Archives for News

Renewable Power Projects Overtake Oil & Gas In Middle East

Countries in the Middle East and North Africa (MENA) awarded as much as US$2.8 billion worth of renewable energy projects in the first half of 2021, compared to not a single contract award for oil- or gas-fueled power stations in the region, MEED Insight’s new report Middle East Energy Transition showed. To compare, the average value of contract awards for oil- or gas-powered stations stood at $4.8 billion annually between 2017 and 2020, according to the report. Last year alone, $6.2 billion worth of oil and gas power plant contracts were awarded. This year, the focus is on emission reductions
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Huge gas find boosts egypt

The discovery last month of a vast natural gas deposit offshore Egypt is a potential game changer for the country’s ailing energy sector. Italian oil and gas firm ENI confirmed the find of an estimated 30 trillion cubic feet (850 billion cubic metres) spread over an area of around 100 km2 under deep water. The Zohr field is the largest ever discovery of natural gas in the Mediterranean Sea and could be sufficient to supply the Egyptian market for decades to come, ENI CEO Claudio Descalzi said after announcing the find. To continue reading click here
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Cyprus and Lebanon sign MoU for oil and gas cooperation

Cyprus and Lebanon signed an MoU agreement for cooperation in the oil and gas sector on Friday during a visit by the neighbouring country’s Defence Minister and Deputy Prime Minister, Zeina Akar. The Memorandum of Understanding on Cooperation in the Energy Sector was signed by Akar and Foreign Minister Nikos Christodoulides. The MoU establishes the general framework for the enhancement of cooperation between the competent ministries of the two countries, an official announcement said. To continue reading click here
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Press Release – The Ministry of Agriculture, Rural Development and Environment confirm partnership with EMC – the Eastern Mediterranean Energy conference and exhibition.

The Ministry of Agriculture, Rural Development and Environment confirm partnership with EMC – the Eastern Mediterranean Energy conference and exhibition.   Professor Costas Kadis, Minister of Agriculture, Rural Development and the Environment, will deliver the Opening Keynote Welcome Address at the Plenary Session on November 11 2021.   Nicosia, Cyprus – June 28, 2021 – EMC, the Eastern Mediterranean Energy conference and exhibition taking place in Nicosia, Cyprus, from 10 to 12 November, 2021, has confirmed that Costas Kadis, Minister of Agriculture, Rural Development and the Environment, will deliver the Opening Keynote Welcome Address at the Plenary Session on the
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Gas drilling to resume later this year says Pilides

US oil major Exxon Mobil will resume offshore drilling for natural gas later this year, Energy Minister Natasa Pilides revealed on Tuesday. She said the drilling would take place around November to December. Speaking to reporters after attending a session of the House energy and commerce committee, Pilides said Exxon will return to block 10 of Cyprus’ exclusive economic zone. The contract with the rig has already been signed, while the government is in the process of issuing the necessary permits – a routine procedure.   Click here to continue reading the original article
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MEPs urged to end gas-funding, fix cross-border projects rules

EU member states have decided to extend subsidies for some cross-border natural gas projects until the end of 2027 – a delay criticised by green groups as a major policy “loophole”, incompatible with the bloc’s climate targets. The so-called TEN-E regulation determines which cross-border energy infrastructure projects in the EU are eligible for public funds and fast-tracked permits, under the “Projects of Common Interest” (PCI). Last year, the European Commission proposed a revision of the TEN-E rules, excluding dedicated support for oil and gas infrastructure – in a bid to align a key piece of energy policy with the Green Deal. To
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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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