Spud of Kelvin-1X exploration well, Egypt - SDX ENERGY INC.

8 May 2018
SDX Energy Inc. (TSXV, AIM: SDX), the North Africa focused oil and gas company, is pleased to announce that it has spud its Kelvin-1X exploration well at South Disouq, Egypt (SDX 55% working interest and operator).

Kelvin-1X is the second well in the Company's 2018 four well exploration and appraisal drilling campaign at South Disouq and is designed to prove up what the Company believes to be potentially material upside within the concession. 

The well is anticipated to take up to 30 days to drill and if successful, will be completed, flow tested and connected to the infrastructure being developed at the SD-1X discovery location.

Cyprus-Egypt gas pipeline to cost $800 mln-$1 bln - REUTERS

MAY 7, 2018 / 2:58 PM

Reporting by Ahmed Ismail; writing by Eric Knecht; editing by Jason Neely

CAIRO, May 7 (Reuters) - A pipeline connecting Cyprus’ Aphrodite gas field to Egypt’s liquefied natural gas (LNG) facilities will cost between $800 million and $1 billion, Egyptian petroleum minister Tarek El Molla said on Monday.

Egypt has rapidly increased its production of natural gas and is hoping to become a hub for exporting to Europe after making a series of big discoveries in recent years.

Molla, speaking at a joint news conference with Cyprus energy minister Yiorgos Lakkotrypis, said Cypriot gas would be used in part for domestic consumption and in part for export.

Lakkotrypis said a final agreement on the pipeline would be signed as quickly as possible but did not specify when.

Egypt is hoping to halt gas imports by 2019 and achieve self-sufficiency.

Cooperation is essential for developing joint gas reserves, Ambassador Revel tells CNA - CYPRUS NEWS AGENCY

07/05/2018 07:42 Antonios Gkildakis

CYPRUS/Nicosia - Cooperation is essential for the exploitation and development of joint gas reserves, says Shmuel (Sammy) Revel, the Ambassador of Israel to Cyprus, noting at the same time that the two countries have a transparent and productive dialogue over block 12 reserves.

In an interview with Cyprus News Agency, ahead of tomorrow’s trilateral Cyprus-Greece-Israel Summit in Nicosia, the Ambassador also notes that he expects progress to be made with regard to the EastMed pipeline and reiterates his country’s respect for Cyprus’ rights in its various maritime zones.

Prime Minister Benjamin Netanyahu will be accompanied by several Ministers and high-level officials during the Trilateral Summit in the Cypriot capital.

Giving gas for bilateral relations in the Middle East - JERUSALEM POST

MAY 6, 2018 10:26
Amir Foster

Within a short space of time, natural gas reserves on a scale of over 1,000 BCM were found in Israel’s economic waters alone.

The historic gas export agreement reported in February by the Tamar and Leviathan gas partnerships for exporting 64 BCM natural gas to Egypt is in the clear geopolitical interests of Israel and the entire region. The agreement signed with Dolphinus Holdings Limited to supply gas in Egypt, which joins an agreement signed in 2016 between the Leviathan partnership and the Jordanian national electric company NEPCO, is a step up in strategic relations between Israel and its neighbors, and enhances the key role of the Israeli gas industry, not only in the economic and environmental arena, but also in the regional geopolitical arena.

The story of Israeli gas exports begins at the end of 2009, when the Israeli economy was taken by surprise.

For the first time in the country’s history, a large natural gas reservoir (311 BCM) was found in Israel’s deep sea. The previously held thesis that the State of Israel had no choice but to rely entirely on importing energy sources was overturned.

However, even this impressive discovery did not prepare the Israeli economy for what would happen in the following two or three years.

The discovery of Tamar, in practice, opened up a new play for gas and oil exploration in the region, and led to a series of exceptional successes, foremost among them the discovery of the huge Leviathan reservoir (more than 600 BCM), the largest deepwater natural gas find in two decades, in addition to other significant finds, among them the Karish-Tanin reservoir, and Aphrodite in the economic waters of Cyprus, close to the borders of Israel’s economic waters.

Gas dispute with Israel is in ‘no one’s interest’ - CYPRUS MAIL

MAY 6, 2018

Elias Hazou

Fresh reports this week of Cyprus and Israel resorting to arbitration to resolve a dispute over future earnings from the Aphrodite gas field appear to be driven by angst on the Israeli side.

The likelihood of the two sides going for arbitration seems far-fetched, said Constantinos Hadjistassou, assistant professor at the University of Nicosia.


“Nobody really wants that, so I was surprised to read these press reports. More likely, the Israelis are playing hard ball,” he said.

He was alluding to the article in Israeli news outlet Globes, citing sources claiming that the two neighboring nations might be seeking international arbitration sometime over the coming months.

The Aphrodite reservoir is located on the border between the economic waters of Israel and Cyprus, with most of the reservoir lying on the Cypriot side.

UAE adds oil and gas sector to business interests in Egypt - THE ARAB WEEKLY

Gas tanks at the desert road of Suez city north of Cairo (Reuters)

Sunday 06/MAY/2018

Ahmed Megahid

UAE investments in Egypt totalled $6.2 billion in 2017, up from $6 billion the previous year. 

CAIRO - Having acquired a 10% stake in the Shorouk concession in Egypt’s gigantic Mediterranean Zohr gas field in March, the UAE-based investment fund Mubadala Petroleum is preparing to explore for oil and gas off Egypt’s Red Sea coast.

Egypt has finalised seismic research off the coast and is in the process of compiling a comprehensive study off the Red Sea coast before inviting oil and gas companies — perhaps by the end of the year — to bid for concessions in the area, which is expected to hold huge mineral reserves.

Mubadala CEO Bakheet al-Katheeri, after an April 25 meeting with Egyptian Petroleum Minister Tarek el-Molla, said the company was interested in long-term cooperation with Egypt regarding petroleum and gas.

