
• Israel could pump gas to Turkey in 3 years: energy ministry

Israel and Turkey are working to eliminate a major obstacle to natural gas deals: their own fractious history.

The two governments are working on a framework for the export of Israeli natural gas to Turkey that would protect contracts between companies if diplomatic ties break down, Israeli Energy Ministry Director-General Shaul Meridor said in an interview in Jerusalem. With such a shield in place, gas could begin flowing from Israeli waters to Turkey as soon as 2019, he said.

“For banks to eventually finance such a project they will have to know that no matter what happens between the countries politically, the business side will be protected,” he said.

The Ticker: Delek Drilling, Avner Plan $400 Million Bond Issue - HAARETZ

Energy Minister Silvan Shalom (R) & Yitzhak Tshuva, the controlling
shareholder of Delek Group March 27, 2013 - by Moshe Binyamin

Dec 12, 2016 12:32 AM
Eran Azran

Delek Drilling, Avner plan $400 million bond issue
Delek Drilling and Avner, the two Delek Group firms with stakes in the Tamar and Leviathan offshore natural gas fields, are planning their first ever bond issue as limited partnerships. Unlike their 2014 “Tamar” bond, which was used exclusively in financing the gas field, the new issue will be for general corporate purposes – meaning it will be used to pay the companies’ shareholders (technically partners in a limited partnership) a dividend as required by securities regulations, minus deductions for corporate capital spending subject to shareholders’ approval.

Earlier this month, Delek and Avner said they planned a $100 million dividend for payment December 31. The bonds, which have a relatively high A1 rating from the Midroog agency, are payable in 2021. However, if the two companies reduce their combined 31.25% stake in Tamar to below 10.4%, they will have to immediately redeem half the bonds. Shares of Delek Drilling closed up 2.25% at 14.99 shekels ($3.93), while Avner rose 1.7% to 2.82. 

Turkey’s evolving energy policy - IN CYPRUS / CYPRUS WEEKLY

December 11, 2016
Charles Ellinas

Since the rift with Russia last year and the subsequent rapprochement between Turkey, Russia and Israel, Turkey’s energy policy has been evolving in response to the shifting regional geopolitics, but also its own changing energy priorities and needs.

In this article, I review the latest developments in Turkey’s energy policy and markets and how these affect the region and Cyprus.

Production from Rosetta gas field to cease in July - DAILY NEWS EGYPT

December 11, 2016
Mohamed Adel
The company refused to pay for developments to offset the natural decline in production

The daily production of 40bn cubic feet of gas from the Rosetta field in Shell’s Rashid concession area will cease in July 2017, as the company refuses to pay for field development to offset the natural decline in production while dues owed by Egyptian government continue to accumulate.

A senior source at the Egyptian Natural Gas Holding Company (EGAS) told Daily News Egypt that development of Rosetta gas field requires huge funds but lacks economic feasibility to the foreign partner based on the current price of the gas produced from there.

BP acquired the Rosetta gas treatment plant in Rashid from Shell for $128m and received the field in April, then began preparing to link production of Fayoum and Giza fields to it.

Rosneft Eyes Cooperation With Qatar in LNG Trade – Company Source - SPUTNIK NEWS

11.12.2016, updated 10:19

Russia’s oil giant Rosneft sees opportunities for cooperation with Qatar in the liquefied natural gas (LNG) trade and logistics, a source in the company told reporters. 

MOSCOW (Sputnik) — Qatar’s Investment Authority (QIA), a sovereign wealth fund, is buying a 19.5-percent stake in Rosneft in a consortium with mining firm Glencore. Separately, Rosneft is mulling buying a stake in Egypt's Zohr gas field. 

"Qatar is the largest LNG producer, Rosneft is about to become a stakeholder in Zohr, so there are opportunities for synergy in terms of logistics and trading," the source said. 

"Glencore will hedge a significant part of its stake, most of it," the source said, adding Glencore and the Qatar Investment Authority had an equity stake in their consortium. 

Egypt denies rift with Saudi, drift toward Iran - REUTERS

Sat Dec 10, 2016 | 4:32am EST
Reporting By William Maclean; Writing by Noah Browning; Editing by Louise Heavens

Egypt's Foreign Minister Sameh Shukri on Saturday hailed a "special relationship" with Saudi Arabia, denying reports that the two powerful Arab nations had fallen out after Egypt expressed support for the Russian intervention in Syria.

