Posts by EmcUK

Oil optimism unwinds rushed storage deals

London/New York/Singapore — When the world economy slammed on the brakes in 2o20, there was a rush to store a wave of unwanted crude and products, but rising prices and optimism about demand is spurring a swift unwinding of storage contracts. At the end of February, the volume of refined products held on stationary tankers for over 10 days stood at 19.2-million barrels, down 77% from a peak of 84-million last May, IHS Markit estimates show.   To continue reading please click here
Read More

Categories: News.

Turkey says it may negotiate maritime demarcation with Egypt

ANKARA (Reuters) – Turkey and Egypt could negotiate and sign a maritime demarcation deal in the eastern Mediterranean if their ties, which have been strained, allow for such a move, Turkish Foreign Minister Mevlut Cavusoglu said on Wednesday. Ties between them have been frosty since Egypt’s army ousted Muslim Brotherhood President Mohammed Mursi, an ally of President Tayyip Erdogan, in 2013. They have also been at odds over maritime jurisdiction and offshore resources, as well as differences in Libya, where they backed opposing sides in the civil war. To continue reading click here
Read More

Categories: News.

Global $2634.45 Billion Oil & Gas Upstream Activities Market to 2030

Egypt and Israel are working on plans to expand the East Mediterranean Gas Forum (EMGF) into energy security, electricity infrastructure and emissions controls. Israeli Energy Minister Yuval Steinitz celebrated the emergence of a “new Middle East, especially in energy”, with the EMGF a testimonial to these shifts. Speaking at CERAWeek, Steinitz noted how Israel had begun exporting natural gas to Jordan and Egypt, from its offshore fields.   To continue reading please click here
Read More

Categories: News.

Uniting for Gas

A game-changing group was set up in Cairo in January this year to set policies for the exploitation of the natural gas in the East Mediterranean in the shape of the East Mediterranean Gas Forum (EMGF). Egypt, Greece, Cyprus, Italy, Israel, Palestine, and Jordan all signed the forum’s charter in the presence of representatives from the European Union and the World Bank. France has filed a request for membership, and the United States has issued a request to be a permanent observer at the forum. The steps taken during the meeting and the signing of the forum’s charter are of
Read More

Categories: News.

Palestine, Egypt discuss advancing cooperation in energy sector

Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, and Mohammad Mustafa, Advisor to the Palestinian President for Economic Affairs and Chairman of PIF, reaffirmed the importance of strengthening Egyptian-Palestinian cooperation in the sector of energy and natural resources, particularly natural gas, according to a joint press release. The statements came during a meeting between Engineer El Molla and Mustafa with the participation of Zafer Milhem, Chairman of the Palestinian Energy and Natural Resources Authority (PENRA). The meeting was held at the Office of the Palestinian President in Ramallah and marked the first visit of El Molla to Palestine.
Read More

Categories: News.

Israel and Egypt discuss natural gas pipeline link

(Bloomberg) –Egypt and Israel said they may build an undersea natural-gas pipeline connecting the two countries, as they seek to collaborate on exporting the fuel to Europe. The pipeline would link Israel’s huge Leviathan field to Egypt’s liquefied natural gas plants, the countries’ energy ministries said Sunday. Egypt added that the two sides would work on a governmental framework for the pipeline. To continue reading please click here.
Read More

Categories: News.

Egypt: Towards an energy hub

Natural gas production in Egypt developed to reach an estimated seven billion cubic feet per day in September 2019, compared to 6.8 billion during fiscal year 2018-19 that ended in June, 5.6 billion in 2017-18, and 4.5 billion in 2016-17. The Italian energy company Eni said that this accelerated growth in natural gas production was mainly due to the rapid increase in production at the Mediterranean Zohr field, which it discovered in 2015. Zohr, 60 per cent owned by Eni, is one of the largest fields in the Middle East and North Africa region. The Zohr field started production in
Read More

Categories: News.

Exploratory talks between Greece, Turkey begin with guarded optimism

Diplomatic delegations in Greece and Ankara met for three hours today in Ankara to launch exploratory talks on bilateral issues. It was the 61st round of such talks, which commenced in 2002, when George Papandreou was foreign minister, and were abruptly terminated in 2016 after an abortive coup against Turkish President Recep Tayyip Erdogan in 2016. To continue reading the original article click here
Read More

Categories: News.

Cyprus, Mexico to lead drilling in 2021

Four will be drilled in Mexico, one in Honduras, three in Suriname, three in Brazil, three in Guyana, one in Jamaica and one in Bahamas. Africa will have six to eight of these wells, targeting more than 10 billion barrels of oil equivalent. These include Sao Tome & Principe, Gabon, Angola, Namibia, South Africa, Zimbabwe and Mozambique. In Asia Pacific there could be six high impact wells. There will be two each in Australia and Papua New Guinea, and one each in Vietnam and Indonesia. Companies will drill two in Norway, two in Canada, four off Cyprus and one in
Read More

Categories: News.