Egypt and Greece Sign Maritime Border Deal in Snub to Turkey - BLOOMBERG

August 6, 2020, 5:28 PM GMT+3

Abdel Latif Wahba

Egypt and Greece on Thursday signed a maritime border agreement, a move that comes amid criticism of growing Turkish influence in the eastern Mediterranean region.

The agreement, which lays out the boundary between the two nations’ exclusive economic zones, will allow Athens and Cairo to secure maximum benefits from oil and natural gas in the area, Egyptian Foreign Minister Sameh Shoukry said in a televised press conference with his Greek counterpart, Nikolaos Dendias.

The deal comes as Turkey is looking to issue new energy exploration licenses in the eastern Mediterranean, a move sharply criticized by Greece and the European Union. In addition, Turkish support for the internationally recognized, Tripoli-based Libyan Government of National Accord has upped the stakes in the war-ravaged North African nation.

EBRD supports decarbonisation of energy sector in Cyprus - EBRD

31 Jul 2020

Olga Aristeidou

• EBRD loan of €80 million, alongside EU and EIB financing, for floating storage and regasification unit in Cyprus
• Natural gas introduced to Cyprus, reducing dependence on oil
• Substantial reduction expected in local emissions of CO2 and air pollutants

The population of Cyprus will benefit from cleaner air and reduced energy costs thanks to the introduction of natural gas to the country, with a project jointly financed by the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB) and the European Union (EU).

The EBRD is providing a €80 million loan to the Natural Gas Infrastructure Company of Cyprus (ETYFA) for the acquisition of a floating storage and regasification unit (FSRU) and the development of related infrastructure. The FSRU will be permanently anchored about 1.3 km off the coast of Limassol in Vasilikos Bay and will connect directly to the adjacent Vasilikos power station, the largest power plant in Cyprus.

Bulgaria resumes natural gas transmission to Greece - SEE NEWS

29 JULY 2020

SOFIA (Bulgaria), July 29 (SeeNews) - Bulgarian state-owned gas transmission system operator Bulgartransgaz said on Wednesday that it has resumed natural gas transmission to Greece after fixing a ruptured pipeline.

All orders for Wednesday will be completed in full, Bulgartransgaz said in a statement.

Natural gas transmission to Greece was halted on Monday due to a rupture in the pipeline some 200 metres upstream the valve at the Kulata/Sidirokastron exit.

No one was injured in the accident.

Egypt: Total announces gas discovery in shallow waters - TOTAL

28/07/2020

Paris – Total, bp and Eni (as the Operator) have made a gas discovery with the Bashrush well on the North El Hammad license, located eleven kilometers off the Egyptian coast.

The well encountered 102 meters net gas pay in high quality sandstones of the Abu Madi formation. A production test was conducted with flow rates of up to 32 million standard cubic feet of gas per day (MMscf/d), limited by testing facilities. It is estimated that future deliverability per well will be up to 100 MMscf/d, along with up to 800 barrels of condensate per day. Future plans foresee development through tie-in to nearby existing infrastructures.

“We are very pleased to announce this discovery in Egypt. These results support our strategy to allocate a significant share of our exploration budget to the search of hydrocarbons in the vicinity of existing infrastructures,” said Kevin McLachlan, Senior Vice President Exploration at Total. “These resources have low development costs since they can rapidly be tie-in and put into production.”

Total holds a working interest of 25% in the North El Hammad license, alongside operator ENI (37.5%) and BP (37.5%).

Israel is Diving Into the Troubled Eastern Mediterranean - BLOOMBERG

July 26, 2020, 8:00 AM GMT+3

Seth J. Frantzman

The Israeli cabinet last week approved a pipeline deal to move gas offshore via Cyprus to Greece and Europe. The 1,900-kilometer (1,181 miles) link will connect gas fields in the Eastern Mediterranean basin to European markets. The $6 billion project, many years in the discussion, was boosted in January by an agreement signed in Athens between Israeli Prime Minister Benjamin Netanyahu and his Greek and Cypriot counterparts.

The EastMed project puts Israel on a collision course with Turkey. Ankara has laid claim, reinforced with a maritime deal with Libya, to large parts of the Eastern Mediterranean, where it is exploring for gas—and conducting naval exercises. These moves are exacerbating tensions with Greece.

Europe warns Turkey against natural gas mission near Greece - DW

24.07.2020

European officials on Thursday warned Turkey against pursuing a survey mission looking for gas reserves near Greek islands in the eastern Mediterranean.

Greece and Cyprus have accused Turkey of undermining their sovereignty by continuing to pursue energy resources within their territorial waters.

"The government is underlining to all parties that Greece will not accept a violation of its sovereignty and will do whatever is necessary to defend its sovereign rights," said Greek government spokesman Stelios Petsas.

French President Emmanuel Macron has called for sanctions against Turkey, saying it is "not acceptable for the maritime space of a European Union member state to be violated or threatened."

Last year, the EU adopted a sanctions regime targeting Turkey over its unauthorized gas drilling in Cypriot waters.

