Tsipras-Netanyahu talks focus on EastMed pipeline - KATHIMERINI

03.11.2018 : 12:19

Stavros Papantoniou

PHOTO: (L-R) Bulgarian Prime Minister Boyko Borissov, Serbian President Alexander Vucic, Greece's Prime Minister Alexis Tsipras, Romanian Prime Minister Viorica Dancila, and Israeli Prime Minister Benjamin Netanyahu pose for a picture after a press briefing during the Quadrilateral Summit Greece-Bulgaria-Romania-Serbia at Evsinograd Palace in Varna, Friday.

The “large geopolitical significance” of the EastMed pipeline, which will transfer natural gas from the Eastern Mediterranean to Europe, was stressed by Prime Minister Alexis Tsipras during his meeting with Israeli Prime Minister Benjamin Netanyahu in the Bulgarian seaside resort of Varna on Friday.

Tsipras, who met the Israeli premier on the sidelines of a Balkan summit of Greek, Bulgarian, Romanian and Serbian leaders, said the project is of “financial and geopolitical high value.”

At the same time, Tsipras and Netanyahu also discussed the upgrade of the northern Greek port city of Thessaloniki into a Balkan hub of innovation with the participation of Israeli businesses which are already active there.

Tsipras also referred to the benefits to Southeastern Europe that will come from the Interconnector Greece-Bulgaria (IGB) natural gas pipeline, which will link Alexandroupoli to Bulgaria. In addition he spoke about other road and rail projects that will link countries in the Balkan region.

Cyprus urges Turkey to cooperate on energy, but peace first - THE WASHINGTON POST /ASSOCIATED PRESS

President Anastasiades, Republic of Cyprus

November 2, 2018
Menelaos Hadjicostis 

NICOSIA, Cyprus — Cyprus is ready to work with Turkey on exploiting the east Mediterranean’s potential oil and gas wealth, as long as the ethnically split island nation is reunified, the country’s president said Friday.

Big gas reserves have been found around Cyprus and the country, which is a member of the European Union, is already working with Egypt and Israel. Turkey says it’s entitled to its share of any potential gas reserves and has launched a search of its own. But Nicos Anastasiades insisted that the prerequisite for joining this regional energy cooperation will have to be the reunification of Cyprus, which has been split since 1974

Note: Formerly a 90% Christian area, the occupied northern part of Cyprus now comprises 100% of illegal Muslim Turkish settlers and the Turkish Cypriot minority; the colonization continues unabated.

“We continue to upgrade our energy cooperation with countries in the eastern Mediterranean and in Europe and certainly, I underscore this, with Turkey in the event of a Cyprus settlement,” Anastasiades told a conference Friday.

Exxon Mobil drillship arrives in Limassol on November 12 - KNEWS / KATHIMERINI

01 NOVEMBER 2018 - 13:30

Preparations are underway for Exxon Mobil’s drilling at Block 10 in the Cypriot exclusive economic zone south of the island.

Already, four support vessels are awaiting for the drillship in Limassol port.

The drillship called Stena IceMAX is, according to Aberdeen based Stena Drilling, the world’s first dynamically positioned, dual mast ice-class drillship with a length of 228 meters. The Stena IceMAX is a harsh environment DP Class 3 drillship capable of drilling in water depths up to 3000 meters. The vessel operates under UK flag.

Its arrival is expected next Monday, November 12. The target is a location named ''Delphini’’ in Block 10.

Greece's Gastrade launches market test for Alexandroupoli LNG terminal - KATHIMERINI

WEDNESDAY OCTOBER 31, 2018, 10:41

Greek natural gas company Gastrade on Tuesday launched a market test for a liquified natural gas terminal it is developing in northern Greece.

Companies interested in seeking services and capacity in the terminal must submit non-binding expressions of interest within 45 days, it said.

Greece currently has one LNG terminal on an islet off Athens. Gastrade, part of Greek energy group Copelouzos, is planning Greece’s second LNG terminal near the northern city of Alexandroupoli.

The facility, with an estimated annual capacity of 6.1 billion cubic metres (bcm), will seek to supply gas to southeastern Europe via another natural gas pipeline scheme that will cross through Greece, the Interconnector Greece-Bulgaria (IGB).

The IGB and the LNG terminal would then fit with the Trans-Adriatic Pipeline (TAP), which has been under construction to transport Caspian gas to European markets.

Turkey begins oil and gas search that could stoke tensions - ABC NEWS /ASSOCIATED PRESS

ANTALYA, Turkey — Oct 31, 2018, 11:16 AM ET
LEFTERIS PITARAKIS AND MENELAOS HADJICOSTIS

Turkey embarked on a search for oil and gas in the east Mediterranean on Wednesday in a move that could stoke regional tensions, with the country warning it would thwart "unilateral, illegitimate and unfair" actions against its interests.

The drillship 'Conquerer' — named after Ottoman Sultan Mehmet, who conquered Constantinople — began exploratory drilling off Antalya, on Turkey's southern coast.

The country is asserting itself in the east Mediterranean to signal that it won't be left out of a potential offshore gas bonanza as neighboring Cyprus is poised to renew exploratory drilling off its southern shores. ExxonMobil is scheduled to start drilling in one of 13 blocks inside Cyprus' [declared] exclusive economic zone by year's end.

