Anastasiades to meet Pence at the White House - CYPRUS MAIL / CNA

US Vice President Pence

June 3, 2017
CNA News Service

President Nicos Anastasiades will meet next week with US Vice President Mike Pence. According to well-informed sources in Washington, the meeting will take place on Thursday, June 8, at 2pm local time (6pm GMT).

Last February, the president accepted an invitation to address the American Jewish Committee’s Global Forum, on June 5. At the same time, Nicosia sought to arrange a meeting between Anastasiades and President Donald Trump, as well as with Pence. The last time a

President from Cyprus visited the White House was in 1996.
CNA said a meeting with Trump should not be ruled out while another possibility is that the US President will briefly attend the Anastasiades – Pence meeting.

Gazprom, DEPA, and Edison ink Cooperation Agreement on southern route for Russian gas supplies to Europe - GAZPROM

Kitsakos, Miller, Benayoun at signing ceremony

June 2, 2017, 15:00

Alexey Miller, Chairman of the Management Committee of Gazprom, Marc Benayoun, CEO of Edison and Executive Vice President of the EDF Group, and Theodoros Kitsakos, CEO of DEPA, today signed a Cooperation Agreement at the St. Petersburg International Economic Forum 2017.

The signing ceremony took place in the presence of Carlo Calenda, Minister of Economic Development of Italy, and Giorgos Tsipras, Secretary General for International Economic Relations at the Greek Ministry of Foreign Affairs.

EUROPIPE to provide pipes for Egypt’s Zohr project - WORLD PIPELINES

Friday, 02 June 2017 09:25

Stephanie Roker

The EUROPIPE GmbH will be delivering 132 000 t (227 km) of thick walled offshore large diameter pipes, measuring 26 in. dia. (660 mm) for the development of the Zohr gas field located off Egypt’s Mediterranean coastline.

The order was booked by Salzgitter Mannesmann International GmbH, a trading subsidiary of the Group. The large diameter pipes that are scheduled for delivery from May to December 2016. EUROPIPE's shareholders are to supply the input material for manufacturing the large diameter pipes.

No, Europe Won't Get Turkmen Gas by 2019 - THE DIPLOMAT

June 02, 2017

Casey Michel

Turkmenistan’s no closer to seeing its gas reach the European markets it once envisioned.
A few years ago, as Europe roiled in the aftermath of Russia’s invasion of southern Ukraine, representatives from Brussels cast about for any and all alternatives to gas imports from Russia. Including domestic fracking and LNG terminals, European officials began to push for the completion of the Southern Gas Corridor, which would transit Azerbaijan’s gas stock toward European markets via both the Trans-Adriatic (TAP) and Trans-Anatolian (TANAP) pipelines.

Eni commissions deepwater wells offshore Cyprus, Portugal - OFFSHORE MAGAZINE

JUNE/02/2017

Offshore staff

SAN DONATO MILANESE, Italy – Eni has contracted Saipem’s drillship Saipem 12000 for two deepwater wells offshore Cyprus.

The program is due to start in 4Q. Thereafter, the vessel will sail to Portugal for operations previously announced in 2016 but subsequently postponed by Eni.

Saipem’s semisub Scarabeo 9 will also drill one well, plus an optional well, for the same operator in the Black Sea.

The rig, which has been in service since 2011, is said to be undergoing innovative upgrades, expenses for which are included in the contract.

These upgrades will allow the rig to pass through the Bosphorus.

Value of these contracts, and another for use of the Saipem 12000 offshore Mozambique, is around $230 million.

Minister of Energy: Hydrocarbons could be an incentive for Turkey on the Cyprus issue - FAMAGUSTA GAZETTE CYPRUS / CNA

Friday, 02 June, 2017

Minister of Energy Yiorgos Lakkotrypis said that discovery of hydrocarbons in Cyprus Exclusive Economic Zone could be an incentive for Turkey to resolve the Cyprus issue, while reiterating that the government`s firm position is that the national problem is not related in any way to hydrocarbon designs and activities.

The Minister spoke in an open debate on "Energy as an economic parameter and as a factor in the solution of the Cyprus problem", organized in Larnaca.

Analyzing the subject of the debate, the Minister said that "at all levels of the government, our firm position is that our national problem is in no way linked to our hydrocarbon designs and activities." “Nevertheless”, he continued, "we know that hydrocarbons could be an incentive for Turkey to resolve the Cyprus problem."

Total JV Looks to Explore Offshore Crete - RIGZONE

Thursday, June 01, 2017Rigzone Staff

The joint venture of Total, ExxonMobil and Hellenic Petroleum has submitted an official application to the Ministry of Environment and Energy expressing its interest to explore for hydrocarbons in two adjusted offshore blocks in Crete.