Chevron to take over Noble’s Cyprus gas field - FINANCIAL MIRROR

20 July 2020

US energy giant Chevron is taking over Noble Energy for $5 bln in an all-share deal, boosting its shale gas assets at home, while expanding its natural gas and crude resources overseas, including Cyprus.

This includes Noble’s stake in Israeli offshore gas fields, as well as Cyprus’ adjacent Aphrodite, where it is a joint venture partner with Shell and Delek.

A joint announcement by the American companies said: “The acquisition of Noble Energy provides Chevron with low-cost, proved reserves and attractive undeveloped resources that will enhance an already advantaged upstream portfolio.

Noble Energy brings low-capital, cash-generating offshore assets in Israel, strengthening Chevron’s position in the Eastern Mediterranean.”

Chevron Announces Agreement to Acquire Noble Energy - CHEVRON

20 JULY 2020

• Brings high quality assets to Chevron’s global portfolio
• Proved reserves to be acquired for under $5 per oil equivalent barrel
• Delivers $300 million in anticipated annual pre-tax synergies
• Accretive to ROCE, free cash flow and earnings

SAN RAMON, Calif., July 20, 2020 - Chevron Corporation (NYSE: CVX) announced today that it has entered into a definitive agreement with Noble Energy, Inc. (NASDAQ: NBL) to acquire all of the outstanding shares of Noble Energy in an all-stock transaction valued at $5 billion, or $10.38 per share. Based on Chevron’s closing price on July 17, 2020 and under the terms of the agreement, Noble Energy shareholders will receive 0.1191 shares of Chevron for each Noble Energy share. The total enterprise value, including debt, of the transaction is $13 billion.

The acquisition of Noble Energy provides Chevron with low-cost, proved reserves and attractive undeveloped resources that will enhance an already advantaged upstream portfolio. Noble Energy brings low-capital, cash-generating offshore assets in Israel, strengthening Chevron’s position in the Eastern Mediterranean. Noble Energy also enhances Chevron’s leading U.S. unconventional position with de-risked acreage in the DJ Basin and 92,000 largely contiguous and adjacent acres in the Permian Basin.

Israel Approves Natural Gas Pipeline Link to Europe - BLOOMBERG

July 19, 2020, 2:20 PM GMT+3Alisa Odenheimer

Israel’s cabinet approved a multinational accord to lay a pipeline that will facilitate the export to Europe of natural gas found in Israeli and Cypriot waters.

The $6 billion plan, formulated by the energy ministers of Israel, Cyprus, Greece and Italy, is for a 1,900-kilometer (1,181 miles) corridor that will link known and yet-to-be-discovered gas fields in the eastern Mediterranean basin with European markets through Cyprus, Greece and Italy. A survey of the route is currently being performed, with the aim of reaching a final investment decision within two years and completing the project by 2025.

The project has created friction with Turkey, which says it deprives Turkish Cypriots living in a breakaway state in northern Cyprus of proceeds from the island’s natural resources (Note: The north of Cyprus, always 100% or majority Christian, was 90% Christian before the Turkish invasion of 1974, now 100% Muslim also amid rampant colonization from mainland Turkey).

Ministry OKs environmental study for blocks south of Crete - ENERGY PRESS

17 JULY 2020

Energy minister Costis Hatzidakis has approved a strategic environmental impact study concerning an offshore area south of Crete in preparation for tenders to offer exploration and production licenses for two blocks covering most of the island’s width.

Giannis Basias, the former head official at EDEY, the Greek Hydrocarbon Management Company, went ahead with the strategic environmental impact study last August to clear the way for government authorities to stage tenders for licenses and also spare winning bidders of needing to wait for pending issues to be resolved before they can begin their exploration efforts.

In addition, it is believed EDEY took swift action for the environmental impact study covering the offshore area south of Crete in response to interest expressed by oil majors.

Cyprus parliament ratifies EastMed pipeline agreement - KATHIMERINI

FRIDAY JULY 17, 2020, 16:08

Cyprus’ House of Representatives ratified on Friday the EastMed natural gas pipeline.

The agreement, which was ratified by legislators with 47 votes in favor and two abstentions, provides for the construction of a system of pipelines for the transport of natural gas from the Eastern Mediterranean to supply European markets.

The intergovernmental agreement for the construction of the EastMed natural gas pipeline was signed on January 2 in Athens between Greek Environment and Energy Minister Kostis Hadzidakis, Cypriot Energy Minister Yiorgos Lakkotrypis and Israeli Energy Minister Yuval Steiniz.

WEPCO to add 2 new drilling wells to production line for USD 12 mn - ENTERPRISE

Thursday, 16 July 2020

The Western Desert Operating Petroleum Co. (WEPCO) will add two new drilling wells to its production line which includes the Badr-1 and EDC 9 natural gas wells at a cost of USD 12 mn, Chairman Ibrahim Masoud announced during a tour of the site on Monday, Youm7 reports. 

The report did not include a time frame for drilling the new wells.

Carlyle, Cairn Energy-backed group among bidders for Shell’s Egypt assets-sources - REUTERS

JULY 15, 2020 / 4:25 PM

Hadeel Al Sayegh, Ron Bousso

DUBAI/LONDON, July 15 (Reuters) - Buyout firm Carlyle and a consortium backed by Cairn Energy are among the bidders for Royal Dutch Shell’s onshore Egyptian oil and gas assets, two sources with knowledge of the matter told Reuters.