Egypt voted in favor of a Russian-backed U.N. resolution on Syria in October that excluded calls to stop bombing Aleppo, which Saudi Arabia strongly opposed.

The kingdom informed Egypt last month that shipments of oil products expected under a $23 billion aid deal had been halted indefinitely, but Shukri denied the nations were at loggerheads and said any disagreements had been exaggerated.

Israel, Cyprus, Greece boost energy ties - NEW EUROPE

Tsipras (L), Anastasiades (C), Netanyahu

DECEMBER 9, 2016 02:01

New Europe Online/KG

Israeli Prime Minister Benjamin Netanyahu, Greek Prime Minister Alexis Tsipras and Cyprus President Nicos Anastasiades held a trilateral summit in Jerusalem on December 8, agreeing to boost energy cooperation.

Tsipras, who was accompanied by Environment and Energy Minister Giorgos Stathakis, said Greece aims to be an energy transit centre for Israeli and Cypriot natural gas to Europe.

The Greek premier said teams from the countries will discuss the East Med pipeline to transport gas from the Israeli and Cyprus offshore gas fields through Greece to other parts of Europe. The project is expected to boost European Union’s energy security, providing a new supply route and source of gas.

The last word has not been said in Cyprus - HURRIYET DAILY NEWS

December/09/2016
Fikret Bila

The Cyprus issue is not independent of the Syrian issue. But while the imperialist intervention that has dragged Syria and Iraq into civil war and divided both still continues, the Cyprus talks have accelerated.

After Syria was partitioned and its north was left to the PKK-PYD, and after a corridor was opened to the Mediterranean, the strategic significance of Cyprus’ Karpasia Peninsula multiplied from Ankara’s perspective.

At a time when the EU doors have been firmly closed to Turkey and when Syria is about to be partitioned, the situation of the (self-delcared, recognized only by Turkey) "Turkish Republic of Northern Cyprus (TRNC)" is of strategic importance. In such a process, it would not be wise to say “yes” to a model in which the Turkish Cypriots give away the Karpasia Peninsula. If it did so, Turkey would never be able to protect its rights or its future in the East Mediterranean.

Turkey to start using local currency in energy trade, Energy Minister Albayrak says - DAILY SABAH

December 8, 2016

Energy and Natural Resources Minister Berat Albayrak released important messages in a speech during budget talks at the Turkish Grand National Assembly (TBMM) on Thursday. He said that Turkey has entered a "new era" in its energy policy, in which it will use Turkish lira in future trade with countries where it has a large volume of energy transactions.

According to the information obtained after Albayrak spoke about using the lira in financing giant-energy projects, it was said that the first move in that direction was taken with Russia. Turkey has taken the initiative to use local currency in the trade of natural gas with Russia. Meanwhile, Anadolu Agency (AA) reported that the Russian energy company Gazprom and the Swiss Alleseas Company signed an agreement to build the first pipeline of the Turkish Stream natural gas pipeline project. According to the agreement, the company will lay a total of 900 kilometers (560 miles) of pipeline in the Black Sea, with the construction set to begin in the second half of 2017.

Shell oil & gas appoints Gasser Hanter to head Egypt business - ZAWYA / THOMSON REUTERS

Gasser Hanter

08 December, 2016

Reporting by Ehab Farouk; Writing by Lin Noueihed; Editing by Giles Elgood an David Goodman

CAIRO, Dec 8 (Reuters) - Royal Dutch Shell has appointed Gasser Hanter to head its Egypt business, the company said on Thursday.

Hanter, who is Egyptian, was named as upstream vice-president and managing director in Egypt. He replaces Aidan Murphy, who has taken on a new role at Shell headquarters.

Construction contract signed for first string of TurkStream’s offshore section - EIN NEWS

December 8, 2016, 13:35

South Stream Transport B.V. and Allseas Group S.A. today signed in Amsterdam a contract to build the first string of the TurkStream gas pipeline’s offshore section with an option for laying the second string.

According to the contract, Allseas will lay more than 900 kilometers of pipes across the seabed. To that end, the company plans to use the newly-launched Pioneering Spirit, the world’s largest construction vessel equipped with six welding stations and six coating stations.

Allseas will start building the first string of the pipeline in the second half of 2017.