Turkey doesn't recognize Cyprus as a state and opposes its gas search, which it says infringes on its rights to oil and gas reserves and ignores the rights of breakaway Turkish Cypriots to the ethnically split island's natural resources. Turkey also says that its continental shelf overlaps part of Cyprus' exclusive economic zone.

Greece’s Energean on track for Israeli field development in Q1 2021 - NEW EUROPE

OCTOBER 30, 2018,14:30

Greece’s independent oil and gas exploration and production company Energean Oil and Gas announced on October 29 the first day of dealings of the Group’s shares on its secondary listing on the Tel Aviv Stock Exchange (TASE).

Energean is the first London listed, international oil and gas operator to list its shares on the TASE, the company said.

According to the company, delivery of the Karish and Tanin gas development, offshore Israel, remains on track for first gas in the first quarter of 2021. The fields would provide energy security and supplying gas to the Israeli domestic market, Energean said, adding that first steel cut for Energean’s floating production storage and offloading (FPSO), the only FPSO in the East Mediterranean, is scheduled for November 26, 2018.

Egypt to become energy center in Eastern Mediterranean: Min. - EGYPT TODAY

Mon, Oct. 29, 2018

CAIRO – Egypt is working to become a regional center for trading energy in the Eastern Mediterranean region during the upcoming period through the exploitation of its strong infrastructure, Minister of Petroleum Tarek el-Molla said.

El-Molla announced Egypt's readiness to cooperate with other countries in the region to receive gas, and then liquefy it and to re-export to Europe.

This came during Molla’s participation at the third Euro-Arab Summit under the theme "Horizons of Partnership" representing President Abdel Fatah al-Sisi, in the Greek capital Athens, which started today and lasts for two days.

The minister pointed out that despite the natural and human resources of the Arab region, the optimal use of these resources has not yet been achieved, which clearly demonstrates great disparity in the trade balance between Arab countries and the European Union.

Energean Oil & Gas starts trading in Tel Aviv after secondary listing - PROACTIVE INVESTORS

29 Oct 2018, 08:18 

Israel-focused Energean Oil & Gas PLC (LON:ENOG) has started trading on the Tel Aviv exchange through a secondary listing.

Energean raised £330mln when it floated on London’s main market in March and will maintain this as its primary listing, but said the Tel Aviv quote will broaden the shareholder base.

No new shares were issued in connection with the Tel Aviv listing but Energean expects its shares to be included within the TA-90 Index, which comprises the 36 - 125th most highly capitalised companies listed in Tel Aviv.

Shares will be fully transferable and interchangeable between the two stock markets.

Cyprus proceeds with its energy plans, Energy Minister says - CYPRUS NEWS AGENCY

CYPRUS/Nicosia 28/10/2018 14:00 

The Republic of Cyprus will proceed with its energy plans, exactly as foreseen, Minister of Energy Yiorgos Lakkotrypis has said. 

Asked if the Republic of Cyprus has taken any steps to address Turkish provocations in Cyprus` Exclusive Economic Zone, he said that the necessary measures have been taken in cooperation with the companies that have drilling licenses and the countries they come from.

The Republic of Cyprus will continue implementing its energy plans, exactly as foreseen, he concluded.

Greece builds pipeline to transport natural gas from Caspian Sea - AL JAZEERA

27 October 2018

John Psaropoulos 

Greece is known for its history and climate, but not for oil and gas.

That may be about to change with a new pipeline (a five billion-dollar project) being completed across the north of the country that will transport natural gas from the Caspian Sea to Western Europe.

It's part of a European Union policy to move away from dependence on Russian gas after shipments were stopped for two weeks during the 2009 Ukraine crisis, causing shortages in southeastern Europe.

Al Jazeera's John Psaropoulos reports (2:22 video).

Eni flags likelihood of buyback next year as profits soar - REUTERS

OCTOBER 26, 2018 / 9:20 AM
Stephen Jewkes

MILAN (Reuters) - Italian oil major Eni (ENI.MI) flagged on Friday the likelihood of a share buyback next year after cash flow in the third quarter jumped and profits rose six-fold to beat expectations.

In a conference call with analysts, finance chief Massimo Mondazzi said a buyback was a priority, providing market conditions remained stable.

Over the last year the world’s top oil and gas companies have come under growing pressure to return more cash to shareholders as profits and oil prices get back on track after a three-year crunch.

“The trajectory is positive ... our aspiration is for a progressive dividend with a buyback, on condition our leverage stays below 20 percent,” Mondazzi said.

CYPRUS: Greece and Turkey fire warning shots over East Med energy plans - FINANCIAL MIRROR

EEZ delineation as per UNCLOS

26 October, 2018

A war of words between Athens and Ankara over East Med energy plans and territorial waters intensified on Friday when Turkey responded defiantly to a rebuke from Greece.

Continuing the row with with Greece over energy exploration in the eastern Mediterranean, Turkey on Friday said it would “continue to act in line with the equitable principles and all relevant special circumstances” in delimiting maritime jurisdiction.

