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Tag: East Mediterranean

New Europe: Egypt, Cyprus, Greece, strive to export East Med gas to Europe, but at what price?

Posted: November 26, 2017 at 4:59 pm   /   Oil & Gas

The meetings endorse a gas export pipeline from Cyprus to Egypt and the EastMed gas pipeline. Cyprus President Nicos Anastasiades, Egypt’s President Abdel-Fattah el-Sisi and Greek Prime minister Alexis Tsipras endorsed a gas export pipeline from Cyprus to Egypt and the EastMed gas pipeline at a bilateral and trilateral meeting in Nicosia last week. During […]

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Egypt says newly discovered East Med gas can be EU's new energy source

Posted: November 21, 2017 at 3:43 pm   /   Oil & Gas

Newly discovered gas deposits in the eastern Mediterranean can offer Europe the alternative sources of energy that it’s searching for, Egypt’s president said Monday. President Abdel-Fattah el-Sisi said that Europe can take advantage of the proximity of both Egypt and Cyprus to the continent in that energy search. “These gas discoveries can contribute to the […]

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Egypt, Cyprus to start talks on agreement to construct gas pipeline

Posted: November 21, 2017 at 3:32 pm   /   Oil & Gas

Egypt and Cyprus have agreed to start discussions in December on an agreement to build a gas pipe from a Cypriot natural gas field to take gas to Egypt, Cypriot state radio reported on Monday. It said the agreement came during talks when Egypt’s President Abdel Fattah al-Sisi made an official visit to Cyprus on […]

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The promises and challenges of Egypt’s Zohr gas field development

Posted: November 19, 2017 at 5:28 pm   /   Oil & Gas

Eight wells have been drilled, four of which can produce 7.1 million-9.9 million cubic metres of gas per day each. Egypt is to start produc­tion at the massive Zohr gas field before the year is out. The field, which was discovered in August 2015, has estimated reserves of 906 billion cubic metres — the largest […]

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Fugro survey vessel joins fleet to begin Zohr field work

Posted: November 14, 2017 at 3:29 pm   /   Oil & Gas

Fugro’s newly named MV Kobi Ruegg has joined the company’s vessel fleet and is set to begin her first project in the Egyptian sector of the Mediterranean Sea. Working on behalf of Saipem, Fugro will deploy its large diameter piston core system to collect soil samples in the Zohr gas field; geophysical surveys for Pico […]

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East Mediterranean Gas Company loses appeal, to pay $174 million in debt

Posted: November 13, 2017 at 12:50 pm   /   Oil & Gas

Court orders East Mediterranean Gas Company to pay $174 mln in debt to Egypt’s National Bank. Egypt’s Court of Cassation has rejected an appeal by the East Mediterranean Gas Company against a 2016 ruling obliging the company to pay off $174 million in debt to Egypt’s National Bank. The company was founded and previously headed […]

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Egypt, Cyprus discuss capitalizing on East Mediterranean natural gas wealth

Posted: November 11, 2017 at 4:36 pm   /   Oil & Gas

Petroleum Minister Tarek El Molla received on Friday 10/11/2017 a Cypriot delegation comprising Cyprus Hydrocarbons Company Executive Manager Demetris Fessas along with the company’s Commercial Director Andreas Koutsoulides. The meeting falls within the framework of the ongoing consultations and negotiations regarding capitalizing on the Hydrocarbon wealth of the Mediterranean. Minister El Molla underscored the depth […]

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El Molla: Egypt's proven reserves of natural gas exceed 72 trillion cubic feet

Posted: November 4, 2017 at 8:03 pm   /   Oil & Gas

Minister of Petroleum and Mineral Resources Tarek El Molla revealed that the proven reserves of gas in Egypt exceed 72 trillion cubic feet (tcf), while the uncertain reserves reach 120 trillion cubic feet, stressing that international scientific research organizations say the promising future awaits the Eastern Mediterranean region with regard to gas. “We expect oil […]

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Cyprus working extensively to export its natural gas to Egypt

Posted: November 2, 2017 at 8:01 pm   /   Oil & Gas

Cyprus Hydrocarbon Company (CHC) is working “intensively” towards making gas exports to Egypt possible, General Manager Panos Kelamis told Cyprus Mail. “We want to clinch an agreement, because this would be an agreement for 15-20 years that will offer Cyprus the maximum … We definitely want to go to Egypt, but we have certainly looked […]

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