Bids for the assets are now expected to be sharply lower than initial estimates of up to $1 billion due to a weaker outlook for global oil and gas prices, said the sources, declining to be named as the matter is not public.

Shell launched a process at the end of November to sell its onshore upstream assets in the Western Desert as it focuses on expanding its Egyptian offshore gas exploration.

OCI NV, Adnoc could shutter fertilizer plants on high gas prices - ENTERPRISE

Tuesday, 14 July 2020

OCI NV, Adnoc could shutter Egypt fertilizer plants due to gas prices: High gas prices in Egypt could force OCI NV and the Abu Dhabi National Oil Company (Adnoc) to close all of their fertilizer plants in the country, the companies warned yesterday, according to Youm7. The companies, which last year merged to create the region’s largest fertilizer producer, said that they would first reduce production in response to the country’s high gas prices, which they said were inflicting heavy losses on their operations. The factories will eventually have to close entirely if gas prices remain high, the group said, without clarifying whether any closures would be permanent. Industrial firms currently pay USD 4.5 per mmBtu for gas in Egypt, more than 2.5x the international price paid by foreign competitors.

SDX Sells 50% of North West Gemsa License for $3 MM - EGYPT OIL & GAS / SDX ENERGY

Tuesday, 14th July 2020

SDX Energy has announced that it sold 50% working interest in the North West Gemsa license which is located in the Eastern Desert, to Gulf Energy, a private Egyptian oil and gas company, for an amount of $3 million, according to a press release.

It stated that the purchaser company will use $1.4 million to discharge the company’s remaining liabilities on the license.

The company elaborated that this action is part of SDX’s ongoing focus and commitment to capital discipline and careful management of the Group’s portfolio whilst also providing additional cash to further strengthen its balance sheet.

CEO of SDX, Mark Reid, commented “We are pleased to complete the sale of our interest in the North West Gemsa license. Whilst we have presented our interest in the license as non-core for some time, owing to its reducing production and marginal netbacks, it is a welcome outcome to be exiting the license with a useful cash consideration and also avoiding the upcoming associated budgeted capex of approximately $2.0 million for the year.”

Cyprus enters LNG era with FSRU groundbreaking at Vassilikos - PLATTS

10 Jul 2020 | 12:00 UTC Nicosia

Gary Lakes, Editor: Alisdair Bowles

• LNG import terminal to be operational by end-2022
• Terminal to end Cyprus' energy isolation: President
• Chinese-led project backed by European Commission

Nicosia — Cypriot officials hailed the start of a new energy era for the island on July 9 with a groundbreaking ceremony marking the start of construction for a floating storage and regasification unit (FSRU) terminal at Vassilikos.

A terminal and an FRSU, supplied by a Chinese-led consortium, are to be in place and operating by the end of 2022, enabling Cyprus to end its reliance on oil imports to fuel its main power generation plant at Vassilikos, where trading giant VTTI also operates a fuel storage and transshipment center.

Libya Lifts Force Majeure On All Oil Exports - OILPRICE.COM

Jul 10, 2020, 10:00 AM CDT

Charles Kennedy

After six months of port blockades and no exports, Libya’s National Oil Corporation (NOC) said on Friday that it lifted force majeure on all oil exports from Libya, potentially giving OPEC+ a headache in the coming months as the group continues to withhold supply from the market.

The first vessel to load crude oil from Libya is the Kriti Bastion from Es Sider oil port, NOC said today, but noted that the oil production increase in the country “will take a long time due to the significant damage to reservoirs and infrastructure caused by the illegal blockade imposed on January 17.”

Italy regulator grants TAP AG more time for first gas delivery, company confirms Q4 deadline - PLATTS

03 Jul 2020 | 12:46 UTC London

Silvia Favasuli; Editor: Jonathan Fox

• TAP AG says extension requested in case of delay due to COVID-19
• New deadline for first gas delivery now December 2021
• But confirms commitment to deliver first gas in Q4 2020

London — The developer of the Trans Adriatic Pipeline, TAP AG, confirmed late July 2 its commitment to deliver first Azerbaijani gas into Italy in the fourth quarter of this year, despite having asked and obtained from Italy's regulator the possibility of postponing first delivery of gas until December 2021.

"The TAP project is more than 96% complete and reconfirms the target of transporting first gas to Europe within 2020," Vugar Veysalov, TAP head of external affairs, told S&P Global Platts late July 2.

Drillship docks in Larnaca port - KATHIMERINI

THURSDAY JULY 2, 2020, 09:13

The Tungsten Explorer drillship, which is expected to be used in the Total-Eni consortium’s drilling activities in Cyprus’ exclusive economic zone (EEZ) has moved to the port of Larnaca, state-run Athens-Macedonia news agency (ANA-MPA) reports.

Earlier reports had said that the drill vessel would move from Lebanon, where it was conducting exploratory drilling off the coast of Beirut, to Trinidad and Tobago for a different offshore project.

