Pressure has been growing on the Cypriot government to increase local benefits, particularly given high electricity prices.
The French supermajor said it expected to pay $400 million under the UK Energy Profits Levy (EPL) in the fourth quarter, bringing the full-year impact of the windfall tax to an expected $1bn.
The Italian company said it would incorporate the well results into its evaluation of the area. Eni has its eye on a fast-track development in Block 6, it said.
Capricorn noted that it had been working on “strategic alternatives” for more than a year. However, there have been no better options, it reported, and a sale is necessary to “maximise shareholder value and the full potential of Capricorn’s assets”.
NewMed Energy has signed a non-binding memorandum of understanding (MoU) to supply natural gas, and develop blue hydrogen, for delivery into Europe with Uniper.
Chevron and partners have signed up to develop the Aphrodite field, offshore Cyprus, with drilling due to start in the first half of 2023, while political talks are continuing.
For the first time in decades, we are witnessing an energy crisis the likes of which many of us will have never seen before. Startling levels of volatility across global energy markets are leading governments to implement measures that this time last year would have been unimaginable.
A Chevron team has visited Cyprus today to talk about developing the Aphrodite field, in the island’s exclusive economic zone (EEZ).
Frontline has struck a deal with Euronav for a potential merger, in an all share offer that would value each Euronav share at around $12.09.
Vantage Drilling International has struck a deal to provide its Tungsten Explorer to TotalEnergies for at least 225 days.
Eni and TotalEnergies have begun drilling the Cronos-1 well offshore Cyprus.
ExxonMobil has made a good-quality gas find at its block offshore Cyprus, on the Glaucus-2 well.
The industry drilled more wells in 2021 than 2020, IHS Markit has reported, with notable successes in high impact wells adding new resources.
Cyprus has awarded Block 5 in the island’s offshore to ExxonMobil and QatarEnergy (QE), as drill plans for Block 10 move ahead.
Cypriot President Nikos Anastasiadis has held talks with ExxonMobil ahead of drilling planned for the end of the year.
Saipem has established a joint company with Hyperion Systems Engineering, with a focus on the Eastern Mediterranean.
Despite discussion around East Mediterranean’s gas having a global impact, it is locally that will be the most important, speakers at a recent event said.
IHS Markit expects companies to drill 38 high impact wells this year.
President Recep Tayyip Erdogan has called for negotiations over gas exploration rights for Turkey in the eastern Mediterranean as EU leaders consider sanctions.
Stena Drilling has signed a new contract with Noble Energy for decommissioning work offshore Israel.
Turkey’s Oruç Reis seismic ship has returned to port to resupply, the country’s energy ministry has said.
After weeks of tensions in the eastern Mediterranean, Greece and Turkey have signalled a willingness to start talks aimed at resolving a long-standing sea dispute tied to potentially lucrative offshore gas deposits.
Turkey has dispatched a drilling ship to an area off the southwestern coast of Cyprus, in a move that could fuel territorial disputes with EU member states in the eastern Mediterranean.
Noble Energy raised the possibility of selling out to Chevron on May 12. The super-major took only until May 28 to indicate it would be keen for such a deal.