The three companies anticipate that the Greek State will accept the application and release an international tender, according to a statement from Hellenic Petroleum.

“If indeed the existence of exploitable hydrocarbons is verified, it is certain that our country will enter a new era, with obvious benefits for the national economy and the local communities, and will contribute to the geopolitical and energy upgrade of Greece,” Hellenic Petroleum President E. Tsotsoros said in a company statement.

Energy islands: Symbols of transformation and independence - EURACTIV

1 June 2017
Stuart Reigeluth

Malta epitomises the value of islands in leading the transition to cleaner sources of energy, and ultimately in symbolising the potential for energy independence, writes Stuart Reigeluth.

South of Sicily, east of Tunisia, north of Libya, Malta seems far from Europe as the Mediterranean Member State par excellence, encapsulating all the dynamic hybridity of cultural exchange between the different sides of the sea. But it’s not so much its geographic location that make Malta fitting for representing the energy transition, rather that it is essentially a big limestone sitting on an aquifer, meaning that it’s water and energy sources are paramount to its survival.

Like most islands, Malta has been nearly 100% dependent on imported fossil fuels. And in addition, being located on a limestone, Malta relies on numerous desalination plants to provide clean water to its inhabitants and tourists. The problem with desalination is that it takes all the minerals out of the water (most people end up buying bottled water for drinking) and the process is very energy-intensive, which means more pollution and waste if renewables are not integrated properly.

Turkish group to buy majority stake in gas distribution company from Gazprom - HURRIYET DAILY NEWS

June/01/2017

Turkey’s Şen Group has struck a deal with Gazprom to buy a 71 percent stake in the Bosphorus Gaz Corp, a natural gas distribution company, it said in a statement on June 1.

Following approvals from energy and competition authorities, the group will assume ownership all of the gas distribution company, Turkey’s first private natural gas importer.

“Our decision to acquire all the stakes of Bosphorus Gaz shows our confidence in Turkey’s strong economic performance and high growth potential in the energy sector,” said Bosphorus Gaz Managing Director Adnan Şen.

Greece’s Energean inks deals to supply Israeli gas to Dalia and Or - NEW EUROPE

May 31, 2017 09:00
New Europe Online/KG

Dalia and Or will purchase part of their gas requirements from Karish-Tanin to operate the Dalia power plant as well as future power plants to be built by Or

Greece’s Energean Oil & Gas announced on May 30 that its subsidiary Energean Israel has signed with Dalia Power Energies and its sister company – Or Power Energies, two agreements for the supply of natural gas from the Karish and Tanin fields, offshore Israel.

Dalia and Or will purchase part of their gas requirements from Karish-Tanin to operate the Dalia power plant, the largest private power station in Tzafit, south-central Israel, as well as future power plants to be built by Or, Energean said.

Recovery of Libya’s largest oil field boosts OPEC country's output - WORLD OIL

5/31/2017
Hatem Mohareb, Saleh Sarrar, Salma El Wardany

DUBAI (Bloomberg) -- Libya’s biggest oil field boosted production, allowing the OPEC nation to pump crude at the highest level since October 2014.

Crude from Sharara field rose by 25,000 bpd to 250,000 bbl, according to a person with direct knowledge of the matter who asked not to be identified because they aren’t authorized to speak to the media. Libya’s output rose to 827,000 bpd after the increase in output from Sharara, Mustafa Sanalla, head of the state-run National Oil Corp., said in a text message.

The revival in Libyan crude production comes after the Organization of Petroleum Exporting Countries and allied suppliers agreed on May 25 to extend a deal to cut production to battle a global oversupply until the end of March. The recent increase in Libyan output may undercut OPEC’s strategy to re-balance the market and prop up prices.

Israel observes large scale maritime drill launched in Cyprus - JERUSALEM POST

MAY 31, 2017 17:45 
ANNA AHRONHEIM

“The exercise helps promote maritime safety and security in the region.”

A four-day international maritime drill known as Exercise Argonaut kicked off in Cyprus on Wednesday with 22 countries taking part in scenarios such as terrorist hijackings as well as coping with an influx of civilians fleeing a conflict in the Middle East.

Israel has sent representatives as observers and will not participate in the annual maritime search and rescue and non-combatant evacuation exercise, which includes the navies from Cyprus, Greece, France, the United Kingdom, Italy, Hungary, and the United States.

The drill will take place within the territorial, maritime and aerial boundaries of the Larnaca district, within the exclusive economic zone (EEZ) and flight information region (FIR) of the Republic of Cyprus.

Zohr is just the beginning – Spectrum Geo - INTERFAX GLOBAL ENERGY

31 May 2017
Silvia Favasuli

The discovery of the Zohr gas field offshore Egypt has changed the industry’s understanding of the geology of the Mediterranean Sea, showing new potential for fossil fuel reservoirs in the basin, according to seismic data specialist Spectrum Geo.

