Low prices trump Greece-Egypt-Cyprus political energy deal hopes
Greek Prime Minister Alexis Tsipras plans to visit Cairo on October 11 to take part in trilateral talks with Cyprus President Nicos Anastasiades and Egypt’s President Abdel Fattah Al Sisi. “I see these trilateral meetings very useful politically. In the longer term I hope these will lead to wider cooperation in the East Med,” Cyprus […]
Egypt eyes Idku LNG restart following Shell deal
Egypt is slowly moving closer to restarting LNG exports following a deal with Shell to raise the volume of gas sent to the Idku LNG plant. Shell cut a deal with the Egyptian government in mid-September to send 3.54 million cubic metres per day to Idku from the company’s gas fields to compensate for some […]
Egypt: The Eastern Mediterranean's Next Natural Gas Hub?
On Aug. 31, Egypt and Cyprus signed a preliminary deal for an underwater pipeline. For Egypt, the deal is part of a broader strategy to position itself as a hub of energy development and consumption. • The eastern Mediterranean will attract great interest from international oil and natural gas companies over the next decade. • […]
Cyprus signs deal with Egypt for transfer of natural gas via pipeline
Cyprus signed a deal on Wednesday for the transfer of natural gas via pipeline to Egypt, once extraction starts of discoveries made off the Mediterranean island. U.S. energy firm Noble found an estimated 4.5 trillion cubic feet of natural gas in one prospect off Cyprus in late 2011. A consortium of Italy’s ENI and Korea’s […]
ExxonMobil joins list of companies reportedly interested in Zohr field stake
ExxonMobil has reportedly joined Lukoil, Total, Edison, and BP on the list of IOCs negotiating with Eni to acquire at least 20% of its stake in the Zohr field, sources tell Reuters. ExxonMobil does not have upstream concessions in Egypt, but has recently landed bordering acreage in Cyprus, the news wire reports. Eni is trying […]
Eni in talks with big oil companies about sale of Zohr stake – sources
Italy’s Eni is talking to oil companies including Lukoil, ExxonMobil, Total and BP about selling at least a 20 percent stake in its giant gas field in Egypt, industry sources said. Eni owns the whole of Zohr and has said it is interested in bringing in partners as part of its strategy of selling some […]
El-Molla: Idku and Damietta liquefaction plants to operate at full capacity by 2020/2021
Petroleum Ministry agreed with Shell to adjust the 9B gas prices and export 125m cubic feet daily. The Ministry of Petroleum and Mineral Resources aims to rerun Idku and Damietta factories for liquefaction in their full capacity in order to export gas shipments to global markets by 2020/2021. Petroleum Minister Tarek El-Molla told Daily News […]
Eni CEO Claudio Descalzi: Egypt can be one of the solutions for European energy security
The following is a condensed and edited interview with Eni CEO Claudio Descalzi from Bloomberg Businessweek. How have you responded to the sharp decline in crude oil prices? Fortunately we had a strategy to own conventional assets, which means a very low cost and very low break-even price. At the moment we have one of […]
Saipem’s Castoro Sei pipelayer platform for Zohr work docks at Limassol, staying six months
Saipem’s pipelayer Castoro Sei (Beaver Six) was fully ensconced at Limassol port on Sunday before starting work on underwater pipelines for Egypt’s giant Zohr gasfield. The Zohr gas field was discovered by Eni in August 2015, using the drillship Saipem 10000, which is still operating in the area. The ‘floating factory’ Castoro Sei will remain […]
Will Israeli natural gas flow in Egypt’s pipelines?
A recent visit by Egypt’s Foreign Minister could signal potential cooperation between Israel and Egypt in the eastern Mediterranean gas fields. However, given domestic market needs mixed with a complicated history in Egypt-Israel business relations in the energy sector, the future remains unclear. In a rare trip, Egypt’s Foreign Minister Sameh Shoukry paid Israel a […]