Greece-Bulgaria pipeline receives bids - WORLD PIPELINES

Thursday, 08 December 2016 09:17
Anna Nicklin, Editorial Assistant

According to a news statement from ICGB – the joint venture building the Interconnector Greece-Bulgaria (IGB) natural gas pipeline – five offers were submitted for the use of the pipeline on a long term basis for the binding phase of the market test.

IGB is estimated to cost approximately €220 million (US$235 million). The pipeline will transport gas with a total capacity of 4.3 billion m3 of natural gas. According to the statement, the second phase of the market test saw capacity amount to 2.7 billion m3, of which 1.57 billion m3 are reserved. It is expected that the IGB pipeline will connect to the Trans Adriatic pipeline (TAP) to, in turn, allow Bulgaria to receive Azerbaijani gas.

Libya: NOC evacuates staff after clashes near oil ports, says work continues at Es-Sider - ECOFIN AGENCY

Thursday, 08 December 2016 - 09:32Anita Fatunji

Following reports of military fights close to major oil ports, Libya's National Oil Corporation (NOC) has announced that it has withdrawn non-essential workers from the Es Sider (aka Al-Sidra) port.

According to NOC, there are no plans to suspend any loadings at the port.

The company added that it had held talks meetings with affiliates and had commenced emergency procedures close to the area where the fight is taking place, Reuters reports.

“We have not declared force majeure on oil loadings pending further information, but we are monitoring the situation closely,” the company said in a statement.

This comes as sources from the Petroleum Facilities Guard (PFG) forces said that they, alongside the forces of the Government of National Accord Defense Ministry have taken control of the key of Es Sider oil terminal and are moving towards Ras Lanuf.

EGPC signs USD 200 mn agreement with Afreximbank - ENTERPRISE

Thursday, 8 December 2016

The Egyptian General Petroleum Corporation (EGPC) signed a USD 200 mn facility yesterday with the African Export Import Bank (Afreximbank) on Tuesday to ensure uninterrupted supply of energy for Egypt’s industrial sector through the financing of import of oil and gas products, said Afreximbank’s President, Benedict Oramah in a statement. Contrary to reports we noted yesterday, the National Bank of Egypt will not be joining the financing, but will act as local operations bank for the transaction and as financial adviser to EGPC, along with Abu Dhabi Islamic Bank Capital.

Acquisition of Karish and Tanin Natural Gas Fields Offshore Israel by Energean Receives Approval from Israeli Petroleum Council - ENERGEAN OIL & GAS

7.12.2016

Energean to submit Field Development Plan in mid-2017
The Petroleum Council of Israel has announced its approval of the acquisition of 100% of the Karish and Tanin Natural Gas Fields by Energean Oil & Gas (“Energean” or “the Company”) from Delek Drilling and Avner.

The transaction, estimated to be valued at $148m, is being implemented as part of the Israeli Government’s Gas Framework Strategy. The Karish and Tanin Fields, discovered in 2013 and 2011 respectively, have 2C gas resources of circa 2.4TCF.

Energean will now proceed towards completion of the transaction, and within six months will submit to the Israeli authorities a Field Development Plan (FDP) for both fields. The Company intends to produce first gas in 2020. The development of Karish and Tanin is expected to involve an investment of circa $1bn over the next few years. 

Eni to finalize phase of Zohr gas field processing plant by next October - ENTERPRISE

Wednesday, 7 December 2016

Eni plans to complete phase one of its USD 4 bn gas processing plant in Port Said next October, Al Borsa reported. The first phase of the plant, which will process gas from Zohr, will produce a daily 650 mcf, which represents 24% of the facility’s total daily capacity upon becoming fully operational of 2.7 bcf. The project should operate at full capacity by 2020 and Eni expects to pump a daily 900 mcf into Egypt’s natural gas network by the end of 2017 or 1Q2018, sources at Eni told the newspaper.

Russia Closing In On 'Alt-Ukraine' Pipeline In Turkey - FORBES

Gazprom CEO Alexei Miller (L) speaks with Turkish Energy Minister
 Berat Albayrak (R) (Photo by OZAN KOSE/AFP/Getty Images)

DEC 6, 2016 @ 11:25 AM
Kenneth Rapoza

Call it the anti-Ukraine pipeline, but after some fits and starts the alternative Russian gas route into the E.U. via Turkey is about to be made official on Tuesday in Moscow.