Eventually, a decision was made that the vessel remains docked in Cyprus for the next few months, raising hopes that energy exploration will begin off the Mediterranean island after several delays caused by the Covid-19 pandemic and developments in the broader region.

Eni: New gas discovery in the Mediterranean Sea offshore Egypt - ENI

01 JULY 2020 11:00 AM CEST

Eni have successfully drilled the first exploration well in the North El Hammad license, in the conventional Egyptian waters of the Nile Delta, on the prospect called Bashrush. The discovery further extends to the west the gas potential of the Abu Madi formation reservoirs discovered and produced from the so-called "Great Nooros Area".

San Donato Milanese (Milan), 1 July 2020 - Eni (as the Operator of the Block), BP and Total (as Contractor members) have successfully drilled the first exploration well in the North El Hammad license, in the conventional Egyptian waters of the Nile Delta, on the prospect called Bashrush.

The new discovery is located in 22 meters of water depth, 11 km from the coast and 12 km North-West from the Nooros field and about 1 km west of the Baltim South West field, both already in production.

US' Noble to adjust work schedule at Cyprus's Aphrodite gas project - PLATTS

29 Jun 2020 | 14:26 UTC London
Stuart Elliott, Editor: Alisdair Bowles

• Progress depends on gas demand, market conditions
• Analysts see more delays to Aphrodite development
• First gas, for supply to Egypt, was set for 2025

London — The development of Cyprus' maiden gas discovery Aphrodite is facing an uncertain future as operator Noble Energy looks to revise the timeline for work at the project.

Discovered in 2011, the development of the 4.1 Tcf field seemed to have finally picked up speed in November last year with the signing of a new gas exploitation agreement between the field partners and the Cypriot government.

A final investment decision by Noble and its partners Shell and Israel's Delek was expected to be taken in 2022, with first gas set to flow in 2025.

Cyprus’ Natural Gas Infrastructure Company secures €80 million financing by EBRD - IN-CYPRUS / CYPRUS NEWS AGENCY

26.JUNE.2020

European Bank for Reconstruction and Development (EBRD) gave the green light for 80 million euros funding to the Natural Gas Infrastructure Company of Cyprus (ETYFA). The Loan Facility will be covering the construction of the Liquefied Natural Gas (LNG) Import Terminal in Cyprus. The financing is of a 20-year duration.

According to an ETYFA’s press release, funding is additional to ETYFA’s already approved financing by the European Investment Bank (EIB). EIB has approved a 150-million-euro funding to ETYFA on June 11th. The total capital expenditure budget of the project is 289 million euros, while ETYFA has already secured a 101 million euros subsidy by the European Commission, through “Connecting Europe Facility” (CEF) and 43 million euros, from the participation of the Electricity Authority of Cyprus (EAC) in the shareholding structure of ETYFA.

“Both the decision made by EIB, and the decision by EBRD highlight once again the trust of the European institutions towards ETYFA and energy authorities in Cyprus”, the press release points out.

The project is considered of major importance for the energy future of Cyprus.

Subsea structures in place at Karish offshore Israel - OFFSHORE MAGAZINE

Allseas' Solitaire & TechnipFMC's Normand Cutter at Karish

22 Jun 2020

LONDON – TechnipFMC and Allseas have completed two major components of Energean’s Karish gas project in the Mediterranean Sea, offshore Israel.

Allseas’ Solitaire completed installation of the 90.3-km (56-mi), 30-in. and 24.in gas sales pipeline in water depths of up to 1,700 m (5,577 ft).

The full program included placement of a tie-in manifold structure in 72 m (236 ft) water depth.

On average, excluding the beach pull, the rate of laying was 4,578 m/d (15,019 ft/d).

TechnipFMC’s construction support vessel Normand Cutter installed the production manifold, subsea isolation valve foundations and structures.

During 4Q, installation should get under way of the three sets of risers - 2 x10-in. and 1 x 16-in. - that will connect the three producing wells to the FPSO and then to the gas sales pipeline, finishing in 1Q 2021.

Currently the Karish development is around 80% complete, Energean said.

2020Egypt plans to sign oil and gas exploration and production contracts in 2021 - ZAWYA

17 JUNE, 2020
Marwa Abo Almajd

Egypt has signed 12 oil and gas exploration and production agreements involving local and international companies, an official of the Ministry of Petroleum and Mineral Resources said.

Spokesperson Hamdy Abd Alaziz told Zawya Projects last week that the agreements have received cabinet approval and the contracts are expected to be signed in 2021 after parliamentary approvals.

He said agreements were signed with companies from the US, UK, France, Kuwait and the UAE to start exploration and production activities in the Western Desert, the Mediterranean and the Red Sea.

Abd Alaziz said the local counterparties to the agreements included the Egyptian Natural Gas Holding Company (EGAS), which has projects in Narges, North Al Dabaa; North Sidi Barani; North Al-Salloum; North Al-Amiriya; North of Ras Kanais; North Marina and North of Cleopatra in the Mediterranean; Ganoub El Wadi Petroleum Holding Company (Ganope), which has projects in Blocks 1, 3, and 4 on the Red Sea, and Egyptian General Petroleum Corporation (EGPC), which has a project in East Abu Sennan in the Western Desert.

