Archives for News

Turkey Resumes Oil, Gas Survey In Eastern Mediterranean

Turkey has resumed survey activities for oil and gas in disputed waters in the eastern Mediterranean in a move reigniting the tension with its neighbors and EU members Greece and Cyprus. The Oruc Reis seismic survey vessel has returned to location in the Mediterranean and started taking data on Wednesday, Reuters quoted Turkey’s Energy Minister Fatih Dönmez as saying at a virtual conference today. Tensions between European Union (EU) members Greece and Cyprus on the one hand, and Turkey on the other, flared up again in recent months after Turkey resumed drilling and exploration for oil and gas in the eastern Mediterranean in waters
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Categories: News.

Will the lights stay on in Egypt?

In the blistering summer of 2014, Egyptians were facing spontaneous electricity blackouts for up to six hours a day, waiting hours in gas station lines often long enough to stretch across entire neighborhoods, and enduring hundreds of terrorist attacks targeting infrastructure. The energy industry was operating at just 70 percent as a result of a supply shortage that only added to high unemployment figures. Consumption surpassed production, and when the government diverted oil and gas ordinarily allocated for export to the local market, it accrued billions of dollars in debt to international oil companies. The energy crisis of 2013/14 was
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Categories: News and Uncategorized.

EU welcomes Turkish ship’s return to port from near Cyprus

ISTANBUL (Reuters) – A Turkish drill ship has left the area where it was operating southwest of Cyprus and reached Turkey’s coast for maintenance in a move the European Union said would help ease tensions in the Eastern Mediterranean. Refinitiv tracking data showed the Yavuz vessel reached shore and the Energy Ministry said it would now prepare for work in a new location. EU member Cyprus’ internationally recognised Greek Cypriot government has long been at loggerheads with Turkey over the demarcation of maritime waters and other issues. Turkish vessels began drilling for oil and gas near Cyprus last year. To
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Categories: News.

Six Countries Form Mediterranean Gas Group

(Bloomberg) — Greece, Italy, Egypt, Israel and two other countries will form a permanent organization to promote co-operation over natural gas in the Eastern Mediterranean. Turkey, which has raised tensions by exploring for the fuel in contested waters, is not as yet included. Energy ministers from the group, which also includes Cyprus and Jordan, signed a charter to establish the East Mediterranean Gas Organization, Egypt’s ​Ministry of Petroleum & Mineral Resources said Tuesday. The body will be based in Cairo and focus on “strengthening regional cooperation,” according to a statement. Other Eastern Mediterranean countries can join, the statement said, without
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Categories: News.

Reporter’s Notebook: A long road back for oil and gas

Houston’s oil and gas industry is facing a long recovery from the coronavirus pandemic if my family’s travel spending — or lack thereof — is any indication. Since the pandemic began to close the U.S. economy in March, my family has spent just $386 to gas up our two cars, about a quarter of the $1,412 we spent over the same six-month period last year. Our family of four spent nothing on flights so far this year, down from $1,220 by this time last year. Although my wife returned to work last month at a local school district, I’m still
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Categories: News.

Egypt, Cyprus focus on natural gas pipeline amid tensions in eastern Mediterranean

At a time when the oil and gas industry is facing economic uncertainty as part of the consequences of the coronavirus pandemic and the decline in global prices as a result of an oversupply, the eastern Mediterranean region is marred by a frantic struggle over natural gas resources. Eastern Mediterranean countries have rushed to demarcate their maritime borders and exclusive economic zones in a bid to facilitate the gas exploration process. The United States Geological Survey estimated the natural gas reserve in the Mediterranean in 2017 at 340-360 trillion cubic feet with a financial value ranging between $700 billion and
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Categories: News.

Oil and gas companies have assured plans on track

Oil and gas companies have assured the government they remain committed to their projects in Cyprus’ exclusive economic zone and will stick to schedules revised due to the coronavirus situation, the energy minister said on Tuesday. “We have been in touch with all companies engaged in our EEZ… they anticipate that the delays owing to the coronavirus will not be repeated and that their programme will continue normally, under the timetables agreed,” Natasa Pilides told MPs. Whereas energy companies have had to discontinue several projects across the world, thankfully Cyprus is not among these, she added. Sometime in the coming
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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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Categories: clients and News.

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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Categories: News.

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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Categories: News.