Turkey's Prime Minister Binali Yildirim arrived in the city today for a two-day visit at the invitation of his Russian counterpart Dimitry Medvedev. According Turkey's Daily Sabah newspaper, Yildirim is also scheduled to discuss the Turkish Stream pipeline deal with Vladimir Putin. The Gazprom-Botas Petroleum pipeline was proposed last year by both governments but fell apart after the Turkish military shot down a Russian fighter plane over Syria. Relations were put on ice and have since thawed. The pipeline deal is the manifestation of cooler heads prevailing between the two old allies.

Turkey's top private gas importer placed under new administration - ICIS

06 December 2016 09:50By Aura Sabadus

Board members at Turkey’s largest natural gas importer Akfel, a company partly owned by Gazprom, were removed on Friday, placing the firm under the control of a new administration, sources close to the matter told ICIS.

The development raises concerns regarding the future of Turkey’s private gas sector, as the company had been at the forefront of private enterprise in the sector.

There are no official details as yet regarding the change.

Israel approves sale of offshore gas rights to Greek firm - TIMES OF ISRAEL

December 6, 2016, 10:37 pm
BY AFP, Times of Israel staff contributed to this report

Noble Energy and Delek’s $150 million deal with Energean aims to resolve anti-trust issues
Israel gave the green light on Tuesday for the sale of two gas fields in the eastern Mediterranean to the Greek firm Energean, Energy Minister Yuval Steinitz announced.

The two fields, named Karish and Tanin and estimated to hold 60 billion cubic meters (2.1 billion cubic feet) of gas, had initially been allocated to a consortium grouping US firm Noble Energy and the Israeli group Delek, which already control two much larger fields.

“We have decided to put an end to this monopoly situation,” Steinitz told public radio, explaining the consortium’s sale of exploitation rights in the two fields to Energean for $150 million (NIS 570 million).

Israel’s Energy Director-General: ‘We’re Back In Business’ - HART ENERGY

Tuesday, December 6, 2016 - 4:23pm

Velda Addison 

HOUSTON—Home to massive gas discoveries such as the gigantic Leviathan Field and the nearby Tamar Field, which together hold more than 906 billion cubic meters (Bcm), or 32 trillion cubic feet (Tcf), of natural gas, Israel’s budding hydrocarbon scene could be poised to become the center of a natural gas hub.

That is, if oil and gas investors see the potential and are willing to put money into exploring, developing and producing hydrocarbons in the Mediterranean Sea.

This is exactly what Israeli energy officials hope will be the case as they showcase 24 Levant Basin blocks offered for exploration during the country’s first offshore bid round, which closes in March 2017.

With water depths ranging from 800 m to 1,800 m (2,625 ft to 5,906 ft), each block is up to 400 sq km (154 sq miles). Citing results from a study conducted by France-based Beicip-Franlab, officials say the “yet-to-find potential” in the Mesozoic and Tertiary reservoirs alone is 6.6 billion barrels of oil and 2,137 Bcm (75 Tcf) of gas.

Ionian Sea Block 10 goes to Hellenic Petroleum - KATHIMERINI

06.12.2016 : 22:00

ATHEX blue chip company Hellenic Petroleum is the bidder selected for the concession of Block 10 in the Gulf of Kyparissia, west of the Peloponnese, for surveying for and utilization of hydrocarbons in the area, according to a statement by the Environment and Energy Ministry on Tuesday.

In the next few days the tender’s valuation committee will invite the company to agree on the definitive text of the draft concession contract, the ministry added.

The consortium of Total-Edison-Hellenic Petroleum was recently chosen as the preferred bidder for Block 2 in the Ionian Sea, west of Corfu. The ministry announced that the contract for this will be signed soon.

Azerbaijan: US should be at SGC consultative council meeting - TREND NEWS

6 December 2016 16:25 (UTC+04:00)
Baku, Azerbaijan
Maksim Tsurkov

Azerbaijan’s Energy Minister Natig Aliyev noted the importance of the United States’ representation at a high level at the 3rd consultative council of ministers on the Southern Gas Corridor project in order to give political support to the project, the Azerbaijani Energy Ministry said in a message Dec. 6.

Aliyev made the remarks during his meeting with William Silkworth, office director at Bureau of Energy Resources of the US State Department, according to the message.

