Archives for News

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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Companies sign MoU for proposed Cyprus FSRU unit

Solaris Engineering (CY) has signed a Memorandum of Understanding with H4E Gasfuel to provide supply and engineering services for the design and construction of a Floating Storage Regasification Unit (FSRU) in Cyprus. H4E Gasfuel is part of a consortium of companies including Norway’s Hoegh LNG, which has submitted a proposal for the installation of an FSRU in Cyprus by next year. Cyprus Energy Regulatory Authority (CERA) declined to comment as the procedure of reviewing the application is ongoing to determine whether it is complete so that it can then begin evaluating its content. Solaris Engineering said the MoU concerns the
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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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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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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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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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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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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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