In December 2019, Reuters reported that Egypt had awarded oil and gas exploration concessions in its first ever Red Sea licensing round.

Noble hints at delay in plans for Aphrodite gas field - CYPRUS MAIL

June 16, 2020

Elias Hazou

Noble Energy, the primary concession holder on the Aphrodite gas field, has signalled they are putting on hold plans to develop and monetise the reservoir, while reiterating their commitment to the project.

In a statement provided to daily Politis, the US company said that tumbling commodity prices due to the economic fallout linked to the global coronavirus situation, have led them to “reconfigure” their work schedule in Cyprus as well.

While avoiding the term ‘delay,’ it could be inferred that Noble was hinting at exactly that.

“Reacting to the new state of play due to the Covid-19 pandemic and the drop in commodity prices, we are reconfiguring our work schedule in Cyprus, but we are keeping with our commitments to the Cypriot government,” the company said.

EIB approves €150 million for LNG project in Cyprus - CYPRUS NEWS AGENCY (CNA)

CNA - Cyprus/NICOSIA 11/06/2020 20:31

European Investment Bank’s (EIB) Board of Directors has approved the amount of €150 million to fund the construction of a project which will allow the import of liquefied natural gas (LNG) in Cyprus, Natural Gas Public Company (DEFA) announced on Thursday.

In a press release DEFA says that the project will be implemented by Natural Gas Infrastructure Company of Cyprus (ETYFA).

In particular, the loan is of a duration of 20 years with a favourably low rate and will cover capital construction expenditure, the press release adds.

Greece and Italy sign ‘historic’ maritime borders accord - KATHIMERINI

TUESDAY JUNE 9, 2020, 13:27

Greek Foreign Minister Nikos Dendias and his Italian counterpart Luigi Di Maio on Tuesday inked a maritime borders agreement delimiting an exclusive economic zone (EEZ) between the two countries.

The agreement, which was signed by the two foreign ministers during a visit by Di Maio to Athens and is an extension of a 1977 accord, paves the way for Greece and Italy to explore for and exploit marine resources.

It also paves the way for Greece to reach a similar deal with neighboring Albania.

“The delimitation of maritime zones with all of our neighbors in the context of international law is a consistent objective for this country,” Dendias said in comments after signing the agreement.

Libyan MoU cannot affect Greek rights, says US energy official - KATHIMERINI

02.JUNE.2020 : 22:45

The Turkey-Libya memorandum of understanding (MoU) relating to maritime zones “cannot as a legal matter affect the rights or obligations of third states” such as Greece, a US energy official said on Tuesday during a virtual roundtable discussion on the Eastern Mediterranean and the trilateral partnership between Greece, Cyprus and Israel.

The event was organized by the Atlantic Council and the American-Hellenic Chambers of Greece, Cyprus and Israel.

“International Law, the Convention of the Law of the Sea generally recognises that islands ... generally have an EEZ and they have a continental shelf, just as any other land territory, said Francis Fannon, US Assistant Secretary of State for Energy Resources.

At the same time, an MoU “does not abrogate the rights of states,” he added, "their legal status is recognized, there's not an equivalency here."

Ambassador Pyatt’s Remarks at AmCham East Med Act and 3+1 in Age of COVID-19 - US EMBASSY GREECE

June 2, 2020

Delivered (virtual roundtable)

Thanks Katerina. Well, let me start first of all by congratulating both the Atlantic Council and AmCham for this event, and in the same way as Ben said, the Atlantic Council has made a big bet on Greece, the United States has made a big bet on the 3+1 framework as a means to build stability and prosperity in a strategically dynamic region. We can see the challenge of great power rivalry returning to the region, even during this Coronavirus period.

I would just say a couple of quick points. Minister Hatzidakis spoke well to the benefits to Greece from this trilateral cooperation. For the United States, first of all, I should highlight that energy has been one of the real bright spots of our bilateral relationship for a few years now. We see Greece emerging as a major source of energy security across southeastern Europe with a whole variety of projects from the expanded Revithoussa terminal to the TAP pipeline to the IGB pipeline now moving ahead to the Floating Regassification Unit in Alexandroupoli.

Gazprom signs contract with Mytilineos to supply gas to Greece until 2030 - TASS

1 JUN 2020, 18:39

MOSCOW /TASS/ Gazprom Export, a wholly-owned subsidiary of Gazprom, and Greece’s Mytilineos S.A. concluded a long-term contract for the supply of natural gas, the Russian company said. The contract provides for the delivery of gas to Greece from 2020 to 2030.

The document was signed by Vice Chair of the Gazprom Management Committee, Director General of Gazprom Export, Elena Burmistrova and Chairman of the Board, General Director of Mytilineos S.A., Evangelos Mytilineos.

"The cooperation between Gazprom Export and Mytilineos proves the demand for Russian gas on the Greek market and will further strengthen the interaction of our countries in the energy sector," Burmistrova said.

