Greece says wraps up talks with Total-led venture for offshore gas drilling - KATHIMERINI / REUTERS

Wednesday February 1, 2017

Greece has concluded talks with a consortium led by France's Total for deep sea gas exploration in one block in western Greece, its energy minister, Giorgos Stathakis, said on Wednesday, taking the two sides closer to signing a deal.

In October, Greece named a consortium of France's Total, its biggest oil refiner Hellenic Petroleum, and Italy's Edison as the preferred bidder for the offshore gas drilling block in the Ionian Sea.

The Total-led consortium has bid for one block in the Ionian. Hellenic Petroleum has bid independently for two other blocks in the same region.

Hellenic Petroleum in a venture with Edison, and Energean Oil, Greece's only oil producer, is already searching for oil in three onshore and offshore blocks in western Greece. 

TAP gas pipeline can gauge customer interest in capacity: executives - REUTERS

Wed Feb 1, 2017 | 11:26am EST

Reporting by Angeliki Koutantou and Karolina Tagaris. Editing by Jane Merriman

The Trans-Adriatic Pipeline (TAP) that will take gas from Azerbaijan to Europe is in a position to offer capacity on the line via so-called "open seasons" to gauge interest among potential customers, senior TAP executives said on Wednesday.

The 870-km (540-mile) pipeline will link Azerbaijan's Shah Deniz II field with Italy, crossing through Georgia, Turkey, Greece, Albania and the Adriatic Sea. It is the largest attempt so far to bring new supply sources to European consumers.

Around 10 billion cubic meters (bcm) per year of Azeri gas should reach Europe by 2020 through TAP as well as the South Caucasus Pipeline through Georgia and the Trans-Anatolian Pipeline (TANAP) through Turkey.

"We have prepared the ground for 200 kilometers out of a total of 550 kilometers that the Greek section will run," Rikard Scoufias, TAP's country manager for Greece, said on the sidelines of an energy forum in Athens. "We are on track."

TAP can offer capacity via "open seasons" in line with European legislation, its commercial and external affairs director Ulrike Andres said.

Egyptian delegation to visit Iraq in February to finalize agreement on crude imports - EGYPT INDEPENDENT / REUTERS

Tue, 31/01/2017 - 14:32

A delegation from the Petroleum Ministry will visit Iraq this February to finalize the draft agreement to import crude oil, minister Tarek el-Molla said on Tuesday.

Egypt aims to import 1-2 million barrels per month from Iraq.

"It’s expected the deal will be concluded during the first quarter [of the year]," Molla said.

The move follows Saudi Arabia informing Egypt in November that shipments of oil products expected under a $23 billion aid deal had been halted indefinitely.

Egypt has gone from exporting energy to being a net energy importer as domestic output has failed to keep pace with rising demand. The government is seeking alternative solutions to help the country cope.

LNG stations to be established in Turkey - DAILY SABAH

30.1.2017

The Energy Market Regulatory Authority (EPDK) has taken an important step after Turkey's first floating liquefied natural gas plant, a visionary project headed by Energy and Natural Resources Minister Berat Albayrak, was put into use in İzmir's Aliağa district. The EPDK decided to establish LNG stations following a regulatory amendment. Particularly in trucks and buses, the use of LNG, which is the application area, is being promoted to reduce carbon dioxide emissions and encourage environmentally friendly transportation.

In line with the board decision taken by the EPDK, the Natural Gas Market License Regulation will be amended. Wholesale license holders with LNG stations will be able to carry out the sale of LNG for use as fuel in road vehicles at the facilities they establish at a certain addresses. In this way, only license holders will be able to sell LNG at the facilities that are subject to their licenses. Other wholesale companies selling natural gas throughout the country are obliged to take separate licenses if they want to sell LNG used as fuel for road vehicles. The LNG, which is a field of application primarily in vehicles such as trucks and buses, is not used for small vehicles since it is not suitable for storage. With the new regulation, the use of natural gas will be extended and the emission of carbon dioxide will be reduced to promote environmentally friendly transportation.

Leumi Capital Markets sees Leviathan stage 2 delay - GLOBES

30 Jan, 2017 12:50
Kobi Yeshayahou

Leumi Capital Markets has downgraded Avner, Delek Drilling, and Isramco, but upgraded Ratio.
Leumi Capital Markets has downgraded its recommendations for Avner Oil and Gas LP (TASE: AVNR.L), Delek Drilling Limited Partnership (TASE: DEDR.L), and Isramco Negev 2 LP (TASE: ISRA.L). Leumi Capital Markets senior gas and energy analyst Ella Fried has lowered her recommendation for these three partnerships from "market outperform" to "market perform," while upgrading her recommendation for Ratio Oil Exploration (1992) LP (TASE:RATI.L) from "market perform" to "market outperform."

In her review, Fried notes that the main reason for the change is "the lower likelihood that we are assigning at this stage to an extra 25% in exports during the initial phase of development in the Leviathan natural gas reservoir and a two-year delay in the second stage in our working assumptions."

