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EU countries agree to prolong gas project funding, with caveats

BRUSSELS, June 11 (Reuters) – European Union energy ministers on Friday agreed to prolong EU support for some cross-border natural gas projects, despite a push from 11 countries and the European Commission who said such funding should end to comply with climate change goals. The EU’s “TEN-E” rules define which cross-border energy projects can be labelled Projects of Common Interest (PCI), giving them access to certain EU funds and fast-tracked permits. The EU is upgrading the rules to comply with its climate change targets, and in December the European Commission proposed a new version excluding dedicated oil and gas infrastructure. read
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Ministry of Energy, Commerce and Industry confirms its endorsement to EMC 2021

“Cyprus is fully committed to transitioning to a green, circular economy, leveraging on sustainability and the use of renewable energy sources to achieve long-term sustainable growth,” Natasa Pilides, Minister for Energy, Commerce and Industry, Republic of Cyprus said. “I am confident that we can build on the already excellent collaboration with existing and future partners in order to achieve our mutual objectives. I hope to welcome you all in person in November 2021 when Cyprus will host the Eastern Mediterranean Conference & Exhibition in Nicosia.” Download the EMC 2021 Press Release
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How geothermal energy could power the future

  Miles below the Earth’s surface, there’s enough thermal energy to power all of humanity for the foreseeable future. It’s called geothermal energy, and it’s poised to play an increasingly large role as a source of always-available, renewable power. Today, there are a number of startups in the geothermal space, working to figure out how to access this heat in difficult-to-reach geographies, at a price point that makes sense. The drive is even getting the attention of oil and gas industry giants, interested in greening their portfolios, while sticking to their core competencies – extracting energy resources from deep within
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Israel-Cyprus gas talks disappoint Ishai partners

Last week talks began between the two groups holding the two parts of the Aphrodite offshore gas field. The largest part is in Cypriot economic waters and is owned by Delek Drilling LP (TASE: DEDR.L), Chevron and Shell. The smaller part, known as the Ishai gas field, is in Israeli economic waters and owned by four Israeli companies – Israel Opportunity, Nammax Oil & Gas, Petroleum Services Holdings (PSH), and Eden Energy. The fact that the same field stretches across the border of the economic waters of the two countries requires economic arrangements on the matter. To continue reading the original Globes article 
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Israeli firm to sell gas field stakes to UAE company: statement

erusalem: An Israeli firm is set to sell its stake in a vast offshore gas project to an Emirati company for $1.1 billion, the biggest commercial deal yet after the countries normalised ties. “Delek Drilling of Israel has announced the signing of a non-binding Memorandum of Understanding with Mubadala Petroleum of Abu Dhabi, UAE for the sale of Delek Drilling’s 22 percent non-operated stake in the Tamar gas field,” they said in a joint statement Monday.   To continue reading the energy economic times article please click here
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BP has announced gas production from Raven field, the third stage of its major West Nile Delta (WND) development off the Mediterranean coast in Egypt

Raven is currently producing approximately 600 mmscf of gas per day. (Image source: BP) The approximately US$9bn WND development includes five gas fields across the North Alexandria and West Mediterranean Deepwater offshore concession blocks in the Mediterranean Sea. BP and its partners, working with the Ministry of Petroleum, have developed the WND in three stages. Raven follows the Taurus/Libra and Giza/Fayoum projects, which started production in 2017 and 2019 respectively. It produces gas to a new onshore processing facility, alongside the existing West Nile Delta onshore processing plant. To continue reading the original article please click here
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New major offshore project in East Mediterranean awarded to Corinth Pipeworks

Cenergy Holdings SA has announced that Corinth Pipeworks S.A., its steel pipe segment, signed an agreement to manufacture and supply steel pipes to Israel Natural Gas Lines (INGL), leader in natural gas distribution in Israel, for the offshore section of a new high-pressure gas pipeline between the cities of Ashdod and Ashkelon. Chevron, having recently completed its acquisition of Noble Energy, as the operator of Leviathan and Tamar offshore gas fields, has entered into an agreement with INGL for the provision of transmission services of natural gas. To continue reading the original article please click here  
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Oil optimism unwinds rushed storage deals

London/New York/Singapore — When the world economy slammed on the brakes in 2o20, there was a rush to store a wave of unwanted crude and products, but rising prices and optimism about demand is spurring a swift unwinding of storage contracts. At the end of February, the volume of refined products held on stationary tankers for over 10 days stood at 19.2-million barrels, down 77% from a peak of 84-million last May, IHS Markit estimates show.   To continue reading please click here
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Turkey says it may negotiate maritime demarcation with Egypt

ANKARA (Reuters) – Turkey and Egypt could negotiate and sign a maritime demarcation deal in the eastern Mediterranean if their ties, which have been strained, allow for such a move, Turkish Foreign Minister Mevlut Cavusoglu said on Wednesday. Ties between them have been frosty since Egypt’s army ousted Muslim Brotherhood President Mohammed Mursi, an ally of President Tayyip Erdogan, in 2013. They have also been at odds over maritime jurisdiction and offshore resources, as well as differences in Libya, where they backed opposing sides in the civil war. To continue reading click here
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