Posts by EmcUK

Builders sought for EastMed pipe

IGI Poseidon has invited companies to submit plans for the offshore parts of the proposed EastMed gas pipeline, which will run from the southeast Mediterranean into Europe via Greece and Cyprus. DEPA said the plan was for engineering, procurement, construction and installation (EPCI) work to be carried out on four parts of the link. This would run for 1,470 km, it said, with a budget of around 3 billion euros ($3.3bn). Once contractors have been chosen, preparations will begin. This will involve a re-examination of the front-end engineering and design (FEED) work and detailed submarine research and mapping. The pipeline
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Categories: News.

Oil shock is good for Cypriot consumers

Last Monday the oil industry had one of its biggest shocks ever. WTI, the American oil price benchmark, dropped to -$40/barrel for the first time ever. This was partly as a result of technicalities, peculiar to the way WTI crude oil is traded on the US futures market. But it was also due to the huge oversupply of crude oil, well in excess of demand, filling up available storage capacity. Since then WTI recovered and at close of business on Friday it was $17.30/barrel. The Brent crude oil price has also tumbled to $22/barrel, from about $70/barrel at the start
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Categories: News.

Karish North resources upgraded, Phase 1 gas expected 2022

Energean Oil & Gas PLC’s Karish North field in the southeast Mediterranean Sea offshore Israel is now certified to contain gross 2C resources of 1.2 tcf of natural gas and 39 million bbl of liquids, a total of 250 MMboe of which 84% is gas. Energean Oil & Gas PLC’s Karish North field in the southeast Mediterranean Sea offshore Israel is now certified to contain gross 2C resources of 1.2 tcf (33.7 billion cu m, bcm) of natural gas and 39 million bbl of liquids, a total of 250 MMboe of which 84% is gas. The certification is a 32%
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Categories: News.

Key Oil Trends 2019

In 2019, total OECD annual production of crude oil, natural gas liquids (NGL), and refinery feedstocks increased by 6.7% when compared with 2018, with production consistently over 100 million tons throughout the year, and reaching a record level of 120 million tons in December 20192. This increase in production was seen in the OECD Americas (+8.0%) and OECD Asia Oceania (+18.7%). In OECD Europe production decreased by 2.8%. To continue reading the IEA article please click here.
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Categories: News.

As govt braces for gas delays, Turkeys says it will continue drilling in Cyprus’ EEZ

As the Cyprus government is looking at a long delay in  its hydrocarbons programme, Turkey says it plans to continue drilling in the island’s exclusive economic zone (EEZ). Turkish Foreign Minister Mevlut Cavusoglu said during an online discussion organised by the Turkish branch of the Atlantic Council that Ankara would continue drilling and even deploy a third drillship. He said Turkey had told the EU, the UN and even Greece that the Greek Cypriots should not have carried out any unilateral activities when it comes to drilling or exploitation in the Eastern Mediterranean before reaching an agreement on a fair
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Categories: News.

Coronavirus: Scheduled gas drills likely to be delayed

Scheduled gas drills offshore Cyprus will most likely be delayed for an indeterminate amount of time, Foreign Minister Nicos Christodoulides said on Tuesday, when asked about the fallout from the coronavirus situation. Speaking to the Alpha television channel, Christodoulides said the planned well in Block 6 by the ENI-Total consortium would “no doubt be affected.” He added: “Current conditions around the world will undoubtedly impact these developments. The most likely scenario is that the drilling will be postponed, because under the present circumstances it is not feasible for the projects to be carried out as planned.” ENI and Total had
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Oil and gas companies on the retreat

The combined effect of the massive decline in global oil and gas demand due to Covid-19 depressing the global economy, and the rapid drop in the oil price – due to unrestricted increase in production by Saudi Arabia and Russia and still high shale-oil production – are forcing the oil and gas companies on the retreat. By Friday, Covid-19 had infected more than 585,000, resulting in over 27,000 deaths worldwide, and the numbers are still rising. It will probably last well into 2020, but it is difficult to say how long. The last Sars virus took more than eight months
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Categories: News.

Höegh LNG: Applying for LNG import licence in Cyprus

Höegh LNG Holdings Ltd. advices that its subsidiary, Höegh LNG Ltd., has applied for an LNG infrastructure ownership, operations and development license in Cyprus. To diversify Cyprus’ energy mix to reach new emission targets for the country’s power production, Cyprus needs to replace the consumption of refined oil products with cleaner LNG as fuel. The plan consists of using one of Höegh LNG’s FSRUs as a fast track solution for the required fuel switching, thereby reducing air emissions, cutting EU emission taxes, enabling savings on fuel costs and reducing electricity price per KWh for local consumers. The FSRU can stay
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EMC 2020 is On Track Despite CV19 Crisis

Despite the ongoing CV19 crisis we are pleased to announce that the postponed September 2020 show has rebooked well, the agenda remains largely unchanged and we are continuing to take bookings! We will of course keep you all updated with changes, news and developments. We wish you all the best during this tough period. The EMC Team
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Categories: News.