Mubadala bought the 10% stake in the Shorouk concession from Italian state-owned Eni for $934 million. Katheeri confirmed that the company had expressed an interest in upgrading Egypt’s crude oil fields.

Toyota Tsusho looks to raise its investments in Egypt - DAILY NEWS EGYPT

4 MAY 2018
Nihal Samir

Minister of Petroleum and Mineral Resources Tarek El-Molla revealed in a press statement on Tuesday that he discussed with a delegation from Japan’s Toyota Tsusho Corporation the possibility of the company’s participation in a hydrocarbon cracking for diesel fuel project at an Assuit Oil Refining Company plant, which is to be implemented with investments worth $1.9bn.

The meeting also reviewed the situation of the integrated project for refining and petrochemicals, which is currently in the phase of study for implementation. Also, it reviewed the economic indicators and feedstock to reach the final feasibility study for the project.

El-Molla discussed with the delegation the investment opportunities available to increase the company’s investments in Egypt in the fields of refining and petrochemicals.

On the other hand, they discussed the executive status of an agreement which was signed in mid-April between the Egyptian Natural Gas Holding Co (EGAS), Ganoub El Wadi Petroleum Holding Company, and the Japanese company Toyota Tsusho to buy and own a new offshore drilling device with investments of $600m.

US backing Greece's energy agenda, Ambassador Pyatt says - KATHIMERINI

04.MAY.2018 : 13:18

The US will be a reliable supplier and ally for Greece as it deregulates its energy market, US Ambassador in Athens Geoffrey Pyatt said on Thursday, adding that Greece is a very important partner in Washington's energy agenda.

Speaking at an energy conference, the US ambassador stressed that energy security makes countries less vulnerable to external pressure. He accused Russia of using the “weapon” of the interrupting energy supply 55 times in the past, as a tool for establishing its policies. In this context, Pyatt said the US opposed the North and South Stream pipelines, stressing that they are another tool in the hands of Moscow.

The ambassador stressed that importing liquefied gas from the United States could play an important role in diversifying supplies to Greece and Europe and recalled Prime Minister Alexis Tsipras's statement during his visit to the United States and his meeting with President Trump that Greece will become the third US gas importer in Europe. He pointed out that the US supports Greece's emerging role as an energy hub and has described our country as a pillar of stability and a strong partner of the West in a difficult environment.

The acquisition of the gas grid operator's DESFA's shares is a significant investment with a vision, that will show the way for other investors to follow, said Italian Ambassador Efisio Luigi Marras. He pointed out that one of the reasons for illegal immigration, an issue of concern for both Italy and Greece, is a lack of energy that increases the pressure on the European borders.

National Bank is willing to spend 2.0 billion euros on energy investments over the next five years, said Chief Executive Officer Leonidas Fragiadakis.

Energean cleared of Karish-Tanin legal hassle - UPSTREAM ONLINE

3 May 2018 07:44 GMTAnamaria Deduleasa

Greek independent Energean Oil & Gas has been cleared of a legal hassle involving the approval of its Karish and Tanin gas field development off Israel.

Athens-based Energean said on Thursday that the petition filed by Hof Hacarmel – a regional council located in the northern Israeli coastal plain - has been dismissed by the Israeli Supreme Court.

Hof Hacarmel filed the petition against the Israeli Ministry of Energy, the Petroleum Commissioner, two planning and construction authorities, Energean’s local subsidiary in Israel and an environmental union of local authorities, in connection with the project, trying to stop its development.

Energean's field development plan for the project was approved by the Israeli authorities in August last year. Since then, the company approved the $1.6 billion final investment decision to proceed with the development, having secured finance and equity funding for the project.

Eni reports oil discovery in Egypt's Faghur basin - WORLD OIL

MAY/3/2018

MILAN -- Eni announces an oil discovery on the A-2X exploration prospect in the South West Meleiha license, in the Egyptian Western Desert, some 103 km north of the oasis of Siwa. The well is the first one drilled by Eni to explore the deep geological sequences of the Faghur basin.

Cyprus, Israel look to settle territorial dispute over Aphrodite gas field, approve Egypt’s LNG pipeline - ENTERPRISE

Thursday, 3 May 2018

Cyprus, Israel look to settle territorial dispute over Aphrodite gas field, possibly clearing last barrier to pipeline connecting Aphrodite to Egypt: Cyprus and Israel are looking to settle their ongoing dispute over their respective maritime borders and how much of the Aphrodite gas field in the eastern Mediterranean falls in Israeli territory, the Associated Press reports. Companies with a stake in the field are expected to sit down with Israeli energy firms to reach a solution, and an expert “will be called in to arbitrate” if all else fails, according to Cypriot Energy Minister Yiorgos Lakkotrypis. The dispute appears to be the final hurdle to overcome before Cairo and Nicosia can sign the agreement to establish a pipeline connecting the Aphrodite field to Egypt’s LNG facilities, which requires Israel’s approval.

Eastern Mediterranean: International Arbitration for 'Venus' - IBNA

02-MAY-2018, 11:14
Nefeli Tzanetakou

Cyprus and Israel are expected to resume international arbitration in order to put an end to their seven-year dispute over the exploitation rights of the "Aphrodite" ("Venus") field.

On May 8, a two-sided meeting in Nicosia is scheduled to take place, with the participation of Greece, where, among other things, the implementation plan for the East Med pipeline, which is expected to transport the Eastern Mediterranean gas in Europe will be discussed.

In 2010, Cyprus and Israel co-signed the demarcation agreement relevant to the Exclusive Economic Zone of each country, with the aim of subsequently completing and strengthening this agreement with the signing of a second one providing for the co-operation of those hydrocarbons that are on both sides of the maritime border.

