Archives for News

Five years on, Israelis see few benefits from major gas deal

Five years after Israel signed a landmark agreement to develop large offshore gas fields over the objections of antitrust authorities, environmentalists and consumer advocates, ordinary Israelis have yet to see the windfall promised by the government. The deal has chiseled away at the monopoly held by Houston-based Noble Energy and Israel’s Delek Group, which discovered and developed the fields, bringing prices down. The country is on track to phase out coal and derive nearly all its electricity from cleaner-burning gas and solar power by 2025, and is exporting gas to neighboring Egypt and Jordan. But the financial benefits have yet to trickle down to Israeli consumers,
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East Med tensions cannot be solved by unilateral action: FMs of Spain, Cyprus

NICOSIA, Sept. 30 (Xinhua) — Tensions in the Eastern Mediterranean cannot be solved by unilateral action, foreign ministers of Cyprus and Spain said at a joint press conference after talks in Nicosia on Wednesday. Spain’s Foreign Affairs Minister Arancha Gonzalez Laya, who paid a one-day visit to Cyprus, made it clear that she was referring to tensions with Turkey. “My visit to Cyprus is very clearly meant to send a signal to you … of solidarity, of support to Cyprus in the face of tensions, Tensions in the Eastern Mediterranean region. Tensions with Turkey,” she said. “We do not believe
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Shell cuts oil and gas production as the market shifts towards renewables

Shell Energy has announced that it will be making sweeping cuts to its oil and gas production business to free up cash to spend on renewable energy. By cutting day-to-day operating costs and reining in spending on new projects, the energy supplier hopes to slash costs by as much as 40 per cent. As part of this operational shift, Shell will now focus much of its oil and gas production on a few key hubs, such as Nigeria, the Gulf of Mexico and the North Sea. The company will also trim costs at its 45,000 petrol stations. For the original
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Categories: News.

Turkey Resumes Oil, Gas Survey In Eastern Mediterranean

Turkey has resumed survey activities for oil and gas in disputed waters in the eastern Mediterranean in a move reigniting the tension with its neighbors and EU members Greece and Cyprus. The Oruc Reis seismic survey vessel has returned to location in the Mediterranean and started taking data on Wednesday, Reuters quoted Turkey’s Energy Minister Fatih Dönmez as saying at a virtual conference today. Tensions between European Union (EU) members Greece and Cyprus on the one hand, and Turkey on the other, flared up again in recent months after Turkey resumed drilling and exploration for oil and gas in the eastern Mediterranean in waters
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Will the lights stay on in Egypt?

In the blistering summer of 2014, Egyptians were facing spontaneous electricity blackouts for up to six hours a day, waiting hours in gas station lines often long enough to stretch across entire neighborhoods, and enduring hundreds of terrorist attacks targeting infrastructure. The energy industry was operating at just 70 percent as a result of a supply shortage that only added to high unemployment figures. Consumption surpassed production, and when the government diverted oil and gas ordinarily allocated for export to the local market, it accrued billions of dollars in debt to international oil companies. The energy crisis of 2013/14 was
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Categories: News and Uncategorized.

EU welcomes Turkish ship’s return to port from near Cyprus

ISTANBUL (Reuters) – A Turkish drill ship has left the area where it was operating southwest of Cyprus and reached Turkey’s coast for maintenance in a move the European Union said would help ease tensions in the Eastern Mediterranean. Refinitiv tracking data showed the Yavuz vessel reached shore and the Energy Ministry said it would now prepare for work in a new location. EU member Cyprus’ internationally recognised Greek Cypriot government has long been at loggerheads with Turkey over the demarcation of maritime waters and other issues. Turkish vessels began drilling for oil and gas near Cyprus last year. To
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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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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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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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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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