Capricorn has warned it is watching the receivables closely. Its capital expenditure plans are “being monitored to match incoming receipts”, it said.
Pressure has been growing on the Cypriot government to increase local benefits, particularly given high electricity prices.
“There's a lot of synergies across the countries that are involved there ... There's huge demand for gas, both in the region and in Europe.
Neptune started the offshore rig work for Yakoot in July. The company has said the well is targeting a structural trap with multiple reservoir targets.
There is scope to drill three more wells from the EPF, which would complete the current drilling programme.
"By utilising the RotoMill on this operation, bp can recover and reuse valuable base oil in their drilling system, delivering both environmental and commercial value to their operation."
“As a result, market confidence in South Africa’s utility-scale public procurement appears too low to underpin industrial and inclusive development on its own,” the report said.
Dana Gas CEO Patrick Allman-Ward said the company had made significant strides energy efficiency and greenhouse gas emissions in the past few years. The company has cut flaring 47% since 2019.
PwC had acted as external auditor for SDX from 2012 until the end of 2022. SDX replaced PwC with Crowe UK.
Shell has a 25% stake in the Burullus Gas joint venture, which is the operator of WDDM. This supplies gas to the domestic market and to Egyptian LNG, at Idku.
Talks were reportedly under way on the Gaza Marine development plan last year. The Washington Post said development work would cost around $1.4 billion. The report said development would take just over a year from a final agreement.
The project will reduce Egypt’s CO2 emissions by 9%, the companies said, producing 47,790 GWh of clean power per year. It will also reduce Egypt’s gas bill by around $5 billion per year.
“We are also spearheading the movement towards COP28 by establishing ourselves as a significant green energy supplier, beyond Africa. The benefits of the Egypt-Greece subsea transmission project are far-reaching.”
The alliance will provide engineering, transport and installation of approximately six km of flexible pipes, umbilical and associated subsea structures. The company will carry out the work in water depths of around 800 metres.
Despite the problems, the chair said SDX was working on a “foundation from which to grow”. The company is considering moves into new areas, such as “transition fuels and alternative energies, to deliver long term sustainable returns to shareholders”.
The most significant step will be a special dividend of $575 million. The first tranche will come in May, with a return of around $450mn. A second payment of $100mn will come in the fourth quarter.
Egypt aims to add 10 GW of renewable power between 2023 and 2028. The Red Sea Wind Energy project is a first step for this.
Cheiron said the find demonstrated the Gulf of Suez’s remaining exploration potential, despite being relatively mature. The GNN field was the first discovery in the Nukhul formation, it said.
“The cost of getting things done is astronomically higher for oil and gas than for the greener projects,” he said. “In the longer term it’s bullish for prices, as not enough investment is going into the areas where it should be.”
Energean approved the plan in January 2021. As such, the time it took from final investment decision (FID) to first gas is two years and two months.
The two talked about Chevron’s plans in Egypt. These include increasing production and co-operation in exporting gas from the region to Europe.
The company went on to say there may be opportunities in future to take emissions from other sources, such as fertiliser producers.
The agreement follows a memorandum of understanding (MoU) signed at the same conference in 2022.
Shelf won more work in Egypt for its Trident 16 jack-up in January. Petrobel signed a one-year contract extension for the rig, with an option for another year.
“It’s a matter of cost,” DNV’s Mediterranean manager Andrea Spessa said. “This pipeline is the best solution to transport energy from one country to another in this range.”