During the meeting, the US side expressed interest in Azerbaijan’s position on the eve of the OPEC meeting in Vienna.

Egypt requires 6.5 bcf/d of natural gas next summer -EGAS - ENTERPRISE

Tuesday, 6 December 2016

Egypt will require 6.5 bcf/d of natural gas to meet domestic demand in the summer of 2017, EGAS told Al Borsa. Demand will be divided between 4.4 bcf/d to power stations, 1.2 bcf/d to homes, cars, and industry, and 900 mcf/d to energy intensive industries. Domestic production of natural gas is expected to reach 5 bcf/d by the end of 2017.

TEKMOR Note: 6.5 bcf/d means 195 bcf/30-day month, or 5.52 bcm or 0,2 tcf

Rosneft mulls buying up to 35% of Shorouk concession - ENTERPRISE

Tuesday, 6 December 2016

The board of Russia’s Rosneft will meet tomorrow (7 December) to discuss the potential acquisition of up to 35% of the Shorouk offshore concession from Eni, AMAY reported. Eni had sold a 10% interest of the concession, which contains Zohr natural gas field, to BP in November and plans to lower its stake in the field to 50%.

Šefčovič, Greek Minister focus on TAP, Vertical Corridor, energy exports from the East Med to EU - NEW EUROPE

DECEMBER 6, 2016, 07:42
By New Europe Online/KG

The European Commission and Greece discussed in Brussels on December 5 the Trans Adriatic Pipeline (TAP), the Vertical Gas Corridor, exports from the East Mediterranean to the EU and privatisation of Greek gas transmission system operator DESFA.

Greece’s Energy Minister Giorgos Stathakis met with European Commission Vice President for Energy Union Maroš Šefčovič on the sidelines of the council meeting of energy ministers in Brussels.

According to the Greek Energy Ministry, the meeting was conducted in “constructive climate” and the two parties discussed TAP’s construction course, and the developments regarding two pipelines: the first concerns the Vertical Corridor and the second the connection of hydrocarbon fields in Southeast Mediterranean to the European market.

Honeywell to provide control and safety system for natural gas pipeline in Turkey - HYDROCARBONS TECHNOLOGY

Dec 5 2016

US based company Honeywell Process Solutions has announced that it will provide control and safety system for the Trans-Anatolian Natural Gas Pipeline (TANAP) located in Turkey.

The integrated system will make all operations at the compressor stations safe throughout the length of the pipeline.

The TANAP system is equipped to transport up to 31 billion cubic metres of natural gas per year from the Caspian and nearby regions.

Honeywell Turkey and Central Asia region president Orhan Genis said: “Honeywell has a long history of working with critical energy projects in Turkey. This important project will help to secure a supply of natural gas not only to this country but across Europe.”

Khalda Petroleum reduces cost of oil produced from Apache concession to $4.5/barrel - DAILY NEWS EGYPT

05.12.2016
Mohamed Adel

We saved $155,000 daily on drilling expenses during FY 2015/2016, says Abdel Azim
Khalda Petroleum Company has reduced the cost of oil produced from the Apache concession area in the western desert to $4.5 per barrel in the first quarter of the current fiscal year, down from $5.

Mohamed Abdel Azim, head of the Khalda Petroleum Company, told Daily News Egypt that the company successfully reduced costs by $0.5 per barrel through obtaining discounts on services and equipment contracts used to carry out drilling operations.

He explained that the company saved $155,000 per day on crude oil production costs in the last fiscal year, as the cost per barrel was lowered from $6 in the fiscal year (FY) of 2014/2015 to $5.

Development of Leviathan - IN CYPRUS / CYPRUS WEEKLY

December 4, 2016
By Charles Ellinas

Delek announced at the Tel Aviv Stock Exchange that it had signed a commitment letter securing up to $1.75 billion in financing from JPMorgan and HSBC for Phase 1A of the Leviathan development.

Ratio Oil sold new debt and equity earlier this year, raising about a third of its $600-million share of the project. Noble Energy has only raised part of its portion of the financing, expected to be about $1.6bn, and is looking to sell 10% of its Leviathan holding to support this.

The total estimated Phase 1A development cost is $4bn.

This, coupled with changes in Turkey’s energy strategy to diversify away from gas, may have profound effects on the future of East Med gas.