“On the delimitation of maritime jurisdiction areas, Turkey will, as it has to date, continue to act in line with the equitable principles and all relevant special circumstances,” Foreign Ministry spokesman Hami Aksoy said.

He was responding to a Greek Foreign Ministry statement saying it would not be dictated to by Turkey on what it decides to do.

“There is no advice that we would take from Greece over the delimitation techniques within the framework of international law,” Aksoy added.

Egypt to offer new production model to foreign oil and gas firms - INDIA TIMES / REUTERS

REUTERS | October 26, 2018, 15:57 IST

CAIRO: Egypt is working on a new production sharing model with foreign energy companies to encourage oil and gas exploration in deep waters, Petroleum Minister Tarek El Molla said on Thursday.

"We are thinking of having... a simpler way of having the calculations with our partners," Molla said during a US business meeting in Cairo.

"So far the feedback that we received from different partners is very positive and they are enthusiastic to participate in the bid round on this basis," he said.

Under the new model, companies will be offered a share of production in exchange for bearing the costs of exploration and production.

"It will be all together and one figure that includes cost recovery and the profit share of the partner, so we don't go towards what we call cost recovery audits, which sometimes take effort, (create) arguments between different departments and,...for new frontier areas, it wouldn't be encouraging."

Molla said that bigger oil companies wanted the new model especially for risky deepwater frontier areas in the Red Sea and the Mediterranean near the Libyan border that are coming up in the next two bid rounds.

TransGlobe Spuds on South Ghazalat - PETROLEUM AFRICA

Thursday, October 25, 2018

TransGlobe Energy spud its SGZ 6X well on the South Ghazalat concession in Egypt’s Western Desert. The well, the second exploration well in the concession, was spud on October 23.

The SGZ 6X is located on the eastern portion of the concession offsetting the Raml oil field in the Abu Gharadig basin. The SGZ 6X prospect is targeting stacked Cretaceous oil targets similar to the producing Raml and SW Raml fields.

On TransGlobe’s South Alamein concession, also in the Western Desert, the company received notification from the military that access will be granted to drill the South Alamein 24X (SA 24X) Jurassic exploration prospect. It has submitted the required documentation and is awaiting final written approval which is expected prior to year-end. Concurrently, the company initiated preparations to drill SA 24X as part of the 2019 exploration program.

Egypt’s Enppi and Petrojet complete 60% of Jordan natgas network expansion - ENTERPRISE

Wednesday, 24 October 2018

State energy companies Enppi and Petrojet have completed 60% of a project to expand the natural gas network in Jordan, Oil Minister Tarek El Molla said, according to Ahram Online. The two companies are expected to inaugurate the project in October 2019. 

We had previously noted that Enppi and EGAS are building a 17 km steel pipeline for the Jordanian-Egyptian Fajr for Natural Gas Transport and Supply Company that should be complete by 2020, but it remains unclear whether this is the project Molla was referring to.

Significant Gains at Abu-Attifel Field - PETROLEUM AFRICA

Tuesday, October 23, 2018

Libya’s NOC reported that Mellitah Oil & Gas (MOG) has made “significant gains” at the Abu-Attifel oilfield. These gains come despite the security issues and logistical constraints the company faces at the oilfield.

MOG completed operating tests for a TC5 Solar Gas Turbine on October 13. This equipment is part of an impactful low-pressure flare project increasing low-pressure well gas production which then transfers to a LNG plant. The project has succeeded in increasing condensate quantities by 2,000 bpd to 9,500 bpd and reduced the proportion of ‘off-gas’ flaring to zero.

The National Drilling and Well Maintenance Company, owned by NOC, also helped MOG complete the maintenance of well No 56, restoring it to the production of 4,800 bpd of oil and approximately 9 Mmcf/d. The maintenance of well No A49 is expected to complete before the end of the year, thereby raising production by a further 1,000 bpd.

Israel Plans to Export Too Much Natural Gas, Leading Geologist Says - HAARETZ

Oct 23, 2018 6:54 PM

Eran Azran

Yossi Langotsky, the geologist who predicted the discovery of Israel’s major natural gas reserves, has criticized his country’s plans to export nearly half its gas discovered to date.

“There are no more chances of finding major gas reserves in Israel,” he told TheMarker in response to comments by government officials that Israel could export current volumes and simply find more.

Langotsky was also responding to remarks by a senior researcher for the Institute for National Security Studies, Oded Eran, who told TheMarker last week that exporting gas to Egypt was important for Israel’s energy economy as well as its geopolitical and security interests.

Eran said Israel was unlikely to be able to export gas to Turkey or Europe, thus Egypt was the only real option aside from the local market.

“The export deals with Egypt are shortsighted and irresponsible — Israel has some 1 trillion cubic meters of gas,” Langotsky said, noting that the Tzemach committee charged with charting Israel’s natural gas economy in 2012 called for exporting a bit under half the 1 trillion.

Blue Water Energy LLP to partner with Apex International Energy - BLUE WATER ENERGY LLP

Houston, 22 October 2018

Apex International Energy, an independent oil and gas exploration and production company focused on Egypt and other Middle Eastern and North African countries (“MENA”), today announced that affiliates of Blue Water Energy LLP (BWE or Blue Water Energy) have agreed to partner with Apex and join the existing investors: Warburg Pincus LLC, International Finance Corporation (IFC) and company management.