Lebanon – a new frontier for hydrocarbons - FINANCIAL TIMES

30.1.2017
Niazi Kabalan, Pinsent Masons

After a three year hiatus, Lebanon has approved two crucial decrees required to relaunch the country’s first offshore energy licensing round. The Lebanese authorities are preparing a road map to resume a stalled plan to allow global oil companies to explore for hydrocarbons in the eastern Mediterranean country.

The hotly anticipated licence round signals a new era for Lebanese oil and gas which has been thwarted by delays after a political stalemate put the brakes on a planned launch in 2013, despite the licensing round having attracted super majors and oil companies from around the globe.

While news of the refreshed tender process is turning the heads of the global oil industry, the mood music is one of cautious optimism as companies demand the promise of a stable and fiscally attractive petroleum regime before signing on the dotted line. Indeed, oil price fluctuations mean investment decisions are not made lightly; with new licensing rounds planned elsewhere in the region, such as in Cyprus, Oman, Iran and Iraq, Lebanon must act fast to compete for investment.

Oil Ministry studies refining Iraqi crude at MIDOR - ENTERPRISE / AL MAL

Monday, 30 January 2017

The Oil Ministry is studying refining Iraqi crude at the Middle East Oil Refinery (MIDOR), unnamed sources tell Al Mal. MIDOR is seen as the most capable of refining Iraqi crude, but the refinery is currently running at full capacity, the source added. If capacity is not freed at MIDOR, sources say other options include refining at the Amreya Petroleum Refining Company or the Alexandria Petroleum Company. 

Iraqi crude, which is scheduled to arrive between February and March, can provide 9-10% of domestic demand for refined petroleum products, the source added. Egypt is set to import 1 mn bbl of crude from Iraq each month.

Greek Firm in $380m Libya Deal - LIBYA BUSINESS NEWS

January 28, 2017

Greek company METKA has announced that it has concluded an agreement with the General Authority for Electricity and Renewable Energy of Libya (GAEREL) to carry out the engineering, procurement and construction (EPC) contract for a new power plant in Tobruk, Libya. The agreement was made in Athens on 25 January 2017.

The project, with total output of more than 500MW, includes the supply and installation of 3 General Electric GT13E2 gas turbines in open cycle configuration, together with all associated balance of plant equipment and a 220/66kV substation. The contract value for METKA amounts to $380 million.

The contract is subject to final approval from the responsible state authorities in Libya, and will only become effective upon opening of an irrevocable letter of credit confirmed by 1st class international bank.

Oil Ministry approves USD 8 bn strategy to develop petrochemicals sector - ENTERPRISE / AL MAL

Sunday, 29 January 2017

The Oil Ministry has approved a USD 8 bn strategy to develop refining facilities and the petrochemicals sector, Oil Minister Tarek El Molla told Al Mal. 

The strategy aims to upgrade machinery at existing facilities to maximize production, and build several new projects in Cairo, Alexandria, Assiut, and Suez, he added.

Turkey to Get Discounted Iranian Gas as Compensation - FINANCIAL TRIBUNE (IRAN)

Saturday, January 28, 2017

Iran, which must pay Turkey $1.9 billion in compensation for overpricing its gas exports to the Eurasian country between 2011 and 2015, will offer discount on future gas supplies to clear the amount, Turkey's energy minister said.

"In the coming years, Turkey will ensure its gas supplies at feasible costs," Berat Albayrak was quoted as saying by Anadolu News Agency, Eqtesad Online reported.

Iran signed a contract in 1996 to export up to 10 billion cubic meters of gas per year to Turkey over 25 years. But Turkey's state-owned oil and gas company Botas appealed in March 2012 to the International Court of Arbitration saying that Tehran had overcharged.

Trump's energy secretary pick would deepen US-Israeli ties in sector - JERUSALEM POST

27 JANUARY 2017 06:30Sharon Udasin

Under the new administration the US stands to become a global leader in the natural gas sector, particularly in liquefied natural gas.

If former Texas governor Rick Perry becomes energy secretary, American-Israeli relations in the sector stand the chance to become stronger than ever, industry stakeholders told The Jerusalem Post on Thursday.

“Rick Perry is a friend of Israel and has visited Israel,” said Zvi Rome, chairman of the Israel-America Chamber of Commerce’s energy committee.

“What we have learned – we the energy committee here in Israel – is that this administration will take a fresh look at all energy issues in the US, where the lead concern is to allow energy companies to take their natural leadership position in the world.”

Lebanon relaunches first oil and gas licensing round - REUTERS

Lebanon's Minister of Energy and Water, Cesar Abou Khalil
REUTERS/Mohamed Azakir

Thu Jan 26, 2017 | 9:58am EST

Reporting by Lisa Barrington; Editing by Susan Thomas and Susan Fenton

Lebanon relaunched its first oil and gas exploration and production licensing round after a three-year delay, its energy minister said on Thursday, kick-starting the development of a hydrocarbon industry stalled by national political paralysis.

