Archives for News

EMC to Hold Business Focussed Webinar Aimed at Helping Companies in the Region

Doing Business in Cyprus & the Eastern Med Oil and Gas Industry September 16th, 2020 Developments in the offshore exploration of oil and gas assets in Cyprus and the Eastern Mediterranean are rarely far from the headlines in recent times. As the impact of COVID-19 continues to be felt on the global markets, Cyprus and the Eastern Mediterranean as the latest frontier energy hub remains an area of active E&P activity. Often overlooked, it is the practicalities of entering frontier markets that cause the most difficulties – from investment avenues to corporate strategies, license bidding, HSE, CSR, employment law &
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Pompeo in Cyprus says US ‘deeply concerned’ over Turkey energy search

US Secretary of State Mike Pompeo called on Turkey to cease tension-raising activities in the eastern Mediterranean during a visit to Cyprus Saturday, urging all sides to back diplomacy. Ankara is at loggerheads with Greece and Cyprus over maritime hydrocarbon resources and naval spheres of influence, sparking fears of conflict. “We remain deeply concerned by Turkey’s ongoing operations surveying for natural resources in areas over which Greece and Cyprus assert jurisdiction over the eastern Mediterranean,” Pompeo told reporters in Nicosia after a meeting with Republic of Cyprus President Nicos Anastasiades and Foreign Minister Nicos Christodoulides. For the original article please
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Oil & Gas Drilling Industry Outlook Not Appealing to Investors

The Zacks Oil and Gas – Drilling industry consists of companies that provide rigs on a contractual basis to explore and develop oil and gas. These operators offer drilling rigs (both land-based/onshore and offshore), equipment, services and manpower to exploration and production companies worldwide. Let’s take a look at the industry’s three major themes: •    The slump in oil prices and coronavirus-induced demand shock has pushed drilling activity lower by introducing tremendous uncertainty around the exploration and production (E&P) spending outlook. From supermajor ExxonMobil (XOM) to smaller players like Oasis Petroleum (OAS), all have made drastic cuts to their capital
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Eastern Mediterranean Turns Into Source of Gas and Conflict

(CN) — A new, potentially explosive geopolitical dimension is being added to the puzzle that is the Middle East: A push by Israel, Europe, Egypt, Turkey and even the United States to drill for fossil fuels in the waters of the eastern Mediterranean Sea. In recent years, large reservoirs of natural gas have been discovered under the seafloor of the Mediterranean and now nations and energy companies are jostling to exploit these gas deposits despite the dangerous environmental and geopolitical consequences. A push to drill off the coasts of Cyprus and Israel has accelerated in recent months after major deals
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Egypt, Iraq to Establish Firm to Boost Bilateral Ties in Oil Sector

Egyptian Minister of Petroleum and Mineral Resources Tarek el-Molla during his meeting with Iraqi Ambassador to Cairo, Ahmed al-Dulaimi (Asharq Al-Awsat) Egypt and Iraq discussed strengthening bilateral relations in the oil and gas sector through operating Egyptian oil companies in Iraq and establishing a join company to implement projects. Egyptian Minister of Petroleum and Mineral Resources Tarek el-Molla said that the agreement to import 12 million barrels of Iraq’s crude oil is still active, noting that the six-month deal is renewed regularly. The Egyptian petroleum sector is ready to reinforce the presence of its companies in Iraq in the coming
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Cyprus eyes natural gas era

Cyprus is a rare bright spot for LNG trade amid the demand destruction and project delays that the Covid-19 pandemic has wrought in the industry. Construction started in July on the EU-funded Cynergy floating storage and regasification unit (FSRU) and LNG terminal project, which will bring first gas, energy diversification, greater supply security and reduced carbon emissions to the island from 2022. The country, currently almost completely isolated from EU energy links, sits on top of at least 13tn ft³ of offshore gas, including the 4.5tn ft³ (370bn m3) Aphrodite field in block 12, the 3-5tn ft³ Calypso in block
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Egypt’s lawmakers approve maritime deal with Greece

CAIRO (AP) — Egypt’s Parliament on Tuesday approved a maritime deal setting the country’s Mediterranean Sea boundary with Greece and demarcating an exclusive economic zone for oil and gas drilling rights, the state-run news agency reported. The deal, signed earlier this month, angered Turkey, which vowed to resume its disputed oil and gas exploration in the eastern Mediterranean. The Egyptian-Greek move was widely seen as a response to a disputed agreement between Turkey and Libya’s Tripoli-based administration that spiked tensions in the East Mediterranean region. The Turkey-Libya deal was widely criticized by Egypt, Cyprus and Greece as an infringement on
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Erdogan says Turkey makes major gas discovery in Black Sea

Turkish President Recep Tayyip Erdogan said on August 21 his country has discovered significant natural gas resources in the Black Sea. Turkey has carried out the largest natural gas reserve exploration in the Black Sea, Daily Sabah quoted Erdogan as saying, adding that some 320 billion cubic metres of natural gas was discovered in the Black Sea’s Tuna-1 zone. “The newly discovered reserves are only a piece of a larger resource,” and the country “will continue to discover more in the near future,” Turkey’s pro-government newspaper quoted him as saying. The announcement came after Erdogan said on August 19 that
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German foreign minister to discuss east Med row Tuesday – ministry

BERLIN (Reuters) – German Foreign Minister Heiko Maas is planning to discuss the natural gas dispute in the eastern Mediterranean Sea in Athens and Ankara on Tuesday, a ministry spokesman said on Monday. Germany regrets Turkey’s decision to extend the activities of an exploration ship, the spokesman added at the regular government news conference. Tensions between NATO members Greece and Turkey have risen after Turkey sent the Oruc Reis survey vessel, escorted by warships, to map out possible oil and gas drilling in territory over which both countries claim jurisdiction. To continue reading the original article please click here 
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Merkel, Macron call for diplomatic solution in East Med

German and French leaders on Thursday called for a de-escalation of tensions in the Eastern Mediterranean and vowed to support diplomatic efforts to resolve maritime boundary disputes between Greece and Turkey. German Chancellor Angela Merkel reiterated her call on Greece and Turkey to resume direct talks to resolve their long-standing disputes and said Berlin and Paris would enhance their cooperation to facilitate a diplomatic solution. “We need stability in the Eastern Mediterranean, not tensions. We are aware of the critical situation there. I am confident that if Germany and France join their forces, hopefully, we can find a good solution,
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