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CYPRUS - THE EASTERN MEDITERRANEAN HUB, A SOURCE OF ENERGY FOR EUROPE

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where Oil & Gas potential is!
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East Mediterranean Breaking News:

Future of Gas in Europe and what it means for Cyprus
This was the subject of presentations by European Commission (EC) senior officials at a number of recent gas conferences. Not surprisingly the key messages for the future of gas in Europe were quite similar: The new EC is driving new green policies Natural gas has a future role in Europe but it must be decarbonised Smart integration of electricity and gas is essential to enhance energy efficiency Electricity will become the predominant from of energy by 2050, with use of gas declining between 2030-2050. The new European Green Deal will set the tone and direction. Ursula von der Layen, the new EC President, has committed to deliver this 100 days after taking office, giving the climate change debate a new direction. Its main aims are: Europe to become the first climate-neutral continent, enshrine the 2050 climate-neutrality target into law and increase the carbon reduction target for 2030 to at least 50 per cent. For the original Cyprus Mail article please click here.
Egypt Signs $430-Million Gas Deal with Texas’ Noble Energy
Egypt said on Saturday it had signed several multimillion-dollar energy investment accords including a $430-million deal for Texas-based Noble Energy to pump natural gas through the East Mediterranean Gas Company’s pipeline. Under another agreement with Noble, which will also be financed by the US International Development Finance Corporation, the energy company will manufacture petroleum products in partnership with Egyptian company Dolphinus Holdings. The cabinet detailed the plans at the end of an Africa investment forum held on the site of the country’s planned new administrative capital in the desert east of Cairo. To continue reading the article please click here.
Libya’s NOC Sets Sights on 1.5 mil b/d Oil Output Target in 2020
Libya’s main oil chief has set his sights on boosting oil production to 1.50 million b/d in 2020 from current levels of 1.25 million b/d, as the country’s oil production and exports have been largely unaffected this year despite the civil unrest engulfing the North African country. Mustafa Sanalla, the head of state-owned National Oil Corporation, said late-Wednesday the rise assumes 350,000b/d of new output coming online next year, but that this will be slightly offset by a natural decline rate of 7%-8%. Output has remained much below 1.6 million b/d since 2011 when the country descended into civil war that led tothe downfall of the Muamar Gadhafi regime. The last time the country produced 1.50 million b/d was October 2012, according to S&P Global Platts data. For more information and to continue reading please click here.

EMC is part of the OMC – MOC group of events which covers the Mediterannean Energy Sector.

EMC is set to become the 3rd meeting in the mediterranean area strategically located in Cyprus which has recently emerged as one of the most interesting areas in the world energy circuit.

EMC 2020 is the essential platform for domestic and international stakeholders that invest, meet , network, share ideas and create new partnerships.

THE NEW MEDITERRANEAN ALLIANCE

The Eastern Mediterranean Gas Forum was the meeting place for the energy ministries coming from Cyprus, Egypt, Greece, Israel, Italy, Jordan, and Palestine held in Cairo to shape new alliances given the major gas discoveries in the East Mediterranean area making Cyprus the key meeting place to host a world class Exhibition and Conference.