Yerushalayim to Host Trilateral Summit - HAMODIA

Sunday, December 4, 2016 at 2:16 pm | ד' כסלו תשע"זBy Hamodia Staff

YERUSHALAYIM - Israel, Greece and Cyprus will hold a trilateral summit in Yerushalayim, a follow-up to a meeting that took place in January, which they hailed as a new “strategic alliance” in the Mediterranean.

The one-day summit, set for Thursday, will be attended by Prime Minister Binyamin Netanyahu, Greek Prime Minister Alexis Tsipras and Cypriot President Nicos Anastasiades, as well as senior ministers and aides.

The issues to be discussed will reportedly include energy resources and emergency rescue cooperation.

The three countries have been engaged in talks about the feasibility of laying a gas pipeline from Israel to Cyprus, and then to Greece for export further on in Europe, and that will presumably be on the agenda at this week’s summit. Israel also has options to export gas to Turkey or Egypt, a source of concern to Greece and Cyprus, who fear being cut out of a future deal.

Details of EGPC Bid Round 2016 announced by the Ministry of Petroleum - ENERGY EGYPT

December 4, 2016

Results of the 2016 EGPC International Bid Round, in which 11 blocks were offered for oil and gas exploration in the Western Desert and the Gulf of Suez, were announced by the Ministry of Petroleum in a press release on Friday.

The bids are worth a total minimum investment of $200 million, $68.2 million signature bonuses and the drilling of 33 exploration wells.

Of the 11 blocks offered, six blocks were awarded; five in the Western Desert and one in the Gulf of Suez.

Israel, Greece, Cyprus to hold second trilateral summit - JERUSALEM POST

12/03/2016 21:20
HERB KEINON

Meeting in Jerusalem comes less than a year after ‘strategic alliance’ announced in Nicosia.

Energy issues and emergency rescue cooperation will top the agenda when leaders of Israel, Greece and Cyprus meet this week in Jerusalem for their second trilateral summit in less than a year.

Prime Minister Benjamin Netanyahu, Greek Prime Minister Alexis Tsipras and Cypriot President Nicos Anastasiades will hold a one-day summit on Thursday. The three first met together in January in Nicosia in what was hailed as the formation of a new “strategic alliance” in the eastern Mediterranean.

Tsipras and Anastasiades will be accompanied by a number of their senior ministers. The three leaders are expected to issue a joint declaration after their meeting.

Five submit binding offers for use of Greece-Bulgaria gas link - REUTERS

Sat Dec 3, 2016 | 1:02pm ESTReporting by Angel Krasimirov; Editing by Toby Chopra

Five binding offers were submitted for the use of the natural gas pipeline between Bulgaria and Greece, the joint venture building the link said in a statement.

Interconnector Greece-Bulgaria (IGB), estimated to cost 220 million euros ($235 million), will transport gas with a total capacity of 4.3 billion cubic meters.

"The announced capacity within the second phase of the market test amounts to 2.7 billion cubic meters, 1.57 billion cubic meters of which are reserved," joint-venture ICGB said in the statement.

Israel's Navy Sub Scandal Widens; Iranian Ties And Deal-Making Questioned - FORBES

The German-made INS Rahav, the fifth Israeli Navy submarine, arrives at the military
port of Haifa on January 12, 2016. In September 2015, Israel received delivery of the
fourth Dolphin 2 class submarines from Germany. A third of the cost was funded by
Germany as part of its military aid to Israel. The submarines, the most sophisticated in
Israel's fleet, can be equipped with missiles armed with nuclear warheads.
(Photo JACK GUEZ/AFP/Getty Images)

DEC 2, 2016 @ 11:05 PM
Tim Daiss

In a convoluted development intersecting the energy sector and Middle Eastern geopolitics, media in Israel is reporting that Israeli Attorney General Avichai Mandelblit has ordered a police probe into allegations that Israeli Prime Minister Benjamin Netanyahu’s personal lawyer, David Shimron, used his close relationship with the Israeli leader to influence him to award a $1 billion contract to build three navy submarines to ThyssenKrupp, a German multinational conglomerate with a 4.5% ownership stake held by the Iranian government.

The subs will be used to protect Israel’s massive offshore natural gas field in the Mediterranean. According to a report on Friday in The Times of Israel, Shimron was a representative of the company in Israel. The inquiry will also focus on a separate 2014 Defense Ministry tender for navy ships, also involving ThyssenKrupp.

