Archives for News

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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Global $2634.45 Billion Oil & Gas Upstream Activities Market to 2030

Egypt and Israel are working on plans to expand the East Mediterranean Gas Forum (EMGF) into energy security, electricity infrastructure and emissions controls. Israeli Energy Minister Yuval Steinitz celebrated the emergence of a “new Middle East, especially in energy”, with the EMGF a testimonial to these shifts. Speaking at CERAWeek, Steinitz noted how Israel had begun exporting natural gas to Jordan and Egypt, from its offshore fields.   To continue reading please click here
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Uniting for Gas

A game-changing group was set up in Cairo in January this year to set policies for the exploitation of the natural gas in the East Mediterranean in the shape of the East Mediterranean Gas Forum (EMGF). Egypt, Greece, Cyprus, Italy, Israel, Palestine, and Jordan all signed the forum’s charter in the presence of representatives from the European Union and the World Bank. France has filed a request for membership, and the United States has issued a request to be a permanent observer at the forum. The steps taken during the meeting and the signing of the forum’s charter are of
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Palestine, Egypt discuss advancing cooperation in energy sector

Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, and Mohammad Mustafa, Advisor to the Palestinian President for Economic Affairs and Chairman of PIF, reaffirmed the importance of strengthening Egyptian-Palestinian cooperation in the sector of energy and natural resources, particularly natural gas, according to a joint press release. The statements came during a meeting between Engineer El Molla and Mustafa with the participation of Zafer Milhem, Chairman of the Palestinian Energy and Natural Resources Authority (PENRA). The meeting was held at the Office of the Palestinian President in Ramallah and marked the first visit of El Molla to Palestine.
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Israel and Egypt discuss natural gas pipeline link

(Bloomberg) –Egypt and Israel said they may build an undersea natural-gas pipeline connecting the two countries, as they seek to collaborate on exporting the fuel to Europe. The pipeline would link Israel’s huge Leviathan field to Egypt’s liquefied natural gas plants, the countries’ energy ministries said Sunday. Egypt added that the two sides would work on a governmental framework for the pipeline. To continue reading please click here.
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