Lebanon has opened five offshore blocks (1,4,8,9 and 10) for bidding in a first licensing round, Minister of Energy and Water Cesar Abou Khalil told a news conference.

ENERGY: Lakkotrypis meets oil companies ahead of 3rd licensing round - FINANCIAL MIRROR

25 January, 2017

Cyprus Energy Minister Yiorgos Lakkotrypis met with officials from companies and consortia that have been selected to negotiate with the government under the third licensing round for offshore hydrocarbons exploration in Blocks 6, 8, and 10 in the Exclusive Economic Zone (EEZ) of Cyprus.

Lakkotrypis said that on January 13 he held separate meeting with all the companies that have been selected, noting that the object of these meetings was to agree on the dates, the methodology and the procedure to be followed in order to bring the outcome of the negotiations before the Cabinet early in March. 

EastMed pipeline commercially viable - CYPRUS MAIL / CNA

January 25, 2017

EastMed pipeline is commercially viable and technically feasible, according to a study presented in Brussels to the EU Directorate-General for Energy and the director generals of the Ministries of Energy of Cyprus, Greece, Israel and Italy.

According to the study conducted by EDISON, the estimated cost of EastMed is 6 billion dollars.

Relevant sources told CNA that after the presentation of the study, there was a discussion between the delegations of the four countries with the European Commission, in order to prepare the meeting of the Energy Ministers of the four countries and the EU Energy Commissioner Miguel Arias Cañete, scheduled for next May in Israel.

IEC buys Dalia gas more cheaply than Tamar - GLOBES

24 Jan, 2017 14:12
Nati Yefet

The Electric Corporation will save $1.34 million on its fuel costs.

Sources inform "Globes" that Israel Electric Corporation (IEC) (TASE: ELEC.B22) board of directors last Thursday approved a deal to buy surplus natural gas from Dalia Energies, owner of the Dalia power station, for 50 days at a price that will save the company at least $1 million. While IEC buys gas from the Tamar reservoir at $5.80 per mmbtu, it will pay less than $5 for the gas from Dalia. Dalia, the largest power station in Israel, has a 900 megawatt capacity, enabling it to supply 7% of Israel's electricity.

The IEC decision followed the start of a two-month shutdown of one of Dalia's two turbines earlier this month, shortly after the other turbine ended a two-month shutdown. As reported to "Globes," each turbine generates NIS 32 million a month in revenue, meaning that the four-month shutdown of one turbine will reduce Dalia's revenue by nearly NIS 130 million. Adding several million dollars for repairing each turbine brings the projected damage suffered by Dalia to NIS 150 million. A malfunctioning turbine is not a rare event; IEC combined cycle turbines are shut down an average of 29 days.

Egypt to increase gas production up to 50 percent by mid-2018 - AHRAM ONLINE

Reuters

Tuesday 24 Jan 2017

Egypt's Petroleum Minister Tarek EL-Molla said that Egypt is aiming to increase its natural gas production up to 50 percent by mid-2018, as well as completing the infrastructure development projects of Misr Fertilizers Production Company (MOPCO) and The Egyptian Company for Ethylene Production (ETHYDCO) petrochemicals factories.

El-Molla's statement came during his participation in the Egyptian-British business council meetings held in London.

The minister stated before the council that Egypt has announced two major international bids for gas and petroleum excavation in 2016, in addition to the inking of 76 agreements and securing $31 billion of investments during the upcoming 3-4 years, to speed up gas excavation in the Zohr, North Alexandria and Atoll fields.

Gazprom eyes TAP for Russian gas - NATURAL GAS WORLD

January 24th, 2017John Roberts, William Powell

Gazprom has declared for the first time that it may be interested in using the Trans-Adriatic Pipeline as a method of delivering Russian gas to Italy. Addressing the European Gas conference in Vienna January 24, Gazprom deputy chairman Alexander Medvedev (pictured below) said Russia has sufficient installed capacity upstream to deliver more than 100bn m³/yr of extra gas to Europe but that it faces an infrastructure problem.

He added: “In order to bring this gas to Europe we need additional infrastructure, which we are working on with our European partners – NordStream 2 and Turkish Stream. This capacity will not be sufficient to bring all this to Europe. So this is why we are talking to use available capacity on the Poseidon project that will be ready soon, or maybe TAP.”

Total to delay Block 11 drilling - CYPRUS MAIL

January 24, 2017

Elias Hazou

French oil major Total has alerted the government that its planned drilling for hydrocarbons in Cyprus’ economic waters will be pushed back to the summer.

According to daily Politis, the company has said that it will delay drilling its first exploratory well to June – rather than April, as indicated earlier.

The well, code-named Onisiforos, lies in Block 11, on which Total has a concession to explore for oil and gas.

The delay is attributed to the prior uncertainty over the location of the company’s onshore support base.

EGAS sets initial price of USD 0.4 per mbtu for private companies to use national gas grid - ENTERPRISE / AL SHOROUK

Monday, 23 January 2017

On step closer to deregulating the gas market: We have inched one step closer to seeing the gas market privatized as the Egyptian Natural Gas Holding Company (EGAS) has set a preliminary price of USD 0.4 per mbtu for private companies looking to use the national gas grid, unnamed sources tell Al Shorouk.