Apex is primarily focused on pursuing acquisitions and drilling opportunities in MENA, with an initial focus on Egypt. The Company will continue to acquire assets and licenses, whilst driving value creation through the execution of production optimization opportunities, developments and exploration opportunities of scale. Blue Water Energy, Warburg Pincus LLC and the IFC are jointly providing funding to support Apex’s investment program, including drilling, asset acquisitions and corporate transactions.

Eni starts drilling two new wells at Zohr - ENTERPRISE

Monday, 22 October 2018

Italy’s Eni began started drilling two additional wells at the offshore Zohr natural gas field as it prepares to raise output to its 2.7 bcf/d plateau next year, an unnamed source from EGAS tells Al Shorouk. 

The addition brings the total number of wells in the project to 13. Sources said that work on them should be complete within a month and will determine how many other wells Eni will need to drill to hits its target. 

Eni had announced plans earlier this month to increase its investments in the Zohr gas field to USD 16 bn, up from USD 12 bn, by the time it completes the field’s development in July 2019. Production from the field hit 2 bcf/d last month.

SDX, BP fail to reach agreement on Egypt assets - ENTERPRISE

Sunday, 21 October 2018

BP talks to sell Egypt assets to SDX fail. SDX Energy has “terminated” talks to acquire BP’s Egypt assets after failing to reach an agreement, the company said in a statement on Thursday (pdf). SDX gave no color on why the talks broke down. SDX Energy announced last month that it was in open talks with BP to acquire “a significant package of [its] assets in Egypt.” It was not not immediately clear which assets SDX hoped to acquire, but the company said the transaction would take the form of a reverse takeover, allowing SDX entry to the London Stock Exchange’s main market. BP had been said to be shopping for buyers since at least March as part of a plan to sell USD 2-3 bn’s worth of maturing assets this year.

BP isn’t exiting Egypt: The global oil major plans to invest USD 2 bn in Egypt next year, BP North Africa Regional President Hesham Mekawi told Al Shorouk in an interview last month. Among the assets in which it is investing is its Raven field, which is part of its West Nile concessions in Fayoum and Giza. The Raven gas field is expected to come online in 2H2019, a source from the Oil Ministry official told Youm7 on Thursday. Production is expected to reach 350 mcf/d of gas.

Turkey declares oil refinery as special industrial zone - YENI SAFAK / ANADOLU AGENCY

October 20, 2018  11:14 

A presidential decree has declared a newly-opened oil refinery in western Izmir province as the first special industrial zone in Turkey, the Industry and Technology Ministry said Saturday.

Industry and Technology Minister Mustafa Varank said in a statement that the oil refinery will reduce Turkey's foreign trade deficit annually by $1.5 billion.

"The STAR refinery is the biggest real sector investment made at a time in Turkey," he said.

He stressed on the importance of petrochemical investments in terms of high value-added production, employment opportunities and balance of payments.

Eni agrees with Petroleum Ministry on $2.6 for gas produced from Farameet well - DAILY NEWS EGYPT

Thursday October 18, 2018

Mohamed Adel

Italian Eni has recently signed an agreement with the Petroleum Ministry regarding the pricing of the gas produced from the Faramid well (TEKMOR Note: East Obayed Concession), which was recently discovered in the company’s concession area in the Western Sahara. The pricing was agreed to be $2.6 per one million thermal units.

A source at EGAS told Daily New Egypt that about 23m cubic feet of gas will be produced daily from the Farameet well.

He pointed out that the well’s production will be connected to Obayed’s gas processing plant, owned by Dutch Shell.

BP to produce 60 mcf/d of natgas from Katameya well in 2020 - ENTERPRISE

Thursday, 18 October 2018

BP will begin producing 60 mcf/d of natural gas from its Katameya Shallow-1 exploration well in the North Damietta East Delta marine concession by 2020, a source from the industry told Youm7. 

Early works on the well are due to begin soon as BP had promised in April to begin production by no later than early 2020. 

The well has 90 bcf of reserves.

ENERGY: Washington against any actions that raises tension in Cyprus gas search - FINANCIAL MIRROR

17 October, 2018

Washington discourages any actions or rhetoric that raises tensions in the East Med, a US State Department official said in response to a question on Turkish provocations in Cyprus’ Exclusive Economic Zone.

“US policy on Cyprus’ EEZ is longstanding and has not changed: The United States recognises the right of the Republic of Cyprus to develop its resources in its Exclusive Economic Zone, said the official.

“We continue to believe the island’s oil and gas resources, like all of its resources, should be equitably shared between both communities in the context of an overall settlement. We discourage any actions or rhetoric that increase tensions in the region,” the official added.

Turkey has warned foreign companies from exploring for gas offshore Cyprus and said it would act to protect its interests.

Ankara also plans to start exploring for hydrocarbons in the region around the same time that US energy giant ExxonMobil is scheduled to begin test drills off Cyprus.

