Monthly Archives August 2020

Cyprus eyes natural gas era

Cyprus is a rare bright spot for LNG trade amid the demand destruction and project delays that the Covid-19 pandemic has wrought in the industry. Construction started in July on the EU-funded Cynergy floating storage and regasification unit (FSRU) and LNG terminal project, which will bring first gas, energy diversification, greater supply security and reduced carbon emissions to the island from 2022. The country, currently almost completely isolated from EU energy links, sits on top of at least 13tn ft³ of offshore gas, including the 4.5tn ft³ (370bn m3) Aphrodite field in block 12, the 3-5tn ft³ Calypso in block
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Egypt’s lawmakers approve maritime deal with Greece

CAIRO (AP) — Egypt’s Parliament on Tuesday approved a maritime deal setting the country’s Mediterranean Sea boundary with Greece and demarcating an exclusive economic zone for oil and gas drilling rights, the state-run news agency reported. The deal, signed earlier this month, angered Turkey, which vowed to resume its disputed oil and gas exploration in the eastern Mediterranean. The Egyptian-Greek move was widely seen as a response to a disputed agreement between Turkey and Libya’s Tripoli-based administration that spiked tensions in the East Mediterranean region. The Turkey-Libya deal was widely criticized by Egypt, Cyprus and Greece as an infringement on
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Erdogan says Turkey makes major gas discovery in Black Sea

Turkish President Recep Tayyip Erdogan said on August 21 his country has discovered significant natural gas resources in the Black Sea. Turkey has carried out the largest natural gas reserve exploration in the Black Sea, Daily Sabah quoted Erdogan as saying, adding that some 320 billion cubic metres of natural gas was discovered in the Black Sea’s Tuna-1 zone. “The newly discovered reserves are only a piece of a larger resource,” and the country “will continue to discover more in the near future,” Turkey’s pro-government newspaper quoted him as saying. The announcement came after Erdogan said on August 19 that
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German foreign minister to discuss east Med row Tuesday – ministry

BERLIN (Reuters) – German Foreign Minister Heiko Maas is planning to discuss the natural gas dispute in the eastern Mediterranean Sea in Athens and Ankara on Tuesday, a ministry spokesman said on Monday. Germany regrets Turkey’s decision to extend the activities of an exploration ship, the spokesman added at the regular government news conference. Tensions between NATO members Greece and Turkey have risen after Turkey sent the Oruc Reis survey vessel, escorted by warships, to map out possible oil and gas drilling in territory over which both countries claim jurisdiction. To continue reading the original article please click here 
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Merkel, Macron call for diplomatic solution in East Med

German and French leaders on Thursday called for a de-escalation of tensions in the Eastern Mediterranean and vowed to support diplomatic efforts to resolve maritime boundary disputes between Greece and Turkey. German Chancellor Angela Merkel reiterated her call on Greece and Turkey to resume direct talks to resolve their long-standing disputes and said Berlin and Paris would enhance their cooperation to facilitate a diplomatic solution. “We need stability in the Eastern Mediterranean, not tensions. We are aware of the critical situation there. I am confident that if Germany and France join their forces, hopefully, we can find a good solution,
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Spot LNG stronger on winter, outages

Spot LNG prices for front-month cargoes started to climb from their previous rock-bottom levels during the four weeks from mid-July to mid-August. Higher prices came as the market’s attention started to move towards the winter, and on the back of some unexpected production outages in Australia. The ICIS EAX price for spot LNG deliveries to east Asia during September averaged $2.808/MMBtu, rising 29% from the average price for deliveries during August. With most of the world’s key LNG importers being in the northern hemisphere, physical demand for LNG for heating will grow as the market heads towards the fourth quarter.
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Islamic State group behind Syria oil pipeline attack: US

The Islamic State group (IS) was behind an attack on an oil pipeline in Syria that caused a nationwide blackout overnight, a US official said on Monday. Earlier in the day, Syrian state media cited the nation’s energy minister as saying that the explosion on the Arab Gas Pipeline, between Adra and al-Dhamir, was the result of a “terrorist” attack. But speaking from Geneva, US Syria envoy James Jeffrey said the incident appeared to bear the hallmarks of an IS attack. “We are still looking into that. But it was almost certainly a strike by ISIS,” Jeffrey told reporters at the start of UN-sponsored talks of the Syrian Constitutional Committee,
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Turkey declares Egypt-Greece maritime deal ‘null and void’

Turkey has rejected an agreement made on Thursday between Egypt and Greece, which designates an area of the eastern Mediterranean sea containing promising oil and gas reserves as an exclusive economic zone. Turkey’s foreign affairs ministry said in a statement that there was no mutual sea border between Greece and Egypt, making the treaty “null and void”. “A maritime boundary between Greece and Egypt does not exist,” the ministry said. “With respect to Turkey, the so-called maritime delimitation agreement signed today is null and void. This understanding will reflect on the ground and at the table. To continue reading the original
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Egypt and Greece Sign Exclusive Economic Zone Deal

According to various local news outlets, Egypt and Greece has established a newly formed an Exclusive Economic Zone (EEZ) through the signing of a maritime demarcation deal on Thursday. The signature of the deal, which was announced by Egypt’s Minister of Foreign Affairs Sameh Shoukry, was also highly commended by Greek counterpart Nikos Dendias at a joint press conference. “The deal permits Egypt and Greece to go ahead with maximising benefits from riches available in the exclusive economic zones of both countries, particularly the promising gas and oil reserves,” stated Shoukry according to Al Ahram. To continue reading the original
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Israel’s Government to Back Chevron Takeover of Noble Gas Assets

Israel’s energy minister is “confident” the country’s regulators will allow Chevron Corp. to operate the local natural gas assets of Noble Energy Inc., despite a campaign by environmentalists to stop that from happening. A public hearing about oil spills elsewhere in the world involving Chevron, which agreed to buy Houston-based Noble for about $5 billion last month, is “not necessary,” according to Energy Minister Yuval Steinitz. “There is no problem with spills” in the Israeli offshore gas fields that Chevron would operate and partly own, he said in a phone interview on Tuesday. “Even if you have some leaks, it
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