Posts by EmcUK

Greece pledges to link Egypt to European Union’s energy market

Greece pledged Tuesday to link Egypt to the European Union’s energy market with an undersea cable that would carry electricity across the Mediterranean. “[Egypt’s] link to Europe will be Greece,” Greek Prime Minister Kyriakos Mitsotakis said after talks in Athens with Egyptian President Abdel-Fattah el-Sissi. “We are seeking diversification of energy sources, and Egypt can also become a provider of electricity, which will be produced mainly by the sun.” To continue reading the yahoo article click here
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Categories: News.

Press Release: Ministers from Cyprus, Israel, Egypt, Greece & Palestine to Join Ministerial Panel at EMC 2021

Press Release: Ministers from Cyprus, Israel, Egypt, Greece & Palestine to Join Ministerial Panel at EMC 2021 Energy Ministers from Cyprus, Israel, Egypt, Greece and Palestine Unlocking cleaner energy for the region, for Europe and beyond Rome, Italy, 19 October 2021 ‐ The Eastern Mediterranean Energy Conference and Exhibition, takes place in Nicosia, Cyprus, from 10 ‐ 12 November 2021. It is confirmed that H.E. Kostas Skrekas, Minister of the Environment and Energy, Hellenic Republic of Greece, H.E. Tarek El Molla, Minister of Energy & Natural Resources, Arab Republic of Egypt, H.E. Karine Elharrar, Minister of Energy, Republic of Israel,
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Categories: clients and News.

Crude jumps on global energy crunch; US oil at 7-year high

Oil prices rose 2 per cent on Monday, extending multiweek gains as an energy crisis gripping major economies shows no sign of easing amid a pick up in economic activity and restrained supplies from major producers. Brent crude was up $1.62 cents, or 2 per cent, at $84.01 a barrel by 0914 GMT, The highest level since October 2018.   Click here to carry on reading
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Categories: News and Uncategorized.

Egypt and the European gas crisis

Natural gas prices in Europe have skyrocketed during the past six months. On 1 April, they stood at $19 per gigawatt hour. By 27 September they had reached $74, a 500 per cent increase. The pressures of demand are certain to push up prices further in the short and medium terms due to the advent of winter in the northern hemisphere, the world’s largest consumer of gas and energy. The problem of energy prices is complex, but the major ailment at present is how far supply is falling behind mounting demand. This aggravates the uncertainty surrounding the European economy as
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Categories: News.

Cyprus: ExxonMobil to gauge gas field size in 6-8 weeks

NICOSIA, Cyprus (AP) — Drilling by ExxonMobil set for late next month to confirm how much natural gas is contained in a sizable deposit off Cyprus’ southwestern coast will map out how the fuel will reach potential markets in Europe and Asia, the island nation’s energy minister said on Wednesday. Minister Natasa Pilides says the “significant” drilling at the ‘Glaucus-1’ well inside block 10 of Cyprus’ exclusive zone scheduled to start in 6-8 weeks will determine if the deposit is at the higher or lower end of its estimated size of 5-8 trillion cubic feet (142-227 billion cubic meters) of
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Categories: News.

Why has Malta given up on oil and gas exploration’, geologist queries

Geologist Peter Gatt has questioned why Malta has seemingly given up on oil and gas exploration, especially when the country’s Mediterranean counterparts have discovered such reserves in the last decade or so. Gatt was reacting to a statement made by Finance Minister Clyde Caruana in his budget speech last Monday, wherein Caruana declared that “Malta has no oil and gas.” Click here to carry on reading the Malta Independent Article
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Categories: News.

Lawmakers ban fossil gas from EU energy infrastructure funding, with some exceptions

Lawmakers in the European Parliament voted on Tuesday (28 September) to remove support for fossil gas in EU funding rules for cross-border energy infrastructure known as the TEN-E regulation. The TEN-E regulation creates a framework for the European Union to finance cross-border energy infrastructure. It decides which projects qualify for Europe’s list of projects of common interest, which opens the door to faster permitting and a €5.8 billion pot of money exempt from EU state aid rules. Under a deal passed in the Parliament’s energy committee on Tuesday, natural gas infrastructure will no longer be eligible for EU funding under
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Categories: News.

OPEC meets on output increase as oil prices rally

OPEC and its allies meet on Monday to debate how much oil to release into the red hot market, where supply disruptions and recovering demand from the coronavirus pandemic have pushed oil above $80 per barrel. The oil price rally to a three-year high is exacerbated by an even bigger increase in gas prices, which have spiked 300 per cent and have come to trade close to an equivalent of $200 per barrel due to supply shortages and low production of other fuels. The Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, agreed in
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Categories: News.