EGAS appears to have side-stepped forming the new regulator for the industry, which as per the Natural Gas Act is supposed to set prices, and moved directly on that front.

Russia sets to take part in gas pipeline construction from Iran to Turkey - CONSTRUCTION.RU

23.01.2017 17:13
Tatiana Kanunnikova

The Russian Federation is likely to take part in construction of Iranian gas pipeline, IGAT9, with a capacity of 35 cubic meters per year, Mehr news agency reports on Monday with the reference to Deputy Minister of Oil of Iran, Hamid Reza Araki.

“We welcome Russia’s participation in the project of construction of Iranian IGAT9 gas pipeline with investments in amount of $2,5 billion,” Hamid Reza Araki said.

Gas is planned to be transported through the pipeline from a field in South Pars to the border with Turkey for further transportation to Europe. A total investment in the gas pipeline is estimated at $2,5 billion.

Total SA: A solid performance - IN CYPRUS / CYPRUS WEEKELY

January 22, 2017

Dr. Charles Ellinas

During the oil price decline of the last two years, the one integrated major oil and gas company that has stood out as the most resilient and best-performing has been Total SA.

Total is about to start drilling in Block 11, with hopeful indications, and has been selected with ENI during the 3rd licensing round for the award of Block 6 – clearly an important player in the development of Cyprus’ hydrocarbons. In this article I have described the company, its performance and plans, and what these mean for Cyprus.

Electricity Ministry considers reducing fuel oil at power plants to cope with post-flotation financial burden - DAILY NEWS EGYPT

Sunday January 22, 2017Mohamed Farag

Liberation of exchange rate hiked burden to EGP 102bn per year

Minister of Electricity Mohamed Shaker is currently waiting for the cabinet to decide on one of the scenarios proposed to cope with the increasing financial burden on the Egyptian Electricity Holding Company (EEHC) following the flotation of the Egyptian pound.

Sources at the Ministry of Electricity said that the ministry is considering reducing the proportion of using fuel oil for production, especially as it costs more than gas. The price of fuel oil amounts to EGP 2,500 per tonne, while that of 1 Billion Thermal Units (BTUs) stands at $3bn.

Electricity Ministry meets with EDF Energy to discuss cooperating on Siemens power plants management - ENTERPRISE / AL BORSA

Sunday, 22 January 2017

Officials from the Egyptian Electricity Holding Company are meeting with a delegation from EDF Energy to discuss cooperating on managing the Siemens power plants, unnamed sources told Al Borsa. 

The Electricity Ministry had earlier issued a tender to receive the completed power plants from Siemens and assist the ministry in managing the power plants. Three companies presented bids including EDF Energy, RWE, and Parsons.

61 gas shipments in 1H17 – EGAS - ENTERPRISE / AL SHOROUK

Sunday, 22 January 2017

The first half of 2017 will see Egypt importing 61 liquefied gas shipments, with that number set to drop to 25 during 2H17, Al Shorouk reported EGAS chief Mohamed El Masry as saying. This comes as Egypt is looking to increase its production of natural gas to 5.3 bcf/d in FY2017-18, a source at EGAS told Reuters’ Arabic service. Egyptian gas output averaged around 4 bcf/d in FY2015-16 and is expected to average 5 bcf/d in FY2016-17. As more fields, particularly Zohr, are brought onstream, output is expected to increase to 6.8 bcf/d by FY2018-19. First gas from Zohr is expected by the end of this year.

Turkey’s role in natural gas – Becoming a transit country? - INSTITUTE OF ENERGY ECONOMICS, UNIVERSITY OF COLOGNE (EWI)

January 2017

Istemi Berk, Simon Schulte

EWI Working Paper, No 17/01
Institute of Energy Economics at the University of Cologne (EWI)

This paper analyses the possible future role that Turkey can play in European natural gas markets. We employ a global gas market simulation model, COLUMBUS, to assess the outcomes of different scenarios concerning natural gas supply routes to Europe through Turkey up to 2030. The results imply simply that under current conditions, i.e., a more competitive environment in European gas markets leading to low gas prices, Turkey’s role would be of only minor importance. In accordance with various scenarios presented in this study, Turkey’s role is seen at its most important when European demand increases and Russia exerts power in the European markets.

Turkey’s role in natural gas – Becoming a transit country? - EWI Working Paper, No 17/01

Power, gas supplies set to be tested - KATHIMERINI

19.01.2017 : 22:48

Chryssa Liaggou

Energy authorities in Greece have signaled that the country’s natural gas system is expected to remain under pressure until early February.

Liquefied natural gas reserves at the LNG terminal on the islet of Revythousa are set to run out tomorrow because the LNG carrier that had been supposed to deliver a shipment from Algiers was not able to dock at the Algerian capital’s port in time due to rough seas.

