Monthly Archives September 2020

Six Countries Form Mediterranean Gas Group

(Bloomberg) — Greece, Italy, Egypt, Israel and two other countries will form a permanent organization to promote co-operation over natural gas in the Eastern Mediterranean. Turkey, which has raised tensions by exploring for the fuel in contested waters, is not as yet included. Energy ministers from the group, which also includes Cyprus and Jordan, signed a charter to establish the East Mediterranean Gas Organization, Egypt’s ​Ministry of Petroleum & Mineral Resources said Tuesday. The body will be based in Cairo and focus on “strengthening regional cooperation,” according to a statement. Other Eastern Mediterranean countries can join, the statement said, without
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Categories: News.

Reporter’s Notebook: A long road back for oil and gas

Houston’s oil and gas industry is facing a long recovery from the coronavirus pandemic if my family’s travel spending — or lack thereof — is any indication. Since the pandemic began to close the U.S. economy in March, my family has spent just $386 to gas up our two cars, about a quarter of the $1,412 we spent over the same six-month period last year. Our family of four spent nothing on flights so far this year, down from $1,220 by this time last year. Although my wife returned to work last month at a local school district, I’m still
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Categories: News.

Egypt, Cyprus focus on natural gas pipeline amid tensions in eastern Mediterranean

At a time when the oil and gas industry is facing economic uncertainty as part of the consequences of the coronavirus pandemic and the decline in global prices as a result of an oversupply, the eastern Mediterranean region is marred by a frantic struggle over natural gas resources. Eastern Mediterranean countries have rushed to demarcate their maritime borders and exclusive economic zones in a bid to facilitate the gas exploration process. The United States Geological Survey estimated the natural gas reserve in the Mediterranean in 2017 at 340-360 trillion cubic feet with a financial value ranging between $700 billion and
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Categories: News.

Oil and gas companies have assured plans on track

Oil and gas companies have assured the government they remain committed to their projects in Cyprus’ exclusive economic zone and will stick to schedules revised due to the coronavirus situation, the energy minister said on Tuesday. “We have been in touch with all companies engaged in our EEZ… they anticipate that the delays owing to the coronavirus will not be repeated and that their programme will continue normally, under the timetables agreed,” Natasa Pilides told MPs. Whereas energy companies have had to discontinue several projects across the world, thankfully Cyprus is not among these, she added. Sometime in the coming
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Categories: News.

EMC to Hold Business Focussed Webinar Aimed at Helping Companies in the Region

Doing Business in Cyprus & the Eastern Med Oil and Gas Industry September 16th, 2020 Developments in the offshore exploration of oil and gas assets in Cyprus and the Eastern Mediterranean are rarely far from the headlines in recent times. As the impact of COVID-19 continues to be felt on the global markets, Cyprus and the Eastern Mediterranean as the latest frontier energy hub remains an area of active E&P activity. Often overlooked, it is the practicalities of entering frontier markets that cause the most difficulties – from investment avenues to corporate strategies, license bidding, HSE, CSR, employment law &
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Categories: clients and News.

Pompeo in Cyprus says US ‘deeply concerned’ over Turkey energy search

US Secretary of State Mike Pompeo called on Turkey to cease tension-raising activities in the eastern Mediterranean during a visit to Cyprus Saturday, urging all sides to back diplomacy. Ankara is at loggerheads with Greece and Cyprus over maritime hydrocarbon resources and naval spheres of influence, sparking fears of conflict. “We remain deeply concerned by Turkey’s ongoing operations surveying for natural resources in areas over which Greece and Cyprus assert jurisdiction over the eastern Mediterranean,” Pompeo told reporters in Nicosia after a meeting with Republic of Cyprus President Nicos Anastasiades and Foreign Minister Nicos Christodoulides. For the original article please
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Categories: News.

Oil & Gas Drilling Industry Outlook Not Appealing to Investors

The Zacks Oil and Gas – Drilling industry consists of companies that provide rigs on a contractual basis to explore and develop oil and gas. These operators offer drilling rigs (both land-based/onshore and offshore), equipment, services and manpower to exploration and production companies worldwide. Let’s take a look at the industry’s three major themes: •    The slump in oil prices and coronavirus-induced demand shock has pushed drilling activity lower by introducing tremendous uncertainty around the exploration and production (E&P) spending outlook. From supermajor ExxonMobil (XOM) to smaller players like Oasis Petroleum (OAS), all have made drastic cuts to their capital
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Categories: News.

Eastern Mediterranean Turns Into Source of Gas and Conflict

(CN) — A new, potentially explosive geopolitical dimension is being added to the puzzle that is the Middle East: A push by Israel, Europe, Egypt, Turkey and even the United States to drill for fossil fuels in the waters of the eastern Mediterranean Sea. In recent years, large reservoirs of natural gas have been discovered under the seafloor of the Mediterranean and now nations and energy companies are jostling to exploit these gas deposits despite the dangerous environmental and geopolitical consequences. A push to drill off the coasts of Cyprus and Israel has accelerated in recent months after major deals
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Categories: News.

Egypt, Iraq to Establish Firm to Boost Bilateral Ties in Oil Sector

Egyptian Minister of Petroleum and Mineral Resources Tarek el-Molla during his meeting with Iraqi Ambassador to Cairo, Ahmed al-Dulaimi (Asharq Al-Awsat) Egypt and Iraq discussed strengthening bilateral relations in the oil and gas sector through operating Egyptian oil companies in Iraq and establishing a join company to implement projects. Egyptian Minister of Petroleum and Mineral Resources Tarek el-Molla said that the agreement to import 12 million barrels of Iraq’s crude oil is still active, noting that the six-month deal is renewed regularly. The Egyptian petroleum sector is ready to reinforce the presence of its companies in Iraq in the coming
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Categories: News.