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OPEC meets on output increase as oil prices rally

OPEC and its allies meet on Monday to debate how much oil to release into the red hot market, where supply disruptions and recovering demand from the coronavirus pandemic have pushed oil above $80 per barrel. The oil price rally to a three-year high is exacerbated by an even bigger increase in gas prices, which have spiked 300 per cent and have come to trade close to an equivalent of $200 per barrel due to supply shortages and low production of other fuels. The Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, agreed in
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President, Ministers to discuss energy programme with ExxonMobil officials

The next steps in the joint venture of ExxonMobil-Qatar Petroleum in Cyprus’ EEZ which restarts end of the year with drilling in block 10 will be examined during a meeting on Friday of the American company’s officials and the President of the Cyprus Republic accompanied by his Energy and Foreign Affairs Ministers. A press release issued by the office of the Minister of Energy, Natasa Pilides said she will accompany President Nicos Anastasiades during his meeting on Friday in New York with ExxonMobil officials Michael Cousins, John Ardill and Rochdi Younsi.   To continue reading click here
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The gas crisis and its implications

Europe is going through a natural gas crisis, partly self-inflicted. The spectacular increase in gas, but also electricity, prices is threatening to derail economic recovery as Europe emerges from Covid-19. This also includes Cyprus, but for somewhat different reasons, covered later in the article. Economic recovery has been accompanied by a substantial increase in energy demand in comparison to 2020. At the same time, soaring emission allowance costs have been driving coal out of Europe’s energy mix, with natural gas – as the cleanest fossil fuel – being increasingly used to replace it.   To continue reading click here
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Israel Stops Onshore Oil Exploration Permits

Israel will no longer issue onshore oil exploration permits, Energy Minister Karine Elharrar said this week, vowing to focus on renewable energy sources. “Starting today, no more licenses will be issued for oil exploration on land in the State of Israel,” Elharrar said at an energy conference on Tuesday, as carried by The Times of Israel. Israel currently has five onshore oil production licenses and three onshore oil exploration permits. To continue reading the Oil Price article click here
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Egypt to supply Lebanon with natural gas via Syria

A Wednesday meeting of oil and energy ministers from Jordan, Syria, Lebanon and Egypt approved a roadmap to supply Lebanon with natural gas from Egypt to help resolve its energy crisis, , according to the Jordan News Agency, Petra. The meeting, hosted in Jordanian capital Amman, included the Syrian Minister of Oil and Mineral Resources Bassam Tohme, the Jordanian Minister of Energy and Mineral Resources Hala Zawati, the Egyptian Minister of Petroleum and Mineral Resources Tariq al-Mulla and the Lebanese Minister of Energy and Water Raymond Ghajar. To continue reading the Egypt Independent Article please click here
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Egypt signs flurry of deals with Libya’s unity government

CAIRO, Sept 16 (Reuters) – Egypt and Libya’s unity government signed a series of cooperation agreements and several infrastructure contracts on Thursday as Cairo eyes reconstruction opportunities in its oil-rich neighbour. Though Libya’s political prospects remain uncertain, the deals are the latest sign of Egypt’s efforts to re-engage with Tripoli after years of siding with east Libya-based forces engaged in a conflict that split the country. To continue reading the Reuters article click here
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The Battle For Control Of East Mediterranean Energy

The history of oil and natural gas is marred by instability and conflict. The rise of the Eastern Mediterranean as a prolific energy region has increased existing tensions between certain littoral states while strengthening cooperation between others. The ratification of the charter concerning the Eastern Mediterranean Gas Forum (EMGF) further cements the importance of gas exporting countries in general and Egypt in particular. In a political and economic sense, Cairo has succeeded in strengthening the country’s position as a major producer and exporter of gas while highlighting its role as an energy hub. Egypt’s large domestic market, significant production capacity,
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August is Oil’s Worst Month in 10 as Prices Drop 7%

Investing.com – Oil ended August on a down note, falling 7% for its worst month in 10, as demand concerns reared their head again after Hurricane Ida forced the closure of U.S. refineries. Expectations that a Wednesday meeting of oil producing nations in the OPEC+ alliance would go ahead with a plan to raise output in September also weighed on prices in Tuesday’s session of oil — although the production increase was unlikely to be as much as the Biden administration expected, in order to dampen inflation. London-traded Brent, the global benchmark, settled at $72.99 per barrel, down 42 cents, or
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Petrofac secures $100m contract with Libya Oil & Gas

Petrofac has secured a contract  valued at more than $100m with Zallaf Libya Oil & Gas Exploration and Production Company, to deliver the Erawin Field Development Project Phase 1 early production facilities. The engineering, procurement, construction and commissioning (EPCC) scope of work encompasses surface equipment, including well pads and flowlines at the Erawin oil field, located in southwest Libya. To continue reading click here
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