Archives for News

Rival Cypriot leaders pledge to back UN-led peace initiative

Rival Cypriot leaders held a rare meeting on Tuesday in which they pledged to support a United Nations-led Cyprus peace push involving Greece, Turkey and Britain, officials said. It was the first meeting between Republic of Cyprus President Nicos Anastasiades and Turkish Cypriot leader Ersin Tatar since the Ankara-backed hardliner was elected in the breakaway north of divided Cyprus last month. The pair “expressed their determination to positively respond to the UN secretary-general’s commitment to explore the possibility to convene an informal five-plus-United Nations meeting, in a conducive climate, at an appropriate stage,” a carefully worded UN statement said. To
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Huge volumes of discovered hydrocarbons remain ‘stranded’ in South Atlantic fields of Brazil, Angola and Falklands

Huge volumes of discovered hydrocarbons worldwide are currently ‘stranded,’ according to a study by Westwood Global Energy Group. The consultant has identified 119 fields in this category that were found between 2008 and 2016 with collectively 11 Bbbl of oil and 36 Bboe of gas, but currently not progressing toward development, including Brazil, Angola, and the Falkland Islands in the south Atlantic. These volumes, which cost an estimated US$ 24 billion to discover and with a combined value of US$ 65 billion [1], account for 40% of the reserves proven in high-impact discoveries in this period. Westwood’s analysis shows the
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Study finds no progress on many large oil and gas discoveries

Huge volumes of discovered hydrocarbons worldwide are currently ‘stranded,’ according to a study by Westwood Global Energy Group. The consultant has identified 119 fields in this category that were found between 2008 and 2016 with collectively 11 Bbbl of oil and 36 Bboe of gas, but currently not progressing toward development. These volumes, which cost an estimated $24 billion to discover and with a combined value of $65 billion [1], account for 40% of the reserves proven in high-impact discoveries in this period. Westwood’s analysis shows the highest volume of ‘stalled’ gas is in the Ruvuma-Rufiji basin offshore Mozambique and Tanzania where 166
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Will Natural Gas Isolate Turkey And Integrate Israel In The Eastern Mediterranean?

For generations, the area around the eastern Mediterranean Sea has been filled with turmoil. From the Arab-Israeli conflict to the divided island of Cyprus and the general animus between Greece and Turkey, the region’s problems have seemed intractable. Over the last decade however, the discovery of massive natural gas deposits underneath the eastern Mediterranean Sea is reorienting the entire region. The rush to obtain energy independence and security by discovering and laying claim to gas and oil reserves is immensely important to the countries in the area. It is forcing them to reconsider historical relationships and presenting them with new possibilities
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Turkey Expands Gas Drilling In The Black Sea

After announcing a major natural gas discovery in the Black Sea earlier this year, Turkey has started drilling for gas at a second location in the sea, Turkish Energy and Natural Resources Minister Fatih Dönmez said on Twitter on Thursday. The Turkish drillship Fatih returned to drill for gas in the Black Sea at the Türkali-1 borehole, and the campaign will last 75 days, the minister said. Early last month, Dönmez said that Turkey plans to deploy a third drillship to explore for natural resources in the Black Sea. Turkey’s third drillship, Kanuni, will begin exploration in the Black Sea in early 2021 and
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Global offshore oil and gas pipeline demand set for 26% drop in 2020, but recovery will be swift

The global oil and gas market demand for large-diameter offshore pipeline, known as trunkline, is set for an annual drop of 26% this year, with the size of total installations forecasted to reach 2,150 kilometers (km), a Rystad Energy analysis shows. This downturn’s impact on trunkline demand is, however, lighter than that of 2016, and recovery is likely to be swift, led by projects in the Middle East. Although it is set for a significant drop from last year’s 2,913 km, offshore trunkline demand is holding up much better now than during the previous downturn, when demand plummeted to just
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Categories: News and Uncategorized.

Turkey raises estimate of its ‘giant gas discovery’ but sceptics aren’t buying story on evidence so far

Turkey has raised its estimate of gas reserves in a field off its Black Sea coast to 405bn cubic metres (bcm) after discovering an additional 85bcm, President Recep Tayyip Erdogan said on October 17. Erdogan said in August that the field contained an estimated 320 bcm of gas, making it the biggest natural gas discovery ever made by Turkey, which is almost entirely dependent on oil and gas imports, largely from Russia, Iran and Azerbaijan, though recent months have seen the country turn more and more to liquefied natural gas (LNG) shipments, with the US becoming a growing provider. If
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Categories: clients, News, and Uncategorized.

Five years on, Israelis see few benefits from major gas deal

Five years after Israel signed a landmark agreement to develop large offshore gas fields over the objections of antitrust authorities, environmentalists and consumer advocates, ordinary Israelis have yet to see the windfall promised by the government. The deal has chiseled away at the monopoly held by Houston-based Noble Energy and Israel’s Delek Group, which discovered and developed the fields, bringing prices down. The country is on track to phase out coal and derive nearly all its electricity from cleaner-burning gas and solar power by 2025, and is exporting gas to neighboring Egypt and Jordan. But the financial benefits have yet to trickle down to Israeli consumers,
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East Med tensions cannot be solved by unilateral action: FMs of Spain, Cyprus

NICOSIA, Sept. 30 (Xinhua) — Tensions in the Eastern Mediterranean cannot be solved by unilateral action, foreign ministers of Cyprus and Spain said at a joint press conference after talks in Nicosia on Wednesday. Spain’s Foreign Affairs Minister Arancha Gonzalez Laya, who paid a one-day visit to Cyprus, made it clear that she was referring to tensions with Turkey. “My visit to Cyprus is very clearly meant to send a signal to you … of solidarity, of support to Cyprus in the face of tensions, Tensions in the Eastern Mediterranean region. Tensions with Turkey,” she said. “We do not believe
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Shell cuts oil and gas production as the market shifts towards renewables

Shell Energy has announced that it will be making sweeping cuts to its oil and gas production business to free up cash to spend on renewable energy. By cutting day-to-day operating costs and reining in spending on new projects, the energy supplier hopes to slash costs by as much as 40 per cent. As part of this operational shift, Shell will now focus much of its oil and gas production on a few key hubs, such as Nigeria, the Gulf of Mexico and the North Sea. The company will also trim costs at its 45,000 petrol stations. For the original
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