But nothing like this ever happened...

Egypt, Greece, Cyprus Tripartite Meeting - ENTRPRISE

Egypt's Sisi (L) & Cyprus' Anastasiades

Wednesday, 2 May 2018

Contrary to official press releases, meetings between President Abdel Fattah El Sisi and his Cypriot and Greek counterparts did look at energy cooperation, Ittihadeya spokesman Bassan Rady tells Yahduth fi Masr (watch, runtime: 6:33). He then delved into the cultural aspects of the visit without elaborating further. Expectations were for an agreement to be signed this week, in light of Cypriot President Nicos Anastasiades and his Greek counterpart Prokopis Pavlopoulos’ visit to Cairo for the “Week to Revive the Roots” cultural forum. Egypt and Cyprus had reached a preliminary agreement to build an underwater pipeline for the transfer of natural gas. The move is expected to put Egypt on the map as a regional hub for the processing and export of natural gas to Europe and could see the country receive mns in funding from the EU under an energy cooperation framework signed last week. An Egyptian-Cypriot-Greek business forum was also held yesterday in Alexandria, according to a Trade Ministry statement.

Medserv's two major investors look to sell their shares - TIMES OF MALTA

Tuesday, May 1, 2018, 09:13

More than 65 per cent of the oil and gas service company available for purchase

Medserv's two major shareholders are seeking to offload their shares in the oil and gas service provider, they announced late on Monday.

Malampaya Investments Limited and Anthony S. Diacono have informed the company's board of directors that they intend to source a strategic purchaser to acquire their respective 34.33 per cent and 31.17 per cent shareholding.

Sourcing a strategic purchaser should "accelerate and further supplement the Group’s growth and internationalisation strategy," the two shareholders said in a company announcement. The company's board of directors share that view, they noted.

The process to find a purchaser is still at a very early stage, and the company noted that there is no certainty that one will be found or an eventual deal concluded.

Noble Energy VP: Israel natural gas market expands, demand continues to grow - JERUSALEM POST

MAY 1, 2018 05:30
Maayan Hoffman

This has been a great year for Noble Energy in Israel, said Bini Zomer, vice president of regional affairs, via a video interview on Sunday.

Speaking to the audience of the Jerusalem Post Annual Conference in New York, Zomer said Noble Energy has seen increased demand in the last 12 months.

“Today, at peak days, we are supplying fuel for 78% of Israel’s electricity production,” he said, which is up from 60% last year. “This year, we are moving over 70%, and that has been really terrific. We see that demand is continuing to grow.”

TurkStream Line 1 Completed - GAZPROM

April 30, 2018, 12:00

Today at the Black Sea coast of Turkey, the deep-water pipelay for Line 1 of the TurkStream offshore gas pipeline has been completed.

The average rate of the deep-water pipelay carried out by the pipelaying vessel Pioneering Spirit was 4.3 km/day. The maximum pipelaying rate – 5.6 km/day – was reached twice in February 2018.

In accordance with the schedule, the project is being simultaneously implemented on shore in Russia and Turkey and in the Black Sea. The receiving terminal is being constructed near the settlement of Kiyiköy, Turkey. Upon completion of the landfall sections the works on the first line will be completed.

Following the works schedule, Pioneering Spirit will continue the deep-water pipelay of Line 2 in the third quarter of 2018.

'Implementation of the TurkStream Project carries forward successfully. We have reached an important milestone – the completion of Line 1. Progress is moving at a high rate. Since 7 May 2017, when we started the pipelaying campaign, the total of 1,161 km of pipes has been laid, which is 62% of the overall gas pipeline length. Needless to say, TurkStream will play a significant role in strengthening energy security of Turkey and Europe', said Alexey Miller, Chairman of the Management Committee of Gazprom PJSC.

BP’s additional seismic mapping of Atoll gas field to be completed in 4Q2018 - ENTERPRISE

Monday, 30 April 2018

BP intends to conclude in 4Q2018 additional seismic scans it has been conducting at its Atoll gas field to locate additional reserves, a source tells Youm 7, adding that initial data brings “good news”. 

BP Group CEO Bob Dudley had announced in February that his company would invest USD 1 bn this year as production from Atoll gas field began seven months ahead of schedule.

Egypt, Cyprus to sign deal to connect Aphrodite gas field with Egypt - REUTERS

APRIL 29, 2018 / 5:43 PM
Reporting by Nadine Awadalla and Patrick Werr; writing by Arwa Gaballa; editing by Jason Neely

CAIRO (Reuters) - Egypt aims to sign an agreement with Cyprus to connect the island’s Aphrodite gas field with Egypt, Egypt’s oil minister said on Sunday.

Tarek El Molla, speaking at an American Chamber of Commerce in Egypt event in Cairo, also said the country was preparing a bid round for unexplored offshore areas west of the Nile Delta to the Libyan border.

“We intend to have a bid round in this area shortly,” Molla said.

Egypt may also invite companies to bid for oil and gas exploration in the Red Sea before year-end, he said.

Nostra Terra’s Egypt oil dispute referred to arbitration - ENTERPRISE

April 29, 2018

A dispute between Nostra Terra subsidiary Sahara Resources Inc. and the operator of the East Ghazalat concession in Egypt has been referred to the London Court of International Arbitration, the UK-based oil and gas company said on Thursday, according to Law 360.

Sahara Resources Inc. owns a 50% non-operating interest in the concession, where it sees “significant scope” to boost output. Nostra Terra purchased Echo Energy’s 25% stake in the East Ghazalat concession for USD 500k in June 2017. The company is hoping to reach a settlement.

Oil exploration company Nostra Terra said Thursday that its ultimate subsidiary had its dispute with the operator of an oil and gas producing field in Egypt referred to arbitration, remarking that it hopes a settlement could improve production of the asset in which it has a partial interest.

