Eastern Mediterranean ///

Leviathan partners ratify $3.75-billion gas-development plan

The companies that own the rights to Leviathan, Israel’s largest natural gas reservoir, approved a plan to allocate $3.75 billion to develop the offshore site. Israel’s main gas equity index rose the most in almost five months.

Noble, Barclays said to work on $1 billion Tamar stake sale

Noble Energy Inc. is working with Barclays Plc on the sale of a 7.5% stake in the offshore Tamar natural gas field, according to people with knowledge of the matter.

Eni, BP pouring more investment into Egypt than anywhere else

Eni SpA will start producing from the giant Zohr natural gas field off Egypt’s Mediterranean coast by the end of 2017 and plans to invest $10 billion in the North African country over the next five years, CEO Claudio Descalzi said.

Eni and BP complete 10% sale of Shorouk, offshore Egypt

Eni’s CEO, Claudio Descalzi, Bob Dudley, CEO of BP, and the Egyptian Minister of Petroleum, Tarek El Molla signed a deed completing the sale to BP of a 10% stake in the Shorouk concession, offshore Egypt.

Ithaca Energy announces recommended takeover by Delek Group

Ithaca Energy Inc. has announced that it has entered into a definitive support agreement with Delek Group Ltd. on the terms of a cash takeover bid for all of the issued, and to be issued common shares of Ithaca not currently owned by Delek or any of its affiliates for C$1.95 per share.

Qatar Petroleum hunts for gas abroad as local growth hits limit

Qatar Petroleum is exploring for oil and gas in Cyprus and Morocco as part of a strategy to expand the tiny Gulf emirate’s global energy investments.

Egypt said to seek LNG as BP, Eni gas flow to restore exports

Egypt plans to import as many as 108 cargoes of liquefied natural gas this year as the country prepares to start producing at two gas fields and move closer to its goal of self-sufficiency and even exports by 2019.

With 2019 export goals, exploration in Egypt picks up

Egypt may announce new discoveries of natural gas by the second half of this year, Oil Minister Tarek El Molla said, bringing it closer to its goal of self-sufficiency by 2019.

Energean awards FEED contract to TechnipFMC for Israel's Karish and Tanin fields

Energean Oil & Gas has announced that it has appointed TechnipFMC as the Concept and Front End Engineering Design (FEED) contractor for the Karish and Tanin development program.

Zion Oil & Gas to aid in supply of Israel's energy needs

Zion Oil & Gas' vision is to help ensure Israel's political and economic independence by finding and producing oil or natural gas onshore in Israel.

Lebanon to auction energy rights in area contested by Israel

Lebanon wants to auction energy rights to areas in the Mediterranean Sea contested by neighboring Israel and will invite more companies to qualify for bidding next month.

Egyptian gas market sees seasonal surplus, says Wood Mac

Egypt's gas market is poised to undergo profound changes in the next five years, and these could have an impact on the global LNG market, seeing Egypt position itself as a prominent seasonal player, research from global natural resources consultancy Wood Mackenzie shows.

Total’s Cyprus Block 11 could rival Egypt’s Zohr discovery, IHS Markit says

Driven by the success of Eni’s major Zohr field gas discovery offshore Egypt in 2015, companies are rethinking the Eastern Mediterranean region’s gas potential, according to new analysis from IHS Markit.

Energean to develop Karish and Tanin gas fields with FPSO program, offshore Israel

Energean Oil & Gas outlined initial details for the development of the Karish and Tanin natural gas fields. At a press conference in Tel Aviv, Energean management announced that the two fields will be developed using a floating production, storage and offloading (FPSO) unit to facilitate the quickest route to producing first gas with the objectives of the government of Israel.

Genie Energy launches drilling services company in Israel

Genie Energy Ltd. has announced that it is establishing Atid Drilling Ltd., an onshore drilling services venture based in Israel.

Energean to develop Karish and Tanin with FPSO, offshore Israel

Energean Oil & Gas has outlined initial details for the development of Karish and Tanin natural gas fields.

Lebanon set to join Eastern Mediterranean oil and gas race

Lebanon approved two measures allowing it to auction its first offshore oil and natural gas rights, ending three years of delays that kept the tiny country from joining a regional race to tap energy wealth in the eastern Mediterranean.

Eni awarded two exploration blocks offshore Cyprus

Eni has been awarded two exploration blocks offshore Cyprus, following a competitive international bid round.

Energean receives approval for acquisition of Karish and Tanin fields in Israel

The Petroleum Council of Israel has announced its approval of the acquisition of 100% of the Karish and Tanin natural gas fields by Energean Oil & Gas from Delek Drilling and Avner.

Zion Oil & Gas receives approval to drill in Israel

While Israel is not able to currently meet their energy needs domestically, few companies are well positioned to take advantage of the demand for energy. One such company is Zion Oil & Gas.