"This long-term contract will strengthen Mytilineos’s competitiveness in the region’s gas market and make a significant contribution to maximizing the efficiency of our assets in industry and the electric power industry," Mitilineos added.

Report: Turkey’s Escalation in Libya: Implications and U.S. Policy Options - JINSA

Wednesday, May 27, 2020

Turkey’s recent intervention in Libya’s civil war has intensified the involvement of rival foreign powers in the strategically situated, energy-rich country, and threatens vital U.S. interests in the region, even as Washington mostly observes from the sidelines.

Ankara became significantly more involved in Libya in November 2019, when it agreed to provide military support for Tripoli-based, U.N.-recognized Government of National Accord (GNA) – strongly influenced by the Muslim Brotherhood and other Islamist elements – against the rival Tobruk-based Libyan National Army (LNA) supported by UAE, Egypt, Russia, France and others. In exchange, Turkey secured a bilateral pact ostensibly legitimizing its vast offshore territorial claims in the increasingly energy-rich Eastern Mediterranean.

Turkey’s new presence in Libya is emboldening both sides of the conflict to ratchet up their fighting, seek greater foreign assistance and forswear negotiations, despite a U.N. arms embargo and despite coronavirus sweeping through the country. It also directly imperils U.S. interests in promoting peaceful regional energy development.

ENI will not leave Cyprus while it has a licence says Italian FM - CYPRUS MAIL

May 16, 2020

Peter Michael

Italy assured Cyprus on Saturday that it’s energy giant ENI will not leave the island’s exclusive economic zone as long as it has a licence.

In statements to the press after a foreign affairs committee meeting in parliament, Rome’s Foreign Minister Luigi Di Maio said ENI will not abandon the island while its licence is still in date.

Commenting on ENI’s presence in the EEZ, he said: “Right now there are no drilling activities underway due to the pandemic, but we hope they will restart as soon as possible.”

Earlier in the month, energy companies ENI and Total notified the government they are postponing their scheduled gas drilling operations off Cyprus for approximately one year.

The two companies had planned to carry out exploratory drilling at a site dubbed Kronos in block 6 of Cyprus’ exclusive economic zone.

EastMed pipeline will change Europe’s gas landscape - FINANCIAL MIRROR

12th May 2020

Greek Energy Minister Kostis Hatzidakis said the agreement with Cyprus, and Israel to construct an ambitious EastMed gas pipeline constitutes a game-changer for Athens and Europe.

A deal for an undersea pipeline to carry gas from new offshore deposits in the southeastern Mediterranean to mainland Europe was ratified by a Greek parliamentary committee on Monday evening.

In his speech to the standing committee on trade, Hatzidakis referred to the geostrategic importance of the EastMed project, saying it will alter the landscape of gas resources and routes for Greece and Europe.

He said the EastMed project will strengthen Greece’s strategic relationship with Cyprus and Israel while giving a concrete answer to Turkey’s “revisionism and provocativeness” in the region.

Answering to criticism by opposition parties over Italy’s absence from the intergovernmental agreement signed in Athens in January, Hatzidakis said Rome participated in the whole negotiation process and retains its right to sign the agreement in good time.

Cyprus must redirect its energy policy - CYPRUS MAIL

May 10, 2020

Charles Ellinas

The international oil and gas companies (IOCs) have finally confirmed postponement of planned drilling in Cyprus’ EEZ into 2021. It is understood that the energy minister is looking into extending Eni/Total’s contracts to facilitate this.

The press coverage that followed, stated that it is “important to note that the oil companies are not pulling out”, but “they have merely postponed their planned drilling in response to the many problems currently being faced.”

But is such a complacent view justified? Where is this going? Let’s look at the evolving facts.

Oil exports fetch USD 1.4 billion in Libya - BRAZIL-ARAB NEWS AGENCY (ANBA)

07/ MAY /2020
Philippe Roy/AFP

São Paulo – Libya saw LYD 1.98 billion in oil export revenues year-to-date through April, an amount equivalent to roughly USD 1.4 billion, African news outlet Panapress reported quoting official Central Bank of Libya numbers. Libya is an Arab country located in the African continent.

Libya is struggling with maintaining its oil at full capacity, as a result of political unrest since the ousting of dictator Muammar Gaddafi in 2011. The Government of National Accord is officially ruling over the country, however opposing forces do not recognize its authority, and are controlling part of Libya’s territory.

Libya’s National Oil Company (NOC) recently said that a blockade of oil-producing areas as a result of fighting since January has trimmed daily oil output down to between 92,000 and 72,000 barrels per day, from a prior 1.2 million bpd.

Noble Energy laying off dozens in Israel - GLOBES

3 May, 2020 15:59
Amiram Barkat

Sources in Israel stress that the layoffs will not affect the flow of gas from the offshore rigs or the service that the company provides its customers.
US energy exploration and production company Noble Energy Inc. (NYSE: NBL) has begun laying off dozens of employees in Israel as part of its international streamlining plan.

The company, which operates the Tamar and Leviathan gas fields, has several hundred employees in Israel, some on the gas rigs themselves and others in its Israel head office in Herzliya. Sources in Israel stress that the layoffs will not affect the flow of gas from the offshore rigs or the service that the company provides its customers.