The referral is over the operations of “the East Ghazalat Concession Egypt,” which is located about 150 miles southwest of Cairo. Nostra Terra’s ultimate subsidiary, Sahara Resources Inc., owns a 50 percent non-operating interest in the concession.

Crunch year for Cyprus bid to become regional energy player - KATHIMERINI

Cypriot FM presents to Heads of Government, on behalf of the 

Commonwealth Ministerial Action Group (#CMAG) 

29 APRIL 2018 - 08:04Athanasios Ellis

Nicosia is building strong alliances with East Med neighbours to bolster its influence

Cyprus is ramping up efforts to become a regional energy player with 2018 seen as a critical year in deciding where it stands, Foreign Minister Nicos Christodoulides said in an exclusive interview with Kathimerini.

“All that I would like to say publicly is that 2018 will be a decisive year for the future of the Republic of Cyprus’ energy planning, its energy perspective, and that of the East Mediterranean in general,” said Christodoulides.

He said despite the negative development of Turkish naval ships blocking an ENI drill rig in February from accessing Cyprus’ EEZ, Nicosia’s energy plans continue to “run smoothly”.

"2018 will be a decisive year for the future of the Republic of Cyprus’ energy planning, its energy perspective"

“We are in constant contact and consultation with all the companies involved but also with the countries of the region as well as with EU Member States…we are in talks with Egypt and Israel, we have had related discussions with the governments of the USA, France, Italy , the European Commission.”

Egypt preparing for a gas-rich future - CYPRUS MAIL

April 29, 2018
Charles Ellinas

Egypt is determined to drive and manage its rapidly expanding energy sector and ensure that the new liberalised industry and systems are run on international standards, Egypt’s Petroleum Minister Tareq El Molla has said.

Speaking at the International Gas Union (IGU) Workshop in Cairo on April 19, El Molla said his department would put Egypt at the forefront of natural gas developments.

Since the discovery of the first gas-field Abu Madi in 1967, Egypt’s gas reserves have increased dramatically, particularly during the last two to three years, with the development of giant Zohr being the game-changer.

Egypt’s oil and gas sector is being developed on the basis of three key pillars, with corresponding action areas:

• Energy security: boosting and diversifying energy supply
• Financial sustainability: by addressing historic debts and reforming energy subsidies
• Sector governance: improving oil and gas sector governance

Giant gas pipeline boost for Turkey amid turmoil - ARAB NEWS

April 27, 201813:10
Richard Wachman

• Turkey’s aim to become regional energy hub not yet achieved
• Ankara to collect transit fees, tariffs and taxes

It has been a decade in the making: The $40 billion Southern Gas Corridor (SGC), arguably the gas industry’s most significant and ambitious undertaking yet, involving seven governments and 11 companies.

The 3,500 kilometers pipeline corridor is one of the biggest infrastructure projects in the global oil and gas industry, bringing Caspian gas through three linked networks across Azerbaijan, Georgia, Turkey, Greece and the Adriatic Sea to southern Italy where it can be conveyed to European markets.

SGC has been pushed by the EU since 2008 as a strategic imperative to reduce the bloc’s dependence on Russian gas, and has been bankrolled by EU and international funding, including loans from the Asian Infrastructure and Investment Bank, which counts Saudi Arabia and UAE as members.

Lessons In Attracting Upstream Investment Capital - FORBES

APR 27, 2018 @ 05:39 AM

Egypt’s astonishing gas renaissance

Not long ago, Egypt’s gas industry was in crisis. Production fell by a third in the three years to 2015; a top ten LNG exporter in the prior decade, the country had by then become a top ten importer. Nearly all available gas had to be diverted by the Government to serve the domestic market. As a result, export revenue dried up, the cost of gas imports soared and there was insufficient cash to pay contract commitments to E&P investors. Arrears ballooned to US$7 billion, and producers were becoming uneasy. Today, happily, things are very different and investment is flooding back in. What happened to turn things around? Stephen Fullerton, Upstream Research Analyst, identifies two key factors.

TransGlobe Energy Corporation Announces Operations Update - TRANSGLOBE

CALGARY, Alberta, April 27, 2018 (GLOBE NEWSWIRE) 

TransGlobe Energy Corporation (TSX:TGL) (NASDAQ:TGA) (“TransGlobe” or the “Company”) announces an operations update for Egypt.

The Company has completed drilling the second South K-field development well at K-45 which was targeting the main Asl A sand in a crestal position in South K-field. The well was drilled to a total depth of 5,831 feet and encountered main Asl A sand approximately 66 feet structurally higher than the K-46 well and is structurally the highest well in South K-field Asl A & B pools. K-45 encountered an internally estimated 195 feet of net oil pay comprised of 120 feet of net oil pay in the Asl A pool (A1, A2 and A3), and 75 feet of net oil pay in the Asl B pool. The Company plans to initially complete the Asl B formation in K-45 and place the well on production in early May.

Following K-45, the drilling rig is scheduled to move to West Gharib and NW Gharib to drill Arta 54 and NWG 38A-3 respectively. Arta 54 is targeting the Nukhul/Red bed formation at the northern edge of the main Arta pool. The NWG 38A-3 well is planned as a water injection well to provide reservoir pressure support and enhanced recovery in the NWG 38 Red Bed pool. The first three wells drilled in the NWG 38 pool did not encounter a water leg and are currently producing at a combined, restricted rate of approximately 920 Bopd. It is expected that the current production rates will be optimized upon completion of the water injection scheme and stabilized reservoir pressures.

Following NWG 38A-3, the rig will return to the West Bakr concession and drill up to three development wells including two wells inside the recently negotiated reduced buffer zone targeting the M-field Asl A formation.