Spectrum has collected and analysed 2D seismic data from the Mediterranean Basin in a search for carbonate reef build-ups similar to the one containing Zohr. 

The data shows that about five Zohr-like gas fields may be hiding in the Mediterranean, Karyna Rodriguez, vice president of geosciences at Spectrum Geo, told Interfax Natural Gas Daily.

El Molla meets with Total executives to discuss exploration opportunities - ENTERPRISE / AL AHRAM

Wednesday, 31 May 2017

Oil Minister Tarek El Molla met yesterday with Total Egypt’s Managing Director Jean-Pascale Clémençon and the Vice President of Total’s Middle East and North Africa division Elias Kassis to discuss the company’s oil and gas exploration projects in the Mediterranean and the Delta area, Al Ahram reports.

Kassis told El Molla that the company is committed to its investment plan in Egypt, including its activities at the North Mahalla onshore concession.

Phase One Drilling Complete on Zohr - PETROLEUM AFRICA

Tuesday, May 30, 2017

First flows from the Zohr field off the coast of Egypt have moved a step closer as the operator, ENI, has completed drilling work on all eight wells in the first phase of the development.

ENI, who is partnered with BP and Rosneft on the Shorouk Concession where the Zohr field is located, is currently focusing on setting up the pipeline that will transport the gas for processing.

Natural gas production from Zohr field is expected to reach its peak in 2020, at a rate of 2.7 Bcf/d.

ELPE’s Thessaloniki-Fyrom oil pipeline closer to reopening - ENERGY PRESS

30.5.2017

Talks for the reopening of an oil pipeline running from ELPE’s (Hellenic Petroleum) refinery in Thessaloniki to another company-owned refinery in the Former Yugoslav Republic of Macedonia (Fyrom) appear likely to resume following the seeming normalization of the political arena in the neighboring country as a result of the recent elections.

Fyrom’s new government, headed by Prime Minister-designate Zoran Zaev, set to assume power in June, will today seek a vote of confidence in parliament with the aim of restoring political normalization. This initiative is expected to unblock various investments, including the ELPE-controlled oil pipeline.

Dana Gas’ board of directors approves carrying out limited drilling activities in Egypt - ENTERPRISE

Tuesday, 30 May 2017

Dana Gas’ board of directors has approved carrying out limited drilling activities in Egypt. 

“In light of the recent collections received from the Egyptian government the board considered and approved that additional limited drilling activities should be carried out,” the company said in a bourse statement picked up Gulf News. 

Egypt made payments last week covering 25% of the arrears owed to Dana Gas in 1Q17. The company says it is owed USD 275 mn as of the end of 1Q17.

Add Energy awarded £1 million contract with BP in Egypt - ADD ENERGY

May 29, 2017

Add Energy, the international energy consultancy provider, has been awarded a maintenance build contract worth more than £1 million with BP for work on West Nile Delta (WND), a development located just off the north coast of Egypt.

The contract, worth almost £1.4 million, will see Add Energy carry out the development of a full asset maintenance build and will include the delivery of an asset register and functional hierarchy build, equipment criticality assignment, development of maintenance strategies for critical and non-critical equipment, job plans and procedures, critical sparing and Bill of Materials (BoMs) development.

The Add Energy project team will be operating from Aberdeen, and will require the project manager and principal consultant to travel to the BP WND project offices in London over the course of the 18-month project.

SDX Energy announces well test results at South Disouq discovery - WORLD OIL

5/29/2017

LONDON -- SDX Energy Inc., the North Africa focused oil and gas company, is pleased to announce the results of the well test conducted on the SD-1X well following the recent natural gas discovery at South Disouq, Egypt, where the Company has a 55% Operated working interest.

The SD-1X well was drilled to a TD of 7,777 ft, and encountered 82 ft of net pay with an average porosity of 25% in the Abu-Madi section.

Well test operations have now commenced and the well has successfully flowed dry natural gas at a stabilised rate of 25.8 MMscfd on a 48/64-in. choke. This flow rate exceeded initial expectations and was limited by the surface facilities put in place to test the well. The well has now been shut in for an initial build-up after which a series of additional flowing periods will be conducted and fluid samples taken. 

Hydrocarbon exploration set to open up next year - KATHIMERINI / REUTERS

29.05.2017 : 22:39

Greece will begin the process of opening up new onshore oil and gas prospects to exploration next year, the chief executive of the country’s oil and gas resources management company said on Monday.

Among the first will be the Greek region of Grevena, close to where the Trans Adriatic Pipeline (TAP) will cross, Yannis Bassias, head of the Hellenic Hydrocarbons Resources Management (HHRM), told Reuters in an interview.