Egypt's petroleum minister says one FSRU vessel to leave before week-end - ZAWYA / REUTERS

16 OCTOBER, 2018
Ehab Farouk

CAIRO - Egypt's petroleum minister said on Tuesday that a regasification vessel would leave Egypt by the end of the week.

Tarek El Molla said that another vessel would stay behind as part of the petroleum ministry's strategy to maintain energy supplies for the country.

Reporting by Ehab Farouk, writing by Sami Aboudi; Editing by Kirsten Donovan

Cyprus missing out on a good gas deal, expert says - CYPRUS MAIL

October 16, 2018

Elias Hazou

Greek oil and gas company Energean, which has offered to pipe gas to Cyprus from its Israeli offshore leases at a highly competitive price, has responded to the energy minister who said the company does not have an export permit from the Israeli government and that therefore its proposal is invalid.

In a press release last Friday, Energean Oil & Gas Plc said it has submitted to the government a proposal “to supply Cyprus with natural gas as of the first quarter of 2021, without the investment cost burdening Cypriot taxpayers, and at a particularly competitive price”.

It added: “The company respects and complies with regulations and the regulatory framework in each country where it operates and, evidently, we have confirmed our capability to supply Cyprus with natural gas on the basis of the already-submitted offer.”

Energean was responding to energy minister, Giorgos Lakkotrypis, who a day earlier appeared to dismiss outright the company’s offer.

Deconstructing the Leviathan: The future of how Israel fuels itself? - THE JERUSALEM POST

OCTOBER 14, 2018 06:34 

Erica Schachne

 
Noble Energy’s plan to extract natural gas via the game-changing pipe seems like a win-win for the Israeli government, the Israeli people and neighbors like Jordan, Egypt and Cyprus.

• Noble Energy to sell $800 million stake of Tamar natural-gas field
• Noble Energy, partners acquire Egypt-Israel gas pipeline stake for $518m

The process of culling natural gas from the massive Leviathan pipeline, expected to be the largest infrastructure project in Israel’s history and a boon to the Israeli economy, is very much on its way.

This past summer, I joined Noble Energy’s trip to its Texas-based offices and operations to learn precisely how it was constructing Leviathan, set to go in waters 9.7 kilometers off the Haifa coast. Noble finally kicked off the project in 2017 – almost seven years after many billions of shekels worth of natural gas was first found in the colossal Mediterranean Sea field off Dor Beach. The discovery came around a year after the Tamar field was found, with the gas there also being extracted by Noble.

ENERGY: Energean calls out Cyprus on its gas supply policy - FINANCIAL MIRROR

13 October, 2018

Greek oil and gas firm Energean has upped the ante by saying it can deliver more competitive gas prices to Cyprus than the tender procedure Nicosia is going through.

“Energean has submitted a proposal to the Cypriot Government to supply natural gas to the country in the 1st quarter of 2021 at no upfront cost to the Cypriot citizens at a very competitive gas price,” the company said in a statement.

“Energean always respects the rules and regulations of every country it operates in and has obviously confirmed its option to supply natural Gas to Cyprus in accordance with the proposal made,” it added.

According to sources, Energean is unhappy that it is excluded from a tender to supply Cyprus with gas because the bids relate to LNG infrastructure only.

Those same sources argue that the project will be much more expensive compared to gas supplied through a pipeline.

Eni CEO says new agreement with Libya’s NOC would increase oil production efficiency - THE LIBYA OBSERVER

October 13, 2018 - 14:19
Safa Alharathy

The CEO of the Italian energy company Eni Claudio Descalzi said that the expansion of production plans in Libya in 2019 is important for both sides in terms of diversification of energy sources.

Descalzi explained in a press statement that these plans would turn the situation round in Libya after 8 years of freezing of investments, adding that this step would contribute to creating jobs and greater development in the country.

Discalzi pointed out that the agreement on exploration and sharing of production, signed between the National Oil Corporation (NOC), ENI, and BP, involves about fifty four thousand square kilometres in the sea and on land.

Beyond the Southern Gas Corridor: Interconnecting Central/East Europe and the Balkans? - NAOC

October 12, 2018October 12, 2018 

Mariana Liakopoulou

Following the August signing of the Convention on the legal status of the Caspian Sea, the Southern Gas Corridor (SGC), a large-scale gas pipeline project that aspires to connect the region’s copious hydrocarbon resources to the European markets, has been drawn back into international debate.

The present article illuminates how the SGC enhances the potential for cross-border interconnectivity amongst EU member-states in Central and Eastern Europe (CEE) and the Balkans, as well as amongst the Energy Community contracting parties. The Energy Community is an initiative introduced at the onset of the twenty-first century by the EU and several third countries in its southeastern vicinity, focusing on the extension of the EU’s existing rules to aspirants for membership.

Cyprus Tenders For LNG Import Terminal - MEES

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Greece and Egypt moving closer to EEZ agreement - KATHIMERINI

11.10.2018 : 16:42

Vassilis Nedos

The much-discussed delineation of the exclusive economic zones (EEZ) of Greece and Egypt was on the table at a trilateral meeting between Greek Prime Minister Alexis Tsipras, Egyptian President Abdel Fattah el-Sisi and Cyprus President Nicos Anastasiades on the island of Crete on Wednesday.

