Eastern Mediterranean ///
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 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 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’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 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 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 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.
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 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' vision is to help ensure Israel's political and economic independence by finding and producing oil or natural gas onshore in 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.
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.
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 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 Ltd. has announced that it is establishing Atid Drilling Ltd., an onshore drilling services venture based in Israel.
Energean Oil & Gas has outlined initial details for the development of Karish and Tanin natural gas fields.
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 has been awarded two exploration blocks offshore Cyprus, following a competitive international bid round.
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.
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.