Zohr Ramp-Up: Eni start-up the second production unit - ENI

San Donato Milanese (Milan)
26 April 2018 – 11:30

Eni announces the start-up of the second production unit (T-1) of the Zohr project, which will increase installed capacity by 400 MMScfd, just 4 months after the field’s start-up. Zohr now has a capacity of 800 MMscfd, equivalent to 150,000 boe per day (46,000 boed net to Eni).

The production ramp-up is planned to continue, with the same exceptional performance, in order to reach 1.2 bcfd in May 2018, 2 bcfd by end 2018 and the production plateau (2.7 bcfd) in 2019.

The Zohr field, the largest gas discovery ever made in Egypt and in the Mediterranean Sea, is located offshore, within the Shorouk Block, some 190 km north of Port Said. Zohr was discovered in August 2015, obtained the Development Lease approval in February 2016, and started the production in December 2017 with a time-to-market of 2.3 years.

Merlon JV Petrosilah to invest $55 million in oil exploration in Egypt - ENERGY EGYPT

April 26, 2018

Petrosilah Petroleum Company plans to invest about $55 million in oil exploration and discovery in its concession areas in Egypt during the fiscal year 2018/2019, chairman and managing director Taher Abdel Rehem said.

The firm raised its production of crude oil by 1,000 barrels during last week, bringing its daily output capacity to 7,000 barrels per day (bpd) since output started in the Abboud well.

There is a plan to raise Petrosilah’s output in the coming two months to 7,500 bpd, he added.

Petrosilah is a joint venture (JV) between the Egyptian General Petroleum Corporation (EGPC) and US-based oil company Merlon International.

Petrosilah’s explorations are being carried out in the concession area that includes Sila, Tarsa, and Khek fields in Fayoum.

Abdel Rehem noted that there were plans to drill eight wells, including six development wells and two other exploratory ones, at $20 million investments in Tameya and Ain al-Silian in Fayoum.

UAE’s Mubadala prepares for Egypt oil & gas debut - ENTERPRISE

Thursday, 26 April 2018

UAE’s Mubadala looking to acquire 10% Zohr stake next month as it prepares to enter Egyptian market: The Abu Dhabi-based Mubadala Petroleum is expected to sign next month the final contracts for its acquisition of a 10% stake in the Zohr gas field from Italy’s Eni, Oil Minister Tarek El Molla said yesterday, Al Shorouk reports. The USD 934 mn agreement, into which Eni entered last month, is still pending regulatory sign off. El Molla said that the procedural review was nearing the end, which means that Mubadala would soon join Rosneft, which bought a 30% stake in Zohr, and BP, which bought a 10% stake from Eni.

Mubadala is preparing a strong Egypt debut this year, CEO Bakheet Al Katheeri reportedly said following a meeting with El Molla. The company plans to enter exploration tenders and invest in oilfield development, according to El Molla. The minister had said last week that the government would issue tenders for 10-11 oil and gas exploration blocks, as well as other drilling tenders in the Red Sea, by the end of 2018. The Oil Ministry is also targeting USD 10 bn in FDI in the sector in FY2018-19, El Molla had also said. A number of IOCs, including Shell and Edison, had announced intentions to expand their Egyptian investments in light of recent discoveries in the East Mediterranean.

ENI defiant in face of Turkish threats - CYPRUS MAIL

ENI CEO Claudio Descalzi (Photo by Christos Theodorides)

APRIL 25, 2018

Jean Christou

The CEO of Italian energy giant ENI, Claudio Descalzi, was defiant in the face of Turkish threats on Wednesday, saying the company was committed to its plans and would not just leave behind the €700 million it has invested in Cyprus’ exclusive economic zone (EEZ).

Statement by Descalzi

Descalzi made the comments to reporters after a meeting he had with President Nicos Anastasiades and Energy Minister Giorgos Lakkotrypis in Nicosia.

In February this year, ENI drillship Saipem 12000 was prevented from reaching its target in block 3 Soupia, or Cuttlefish, in the island’s EEZ by Turkish naval forces. The standoff lasted two weeks before the platform moved on to Morocco.

“So far, we have invested about €700 million in Cyprus and this means that we have a strong commitment to the country,” Descalzi said.

Egypt, EU sign Memorandum of Understanding for energy cooperation - ENERGY EGYPT / ENTERPRISE / EU

April 24, 2018

Egypt and the European Union continue to share strong bilateral energy relations as well as an understanding of the opportunities and challenges facing the region. Partnership in the energy sector comes on top of the areas of common interest between Egypt and the EU in view of its importance as a driver of economic growth and development for both parties.

Oil discovery at Rabul 4 Well, West Gharib Concession, Egypt - SDX ENERGY

24 April 2018

SDX Energy Inc. (TSXV, AIM: SDX), the North Africa focused oil and gas company, is pleased to announce that an oil discovery has been made at its Rabul 4 Well in the West Gharib Concession in Egypt (SDX 50% Working Interest & Joint Operator). 

The well was drilled to a total depth of 5,250 feet and encountered approximately 43 feet of net heavy oil pay across the Yusr and Bakr formations, with an average porosity of 16%. Further evaluation of the discovery is ongoing, after which the Company expects the well to be completed as a producer and connected to the central processing facilities at Meseda. 

Following completion of the Rabul 4 well the Company will move on to the Meseda field, where it will drill two development wells. 

Libya says it's yet to approve Total's deal for Marathon assets - WORLD OIL

4/23/2018

SALMA EL WARDANY

CAIRO (Bloomberg) -- French oil giant Total SA said last month it had acquired Marathon Oil Corp.’s assets in Libya in a $450-million deal.

Not so fast, says the country’s state energy company.

Libya’s National Oil Corp. hasn’t yet approved the transaction and is “discussing arrangements” for the proposed sale with the country’s presidency council, Chairman Mustafa Sanalla said Monday. His assertion suggests the purchase -- which would more than double Total’s production in the North African nation -- won’t necessarily proceed as planned.