TAP, which will bring new gas supplies from Azerbaijan to Italy, runs across northern Greek territory.

“As of next year, and perhaps earlier, we will begin announcing that we are opening the door to whoever is interested in onshore sites,” Bassias told Reuters.

UPDATE 1-Greece's Energean to supply 23 bcm of gas to Israeli power stations - REUTERS

Sun May 28, 2017 | 2:13am EDT
Reporting by Ari Rabinovitch; Editing by Tova Cohen

Greece's Energean said on Sunday it signed contracts to supply up to 23 billion cubic meters of natural gas to private Israeli power stations from the Tanin and Karish gas fields offshore Israel.

The deals were signed with Dalia Power, which operates Israel's largest private power station, and Or Power, which is planning to build new power plants, Energean said in a statement.

Financial details of the deals were not disclosed.

Energean, a private exploration and production company in the eastern Mediterranean, bought the Karish and Tanin licenses from Israel's Delek Group in December 2016 for an upfront cost of $40 million and $108.5 million in contingent payments.

Cyprus moving towards a second fuel storage terminal - CYPRUS MAIL

May 28, 2017

Discussions between the Cyprus Organisation for Storage and Management of Oil Stocks (KODAP) and the European Investment Bank (EIB) for the financing of a fuel storage terminal are progressing smoothly, KODAP President Panagiotis Malekos has told Cyprus News Agency (CNA).

Malekos said EIB officials visited Cyprus for a main evaluation mission in early 2017, adding the process is expected to conclude in the coming months with the final loan approval.

The state-owned fuel storage terminal’s cost is expected to exceed €40 million and construction works are expected to begin at the end of 2017 or early 2018. This will be Cyprus’ second storage terminal following the operation of a private-owned terminal operated by VTTV, a subsidiary of VTTI, in Vasilikos.

Three concession contracts signed for Greek hydrocarbon utilization - KATHIMERINI

Minister Giorgos Stathakis (left) with Energean's Mathios Rigas

26.05.2017 : 21:48
Chryssa Liaggou

The government has sent a positive message to the global oil industry just days after ExxonMobil and Total officials visited Athens. Environment and Energy Minister Giorgos Stathakis on Thursday signed concession agreements for the onshore blocks in Arta-Preveza and the northwestern Peloponnese with Hellenic Petroleum (ELPE), and in Aitoloacarnania with Energean Oil & Gas. These agreements had been pending since February 2016.

Stathakis announced that the government will soon also sign the concession contracts for the Ionian 2 offshore block with the Total-Edison-ELPE consortium and for the Ionian 10 block with ELPE.

Energean signs large Greek lease - NATURAL GAS WORLD

Energean CEO Mathios Rigas (left) signs the lease

May 25th, 201710:40amMark Smedley

Greek upstream independent Energean Oil & Gas said May 25 it has signed a lease agreement with the Greek government for the 4,360-km² Aitoloakarnania block onshore Greece – described as a geological continuation of the Ioaninna block, which Energean has explored since 2014.

Spanish energy firm Repsol in March agreed to farm into a 60% interest in both onshore blocks in western Greece that together cover 8,547 km².

Energean said May 25 that Repsol is planned to become operator of both, and that the two companies have already submitted an application to the Greek government to approve Repsol’s plans to farm in and undertake a 2D seismic survey over the Ioannina block in 2017/2018, and conduct 2D seismic survey over the Aitoloakarnania block in 2018/2019.

Projects interconnecting energy and geopolitics need to have a market - KATHIMERINI

THURSDAY MAY 25, 2017, 09:43
GEORGE GEORGAKOPOULOS

A host of energy projects, such as TAP, IGB, Turkish Stream and others are under way or in the preparation phase in the Balkans and Black Sea region, and Greece must make the most of them to upgrade its status to energy hub, notes Dr Theodoros Tsakiris, assistant professor of energy policy and geopolitics at the University of Nicosia in Cyprus.

He is taking part in the Balkans & Black Sea Cooperation Forum that opens on Thursday in Serres during a period of frantic planning and project implementation as regards a number of interconnection pipelines and energy networks across the region, with multiple geopolitical and financial implications. He cautions that interconnection projects have to make financial sense to be feasible regardless of their political significance and highlights several projects of energy source diversification that will free the region of various dependencies.

Israel's Energy Ministry Launches PR Campaign to Win Over Natural Gas Critics - HAARETZ

May 23, 2017 9:38 AM
Nati Tucker and Avi Bar-Eli
The campaign is designed to encourage Israeli industry to use natural gas and thus reduce costs and air pollution, the ministry says
The Energy Ministry is investing 7 million shekels ($2 million) in a PR campaign designed to win the public over to its side after suffering the wrath of social justice protesters and heavy criticism over the government’s natural gas policy.

