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Egypt and Greece sign agreement on exclusive economic zone

CAIRO (Reuters) – Egypt and Greece signed an agreement on Thursday designating an exclusive economic zone in the eastern Mediterranean‮‮ ‬‬between the two countries, an area containing promising oil and gas reserves, Egyptian Foreign Minister Sameh Shoukry said. Shoukry made the announcement at a joint press conference with his Greek counterpart Nikos Dendias in Cairo. “This agreement allows both countries to move forward in maximizing the utilization of the resources available in the exclusive economic zone, especially promising oil and gas reserves,” Shoukry said. In Greece, diplomats said the deal effectively nullified an accord between Turkey and the internationally recognised
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Egypt and Cyprus to boost Eastern Med gas ties

Egypt and Cyprus plan to boost cooperation in developing gas infrastructure in the Easter Mediterranean. Egypt’s petroleum and mineral resources minister Tariq Al-Mulla on Wednesday discussed plans to convert the East Mediterranean Gas Forum to an intergovernmental organization with Cyprus’s Minister of Energy Natasa Pilides. The pair agreed to hold a further meeting within the next two weeks to complete the procedures for the forum. The two countries also progressed talks to build a marine pipeline between the two countries to transfer natural gas from the Aphrodite gas field of Cyprus and re-export it through Egypt. To continue reading the
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EU banks support natural gas adoption in Cyprus

he Natural Gas Infrastructure Company of Cyprus has secured a €80 million ($94.7 million) loan from the European Bank for Reconstruction and Development (EBRD) to accelerate the use of natural gas to decarbonise the country’s energy sector. The loan will be issued in partnership with the European Investment Bank (EIB) and the European Union (EU). The utility will use the loan to acquire a floating storage and regasification unit (FSRU) and to develop related infrastructure. The EU is extending a €101 million ($119.6 million) grant for the project under the Connecting Europe Facility. The remaining project costs will be funded by a
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Cyprus Gets EBRD Loan to Buy FSRU

The European Bank for Reconstruction and Development (EBRD) will provide an €80 million loan ($94,7 million), alongside EU and EIB financing, for a floating storage and regasification unit in Cyprus The EBRD is providing an €80 million loan to the Natural Gas Infrastructure Company of Cyprus (ETYFA) for the acquisition of an FSRU and the development of related infrastructure. The FSRU will be permanently anchored about 1.3 km off the coast of Limassol in Vasilikos Bay and will connect directly to the adjacent Vasilikos power station, the largest power plant in Cyprus. The EU is extending a €101 million grant
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EBRD supports decarbonisation of energy sector in Cyprus

The population of Cyprus will benefit from cleaner air and reduced energy costs thanks to the introduction of natural gas to the country, with a project jointly financed by the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB) and the European Union (EU), EBRD press release said. The EBRD is providing a €80 million loan to the Natural Gas Infrastructure Company of Cyprus (ETYFA) for the acquisition of a floating storage and regasification unit (FSRU) and the development of related infrastructure. The FSRU will be permanently anchored about 1.3 km off the coast of Limassol in
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Cyprus gets EBRD and EU financing for natural gas

Cyprus’s dependency on oil for energy will be reduced after a €374 million landmark project introduces natural gas to the country for the first time. Cyprus will benefit from cleaner air and reduced energy costs thanks to the introduction of natural gas to the country, with a project jointly financed by the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB) and the European Union (EU). The EBRD is providing a €80 million loan to the Natural Gas Infrastructure Company of Cyprus (ETYFA) for the acquisition of a floating storage and regasification unit (FSRU) and the development
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Oil Majors Discover Significant Gas Field In Egyptian Waters

European majors Eni, BP, and Total have successfully tested a new natural gas discovery in Egypt’s shallow waters, the Italian company said on Tuesday, commenting on its find that adds to Egypt’s already sizeable natural gas resources. Once in production, the well Bashrush is estimated to deliver at up to 100 MMscf of gas and 800 barrels of condensate per day, Eni said. Eni is the operator of the North El Hammad concession, where Bashrush is located, with a 37.5-percent interest, BP holds another 37.5 percent, and Total owns 25 percent. The companies will be looking to develop the area
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Noble Energy’s buyout: what it means for Cyprus’ gas

Chevron agreed this week to acquire Noble Energy, mostly because of its shale oil and gas assets in the US, at a bargain price of close to $5billion – about 40 per cent of the value of the company at the start of the year. It will be an all-stock deal, equivalent to about 3 per cent of Chevron’s market value. But Chevron is also interested in Noble’s East Med natural gas assets, which, in addition to Tamar and Leviathan in Israel, also include the Aphrodite gas-field in Cyprus’ EEZ. Acquisition details Chevron is the second largest US oil company,
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“Gas Is The Most Important For The Next 30 Years”

Natural gas reserves discovered in the Mediterranean Sea around Egypt, Cyprus, Israel, and Greece are changing Europe’s energy politics. In the interview for BGS Talks show Yannis Bassias, former President & CEO at Hellenic Hydrocarbon Resources Management (HHRM), talks about exploration in the Mediterranean, changes in the gas market, ultra-deepwater drilling, and explains why Greece “is not a declared gas province yet”. The episode was filmed during the Сongress EPOCH 2019 dedicated to E&P and hosted by Project Director, Regina Chislova. Read the extracts from the interview provided by BGS Group exclusively for our readers. Watch the full interview at
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Cyprus to get 1st natural gas import terminal in 2 years

NICOSIA, Cyprus — Cyprus said it plans to transition to cleaner and cheaper natural gas for energy generation in two years as work officially began Thursday to build the east Mediterranean island nation’s first gas import terminal. Cypriot President Nicos Anatastiades attended a groundbreaking ceremony for the terminal, which with a budget of 289 million euros ($327.5 million) is expected to be the country’s costliest energy project. The terminal will feature a tanker ship built in Singapore and refitted to convert liquefied natural gas back into gaseous form for use in Cyprus’ main power plant. To continue reading the original
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