This development has generated major concern in Athens and on Wednesday the Regulatory Authority for Energy convoked the Crisis Management Committee, which assessed the situation regarding the uninterrupted supply of electricity and natural gas around the country.

Total SA (ADR) (NYSE:TOT): Drilling in Cyprus Underway - THE COUNTRY CALLER

January 20, 2017 10:18 am EST

Myrna Salomon

The site targeted for drilling stands in close proximity with the Eni owned Zohr field

With an optimistic sentiment being raised in the global energy market, energy companies are in full swing. From boosting up their exploration, production and investment plans to carry out new expansions, the big oil are doing their all.

Being in the same league, French oil and gas company Total SA (ADR) (NYSE:TOT) is prepping up for gas drilling off Cyprus. The site targeted for drilling stands in close proximity with the Eni SpA (ADR) (NYSE:E) owned Zohr field.

Stephane Michel, President of Total for Middle East and North Africa stated: "Obviously the Zohr discovery has changed the landscape. It is clear that the decision to drill block 11 was taken on the basis of the Zohr discovery."

Russian parliament ratifies major gas pipeline deal with Turkey - CHINA.ORG / XINHUA

Xinhua, January 20, 2017

Russia's State Duma, or the lower house of parliament, approved a "Turkish Stream" pipeline deal Friday to deliver its natural gas to Turkey and European markets through the Black Sea.

Russian President Vladimir Putin initiated the Turkish Stream project in 2014, and sealed the agreement with his Turkish counterpart in Istanbul in October 2016 envisioning the construction of two underwater legs of the gas pipeline.

The project, put on hold after Turkey downed a Russian warplane in November 2015 near Turkish-Syrian border, was brought back to agenda in June 2016 when Moscow and Ankara agreed to revive their relations.

El-Molla endorses budgets of three Egyptian oil firms for 2017/18 - ZAWYA / AMWAL AL GHAD

Thursday, 19 January 2017

Egyptian Petroleum Minister Tarek El -Molla endorsed Thursday the planning budgets of three oil firms for financial year 2017/18.

The minister headed the meeting of general assemblies of Misr Petroleum Company, Co-operation Petroleum Company (Copetrole), and [Arab Petroleum Pipelines Company (SUMED)].

The meeting was attended by state's Local Development Minister Ahmed Zaki Badr, Executive Chairman of The Egyptian General Petroleum Corporation (EGPC), and other officials.

Commission insists Greece must privatise 66% of DESFA gas grid - EURACTIV.COM

Miguel Arias Cañete

19 January 2017
Georgi Gotev

Europe’s top energy official said today (19 January) that Greek authorities should privatise a majority stake in Greek gas grid operator DESFA, after a deal collapsed last year.

Under its privatisation programme, an important part of its international bailout, Greece and its biggest oil refiner, Hellenic Petroleum, had agreed to sell the DESFA stake to Azerbaijan’s SOCAR for €400 million.

The deal collapsed in November after Athens passed legislation raising DESFA’s gas tariffs by a lower amount than SOCAR had expected and SOCAR asked for a lower price.

Israel bolsters maritime defense in offshore oil and gas zone - RUSSIA TODAY

19 Jan, 2017 13:36

Photo: Israeli navy patrol vessels take part in a drill simulating the targeting of an infiltrated enemy vessel and the evacuation of a patrol boat, in the Mediterranean Sea off the coast of Ashdod, southern Israel November 8, 2016. © Amir Cohen / Reuters

Tel Aviv is increasing spending on the Navy to protect its offshore oil and gas deposits better and secure a large maritime area neighboring Lebanon, Reuters reports.

The agency says the Israeli defense ministry is not disclosing the information about the new financing, but in 2013 the Navy asked for a $700 million budget increase and an additional $100 million every year to maintain a larger force.

Total readies drills in Cyprus, Egypt in regional growth push - YAHOO FINANCE / REUTERS

January 19, 2017
Bate Felix, Editing by Andrew Callus and Alexander Smith

PARIS (Reuters) - France's Total (TOTF.PA) is preparing to drill for gas off Cyprus, close to ENI's huge Zohr discovery off the Egyptian coast which in 2015 renewed interest among oil majors for exploration in the Mediterranean.

Cyprus awarded ENI, Total and ExxonMobil (XOM.N) exploration licences near the Zohr field in December, while neighbouring Lebanon plans to restart its delayed oil and gas licensing round in the region.

"Obviously the Zohr discovery has changed the landscape," Stephane Michel, who took over as Total's President for Exploration and Production in the Middle East and North Africa (MENA) region in 2014, told Reuters on Thursday.

"It is clear that the decision to drill block 11 was taken on the basis of the Zohr discovery," Michel said, adding that preparations were in the final stages but there was no date yet when drilling would begin.