The campaign was launched last week and will target opponents of the offshore gas policy. The initial message includes the slogan “Run and bury it deep in the ground” − apparently a gibe at Israelis seeking to hinder the exploitation of the country’s abundant natural gas reserves discovered earlier in the decade.

On Sunday the ministry, whose full name is the National Infrastructure, Energy and Water Ministry, unveiled a video explaining the advantages of natural gas. But it also has other promotional material that has been described as targeting critics of the government’s policy.

Noble Energy not connected to troubled Noble Group, it says - CYPRUS MAIL

MAY 23RD, 2017

Jean Christou

Noble Energy said on Tuesday it was not connected to the Noble Group, which is currently said to be serious financial difficulties.

“Local media groups are reporting on possible financial problems Noble Group is facing,” a statement from Noble Energy said.

“To avoid any possible misunderstandings due to the similarity of our names, Noble Energy Inc. would like to note that it is not related in any way to Noble Group. Any reports that suggest Noble Group is the same company that is operating in Cyprus EEZ is incorrect. Any implications concerning the financial situation of Noble Energy, Inc. based on Noble Group are also incorrect”

Russian gas exports to Turkey up by 26% in January-April 2017 - TASS

May 21, 22:07UTC+3© EPA/KERIM OKTEN

ISTANBUL, May 21. /TASS/. Russian gas exports to Turkey grew by 26% in January-April 2017, to reach 10.5 billion cubic meters, according to documents prepared by Russian Prime Minister Dmitry Medvedev’s visit to Turkey.

"In 2016, Russia’s natural gas exports to Turkey amounted to 24.7 billion cubic meters. In January-April 2017, gas exports grew by 26%, to reach 10.5 billion cubic meters," the document says.

Apart from that, basis has been laid for closer cooperation in the gas sector thanks to the implementation of the Turkish Stream gas pipeline project with a capacity of 31.4 cubic meters.

Cyprus EEZ is heating up - IN CYPRUS / CYPRUS WEEKLY

May 21, 2017
Charles Ellinas

As we get closer to the July start of drilling by Total in block 11 Cyprus EEZ is hotting-up, from the usual headlines and often exaggeration in the local press, to political positioning, possibly driven by the forthcoming presidential elections, and Turkey’s predictable and expected bullying. But, thankfully, it is the oil and gas companies that have their feet on the ground, proceeding with the serious business of exploration and drilling as planned. This is the subject of my article today.

Turkey’s position

In order to understand Turkey’s disruptive and often provocative actions in Cyprus EEZ, it is important to understand its position.

Nicosia to host tripartite meeting with Jordan and Greece - IN CYPRUS / CYPRUS WEEKLY

Cyprus' President Anastasiades & King of Jordan Abdullah II
at a meeting in Nicosia in September 2016

May 20, 2017

Nicosia will this autumn be hosting a tripartite meeting with Jordan and Greece, Deputy Government Spokesman Viktor Papadopoulos announced on Saturday.

Papadopoulos, who is accompanying President Nicos Anastasiades on an official trip to Amman, said the meeting was decided on during the course of a meeting between Anastasiades and the King of Jordan Abdullah II .

Papadopoulos said: “the President of the Republic accepted the King of Jordan’s own invitation to attend the International Economic Forum on the Middle East And Africa, in which many people in the region, heads of state and government, as well as many entrepreneurs, investment companies, are involved, and which is also very important to us. In this margins of the meeting, the President of the Republic had a series of very important contacts. First of all, she saw Mrs Mogherini, EU Commissioner for Foreign Affairs, and analysed his proposal for a repeat of (the Conference on Cyprus in) Geneva, as he had tabled it in the afternoon.They exchanged views on the Cyprus issue and the role of the EU in the effort to resolve the Cyprus problem, so that we have a functioning state within the EU and with all the acquis to govern the solution of the Cyprus problem.“

Troubled waters - EXECUTIVE MAGAZINE

May 15, 2017

Matt Nash

From a technical standpoint, the East Mediterranean is a challenge because the seabed is generally more than one thousand meters below the surface. Ultra-deep water, in industry parlance. From a geopolitical standpoint, the complexity is arguably even greater.

Many problems among a variety of neighbors

Production of East Med gas began in Egypt in the late 1960s. Activity remained localized for over thirty years until discoveries were made off Israel and the Gaza Strip in 1999 and 2000. For political reasons, the relatively small Gaza find remains undeveloped, while exploration continued apace offshore Israel, resulting in discoveries – namely Tamar in 2009 and Leviathan in 2010 (see map below) – that have helped spark intense interest in the so-called Levantine Basin, a subsea structure shared by Lebanon, Israel, the Palestinian Authority, Syria, Cyprus, and Turkey, at least from Turkey’s perspective. In 2012, Cyprus was elated by news of the Aphrodite discovery, but for all the gas Israel and Cyprus have found, not a molecule has yet been exported. In fact, most of the gas (including everything in Tamar, Leviathan and Aphrodite) remains buried for lack of a clear means to move it out of the region, among other reasons.

