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Record Egyptian finds but gas glut beckons

Egypt had another successful year in 2019 and this was showcased at the country’s annual petroleum show, EGYPS-2020, held mid-February in Cairo. But 2020 is turning out to be a pivotal, but challenging, year for the oil and natural gas industries worldwide and Egypt and the East Med are not immune to it. Opening the conference, Petroleum Minister Tarek El Molla highlighted the successes of 2019, with the oil and gas sector contributing 25 per cent to Egypt’s gross domestic product. A total of 29 international agreements were signed during EGYPS-2020, reflecting the great potential and promising opportunities of the
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Offshore Accounts for 60% of Oil Discoveries

Offshore discoveries accounted for more than 60% of global discoveries in 2019, up significantly on previous years, according to a study by GlobalData. GlobalData report reveals that while Colombia and Norway saw the highest number of discoveries drilled in 2019, Guyana, Mauritania and Russia hosted the most significant finds. In Guyana, ExxonMobil drilled five discoveries in the deepwater Stabroek Block. Following the additional well drilled in January 2020 (Uaru-1), the company has increased its estimated gross recoverable resources for the block to more than eight billion barrels of oil equivalent. Tullow Oil has also contributed to the country’s 2019 success
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US sees Cyprus as key player in East Med Energy

Nicosia (AFP) – Washington sees Cyprus as a key player in eastern Mediterranean energy supplies, a visiting senior US official said Wednesday, while warning against further instability in the region as tensions rise over Turkey’s drilling activities off the divided island. “Cyprus has an incredibly important role to play in this new energy corridor that is still developing throughout the region,” said US Assistant Secretary of State for Energy Resources Francis Fannon. “We urge all parties to not take any provocative actions that could create any further instability. And we’re steadfast on that,” he added. He made the comments before
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Lebanon and Cyprus to Discuss Cooperation

The Minister of Energy discussed means of cooperation with the Minister of Foreign Affairs of Cyprus in the field of oil and gas The Minister of Energy and Water, Raymond Roma, received the Cypriot Minister of Foreign Affairs, Nikos Christodoulwidis, accompanied by the Ambassador of Cyprus Panayiotis Kyriakou, and the presence of the Chairman and members of the Board of the Petroleum Sector Administration Authority. The Cypriot Minister stressed the importance of cooperation with Lebanon, especially in the Levantine Basin of the Mediterranean, which leads to the development of the petroleum sector in both countries, and to explore future prospects
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Senior US energy official due in Cyprus on Tuesday

US Assistant Secretary of State for Energy Resources Francis Fannon is due in Cyprus on Tuesday for a round of contacts with Cypriot officials. During his three-day Fannon will meet the foreign and energy ministers, Nicos Christodoulides and Yiorgos Lakkotrypis respectively to discuss the situation in Cyprus’ exclusive economic zone (EEZ). On Wednesday, Fannon will attend a meeting of the Cyprus, Greece, Israel and US Energy Planning Working Group established by a decision taken at the first-ever Energy Ministerial Conference by the four countries, which took place last August in Athens. The group discussed preparedness and response to emergencies related to
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Cyprus plans to sign oil, gas agreements with Lebanon: minister

BEIRUT, Jan. 31 (Xinhua) — Visiting Cypriot Foreign Minister Nikos Christodoulides said on Friday that Cyprus plans to sign oil and gas agreements with Lebanon, a local media outlet reported. “It is also very important to cooperate with Lebanon on improving and strengthening the petroleum sector in the two countries,” Christodoulides was quoted by Elnashra, local independent newspaper, as saying during his meeting with new Lebanese Energy Minister Raymond Ghajar. The two officials agreed to cooperate and increase the frequency of their meetings. Christodoulides also met with this Lebanese counterpart Nassif Hitti, with whom he discussed the role Cyprus can
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Leading Industry Report States that the Eastern Med will Buck Global Trends (Courtesy of DNV GL)

DNV GL RELEASE INDUSTRY REPORT: The East Mediterranean (EM) region has bucked the trend in terms of confidence in industry growth for 2020. According to our survey of more than a thousand senior oil and gas professionals, optimism for growth in the global oil and gas industry has weakened for this year amid uncertainty around the oil price and global economic conditions. However, confidence for growth in the EM has increased, with 80% of EM respondents maintaining confidence compared to 66% globally, compared with 72% and 76% respectively last year. To download the report please click here.
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Exxon Signs Deals With Egypt For Oil, Gas Exploration in East Mediterranean

ExxonMobil and Egypt have signed two oil and gas exploration deals in the Eastern Mediterranean, the Egyptian Ministry of Petroleum said on Tuesday, weeks after Exxon said it had secured exploration acreage offshore Egypt. The two exploration deals call for a total investment of at least US$332 million, according to a statement from Egypt’s petroleum ministry, carried by Reuters. At the end of 2019, ExxonMobil said that it had acquired more than 1.7 million acres offshore Egypt, adding upstream interests to its downstream business in the country. Exxon bought the 1.2-million-acre North Marakia Offshore block, five miles offshore Egypt’s northern
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The Global Oil & Gas Outlook 2020

Walking the tightrope—vigilance required to keep moving forward in 2020 As we, once again, move from one year to the next, how do we assess the oil and gas and chemical sectors’ performance in 2019 and its prospects for 2020? As always, there are headwinds and tailwinds, risks and opportunities, uncertainties and foreseeable trends, but in this report we aim to take stock of the main factors to watch for in 2020 across the diverse oil, gas, and chemical industry. Over the past decade, we have seen the heights of bullish optimism and seemingly limitless investment during the years of
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