Ratio Petroleum IPO oversubscribed - GLOBES

19 Jan, 2017 12:55
Kobi Yeshayahou

Ratio Petroleum engages in oil and gas exploration in Guyana, Malta, the Philippines, and Ireland.
In the first IPO of 2017, Ratio Petroleum has scored a success, raising NIS 48 million in an offering of participation units. Demand for the oversubscribed part of the offering for investment institutions totaled NIS 60 million. Ratio Petroleum is a subsidiary of Ratio Oil Exploration (1992) LP (TASE:RATI.L), which owns 15% of the Leviathan natural gas reservoir. Ratio Petroleum, which engages in oil and gas exploration outside of Israeli economic waters, holds exploration rights in Malta, Guyana, Ireland, and the Philippines. The company also engages in development and production, mainly of marine assets.

Oil Ministry establishing four new petrochemicals projects - ENTERPRISE / AL MASRY AL YOUM

Thursday, 19 January 2017

The Oil Ministry is establishing four new petrochemicals projects worth a combined EGP 1 bn, Oil Minister Tarek El Molla told Al Masry Al Youm.

The projects come as Egypt looks to maximize the petrochemicals value chain. 

Speaking at the general assembly of The Egyptian Petrochemicals Holding Company, El Molla stressed the importance of taking into account the availability of domestic production inputs, or the possibility of importing to bridge the gap between supply and demand to maintain production at these new projects.

EGAS denies Dana Gas operations affected by outstanding receivables - ENTERPRISE / AL MAL

Thursday, 19 January 2017

Dana Gas operations and investments were not affected by unpaid receivables from EGAS, a senior official at EGAS told Al Mal. 

Dana Gas had earlier said it will have to review its 2017 investment plans for Egypt if the country does not repay dues by the end of the year.

Egypt To End Capital Controls, Reform Oil Sector Under IMF Deal - RIGZONE / REUTERS

Wednesday, January 18, 2017
Lin Noueihed

Additional reporting by Ahmed Aboulenein, Eric Knecht, and Asma Alsharif; Writing by Lin Noueihed and Ahmed Aboulenein; Editing by Hugh Lawson and Eric Knecht

CAIRO, Jan 18 (Reuters) - Egypt will scrap its remaining caps on transfers and deposits of foreign currency by the end of June and overhaul its oil sector as part of ambitious efforts to reform the economy under an IMF agreement, the details of which were released on Wednesday.

The International Monetary Fund approved the three-year programme with Egypt in November, releasing the first $2.75 billion instalment of a $12 billion loan intended to jumpstart an economy battered by years of turmoil that has driven away investors and tourists, key sources of hard currency.

The Fund said on Wednesday that Egypt was on track to receive the second tranche of the loan, pending a visit to review progress at the end of February.

European interest in Israeli gas deepens - GLOBES

18 Jan, 2017 18:33
Amiram Barkat

The Energy Ministry director general will meet counterparts from Italy, Greece, and Cyprus to discuss a gas pipeline from the Leviathan reservoir.
High-level contacts between Israel and European countries on laying a gas pipeline from the Leviathan natural gas reservoir are about to take place. Sources inform "Globes" that Ministry of National Infrastructure, Energy, and Water Resources director general Shaul Meridor will travel to Brussels next Monday to meet his counterparts from Italy, Greece, and Cyprus in the European Commission offices. The meeting is designed to pave the way for a summit between the four countries' energy ministers next month in Israel.

Acquisition of Turkish oil and gas production companies completed - GLOBE NEWSWIRE / YAHOO FINANCE

January 18, 2017

DALLAS, Jan. 18, 2017 (GLOBE NEWSWIRE) -- Park Place Energy Inc. (PKPL) (“Park Place” or the “Company”) is pleased to announce it has now completed the acquisition of three oil and gas exploration and production companies operating in Turkey (the “Tiway Companies”). As previously reported, the purchase price for the acquisition of the Tiway Companies from Tiway Oil B.V. was $2.1 million. It took over a year to obtain all the required regulatory approvals for the transaction. As a result of the acquisition of the Tiway Companies, Park Place now owns interests in three producing oil and gas fields in Turkey, one of which is offshore and the other two are onshore.

At year-end 2016, net production to the Tiway Companies from such fields was 280 barrels of oil equivalent per day or Boe/d; and for the year 2016, net production to the Tiway Companies averaged 390 Boe/d. In addition, the Tiway Companies have about US$745,000 in available cash. Due to the acquisition of the Tiway Companies, the Company is now a qualified oil and gas operator in Turkey based in Ankara. With this base of operations in Turkey and its experienced management team, Park Place is poised to exploit these assets and for further growth in the region.

Greek power utility shareholders approve grid spin-off - EURACTIV.COM / REUTERS

18 January 2017

Shareholders of Greece’s power utility Public Power Corp. (PPC) approved yesterday (17 January) the transfer of a 51% stake in the power grid operator ADMIE, part of a spin-off scheme, which is a major term in Greece’s bailout programme.

Under a legislated scheme aiming at keeping ADMIE under state control, PPC will sell a 24% stake to China’s State Grid for €320 million and set up a special vehicle to transfer a cost-free 51% stake to the state and existing private shareholders.