“Any transaction of this nature must have the approval of NOC and the Libyan authorities,” Sanalla said in a statement. “Any attempt to conclude the sale prior to this approval would be in breach of the concession’s contractual agreement.”

Total didn’t immediately respond to a request for comment.

Egypt is ready to be an energy hub for Europe, investment chief says - CNBC

23 APRIL 2018

Holly Ellyatt

• With gas production in full swing across a number of sites in Egypt, the country is ready to become a key exporter of energy in the region and beyond, the chairman and founder of investment firm Qalaa Holdings told CNBC.
• "In the oil and gas sectors Egypt remains a very important player," Ahmed Heikal, told CNBC's "Capital Connection" on Monday.

With gas production in full swing across a number of sites in Egypt, the country is ready to become a key exporter of energy in the region and beyond, the chairman and founder of investment firm Qalaa Holdings told CNBC.

"In the oil and gas sectors Egypt remains a very important player," Ahmed Heikal, told CNBC's "Capital Connection" on Monday.

Heikal said there was impetus for Egyptian gas to flow to European markets via terminals in Idku and Damietta.

EGAS, Snam sign MoU for cooperation in natural gas infrastructure management - BUSINESS REVIEW

23/4/2018 23:09
Marwa Nassar

The Egyptian Natural Gas Holding Co. (EGAS) signed on Monday a memorandum of understanding with Italy's Snam – a leading gas utility in Europe – to cooperate in the field of comprehensive management of natural gas infrastructure.

The memo was inked on the fringe of the EU-Egypt Sustainable Energy Business Forum which was launched in Cairo by Egyptian Minister of Petroleum Tareq El-MOlla and EU Climate Action and Energy Commissioner Miguel Arias Cañete.

Cañete has said "The EU and Egypt are strategic partners on energy. The potential for an even closer energy cooperation between the EU and Egypt is enormous, and I hope this visit will herald a new phase of closer and more intense relations amongst us. Egypt can lead the way of the clean energy transition in the Eastern Mediterranean and thus contribute to the Paris climate goals and the worldwide decarbonisation effort. Likewise, Egypt is becoming an upcoming important gas and electricity hub that can provide energy security for the EU and for the entire region. There is much to gain in terms of access to new sources of energy and market opportunities, for European and Egyptian citizens and businesses alike. The EU stands ready to support Egypt in its energy market reforms and to boost sustainable energy investment."

EU Energy Commissioner Visits Zohr Gas Field - EGYPT OIL & GAS

Monday, 23rd April 2018

Egyptian Minister of Petroleum and Mineral Resources Tarek El Molla and EU Commissioner for Energy and Climate Action Miguel Arias Cañete visited the onshore gas processing facilities at Zohr natural gas field, Egypt Oil & Gas reports.

During the visit, the minister and the accompanying delegation reviewed the amount of work achieved since the discovery of the field, including the phase 2 work that is currently under development.

El Molla and Cañete listened to an explanation from Balaeim Petroleum Company (Petrobel)’s Head, Atef Hassan, on the development of the field, as well as the ongoing construction processes in the onshore station which receives and processes natural gas from Zohr field.

The tour is a part of the program for Cañete’s three-day visit, during which several meetings will be held to review ways to increase cooperation between Egypt and the EU, Egypt Oil & Gas reported.

IDF reveals names of four new gas field-defending Sa’ar 6 warships - THE TIMES OF ISRAEL

Sa'ar Class 5 Corvette

22 April 2018, 7:45 pm
JUDAH ARI GROSS

The Israeli Navy on Sunday announced the names of its four new Sa’ar 6-class corvettes, the first of which is due to be delivered by the end of 2019.

The ships will be named “Magen,” meaning shield; “Oz,” meaning valor; “Atzmaut,” meaning independence; and “Nitzahon,” meaning victory.

The first corvette is scheduled to arrive in late 2019. The other three will be delivered by the beginning of 2021.

The ships are far larger and more powerful than the Sa’ar 5-class warships — currently Israel’s biggest — and are specifically meant to protect the country’s gas field and shipping lanes.

“The arrival of the ships will significantly change the face of the Navy,” said the head of the Israeli Navy Maj. Gen. Eli Sharvit.

“The navy will operate vessels with new capabilities that we do not currently possess,” he said.

Egypt aims for $10 billion foreign investment in oil, gas in 2018/19 - REUTERS

APRIL 22, 2018 / 10:46 PM

Reporting by Ahmed Ismail; Writing by Arwa Gaballa; Editing by Dale Hudson and David Evans

CAIRO (Reuters) - Egypt aims for foreign investment in the oil and gas sector to reach about $10 billion in the 2018/19 fiscal year that begins in July, Petroleum Minister Tarek El Molla said on Sunday.

Molla said he expected foreign investments to total the same amount for the current fiscal year, marking a 25 percent increase from the previous year.

The 25 percent gain comes as a result of foreign companies investing in major gas projects in the Mediterranean, he said.

Egypt aims to increase its gas production from newly discovered fields, which include the mammoth Zohr asset discovered by Italy’s Eni in 2015.

Once a gas exporter, Egypt hopes to halt imports by 2019.

Carbon Holdings to reach financial close on Tahrir petrochem complex by year’s end - ENTERPRISE

Sunday, 22 April 2018

INVESTMENT WATCH- Carbon Holdings aims to reach financial close on its USD 10.6 bn Tahrir petrochemicals complex by year’s end, CEO Basil El Baz says. 

Carbon Holdings is covering 26% of the project’s cost, with the remainder set to be funded by development finance institutions from the US, Germany, and the UK. 

Tahrir Petrochemicals will be built in the Suez Canal Economic Zone and will produce petrochemicals used to make a wide range of consumer and industrial goods.