US envoy hails EU-backed Balkan, East Med regional diversification projects, slams Russia’s Nord Stream-2 - NEW EUROPE

MAY 19, 2017 21:12 
Kostis Geropoulos

ATHENS – Several key energy projects currently underway in Greece will bring significant quantities of non-Russian gas to Greece, Italy, Bulgaria, and other regional partners, lessening the bloc’s reliance on Gazprom, US Ambassador to Greece Geoffrey Pyatt told a conference in Athens.

He was referring to the Trans Adriatic Pipeline (TAP), the Greece-Bulgaria Interconnector (IGB), and the expansion of the liquefied natural gas terminal (LNG) Revithoussa. “While the volumes involved are not enough to satisfy European gas demand, the introduction of new pipeline gas improves the market dynamic, encouraging competition, which will benefit everyone,” Pyatt said in remarks at Hellenic Association for Energy Economics (HAEE) Conference.

ExxonMobil, Total discuss offshore drilling opportunities in Greece -ministry - NASDAQ / REUTERS

May 19, 2017, 12:40:00 PM EDT

Reporting by Karolina Tagaris, Lefteris Papadimas and Angeliki Koutantou; Editing by Susan Fenton

ATHENS - Greece's energy minister held talks on Friday with representatives of U.S. oil major ExxonMobil <XOM.N> and France's Total <TOTF.PA> about gas exploration opportunities off Greek shores, the energy ministry said. 

A government official, speaking on condition of anonymity, said a consortium of ExxonMobil, Total and Greece's biggest oil refiner Hellenic Petroleum <HEPr.AT> are expected to submit an offer "in the coming period" for exploration south of Crete. 

Development at BP’s Atoll gas field 53% completed - ENTERPRISE

Thursday, 18 May 2017

BP has completed 53% of the development work being carried out at the North Damietta offshore concession’s USD 3.8 bn Atoll field, including drilling three deepwater wells 950 meters below the water’s surface, the Oil Ministry said in a statement yesterday. 

The field, which holds about 1.5 tcf of gas reserves, is expected to begin producing 300 mcf/d and 8k bbl/d of condensates by December 2017.

Cabinet approves natural gas import plan - CYPRUS MAIL

May 18, 2017
Staff Reporter

THE cabinet on Thursday approved a proposal by state-owned Natural Gas Public Company (Defa) to proceed as soon as possible with two tenders for the import of natural gas.

The first tender will provide for the creation of the necessary infrastructure and the second for the procurement of the natural gas, said Energy Minister Yiorgos Lakkotrypis.

“It is actually the beginning of yet another effort, slightly different from the previous one, to channel gas to Cyprus at the first stage for generating power and possibly for other uses,” he said.

Greece to conclude power grid spin-off by June -ADMIE chief - EURONEWS

18/05/2017Reporting by Angeliki Koutantou; Editing by Karolina Tagaris and David Goodman

ATHENS (Reuters) - Greece will conclude the spin-off of power grid operator ADMIE (ΑΔΜΗΕ) by mid-June, meeting a key term of its third international bailout,ADMIE’s chief executive said on Thursday. Athens and its EU/IMF lenders had agreed that 24 percent of ADMIE, owned by state-controlled utility Public Power Corp, would be sold this year to China’s State Grid Corp and a further 25 percent to a Greek state holding company. 

Smaller companies could miss out on IOC payments; all IOCs to be paid by 2019 - ENTERPRISE

Thursday, 18 May 2017

Smaller oil and gas operators may miss out on the second wave of payments to international oil companies (IOCs) the central bank is planning on dishing out, LeAnne Graves writes for The National. Governor Tarek Amer had said Egypt had made a payment of USD 750 mn to IOCs and will make a similar payment by 1 June. With both payments, Egypt’s arrears to IOCs would be brought down to USD 1.5 bn. “One small operator in Egypt, pumping about 10,000 barrels of oil per day, said payments from the government came in [EGP] with a ‘dribble of [USD]’. The executive, who asked not to be named, said some vendors were taking [EGP], but the firm didn’t have enough to pay anyone who wanted [USD],” Graves writes. Allen Sandeep at Naeem’s research arm expects “the amounts that would be paid per IOC would be proportionate to their part of the total outstanding amount of [USD 3.5 bn] as a whole.”

