Monthly Archives May 2020

Convergence and divergence between oil and natural gas prices

The Coronavirus pandemic has had a devastating impact on global oil markets, but natural gas companies are also facing declines. In this article, we will look at how natural gas markets deal with low demand due to the Coronavirus pandemic. At the present time, monitoring oil prices-reference oils, for example, Brent oil, West Texas Light oil, Dubai and Oman oil, to determine other oil prices, in terms of quality and spatial quality, is no longer difficult for specialists or analysts. To continue reading the article please click here.
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Categories: News.

Drillers improving exploration performance, report finds

LONDON – Westwood Global Energy Group’s ‘State of Exploration 2020’ report reveals an increase in drilling globally last year, with improved performance in 2019. The number of high-impact wells drilled rose 39% compared with 2018, with more than 15 Bboe discovered and commercial success rates of 32%, the highest in at least 10 years. Westwood identified 28 potentially commercial discoveries with resources above 100 MMboe, almost double the number in 2018 and the highest since 2014. The four largest were gas or gas condensate in Iran, Russia, Mauritania, and Cyprus, and there were also eight oil discoveries containing more than
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Categories: News.

Business case for exploration still exists, Westwood Global says

Confidence had returned to global exploration with improved performance and the emergence of several new multi-billion barrel plays.  The confidence carried over into 2020 but has evaporated in the face of the Covid-19 crisis and the collapse in oil prices.  Short term plans are in a state of flux and exploration strategy is being reset again. As well as dealing with the immediate crisis, societal pressure is building for a rapid transition to a low carbon future. It is in this context that Westwood has published its annual review of global exploration activity and performance over the last five years
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Categories: News.

Energy companies assure are committed to Cyprus drilling

Energy companies licensed to prospect for gas off Cyprus have assured the government they are committed to their contracts despite inevitable delays due to the coronavirus situation, MPs heard on Tuesday. In a teleconference session with lawmakers, Energy Minister Giorgos Lakkotrypis said drilling programmes by Total and ENI, and by ExxonMobil, are being put on hold but only temporarily. For Total and ENI – which had planned to carry out three drills in the 2020-2021 timeframe – the minister said their contracts would have to be extended. The consortium had been scheduled to first drill a new (exploratory) well at
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Categories: Uncategorized.

Cyprus must redirect its energy policy

The international oil and gas companies (IOCs) have finally confirmed postponement of planned drilling in Cyprus’ EEZ into 2021. It is understood that the energy minister is looking into extending Eni/Total’s contracts to facilitate this. The press coverage that followed, stated that it is “important to note that the oil companies are not pulling out”, but “they have merely postponed their planned drilling in response to the many problems currently being faced.” But is such a complacent view justified? Where is this going? Let’s look at the evolving facts. Click here to continue reading the Cyprus Mail article…
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Categories: News.

Eni, Total postpone drilling in Eastern Mediterranean

Following in the footsteps of U.S. energy giant Exxon Mobil, Italian Eni and French Total are postponing their proposed gas exploration operations in the Eastern Mediterranean for about a year, according to reports Monday. The companies notified the Greek Cypriot administration about their decision to delay their drilling operations until March or April 2021, the administration’s spokesman Kyriacos Koushios told the Cyprus Mail. However, the companies will not cancel the capital expenditure allocated to the drills, which Koushios described as “good news.” Before the coronavirus outbreak, Eni and Total had earlier announced their plan to start exploratory drilling in what
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Categories: Uncategorized.

Companies sign MoU for proposed Cyprus FSRU unit

Solaris Engineering (CY) has signed a Memorandum of Understanding with H4E Gasfuel to provide supply and engineering services for the design and construction of a Floating Storage Regasification Unit (FSRU) in Cyprus. H4E Gasfuel is part of a consortium of companies including Norway’s Hoegh LNG, which has submitted a proposal for the installation of an FSRU in Cyprus by next year. Cyprus Energy Regulatory Authority (CERA) declined to comment as the procedure of reviewing the application is ongoing to determine whether it is complete so that it can then begin evaluating its content. Solaris Engineering said the MoU concerns the
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Categories: News.