“The extraordinary PPC shareholders meeting approved the procedures in order to conclude ADMIE’s spin-off,” the energy ministry said in a statement.

In 2015, Greece signed up to its third international bailout since the debt crisis erupted, agreeing to cut spending, pursue reforms and speed up privatisations to shore up its finances.

Prime Minister calls on Petroleum Ministry to swiftly complete oil, gas development projects - DAILY NEWS EGYPT

Wednesday January 18, 2017
Mohamed Ayyad
Gas self-sufficiency to be achieved by end of 2019, says prime minister

Prime Minister Sherif Ismail called on the Minister of Petroleum to quickly complete the development projects of discovered fields in order to increase the local production of crude oil and gas, and relieve the pressure on foreign exchange resources.

During his visit to the Petroleum Ministry on Wednesday, Ismail said that Egypt will achieve natural gas self-sufficiency by the end of 2019. The prime minister stressed the importance of intensifying exploration and research works during the upcoming phase.

Ismail also stressed the importance of delivering natural gas to homes as this would improve the services offered to citizens and provide the necessary amount of butane, 50% of which is imported.

Egypt signs two oil and gas exploration agreements - ENTERPRISE / ASWAT MASRIYA

Wednesday, 18 January 2017

Egypt signed two exploration and production agreements in the Western Desert and Suez Canal regions, Aswat Masriya reported. The first agreement was signed with Sahara for Oil and Gas, a sister company of Sahara Petroleum Services (SAPESCO), with an investment value of USD 30 mn. The second agreement was inked with the Offshore Shukeir Oil Company to carry out exploration on behalf of EGPC in the Suez Canal region.

Kuwait Energy signs farm-out agreement with Global Connect Ltd for Abu Sennan, Egypt - KUWAIT ENERGY

17 January 2017Kuwait City, Kuwait
Kuwait Energy plc (“Kuwait Energy”) is pleased to announce the signing of a Farm-Out Agreement (FOA) for 25% participating interest in the Abu Sennan concession fromits share, to Global Connect Limited (“Global Connect”); a recently established E&P Company with a focus on MENA region. The FOA was signed in Egypt on Thursday 15 December 2016 and it is effective as of 31 December 2016. The agreement remains subject to government and pre-emption approvals.

The agreement was signed by Sara Akbar, the CEO of Kuwait Energy and Sherif Foda, Founder and Chairman of Global Connect.

On this occasion, Sara Akbar said:

“We are very pleased to welcome a new partner in the Abu Sennan concession. Along with Dover and Rockhopper, Global Connect will now support the concession in the development and exploration efforts. The team at Global Connect brings in a wealth of technical expertise based on their previous experiences. We look forward to working alongside one another to create optimal value for Egypt and all the partners”.

Engagement in a Non-Binding LOI for the Supply of Natural Gas from the Leviathan Project to Edeltech Ltd. - DELEK GROUP

Tel Aviv, January 17, 2017.

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") with regard to an engagement in a non-binding LOI for the supply of natural gas from the Leviathan project to Edeltech Ltd.

Further to the provisions of Section 7.14.1 of the Partnerships’ periodic report as of December 31, 2015, as released on March 28, 2016 (the “Periodic Report”) regarding the conduct of negotiations of the partners in the Leviathan project including the Partnerships (the “Leviathan Partners”) for the marketing of natural gas and condensate to potential offtakers in the domestic economy, the Partnerships hereby respectfully announce as follows:

Petrobel to invest $630 million in FY 2017-18 - ENERGY EGYPT / EGYPT'S MINISTRY OF PETROLEUM

Abu Rudeis onshore facilities (photo: Petrobel)

January 17, 2017

Minster of Petroleum Eng. Tarek El Molla, chaired the General Assembly for Belayim Petroleum Company (Petrobel) to review the companies’ budgets for fiscal year 2017/2018. The general assemblies were held in the attendance of First Undersecretaries of the Ministry of Petroleum, CEOs of the Egyptian Natural Gas Holding Company (EGAS), and Executive President of the Egyptian General Petroleum Corporation (EGPC) , BP’s Regional Manager, Hesham Mekawy and Eng. Adriano Mongini, IEOC’s President.

Mediterranean sea, from gas new opportunities for integration - ABO

Jan 17, 2017
Costanza Concetti, Georgetown University

The new found hydrocarbon resources in the Mediterranean may represent the pretext for long-awaited regional integration
With Eni’s discovery offshore Egypt of the Zohr Field, whose 850 bcm of lean gas make it the largest gas trove in the Mediterranean to date, the Eastern Mediterranean has officially become a viable supply basin for the needs of gas-hungry Europe. The collective 3,500 bcm of natural gas reserves found offshore Cyprus, Lebanon, Israel, Gaza, and Egypt, and a predicted 10,000 bcm more lying in the ground, will predictably challenge the previous monopoly held by current suppliers like Russia, Algeria, and Nigeria. Contemporarily, as previous historical importers set out to become natural gas exporters, neighboring countries that harbored frosty relationships are already being brought together in the interest of effectively exporting and marketing the newfound resources. The Eastern Mediterranean gas reserves and their export may therefore transform the geopolitics of energy that currently connect Europe, Russia, Turkey, the Middle East, and the African continent in a complex web of interdependencies.

