Monthly Archives November 2019

Egypt Signs $430-Million Gas Deal with Texas’ Noble Energy

Egypt said on Saturday it had signed several multimillion-dollar energy investment accords including a $430-million deal for Texas-based Noble Energy to pump natural gas through the East Mediterranean Gas Company’s pipeline. Under another agreement with Noble, which will also be financed by the US International Development Finance Corporation, the energy company will manufacture petroleum products in partnership with Egyptian company Dolphinus Holdings. The cabinet detailed the plans at the end of an Africa investment forum held on the site of the country’s planned new administrative capital in the desert east of Cairo. To continue reading the article please click here.
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Categories: News.

Libya’s NOC Sets Sights on 1.5 mil b/d Oil Output Target in 2020

Libya’s main oil chief has set his sights on boosting oil production to 1.50 million b/d in 2020 from current levels of 1.25 million b/d, as the country’s oil production and exports have been largely unaffected this year despite the civil unrest engulfing the North African country. Mustafa Sanalla, the head of state-owned National Oil Corporation, said late-Wednesday the rise assumes 350,000b/d of new output coming online next year, but that this will be slightly offset by a natural decline rate of 7%-8%. Output has remained much below 1.6 million b/d since 2011 when the country descended into civil war
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Categories: News.

Energean Files Plans for Cyprus Gas Pipeline

Energean Oil & Gas said on Tuesday its Energean International unit submitted an application to import and supply natural gas to Cyprus starting in 2021. In its application to Cypriot authorities, it said it sought to supply gas through a pipeline from the Karish block offshore Israel to Vassiliko, Cyprus. The pipeline would be 215 kilometers long and transport natural gas from the Karish North field, which contains 25 billion cubic meters of discovered recoverable resources. For more information please click here for the original article.
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Categories: News.

The Cyprus Employers & Industrialists Federation (OEB) Becomes EMC 2020 Partner

The Cyprus Employers & Industrialists Federation (OEB) is the most representative national employer organization, politically independent, with a mission to promote and support the benefits of Cypriot businesses in Cyprus, in the European Union (EU) and internationally. OEB is recognized by all official bodies, committees, councils, forums and institutions, as the leading institution and voice of Cypriot businesses. The statutory objectives of OEB include the continued economic and social progress of Cyprus, the country’s participation in decision-making bodies in the EU that affect the economy, the promotion of private initiative, the promotion of innovation, gender equality and female entrepreneurship and
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Categories: News.

Energean Seeks to Supply Natural Gas to Cyprus from Israel

Energean Oil & Gas said on Tuesday its Energean International unit submitted an application to import and supply natural gas to Cyprus starting in 2021. In its application to Cypriot authorities, it said it sought to supply gas through a pipeline from the Karish block offshore Israel to Vassiliko, Cyprus. The pipeline would be 215 km (135 miles) long and transport natural gas from the Karish North field, which contains 25 billion cubic meters of discovered recoverable resources. To read more and for the original article please click here.
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Categories: News and Uncategorized.

Oil Majors See Huge Opportunity In Eastern Mediterranean

Quite suddenly, there is remarkable oil industry news to come out of the East Mediterranean region. If the plan is executed, in the space of seven years the balance of energy security in Western Europe will be radically changed. In geopolitical terms, this will be immense; when the planned Israel-Cyprus-Greece-Italy gas pipeline is built, European countries will be able to cut their ever-increasing dependence on Russian gas supplies. The story of major gas discoveries in the East Mediterranean started in the shallow-water offshore Egypt, with Miocene Nile Delta discoveries progressively stepping out into deeper and deeper water. The first discovery
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Categories: News and Uncategorized.

Shell Picks Citi Bank for $1bn Sale of Egyptian Oil Assets

Oil supermajor Royal Dutch Shell has appointed investment bank Citi to run the $1bn (£781.5m) sale of its oil and gas assets in Egypt’s Western Desert. Sources told Reuters that the sale should be officially launched at the end of the month. Shell announced plans for the sale, which includes a portfolio of 19 oil and gas leases with production of 100,000 barrels of oil per day, in October. The company said that it was getting rid of the onshore assets so it could focus instead on developing its offshore footprint in the country. Khaled Kacem, Shell Egypt country chair,
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Categories: News.

Gas Deal is Great News but We Must Be Realistic

CONTRACTS for the first hydrocarbon exploitation licence were signed on Thursday and were described by energy minister Giorgos Lakkotrypis, as “another milestone in Cyprus’ energy programme”. It was the first real milestone of our energy programme because as we have learnt over the last few years, licensing rounds, surveys, exploratory drilling and discoveries of deposits might create big expectations, but until contracts for the exploitation of the findings are signed, their commercial value is theoretical. This is an illustration of the extremely slow pace at which the oil and gas industry moves. The discovery at the Aphrodite field in block
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Categories: News.

Cyprus Signs $9 Billion Gas Extraction Deal with Israel’s Delek & Other Firms

Nicosia inks its first agreement to develop massive offshore Aphrodite field, estimated to contain over four trillion cubic feet of fuel. Cyprus announced Thursday it had signed its first natural gas exploitation deal worth $9.3 billion with a consortium comprised of industry giant Shell, US-based Noble and Israel’s Delek. “Noble Energy, Shell and Delek now have in their hands the first exploitation license granted by the Republic of Cyprus so they can commercialize the deposit,” said Energy Minister George Lakkotrypis, shortly after the agreement was signed. The signing of the deal comes after the cabinet approved revisions to a production
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Categories: News.

Global Subsea Solutions Specialist Joins EMC 2020 – Introducing Oceaneering

We pleased to announce the latest addition to our line-up of supporters – Global subsea engineering giant, Oceaneering gives its backing to EMC 2020.  About Oceaneering: To solve your toughest challenges, we do things differently, creatively, and smarter. As your trusted partner, our unmatched experience and truly innovative portfolio of technologies and solutions give us the flexibility to adapt and evolve, regardless of market conditions. We provide engineered services and products primarily to the offshore energy industry. Today, we also use applied technology expertise to serve the defense, entertainment, material handling, aerospace, science, and renewable energy industries. For more information
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Categories: News.