Speaking after the meeting, the sixth between the three leaders, Tsipras said that “technical details” remain before Greece and Egypt wrap up talks on the issue that began three years ago.

Government sources said that Tsipras and Sisi agreed that this should happen by the end of the year.

Global Investment Firms Show Interest in Funding Cyprus Gas Pipe - BLOOMBERG

October 10, 2018, 10:27 AM GMT+3
Yaacov Benmeleh

• Four financial firms in contact with Cyprus govt on pipeline
• Pipe would transport Cyprus gas to Shell’s LNG plant in Egypt

Four major investment firms expressed interest in financing the construction of a pipeline that would transport natural gas from Cyprus to Egypt, according to a Cypriot official involved in the country’s energy sector.

The banks and investment houses asked the Cypriot government for more information on the progress of the Aphrodite reservoir, whose gas Royal Dutch Shell Plc is considering buying for its facility in Egypt, said Sofronis Papageorgiou, head of commercial affairs at the Cypriot embassy in Israel. He declined to disclose the names of the firms.

The Aphrodite field has sat undeveloped since its discovery in 2011, the first in Cypriot waters, but companies and regional governments are working to change that. Last month, Egypt and Cyprus signed an inter-governmental agreement to facilitate commercial deals, while the owners of the gas pool -- Shell, Texas-based Noble Energy Inc. and Israel’s Delek Drilling LP -- continue to hammer out a contract to service the liquefied natural gas plant in Egypt called Idku.

Greece, Egypt back Cyprus gas exploration - THE WASHINGTON POST / ASSOCIATED PRESS

October 10 at 12:55 PMDerek Gatopoulos and Menelaos Hadjicostis

ATHENS, Greece — The leaders of Greece and Egypt on Wednesday backed efforts by regional ally Cyprus to exploit off-shore gas deposits, despite strong objection from Turkey.

Greek Prime Minister Alexis Tsipras hosted a meeting Wednesday with Egyptian President Abdel-Fattah el-Sissi and Cypriot President Nicos Anastasiades on the island of Crete. The talks were the sixth meeting between the three leaders aimed at forming an energy-based alliance in the east Mediterranean.

U.S. energy giant ExxonMobil will search for natural gas off the coast of Cyprus by the end of the year, a senior executive said last week.

“We have clearly expressed our support for Cyprus in its efforts to capitalize on the sovereign rights deriving from International Law regarding (offshore deposits) and to make progress in their exploitation,” said Tsipras.

DEFA issues tender for construction of LNG import terminal - HYDROCARBON ENGINEERING

09 October 2018

The state natural gas company of Cyprus, DEFA, has issued a tender for the development of a facility for the import, storage and regasification of LNG at Vasilikos Bay near Lemesos.

The tender was made on behalf of the Natural Gas Infrastructure Co. Ltd (ETYFA).

Following the completion of a feasibility study in 2016, the government of Cyprus decided to proceed with the development.

The government requires the completion of the new LNG import terminal by 30 November 2020.

The LNG Terminal will include a floating storage and regasification unit (FSRU), a jetty for mooring the FSRU, a jetty borne gas pipeline and related infrastructure. The LNG terminal has secured a funding of 40% of the CAPEX, up to €101 million, as a grant from the EU under the Connecting Europe Facility (CEF) financial instruments.

Egypt to Receive First Israeli Gas as Early as March - BLOOMBERG

October 8, 2018, 12:44 PM GMT+3Mirette Magdy

• Egyptian pipeline partner says to hit capacity in three years
• East Gas says its pipeline via Jordan can act as backup

Egypt will begin importing natural gas from Israel under a $15 billion deal as early as March if an undersea pipeline connecting the Mediterranean neighbors is found to be in good condition, moving the country closer to its goal of becoming an energy-exporting hub.

Mohammed Shoeib, chief executive officer of East Gas Co., a major Egyptian partner in the pipeline, said supplies would begin at 100 million standard cubic feet of gas per day in the first quarter of 2019 and gradually rise to a maximum of 700 million scf a day.

“We expect the pipeline is in good condition,” he told Bloomberg in an interview. “We aim to reach the pipeline’s full capacity or maximum flow rate within three years.”

Eni to acquire half of BP's Libya oil and gas assets - REUTERS

London, OCTOBER 8, 2018 / 7:00 PM
Ahmad Ghaddar, Ron Bousso

Italy’s Eni has agreed to buy half of BP’s 85 percent stake in a Libyan oil and gas license with the aim of resuming exploration next year, the companies said on Monday.

Eni will acquire the 42.5 percent stake and become the operator of the exploration and production sharing agreement (EPSA) in Libya, in which the Libyan Investment Authority holds the remaining 15 percent, the companies said in a statement.

The companies, along with state-owned National Oil Corp (NOC), signed a letter of intent in London on Monday paving the way for the final deal. They did not disclose financial terms of the transaction.

NOC chairman Mustafa Sanalla said the agreement showed renewed confidence in the war-torn country’s oil and gas sector.

“This agreement is a clear signal and recognition by the market of the opportunities Libya has to offer and will only serve to strengthen our production outlook,” he said.

BP Chief Executive Officer Bob Dudley hailed the deal as an important step “towards returning to our work in Libya”.

