Archives for News

EIB approves Cyprus LNG import facility

The European Investment Bank on Thursday approved a project proposed by Cyprus Public Natural Gas Company (Defa) for the import of LNG to the island. The Cyprus Public Natural Gas Company made the following comment, through its spokesperson: “Following a meeting of the Board of Directors of the European Investment Bank (EIB), funding was approved today, June 11, in Luxembourg, with funding of € 150 million for the construction of the liquefied natural gas pipeline project in Cyprus. , the Natural Gas Infrastructure Infrastructure Company (ETYFA), a subsidiary of the Public Natural Gas Company (DEFA). To continue reading please click
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Cyprus gives go-ahead for first LNG terminal

Cyprus’ Natural Gas Infrastructure Company (ETYFA) has issued notice to proceed with the international consortium awarded the contract to build an LNG Import Terminal, the island’s largest energy project. According to ETYFA’s statement, by accepting the notice, “the parties of the Consortium declare their commitment and their ability to deliver the natural gas infrastructure for electricity purposes within the specified schedule”. The total project budget is €290 mln. Part of this capital expenditure will be covered by the European Union, in the form of a €101 mln grant through the “Connecting Europe Facility”. Another €43 mln was provided as equity
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Why offshore gas in the Eastern Mediterranean has a complicated road ahead

The gas fields of the eastern Mediterranean, discovered over the past decade, have conjured a mix of myth: Aphrodite goddess of beauty, the sorceress Calypso, and the sea beast Leviathan. But the process of bringing these resources to market has been an odyssey with many twists and turns. Now the political struggle has become a clash of the titans. The American firm Noble discovered the Tamar gas field off Israel in 2009, the giant Leviathan field in 2010, then Aphrodite off Cyprus (the Greek, internationally recognised country) in 2011. Eni of Italy found Zohr in deep water offshore Egypt in
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EMC 2020 Postponement Notice to 2021

Due to the outbreak of COVID-19 across the globe, the EMC Organizers, in agreement with CHC – Cyprus Hydrocarbons Company, hosting partner of the event, have taken the decision of postponing EMC 2020 – The Eastern Mediterranean Energy Conference & Exhibition to September 2021, always in Nicosia, Cyprus.  Even though EMC 2020 has not suffered any change in terms of either cancellations of participants or interest in the show, we believe that the concerns and difficulties for the people and companies to travel would drastically affect the overall quality of the event.  With these rescheduled dates we are committed to delivering a successful event and
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Investment in global energy to drop by $400bn

Investment in global energy will fall by $400bn (£324bn) this year, the biggest slump in the industry’s history, as the Covid-19 pandemic fuels a collapse in energy demand. The International Energy Agency (IEA) said the unprecedented investment slump follows the most severe plunge in energy demand since the second world war. The price of oil suffered an historic market crash last month when US oil prices turned negative for the first time. The IEA said the decline in investment is “staggering in both its scale and swiftness” and will impact every major sector, from fossil fuels such as oil, gas
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Convergence and divergence between oil and natural gas prices

The Coronavirus pandemic has had a devastating impact on global oil markets, but natural gas companies are also facing declines. In this article, we will look at how natural gas markets deal with low demand due to the Coronavirus pandemic. At the present time, monitoring oil prices-reference oils, for example, Brent oil, West Texas Light oil, Dubai and Oman oil, to determine other oil prices, in terms of quality and spatial quality, is no longer difficult for specialists or analysts. To continue reading the article please click here.
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Drillers improving exploration performance, report finds

LONDON – Westwood Global Energy Group’s ‘State of Exploration 2020’ report reveals an increase in drilling globally last year, with improved performance in 2019. The number of high-impact wells drilled rose 39% compared with 2018, with more than 15 Bboe discovered and commercial success rates of 32%, the highest in at least 10 years. Westwood identified 28 potentially commercial discoveries with resources above 100 MMboe, almost double the number in 2018 and the highest since 2014. The four largest were gas or gas condensate in Iran, Russia, Mauritania, and Cyprus, and there were also eight oil discoveries containing more than
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Business case for exploration still exists, Westwood Global says

Confidence had returned to global exploration with improved performance and the emergence of several new multi-billion barrel plays.  The confidence carried over into 2020 but has evaporated in the face of the Covid-19 crisis and the collapse in oil prices.  Short term plans are in a state of flux and exploration strategy is being reset again. As well as dealing with the immediate crisis, societal pressure is building for a rapid transition to a low carbon future. It is in this context that Westwood has published its annual review of global exploration activity and performance over the last five years
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Cyprus must redirect its energy policy

The international oil and gas companies (IOCs) have finally confirmed postponement of planned drilling in Cyprus’ EEZ into 2021. It is understood that the energy minister is looking into extending Eni/Total’s contracts to facilitate this. The press coverage that followed, stated that it is “important to note that the oil companies are not pulling out”, but “they have merely postponed their planned drilling in response to the many problems currently being faced.” But is such a complacent view justified? Where is this going? Let’s look at the evolving facts. Click here to continue reading the Cyprus Mail article…
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