UAE's Dana Gas creditors appoint Moelis and Weil for sukuk restructuring –sources - REUTERS

Wed May 17, 2017 | 10:20am EDT | Dubai
Davide Barbuscia

A committee of the holders of some $700 million in Islamic bonds issued by Dana Gas has appointed New York-based boutique investment bank Moelis and U.S. legal firm Weil, Gotshal & Manges to negotiate restructuring of the notes, sources familiar with the matter said on Wednesday.

With a cash balance of around $300 million at end-March and the sukuk due to mature in October this year, the Abu Dhabi-listed energy producer said earlier this month that it intended to hold discussions with its creditors.

Comptroller: Tamar gas agreement cost IEC $2b too much - GLOBES

17 May, 2017 13:43 

Nati Yefet

The State Comptroller has found costly faults in Israel Electric Corp.'s natural gas agreement with the Tamar partners.

Faults in the process of formulating an agreement between Israel Electric Corporation (IEC) (TASE: ELEC.B22) and the Tamar natural gas reservoir partners caused $820 million-1.5 billion in excess costs that could have been foreseen. This was the main conclusion of the State Comptroller's report on the process of signing the agreement. It now appears that the damage is actually $2-2.3 billion. The audit was conducted in September 2015-March 2016, following which supplementary checks were made by the Ministry of Finance and the Ministry of National Infrastructure, Energy, and Water Resources Israel Natural Gas Authority.

Russia's Rosneft says eyes joint oil supplies to Egypt with Italy's Eni - ZAWYA / REUTERS

SOCHI, Russia, May 17 (Reuters)

Reporting by Olesya Astakhova in Moscow and Denis Pinchuk in Sochi; writing by Vladimir Soldatkin; editing by Jack Stubbs

Russia's largest oil producer Rosneft and Italian energy company Eni have signed an agreement to broaden cooperation, including in possible joint oil product supplies to Egypt, Rosneft said on Wednesday.

The deal was signed as part of Italian Prime Minister Paolo Gentiloni's visit to Russia, during which he met with Russian President Vladimir Putin.

Israeli energy firms Delek Drilling, Avner Oil to finally merge - REUTERS

Yossi Abu, CEO of Delek's subsidiaries Delek Drilling & Avner Oil 

Wed May 17, 2017 | 6:34am EDT
Reporting by Ari Rabinovitch

Israel's Delek Drilling (DEDRp.TA) and Avner Oil (AVNRp.TA), both units of conglomerate Delek Group (DLEKG.TA), said on Wednesday they have completed a long-awaited merger and will begin trading next week as one company.

The new entity will keep the name Delek Drilling and will have a market value in Tel Aviv of about 16 billion shekels ($4.4 billion).

It is through Delek Drilling and Avner Oil that Delek Group owns major stakes in the large Israeli offshore natural gas fields Tamar, which began production in 2013, and Leviathan, which is due to come online in late 2019.

Delek Drilling also said in a statement that exports from Tamar to Jordan's Arab Potash Co and Jordan Bromine plants began in January.

Egypt paid $750 mln in oil company arrears, to pay same in June - REUTERS

Tue May 16, 2017 | 1:31pm EDT

Additional reporting by Omar Fahmy; Writing by Eric Knecht; Editing by Mark Trevelyan

Egypt has paid off $750 million of its debt to international oil companies and will make a second payment of the same amount at the start of next month, Central Bank Governor Tarek Amer said on Tuesday.

Egypt has struggled to pay arrears to foreign oil and gas companies operating in the country, with outstanding debt at $3.5 billion before the latest payment.

"Today $750 million was paid to international oil companies and another $750 million will be paid on June 1, meaning that there is $1.5 billion the government has committed to pay to the international companies," Amer told a news conference.

The payments are the first since Egypt paid about $100 million in the last quarter of 2016.

Egypt's Nooros gas field output tops one bcf/d - MENA / REUTERS

Tue May 16, 2017 12:22pm GMTReporting by Mostafa Hashem, writing by Asma Alsharif; editing by Jason Neely

CAIRO May 16 (Reuters) - Production from Egypt's Nooros field has exceeded one billion cubic feet (bcf) of gas per day, Egypt's state news agency MENA reported on Tuesday.

Italian oil major Eni, which began production at the Nile Delta offshore field in September 2015, had said last year it plans to raise production to more than 1 bcf per day in the first quarter of this year.

Egypt's Sisi: Newly-discovered gas fields to save about $3.6 bln yearly - NASDAQ / REUTERS

May 16, 2017, 06:38:00 PM EDT

Omar Fahmy, Amina Ismail; editing: Grant McCool

Egyptian President Abdel Fattah al-Sisi said he expected that recently discovered gas fields would save Egypt about $3.6 billion yearly as they start coming into production, state-run newspapers reported on Tuesday night. 