Eni to increase its investments in Zohr to USD 16 bn - ENTERPRISE

Monday, 8 October 2018

Italy’s Eni plans to increase its investments in the Zohr gas field to USD 16 bn, up from USD 12 bn, by the time it completes the field’s development in July 2019, according to an unnamed source. 

Production from the field reached 2 bcf/d last month and is expected to plateau at 2.7 bcf/d next year.

Good reasons why energy giants are eyeing the East Med - CYPRUS MAIL

October 7, 2018 

Charles Ellinas

Interest in the East Med has increased during the last ten years with the discovery of major gas fields such as Tamar, Leviathan and more recently the giant Zohr field in Egypt. These have opened up major opportunities for new discoveries, but also for oil and gas investments in the region.

This was confirmed at Gastech 2018 in Barcelona, the world’s largest gas conference, by Lapo Pistelli, head of international affairs at ENI, Walid Nasr, the chairman of the Lebanese Petroleum Authority (LPA) and myself.

News Analysis: Strategic location, improved infrastructure to turn Egypt into regional energy hub - XINHUA

2018-10-06 05:44:4
Marwa Yahya; Editor: Yang Yi

CAIRO, Oct. 5 (Xinhua) -- With Egypt's strategic location and improved infrastructure, the North African country is becoming a regional hub for energy trade, said experts.

"Egypt has all the conditions needed to turn into a regional hub for energy trade. It has a very unique location among the three continents, besides its Suez Canal and internationally standardized infrastructure," Salah Hafez, former deputy chairman of the General Authority for Oil, told Xinhua.

"Egypt also owns gas pipelines to Israel and Jordan, gas liquification stations in Damietta and Edko in northern Cairo, and sea ports," Hafez said.

The Egyptian government announced on several occasions a two-phase plan to turn Egypt into an energy hub. The first will be carried out by construction of electricity networks between Egypt and its neighboring countries.

The electricity connections with Libya and Jordan have been in operation, with other networks linking Egypt with Syria and Iraq still under construction.

By the end of 2018, the electricity links with Sudan will start working. Egypt also plans to establish a sea cable for electricity connection with Greece, Cyprus, and Saudi Arabia, the spokesman of the Electricity Ministry told Xinhua.

Israel-Egypt gas export deal shapes up - PETROLEUM ECONOMIST

5 October 2018

Gina Cohen

Practical steps have been taken that could eventually enable gas from Israel’s offshore to be piped to Egypt

Israel's Delek, the US-based firm Noble and Egypt's East Gas have established a company (Emed) to buy 39% of the 26in, 90km (56-mile) East Mediterranean Gas pipeline for $518m. This investment, combined with a transportation agreement, will provide the partners with the exclusive rights to use all the pipeline's capacity.

Of the $518m, the Leviathan and Tamar offshore gasfield partners will each pay $125m, whilst Delek and Noble will each pay another $60m. Most significantly, the East Gas company, which also owns the pipeline from Aqaba in Jordan to el-Arish in Egypt, will invest $148m, which is a considerable amount for Egypt. This strategic partnership with a leading Egyptian infrastructure owner provides "skin in the game" and an Egyptian umbrella for the entire transaction to sell Israeli gas to Egypt.

Leviathan gets first rights to transmit gas in the EMG pipeline. Namely, if capacity in the line is low, then the first 3.5bn cubic metres a year is for Leviathan and the second tranche of 3.5bn cm/y is for Tamar. If Tamar can't pipe all of this volume, the capacity automatically reverts to Leviathan.

This includes the ability to transmit additional Israeli gas in the 10bn-cm/y East Gas-owned pipeline from Aqaba to el-Arish.

Defa publishes tender documents for LNG terminal - CYPRUS MAIL

OCTOBER 5, 2018

Cyprus’ natural gas public company (DEFA) on Friday published the tender documents for the design, construction, and operation of an LNG import terminal that will be located at Vassilikos.

“This is an important milestone for DEFA, and for the people of Cyprus, who will soon benefit from the cost savings and environmental benefits from the use of natural gas. We expect to issue a request for expressions of interest for the supply of LNG in the coming weeks and a full tender early in 2019,” DEFA chairman Symeon Kassianides said.

The tender documents can be obtained from the e-procurement portal of the Republic of Cyprus.

The €300m LNG Terminal will include a floating storage and regasification unit (FSRU), a jetty for mooring the FSRU, a jetty-borne gas pipeline and related infrastructure.

The LNG Terminal will be completed in 2020 and 40 per cent of its cost, or €101m, will be funded by the EU.

ENERGY: ExxonMobil to drill offshore Cyprus in Q4 as Turkey renews threats - FINANCIAL MIRROR

05 October, 2018

US energy giant ExxonMobil said on Friday it plans to begin test drilling for hydrocarbons offshore Cyprus later this year despite Turkey warning international firms against such moves.

“Our plan is to drill some time in the fourth quarter, we haven’t got an exact date right now,” senior vice chairman of ExxonMobil Neil Chapman told reporters Friday.

He made the comments after holding talks with Cypriot president Nicos Anastasiades a day after Turkey advised energy firms not to bid for a license to explore for oil and gas in a new block offshore Cyprus.

