Archives for Uncategorized

Crude jumps on global energy crunch; US oil at 7-year high

Oil prices rose 2 per cent on Monday, extending multiweek gains as an energy crisis gripping major economies shows no sign of easing amid a pick up in economic activity and restrained supplies from major producers. Brent crude was up $1.62 cents, or 2 per cent, at $84.01 a barrel by 0914 GMT, The highest level since October 2018.   Click here to carry on reading
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Categories: News and Uncategorized.

Drilling about to start…again

With ExxonMobil planning to drill an appraisal well before the end of the year and following political agreements in Egypt to work together to develop Aphrodite, hopes are again rekindled that finally Cyprus’ gas is about to be developed. At least that is what our politicians are telling us. But are these hopes realistic and likely to happen? Are global markets ready to buy East Med gas? Are we finally going to make it big? To continue reading the Cyprus Mail article please click here
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Categories: Uncategorized.

The Growing Alignment Between the Gulf and the Eastern Mediterranean

The synergies between the Gulf and the eastern Mediterranean theaters have grown substantially in recent years. Speaking at a meeting in Paphos, Cyprus in mid-April 2021 with his counterparts from Greece and Israel, as well as the former minister of state for foreign affairs of the UAE (now an advisor to the UAE president), the Cypriot foreign minister noted, “The evolving web of regional cooperation is creating a new narrative.” A week later, UAE and Israeli fighter jets flew together publicly — for the first time — in an international aerial exercise hosted by Greece. How can we explain the signs of growing
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Categories: Uncategorized.

Turkey’s Erdogan brushes off threats of EU sanctions, says Brussels ‘never honest’ with Ankara

Any potential economic sanctions the EU might impose on Turkey do not concern the country much, President Recep Tayyip Erdogan has said, accusing the bloc of never acting “honestly” towards Ankara. Speaking ahead of an EU leaders’ summit scheduled for Thursday, Erdogan said Ankara is not intimidated by threats of sanctions. At the same time, he signaled that Turkey was ready for negotiations in its spat with Greece over oil and gas exploration in the Eastern Mediterranean – but shifted blame for lack of progress onto Athens. “Any sanctions decisions that can be taken against Turkey do not concern us
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Categories: Uncategorized.

Global offshore oil and gas pipeline demand set for 26% drop in 2020, but recovery will be swift

The global oil and gas market demand for large-diameter offshore pipeline, known as trunkline, is set for an annual drop of 26% this year, with the size of total installations forecasted to reach 2,150 kilometers (km), a Rystad Energy analysis shows. This downturn’s impact on trunkline demand is, however, lighter than that of 2016, and recovery is likely to be swift, led by projects in the Middle East. Although it is set for a significant drop from last year’s 2,913 km, offshore trunkline demand is holding up much better now than during the previous downturn, when demand plummeted to just
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Categories: News and Uncategorized.

Turkey raises estimate of its ‘giant gas discovery’ but sceptics aren’t buying story on evidence so far

Turkey has raised its estimate of gas reserves in a field off its Black Sea coast to 405bn cubic metres (bcm) after discovering an additional 85bcm, President Recep Tayyip Erdogan said on October 17. Erdogan said in August that the field contained an estimated 320 bcm of gas, making it the biggest natural gas discovery ever made by Turkey, which is almost entirely dependent on oil and gas imports, largely from Russia, Iran and Azerbaijan, though recent months have seen the country turn more and more to liquefied natural gas (LNG) shipments, with the US becoming a growing provider. If
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Categories: clients, News, and Uncategorized.

Turkey’s growing energy demand and Eastern Mediterranean stance

As the economy and the population of Turkey grow, both business and consumer demand for energy increases. Turkey imports around $45 billion of oil and natural gas every year, and this constitutes the main cause of its current account deficit. Therefore, Ankara has been implementing policies that diversify its sources as well as reduce its dependence on imported energy. Currently, Russia is the biggest supplier of Turkey’s imported gas. A stable supply of oil and gas as well as the ability to meet future energy demands are priorities for Turkey, as they are for most countries. Turkey has been investing
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Categories: Uncategorized.