SDX Energy’s Sobhi well set to produce 10-12 mcf / d of natural gas - ENTERPRISE

Thursday, 30 April 2020

SDX Energy is expected to produce 10-12 mcf / d of natural gas from its Sobhi well, the company said in a statement (see below). 

The discovery has grown the South Disouq concession’s production capabilities by 50%, putting SDX on track to extract up to 50 mcf / d by 2023. Earlier this month SDX discovered 24 bcf of natural gas at the Sobhi well, marking a “low-cost, highly-cash generative" expansion to the field.

The full statement follows:

SDX ENERGY PLC ("SDX" or the "Company")

EastMed pipeline project seeks offshore EPCI players - OFFSHORE ENERGY

April 28, 2020

Adis Ajdin

IGI Poseidon has rolled out a tender for EPCI activities related to offshore sections of EastMed pipeline project.

IGI Poseidon is a 50:50 joint venture between Public Gas Corporation of Greece (DEPA) and Edison International Holding.

Eastern Mediterranean (EastMed) is a 1,900 kilometers long natural gas pipeline project to connect the gas reserves of the eastern Mediterranean to Greece.

EastMed pipeline project is currently in its FEED development phase.

Breakdown in Naturgy, Eni and EGPC Damietta dispute resolution - ENTERPRISE

Sunday, 26 April 2020

DISPUTE WATCH- The resolution of a long-simmering dispute over a shuttered Damietta LNG plant has fallen apart despite an agreement reached last month, according to a cabinet statement. Parties to the dispute include Spanish gas firm Naturgy Energy Group, Italy’s Eni, and the Egyptian government.

Why does this matter? First, the dispute was closely followed by investors in Egypt’s energy sector, though that concern was largely swept away as the Sisi administration reached a settlement with all parties. More importantly, the Damietta plant is a key part of Egypt’s strategy to grow its natural gas exports as it emerges as the Eastern Mediterranean’s premier energy hub. The plant has been closed since 2012, when supply of gas was shut off amid disruptions in the wake of the political events of the previous year. Its reopening would have expanded Egypt’s ability to export natural gas to European markets.

Hoegh LNG wants to install Cyprus FSRU - FINANCIAL MIRROR

24th April 2020
Charlie Charalambous

Norway’s Hoegh LNG on Friday confirmed that it has officially applied to Nicosia for a liquefied natural gas infrastructure ownership, operations, and development license in Cyprus.

In a statement, Hoegh LNG said it sent letters to President Nicos Anastasiades, and the Ministers of Energy and Finance, in which the “advantages and benefits of its proposal for the installation of an FSRU in Cyprus, and more specifically at Vasiliko, were presented”.

“The purpose of the letters was for the President and the two Ministers to be informed about Hoegh LNG’s proposal, the application for licensing which was officially submitted to Cyprus Energy Regulatory Authority (CERA), being the competent authority,” said the statement.

Egypt’s Oil Sector Thrives Amid Lockdown, Oil Crisis - DAILY NEWS EGYPT

Tuesday, 21st April 2020

The Former Minister of Petroleum and Mineral Resources, Osama Kamal, said that Egypt has benefited from the oil price decline during the last period by storing sufficient quantities of oil, according to his call on Amr Adib’s El Hekaya Program.

He noted that Egypt will neither be directly affected positively nor negatively by the current collapse of oil prices, but this might contribute in decreasing the burden of financial support from the public budget. Kamal discussed that its only negative effect would be when American oil companies cut their exploration and discovery investments in the different countries including Egypt.

US oil future prices declined to below zero on Monday 20 April. The price of West Texas Intermediate Crude reached to $-37.63 due to the industries’ halt and lockdown driven by the coronavirus outbreak.

Saipem Wins Egypt Plant Contract - RIGZONE

Monday, April 20, 2020

Matthew V. Veazey

Egyptian Ethylene & Derivatives Co. (Ethydco) has selected a consortium of Saipem and Egypt-based Petrojet to build that country’s first polybutadiene plant, Saipem reported Friday.

According to a written statement Saipem emailed to Rigzone, the estimated US$150 million contract for the 36,000-metric ton per year (MT/Y) synthetic rubber plant calls on Saipem and Petrojet to provide:

Midor Refines 9.3 MMBBL of Crude in Q1 2020 - DAILY NEWS EGYPT

Sunday, 19th April 2020

Middle East Oil Refinery (Midor) has refined approximately 9.3 million barrels (mmbbl) of domestic and imported crude oil in Q1 2020, according to a press release.

Gamal ElKareish, Chairman and CEO of Midor, stated that the company has produced and delivered approximately 80% of the total products to the local market. Such products include about 43,000 tons of butane, 325,000 tons of high-octane gasoline, 646,000 tons of diesel, in addition to 72,000 tons of coal and 14,000 tons of sulfur. On top of that, the company exported 265,000 tons of jet fuel to global markets.

Additionally, ElKareish added that production remains uninterrupted as a result of implementing preventive maintenance for equipment so as to maintain strategic supplies of petroleum products to the local market.