Cyprus on Wednesday invited France’s Total, Italy’s Eni and ExxonMobil - already licensed to exploit oil and gas in Cyprus’ Exclusive Economic Zone (EEZ) - to bid for unclaimed block 7.

Chapman said, “we have not looked in any detail at block 7 yet”.

Cabinet looking for gas licensees for Block 7 (Updated) - CYPRUS MAIL

October 3, 2018 

George Psyllides

The energy minister announced on Monday Cyprus will be seeking bidders for a €300m project to facilitate natural gas imports and will also invite energy companies to express interest in another offshore field inside the island’s exclusive economic zone.

Rising Oil Bill May Erase Egypt's Savings From Gas Milestone - BLOOMBERG

October 3, 2018, 4:22 PM GMT+3

• Egypt faces hit to budget from oil after ending imports of gas
• Government was planning to phase out costly fuel subsidies

No sooner has Egypt achieved its milestone of regaining self-sufficiency in natural gas than another corner of the energy market threatens to deal a new blow to fragile government finances.

A six-fold increase in production at the giant offshore Zohr field means Egypt can now meet its own needs domestically. The government may now save some $2 billion a year after receiving what it said was the final shipment of expensive liquefied natural gas last week. But relief for the most populous Arab country -- a net importer of refined gasoline and diesel -- could be short-lived.

Egypt’s 2018-2019 budget assumes oil prices at $67 a barrel but crude has already surged past $80, threatening plans to cut the deficit under an economic overhaul program backed by a $12 billion International Monetary Fund loan. It also poses a dilemma for the government, which had sought to phase out fuel subsidies by mid-2019; burden the population by lifting prices higher and faster than expected or abandon its deficit target altogether.

Wood celebrates new partnership with ENPPI in Egypt - WOOD

London, UK, 01 October 2018

The British Ambassador in Egypt Sir Geoffrey Adams and His Excellency Minister of Petroleum Eng. Tarek El Molla celebrated a new signed subsea agreement between Egyptian Petroleum Company ENPPI and British company Wood. Both companies have been working together for the past two years on the Burullus project, providing subsea engineering and operations support services through an ENPPI/Wood Consortium Agreement.

The new agreement was signed by ENPPI Chairman Eng. Alaa Hegazy and Wood Technical Director Engineering Colin McKinnon. Together, both companies will continue to draw on a huge pool of talent and experience globally to provide the best independent technical solution for oil and gas projects as well as enable and facilitate subsea technology transfer and training through projects and training courses.

British Ambassador to Egypt Sir Geoffrey Adams said: “Today we celebrate a new chapter in the Egyptian- British partnership which brings together Egyptian talent and British expertise. New partnerships are the stepping stones for shared knowledge and benefit, new job opportunities for all Egyptians and fast track delivery for mutual economic success.”

EMG, Israeli Electric are withdrawing arbitration cases against Egypt - ENTERPRISE

Monday, 1 October 2018

EMG, IEC have begun withdrawing arbitration cases against Egypt: East Mediterranean Gas (EMG) and Israel Electric Corporation have officially begun proceedings to drop their international arbitration case against state energy companies EGPC and EGAS, according to Oil Ministry sources. The two cases would have seen Egypt pay a combined USD 1.988 mn in fines for failing to supply IEC with gas in 2012.

Key step in our energy hub transformation: The withdrawal of the claims are conditions of the USD 518 mn agreement Noble Energy and Delek — the operators of Israel’s Leviathan and Tamar gas fields — and their Egyptian partner East Gas signed last week. The transaction gives Nobel and Delek a 39% stake in EMG, paving the way for the gas field operators to export natural gas to Egypt under a USD 15 bn agreement signed in February with Alaa Arafa’s Dolphinus Holdings.

Advisers: Shahid Law Firm acted as sell-side legal counsel on the EMG transaction, while Alliance Law Firm had was on the buy-side.

EMG Transaction - Enabling Gas Export to Egypt - DELEK DRILLING

SOURCE

Egypt receives final LNG shipment, marking end of gas imports: Tarek El-Molla - DAILY NEWS EGYPT

29 September 2018

Egypt received the final liquefied natural gas (LNG) shipment, after which the country will halt natural gas imports, Petroleum Minister Tarek El-Molla said on Saturday.

According to the Ministry of Petroleum, LNG imports cost the state about $280m monthly, to meet domestic market demands.

Moreover, it is estimated that around $3bn this fiscal year will be saved following the connection of the new gas explorations to the production cycle.

Greece signed the Energy agreement for drilling in Crete with ExxonMobil, Total and HELPE - IBNA

28-09-2018, 06:28

Nefeli Tzanetakou

Greek Minister of Environment and Energy, George Stathakis, the Chairman of the Hellenic Management Company of Hydrocarbons, Ioannis Basias and the representatives of Total, Isabelle Gastineau, ExxonMobil, Tom McMahon and Yiannis Grigoriou of the Hellenic Petroleum S.A (HELPE) proceeded to the initiation of the concession contracts for the exploration and exploitation of hydrocarbons in two marine "plots" south and southwest of Crete and one in Kyparissiakos Gulf.