Archives for 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.

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.

EMC Launches ‘EMC LIVE’ 2020 Webinar Series

With the 2020 edition of the EMC postponed to 2021, due to the Coronavirus pandemic, we are pleased to announce that in the meantime we have launched a series of live-panel webinars, which are aimed to further stimulate debate and help the industry assess the key changes happening in the region as we navigate our way through a tumultuous 2020. We are currently putting together the line-up of panelists but our planned 2020 EMC Live panels include: The Outlook for the Eastern Mediterranean’s Oil & Gas Industry – 29th July Assessing the Practical Considerations of Doing Business in the Eastern
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Categories: News and Uncategorized.

Energy companies assure are committed to Cyprus drilling

Energy companies licensed to prospect for gas off Cyprus have assured the government they are committed to their contracts despite inevitable delays due to the coronavirus situation, MPs heard on Tuesday. In a teleconference session with lawmakers, Energy Minister Giorgos Lakkotrypis said drilling programmes by Total and ENI, and by ExxonMobil, are being put on hold but only temporarily. For Total and ENI – which had planned to carry out three drills in the 2020-2021 timeframe – the minister said their contracts would have to be extended. The consortium had been scheduled to first drill a new (exploratory) well at
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Categories: Uncategorized.

Eni, Total postpone drilling in Eastern Mediterranean

Following in the footsteps of U.S. energy giant Exxon Mobil, Italian Eni and French Total are postponing their proposed gas exploration operations in the Eastern Mediterranean for about a year, according to reports Monday. The companies notified the Greek Cypriot administration about their decision to delay their drilling operations until March or April 2021, the administration’s spokesman Kyriacos Koushios told the Cyprus Mail. However, the companies will not cancel the capital expenditure allocated to the drills, which Koushios described as “good news.” Before the coronavirus outbreak, Eni and Total had earlier announced their plan to start exploratory drilling in what
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Categories: Uncategorized.