Egypt and the EU to sign MoU on energy cooperation during Energy Commissioner’s Cairo visit - ENTERPRISE

(L) Miguel Arias Cañete, (R) Tarek El Molla

Sunday, 22 April 2018

Egypt, EU to sign energy cooperation agreement this week: Egypt and the EU are expected to sign an MoU on "Strategic Cooperation in Energy" this week during EU Energy Commissioner Miguel Arias Cañete’s three-day visit to Cairo, which begins today. It’s unclear when exactly the signing will take place and what the agreement will entail. Oil Minister Tarek El Molla had said last week that the agreement is part of a larger plan to turn Egypt into an export hub for East Mediterranean gas, a topic that is expected to feature strongly in Cañete’s talks with Egyptian officials this week, according to a ministry statement picked up by Al Masry Al Youm. “Egypt can lead the way of the clean energy transition in the Eastern Mediterranean and thus contribute to the Paris climate goals and the worldwide decarbonisation effort,” Cañete said. “The EU stands ready to support Egypt in its energy market reforms and to boost sustainable energy investment.”

Energean to boost east Mediterranean output - TIMES OF OMAN

April 21, 2018 | 4:21 PM

London: Freshly London-listed Energean Oil & Gas is boosting its Greek output and expects first gas from its Israeli fields in the first quarter of 2021, making it one of the biggest independent energy firms operating in the eastern Mediterranean.

Energean listed last month, raising $460 million to develop two Israeli offshore gas fields, Karish and Tanin, which have potential reserves of up to 2.4 trillion cubic feet of gas and 32.8 million barrels of light oil and condensate.

It also won five more Israeli blocks nearby and plans to publish their contingent resource data in the next few months, Chief Executive Mathios Rigas told Reuters in a phone interview.

Yorktown selling Egypt oil business Merlon -sources - REUTERS

APRIL 20, 2018 / 3:09 PM
Ron Bousso

• Private equity firm hopes to raise up to $400mln
• Citigroup running process, bids expected by July

LONDON, April 20 (Reuters) - Private equity firm Yorktown Partners is selling its Egyptian-focused oil and gas company Merlon International, hoping to raise up to $400 million, two banking sources told Reuters.

Transgaz loses bid for Greece’s grid operator - BUSINESS REVIEW

April 20, 2018 12:08
Sorin Melenciuc 

The consortium led by Spanish company Reganosa, including Romanian state-owned monopoly Transgaz and the European Bank for Reconstruction and Development (EBRD), lost the bid for Greece’s grid operator DESFA, Athens accepting a EUR 535 million offer from the rival consortium led by Italy’s Snam, according to Reuters.

DESFA runs a gas transport network by pipelines of 1,459 km in Greece. The winning bidder was a consortium of Italy’s Snam, Spain’s Enagas Internacional and Belgium’s Fluxys.

The sale of a majority stake in DESFA is mandated under Greece’s latest international financial bailout. The Greek government is selling a 31 percent stake in DESFA and Hellenic Petroleum, Greece’s biggest oil refiner, 35 percent.

For Greece is the second attempt to sale the company, after a previous EUR 400 million deal with Azerbaijan’s SOCAR fell through.

For Transgaz, the bid was the first major attempt to step outside Romania, in an area dominated for decades by Russian giant Gazprom, the main gas supplyer of the countries from the region.

Greece accepts Snam-led consortium's offer for gas grid DESFA - REUTERS

APRIL 19, 2018 / 7:30 PM / 2 DAYS AGO

Angeliki Koutantou

• Athens relaunched the sale last year
• Named Snam-led consortium “preferred investor”
• Greece a crossroads for new gas routes, consortium says

ATHENS, April 19 (Reuters) - Greece has accepted a 535 million euro ($662 million) offer from a consortium led by Italy’s Snam for a majority stake in gas grid operator DESFA, naming it the “preferred investor”, its privatisation agency said on Thursday.

DESFA runs a network for transporting gas from the Greek-Bulgarian and Greek-Turkish borders via a 1,459-km (907-mile) pipeline. It also has a liquefied gas terminal facility on an islet off Athens.

Strategically-placed, Greece could represent an important crossroads for the diversification of supplies and new natural gas routes in Europe, the consortium said.

It anticipated the transaction would be finalised in the second half of 2018 after securing approvals, including antitrust clearance.

EGAS, GANOPE sign offshore drilling rig purchase agreement with Toyota - ENTERPRISE

Thursday, 19 April 2018

A string of news from the petroleum industry is worthy of your attention this morning, all stemming from the 9th Mediterranean Offshore Conference, which saw a number of IOCs on Tuesday — including Shell, Eni, and Edison — make commitments to expand and expedite their activities in Egypt:

EGAS and the Ganoub El Wadi Petroleum Holding Company (GANOPE) signed yesterday a USD 600 mn agreement to purchase an offshore drilling rig from Toyota Tsusho, according to an Oil Ministry statement. The rig will be used for oil and gas deepwater exploration in the Mediterranean, Gulf of Suez, and Red Sea.

Schlumberger announced it will invest USD 60 bn in a new data center in a bid to make industry information more accessible, according to Egypt GM Hussein El Ghazzawy. El Molla had signed two agreements with Schlumberger back in February, one each for the data center and a seismic survey of the Gulf of Suez.

ICGB to choose pipe supplier for Greece-Bulgaria gas link in June - SEE NEWS

Apr 19, 2018 13:11 CEST

Mario Tanev / Bulgaria's Ministry of Energy

SOFIA (Bulgaria), April 19 (SeeNews) - The supplier of pipes for the Gas Interconnector Greece-Bulgaria (ICGB) project is expected to be selected in June, Bulgaria's energy ministry has said.