WEPCO’s Production Reaches 3,500 bbl/d - EGYPT OIL & GAS

Tuesday, 14th April 2020

Western Desert Operating Petroleum Company’s (WEPCO) production has reached 3,500 barrels per day (bbl/d) after streamlining well Badr 4-6, according to a statement.

The new development well (Badr 4-6) has added about 500 bbl/d to the state-owned company’s production. Production has increased in the past five months by 1,500 bbl/d, bringing the total production from 2,000 bbl/d to 3,500 bbl/d.

It should be noted that WEPCO is fully operational with 100% of Egyptian youth cadres without foreign partners.

WEPCO adheres to the Minister of Petroleum and Mineral Resources, Tarek El Molla’s strategy to increase crude oil production by developing a rapid development plan for new discoveries and benefiting from the well’s existing infrastructure.

Coronavirus: Minister confirms long delay in Cyprus’ gas drilling - CYPRUS MAIL

April 13, 2020

Elias Hazou

Exxon Mobil have informed the government they will be delaying a planned drill in their block 10 concession in Cyprus’ Exclusive Economic Zone (EEZ), with other oil companies expected to do the same due to the ongoing coronavirus situation as well as the sharp drop in energy prices globally.

Energy Minister Giorgos Lakkotrypis confirmed that in recent days he was informed in writing by ExxonMobil that they have pushed back to September 2021 an appraisal (or follow-up) well at the site dubbed Glafcos in block 10.

The Glafcos reservoir, bearing an estimated 5 to 8 trillion cubic feet of gas, is the largest gas discovery to date in Cyprus’ EEZ. The appraisal drilling would have helped the company with its commercialisation decision.

The appraisal well there was initially scheduled for this summer.

Oslo-based company applies to bring LNG to Cyprus from 2021 - CYPRUS MAIL

April 2, 2020

Elias Hazou

An Oslo-based company has formally applied to bring liquefied natural gas (LNG) to Cyprus starting in the first half of 2021.

In a press release, Höegh LNG Holdings Ltd said its subsidiary, Höegh LNG Ltd, has applied for an LNG infrastructure ownership, operations and development licence in Cyprus.

Their proposal entails the use of a floating, regasification and storage unit (FSRU).

“The plan consists of using one of Höegh LNG’s Fsru’s as a fast track solution for the required fuel switching, thereby reducing air emissions, cutting EU emission taxes, enabling savings on fuel costs and reducing electricity price per KWh for local consumers,” the company said.

UAE's Dana Gas delays decision on Egypt assets sale- sources - REUTERS

APRIL 2, 2020 / 4:10 PM

DUBAI, April 1 (Reuters) - The United Arab Emirates-based energy producer Dana Gas has delayed a decision on whether to sell its Egyptian assets because of the market turmoil caused by the coronavirus outbreak, two sources close to the talks said on Thursday.

In February, Dana Gas said it had received bids from some companies for its assets in Egypt and that a final decision would be made by the end of March.

“A decision has not been reached yet, mainly due to the coronavirus global impact. However the (assets) valuation process is under way,” one of the sources told Reuters on condition of anonymity.

Egypt's Tharwa Petroleum seeks to acquire 6 concession areas in 2020 - ZAWYA / MUBASHER

31 MARCH, 2020

Tharwa drilled eight exploratory and development wells in 2019

Cairo – Tharwa Petroleum Company is looking to obtain six concession areas in 2020 and enter into partnerships with major companies, including Total, ExxonMobil, Chevron, BP, and Shell, the company’s chairman Amr El-Leithy said.

The company also plans to drill seven exploratory and development wells this year, El-Leithy added in a statement released by the Ministry of Petroleum on Tuesday.

In 2019, Tharwa drilled eight exploratory and development wells, leading to higher output, he pointed out.

The average output at the company’s areas reached about 6,800 barrels of crude oil per day.

Total says Lebanon offshore drilling halfway done - LEBANESE OIL & GAS INITIATIVE (LOGI)

MAR/30/2020

Timour Azhari

Lebanon’s first-ever offshore exploratory drill is roughly halfway complete in Block 4 off the coast of Beirut, according to the General Manager of Total E&P Lebanon, Ricardo Darre.

Speaking to LOGI on March 23, Darree said that the drilling was ongoing at a depth of about 3000 meters and would take a total of about 60 days. Then, he said the same amount of time should be given for analysis of the find to determine its commercial viability.

Oil and gas companies on the retreat - CYPRUS MAIL

March 29, 2020
Charles Ellinas

The combined effect of the massive decline in global oil and gas demand due to Covid-19 depressing the global economy, and the rapid drop in the oil price – due to unrestricted increase in production by Saudi Arabia and Russia and still high shale-oil production – are forcing the oil and gas companies on the retreat.

By Friday, Covid-19 had infected more than 585,000, resulting in over 27,000 deaths worldwide, and the numbers are still rising. It will probably last well into 2020, but it is difficult to say how long. The last Sars virus took more than eight months before it burned itself out. Covid-19 seems to be substantially more infectious than Sars. Its impact on what was already a weak global economy and oil and gas demand is expected to last into 2021.