Why Has Noble Energy Been in the News Recently? - MARKET REALIST

By Keisha Bandz | Dec 2, 2016 5:58 pm EST

What Is Noble Energy’s Outlook for 2017 and Beyond? 

Noble Energy’s long-term outlook
On November 16, 2016, Noble Energy (NBL) provided its long-term outlook from 2016–2020. It also provided an update on its US onshore operations.

The company’s November 16 press release noted that the outlook “includes a forward base plan utilizing $50 per barrel WTI and Brent and $3 per thousand cubic feet Henry Hub natural gas for 2017, with modest oil price acceleration through 2020. An upside plan is also provided which adds $10 per barrel in commodity price to all periods.”

Egypt accepts six bids for oil and gas exploration - REUTERS

Fri Dec 2, 2016 | 9:16am ESTReporting by Ehab Farouk; writing by Amina Ismail; editing by Susan Thomas

Egypt has accepted six bids for oil and gas exploration worth a total investment of up to $200 million, the Ministry of Petroleum said on Friday.

In May, the General Authority for Petroleum announced an international tender for 11 oil and natural gas blocks in the Western Desert and Gulf of Suez as Egypt looks to boost oil and gas production to meet growing energy demand.

Royal Dutch Shell, BP, Apache Corp and Apex International Energy are among the companies involved, the ministry said in a statement.

It said BP would invest at least $46 million, Apache at least $60.6 million and Shell at least $35.5 million.

Binding phase of market test for gas link Greece-Bulgaria gets five bids - SEE NEWS

Dugopolje-Split gas pipeline (by EVN)

December 2, 2016

SOFIA (Bulgaria) - Five offers were received on a long term basis for the binding phase of the market test for the gas interconnector Greece-Bulgaria, the company in charge of the project said on Friday.

"The announced capacity within the second phase of the market test amounts to 2.7 billion cu m, 1.57 billion cu m of which are reserved," ICGB said in a statement.

According to the procedure, the market test will be completed with the implementation of the advanced reservation capacity agreements by the companies which submitted the offers, upon approval of the relevant allocation by the national regulators of Greece and Bulgaria.

Apex International Energy awarded first blocks in Egypt - APEX INTERNATIONAL ENERGY

December 2, 2016
Minimum investment in two concessions of $27.4 million in first exploration phase
Cairo, Egypt and Houston, Texas (December 2, 2016)— Apex International Energy, an independent oil and gas exploration and production company focused on Egypt, is pleased to announce that it has been awarded Blocks 8 and 9 by the Egyptian General Petroleum Company (EGPC) from their 2016 Bid Round.

Block 8 and 9 are both located within the prolific Abu Gharadig Basin in Egypt’s Western Desert and cover 6,714 square kilometers (2,592 square miles or 1.7 million acres) in total.
Specific details are below:

Union for the Mediterranean's Ministerial Conference on Energy - EIN NEWS

Friday, December 2, 2016

Only a few days after the closing of the COP22 conference in Marrakech and concomitantly with the opening of the second edition of the Rome Med Dialogues, today the Farnesina is hosting the Ministerial Conference on Energy of the Union for the Mediterranean (UfM), with the participation of 43 Countries from the two shores of the Mediterranean sitting around the Mediterranean Table designed by Michelangelo Pistoletto.

The meeting, co-chaired by the European Commissioner for Climate Action and Energy, Miguel Arias Cañete, and Jordan’s Energy Minister, Ibrahim Saif, will engage ministers and diplomats in a discussion on revamping energy cooperation as a source of wellbeing for the whole Region.

Turkish parliament ratifies deal on building Turkish Stream gas pipeline - TASS

December 02, 9:12 UTC+3
Ruslan Shamukov/TASS

ANKARA, December 2. /TASS/. The parliament of Turkey has passed a bill on ratifying an intergovernmental agreement with Russia on constructing the Turkish Stream gas pipeline, the Milliyet daily reported on Friday.

A total of 210 lawmakers out of 223 were in favor of the ratification during the vote, which was held last night. On November 29, the parliament’s foreign relations commission also endorsed the bill.

The Russian authorities announced the Turkish Stream in December 2014 to replace the South Stream gas pipeline project. It was planned that the offshore section of the Turkish Stream gas pipeline would comprise four stretches with a capacity of 15.75 billion cubic meters each.