Egypt wants to speed up gas production from newly-discovered fields, with an eye to halting imports by 2019. Once an energy exporter, it has become an importer after domestic output failed to keep pace with rising demand in recent years, but the discovery of the 850 billion-cubic metre Zohr field in 2015 is expected to change that. 

Interview with David Chi, Vice-President & General Manager – Apache Egypt - ENERGY EGYPT / ENERGY BOARDROOM

May 16, 2017

David Chi, Vice-President of Apache Corporation and General Manager for Apache Egypt Companies, outlines Apache’s successful 2016 performance in Egypt, their ‘fire in the belly’ attitude underlying their stellar track record of operating in Egypt, their long-term investment strategy in Egypt and his perspective of Egypt’s potential as an investment destination.

IAI completes installation of advanced Alpha Radar on Sa'ar-4.5 missile ship - JERUSALEM POST

ALPHA RADAR is seen on an Israel Navy Sa’ar-4.5 missile ship
(photo credit: IAI)

MAY 16, 2017 06:31 
Anna Ahronheim

Navy to receive total of 11 systems as part of ongoing upgrades to fleet.

The Israel Navy is a step closer to upgrading its entire combat surface fleet, as Israel Aerospace Industries announced that it has completed the installation of the advanced ALPHA radar system on the Sa’ar-4.5 missile ship and is proceeding to operational sea trials.

The Navy is expected to receive two more ALPHA (Advanced Lightweight Phased Array) ELM-2258 radar systems by the end of the year, for a total of 11 systems installed on the missile ships.

Shalakany advises Engie on E&P asset sale in Egypt - ENTERPRISE / SHALAKANY LAW

Monday, 15 May 2017

M&A Watch- Shalakany Law announced it assisted Engie as the sole sell side legal advisor in the transaction to sell its Egyptian E&P assets to Neptune Oil & Gas. Private equity-backed Neptune had agreed to acquire a majority stake in Engie’s E&P assets globally for USD 3.9 bn on Thursday, Reuters reported, with the expectation that the deal, which includes assets in Egypt, Algeria, Germany, and the North Sea will close in 1Q2018.

Aly El Shalakany, the lead partner from Shalakany acting on the transaction, said: “We are very pleased to have successfully assisted Engie, a long standing client of the firm, with this strategic disposal, which marks a key step in its shift away from oil and gas to more regulated businesses in the power sector.”

Egypt to receive first shipment of Iraqi crude oil on Tuesday under new deal - AHRAM ONLINE

Egypt's Petroleum Minister Tarek El Molla

Monday 15 May 2017

Egypt will receive two million barrels of crude oil on Tuesday from Iraq, the first shipment to arrive as part of a deal with the Iraq's state oil marketing company SOMO, Al-Ahram’s Arabic website quoted Egypt’s Oil Minister Tarek El-Molla as saying.

Under the terms of the year-long agreement, which was reached last month by Baghdad and Cairo, Iraq will sell 12 million barrels of oil to Egypt.

Cairo has been struggling to procure oil and natural gas for domestic market needs from several sources in the past few years.

However, recent surges in natural gas discoveries and projected finds in the country promise to help Egypt cut down on its liquefied natural gas (LNG) imports in the coming year.

An LNG plant is still the best option for Cyprus - IN CYPRUS / CYPRUS WEEKLY

May 14, 2017
Panayiotis Tilliros

The Eastern Mediterranean (East Med) energy resources constitute a credible alternative source that can help Europe diversify and reinforce its energy supply and transit security, given that indigenous gas production in Europe is on a declining trend and demand is on a rising trend.

Besides its traditional gas supply routes from Russia, Norway (indigenous production) and North Africa, Europe is seeking new gas supplies via the Southern Gas Corridor, comprising the ‘Fourth Corridor’ in the Caspian sea (Azerbaijan and probably Turkmenistan) and the ‘Fifth Corridor’ in the East Med. According to an official EU website, the EU aims to import initially 10 billion cubic metres (bcm) of gas per year when the new corridor opens in 2019-20. This is predicted to rise to 80 to 100 bcm per annum in the future.

ExxonMobil to dip into Greek hydrocarbons - KATHIMERINI

14.05.2017 : 21:05
Chryssa Liaggou

Senior ExxonMobil officials are expected to arrive in Athens in the next few days to sign an agreement with Hellenic Petroleum and France’s Total regarding the hydrocarbon surveying work in Block 2 beneath the Ionian Sea, in western Greece.

Using Hellenic Petroleum as a vehicle, the US energy giant is strengthening its position in the broader region of the Southeastern Mediterranean – where the competition of the global oil industry has shifted to – six months after its arrival in Cyprus’s Exclusive Economic Zone.

ExxonMobil’s presence in Greece lends credence to indications about the existence of hydrocarbon reserves in the area. It is also expected to accelerate geopolitical developments in the region.