Libya oil output said to rebound with power returning at fields - WORLD OIL / BLOOMBERG

JAN/17/2017
SALMA EL WARDANY

TRIPOLI (Bloomberg) -- Libya’s oil production rebounded to about 700,000 bpd after dipping temporarily due to power outages that disrupted operations at some of the OPEC member’s fields.

Electricity is returning gradually to fields in western Libya following a blackout on Jan. 14, according to a person familiar with the matter, who asked not to be identified for lack of authorization to speak to news media. Oil output dropped to 655,000 bpd this week as a result of the outages, and production should increase further as electricity is restored at more fields, the person said.

The blackout occurred after an unspecified group of people closed the valve of a natural gas pipeline that feeds the Zawiya power station in the western region, and electricity was restored later in some areas, the state-run Lana news agency reported on Jan. 15. Other factors contributed to the outages, including attacks on power stations, the national utility GECOL said in a Jan. 15 statement.

CERA unveils ‘market light’ for energy liberalisation - CYPRUS MAIL

January 10, 2017
Elias Hazou

The Cyprus Energy Regulatory Authority (Cera) has unveiled its latest stopgap proposal ahead of the full opening up of the energy market.

CERA head Andreas Poulikas told MPs on Tuesday the authority has drafted a regulation introducing a “market-light,” as he put it, ahead of the transition to full market liberalisation.

Lawmakers also heard that the target now for full liberalisation is by May 2019. The date has been pushed back several times.

CERA is proposing bilateral contracts between electricity producers and suppliers. Under this arrangement, market clearance would take place every calendar month.

Russian gas flows to Europe, Turkey surge 25% on year in H1 Jan - PLATTS

London (Platts)--17 Jan 2017 931 am EST/1431 GMTStuart Elliott, Edited by Alisdair Bowles

Russian gas flows to Europe and Turkey were already 25.5% higher year on year in the first 15 days of January, according to the latest Gazprom data, having hit an all-time high daily level on January 8.

The continued high flows in 2017 -- following record-breaking volumes last year -- come as cold weather across Europe, especially in the east, triggers increased demand for Gazprom gas.

Russian gas prices also remain competitive compared with European hubs -- the oil price rally of end-2016 will only filter through to oil-indexed gas contracts in the coming months -- so European buyers are thought to be maxing out their Russian gas purchases.

In a statement Monday, Gazprom said gas flows to what it calls the Far Abroad -- Europe and Turkey but not the ex-Soviet states -- were 25.5% higher than in the same period of 2016.

Egypt's Petroleum Minister Signs Two Oil and Gas Exploration Deals - ASWAT MASRIYA / ALLAFRICA.COM

17 JANUARY 2017
Aswat Masriya (Cairo)

Cairo — Egypt's Petroleum Minister Tarek al-Molla signed two agreements for oil and gas exploration in the Western Desert and the Suez Canal regions on Tuesday.

Egypt aspires to increase its oil and gas production to meet the growing domestic demand for energy.

According to the ministry's statement, the first deal was signed with the Egyptian General Petroleum Corporation (EGPC) and Sahara for Oil and Gas with a total investment worth at least $30 million.

Israel's Edeltech seeks deal for more natural gas from Leviathan - REUTERS

Tue Jan 17, 2017 | 2:37am ESTReporting by Tova Cohen, Editing by Ari Rabinovitch

The partners in Israel's giant natural gas field Leviathan said on Tuesday they have signed a non-binding letter of intent to supply natural gas to Edeltech, an Israeli private power provider.

The two sides are negotiating terms of a potential binding deal, which would include the supply of 14.8 billion cubic meters of gas over 17 years, the Israeli partners Delek Drilling and Avner Oil said in a statement.

Delek Drilling and Avner each hold 22.67 percent of Leviathan, while Texas-based Noble Energy owns 39.66 percent.

Such a deal would be in addition to a supply deal signed between the Leviathan partners and Edeltech a year ago. 

Sharkawy & Sarhan explain how the draft gas law will affect down- and mid-stream activities - ENTERPRISE

Tuesday, 17 January 2017

The draft Gas Law gives private parties access to the gas infrastructure and provides details of a new licensing regime through regulating transmission, distribution, storage, liquefaction, regasification, shipping, and the supply of gas, according to a note by Sharkawy & Sarhan. The law creates a new independent public entity affiliated with the Oil Ministry that will be responsible for granting licences to parties, ensuring competitiveness and transparency, setting tariffs, and settling disputes. The law firm says the draft will change market dynamics as “EGAS and EGPC will continue to ship gas along with other licensed parties. EGAS and EGPC will contract with [Transmission System Operator] and be committed to the obligations regarding the supplying, shipping and using the grids. EGAS and EGPC will also be bound by the tariff determined by the Gas Regulator and shall preserve transparency.”