The shortlisted candidates will be announced by the end of April, the energy ministry said in a statement following a meeting of energy minister Temenuzhka Petkova with her Greek counterpart Giorgos Stathakis on Wednesday.

European Commission warns Turkey over its aggression toward Cyprus - KATHIMERINI

18.04.2018 : 09:38

The European Commission has warned Turkey that negotiations for EU accession will remain blocked as a result of its hostility towards Cyprus, according to its progress report.

European Commission's annual accession report on Turkey's EU progress said that one chapter has been put on ice until Brussels ascertains that Turkey has fully applied the so-called additional Ankara Protocol and displayed good neighbourly relations without threats.

This binds Turkey to extend recognition to Cyprus and to allow Cypriot shipping to access Turkish ports and Cypriot planes to use its airspace as a precondition for further accession negotiations.

"As long as restrictions remain in place on vessels and aircraft registered in or related to Cyprus or whose last port of call was Cyprus, Turkey will not be in a position to fully implement the acquis relating to this chapter," said the report.

Turkey does not recognise the Republic of Cyprus despite it being a Member of the EU and it is the only country to recognise the breakaway Turkish Cypriot state.

Geopolitical factors to restrict ELPE tender participation - ENERGY PRESS

18/04/2018

Geopolitical factors constraining the range of participants in order to safeguard matters such as national and regional security will inevitably be incorporated into the terms of an international tender offering 50.1 percent of ELPE (Hellenic Petroleum), expected to be announced by TAIPED, the state privatization fund, any day now, possibly even today.

Though the terms to be applied to the ELPE tender remain unclear, Russian, Iranian and Chinese players, for example, stand little chance of emerging as candidates, given the current geopolitical climate in the southeast Meditteranean, polarized by US-Russian tension.

Also, European powers such as Germany, France and Italy have been requesting increasingly strict measures from Brussels for protection of strategically important European enterprises against Chinese acquisitions. ELPE belongs to this category.

Possible EU agreement next? Shell resumes EastMed ops and more from Med Offshore Conference - ENTERPRISE

Wednesday, 18 April 2018

Is this it? Are we going to be the energy export hub to the EU next week? Egypt is expected to sign a new oil and gas agreement with the EU next week, Oil Minister Tarek El Molla said yesterday, without providing further details. While he framed the announcement as a “cooperation agreement,” he added that this is part of plans to turn Egypt into a natural gas export hub for the East Mediterranean basin. Cypriot Foreign Minister Nicos Christodoulides had said earlier this month that Egypt and Cyprus would be ready to sign the contracts for a pipeline “in the near future” and that the different parties involved “are in the process of negotiating the terms of the natural gas sale and the purchase agreements.” The two countries were also waiting to hear back from the EU on their preliminary framework for the agreement as of March.

El Molla also said yesterday that the Oil Ministry is also planning to issue tenders for 10-11 oil and gas exploration blocks, as well as other drilling tenders in the Red Sea by the end of the year, according to Reuters.

Remarks at major industry gathering: The minister’s statements were but the most high-profile of a number of significant sector announcements coming out of the 9th Mediterranean Offshore Conference. Highlights:

Royal Dutch Shell to resume deep-water exploration off Egypt - REUTERS

APRIL 17, 2018 / 12:22 PM

Reporting by Ahmed Ismail, writing by Amina Ismail; editing by Jason Neely

ALEXANDRIA, Egypt - Royal Dutch Shell said it will resume deep-water exploration for oil and gas off Egypt’s Mediterranean coast, Executive Vice President Sami Iskander told a news conference on Tuesday.

Egypt is looking to production from recently discovered fields to halt energy imports by 2019.

A petroleum ministry official said last month that new production at Shell’s [WDDM] field 9B (formerly BG) is expected to reach 350-400 million cubic feet per day by 2019.

Separately, production from the first 3 wells in the field is set to begin in the 2018-2019 fiscal year.

The field is owned by Egypt’s General Petroleum Corporation (EGPC), Malaysia’s Petronas and Shell.

At least one DESFA sale offer believed to exceed €500m - ENERGY PRESS

16/04/2018

At least one of two second-round offers submitted last week by two consortiums participating in an international tender offering 66 percent of DESFA, the natural gas grid operator, exceeds 500 million euros, according to energypress sources.

Such a level, if confirmed, would be well above the tender’s first-round offers and a winning 400 million-euro bid that had been submitted by Azerbaijan’s Socar to a previous tender, also offering 66 percent of DESFA, which was not finalized.

In another bonus, the government appears to have secured Greek State rights for natural gas projects and infrastructure of strategic interest in a shareholders’ agreement to accompany the transfer of DESFA’s 66 percent to a new strategic investor.

Tshuva again fails to delist Delek Energy - GLOBES

16 Apr, 2018 11:53
Kobi Yeshahayou

Delek Group improved its offer, but it still fell short. Market source: The reasons for the rejection are not purely economic.

Another offer to purchase by Delek Group Ltd. (TASE: DLEKG), controlled by Yitzhak Tshuva, for the public's shares in its Delek Energy Systems Ltd. (TASE:DEOL) subsidiary, aimed at delisting it from the TASE, has failed, even though Delek Group improved the cash element the offer. Delek Group, which owns 88.2% of Delek Energy, had to obtain acceptance of its offer from owners of at least 7% of the shares in Delek Energy for the offer to succeed, but owners of only 5.3% of the shares accepted.

A senior capital market source told "Globes," "There is no price at which the offer would have succeeded, among other things because some of the shareholders are making decisions for reasons that are not necessarily economic. There are investors who are in love with this security, and are not selling it for all sorts of reasons, whether because they think that Delek Group is not revealing all of the information it has about Delek Energy, or for other reasons. In my opinion, this security will not be delisted from the TASE, simply because there are enough shareholders whose considerations are not purely economic."