Chevron has taken the final investment decision (FID) on the second phase of the Tamar field, offshore Isreal.
Eni has reported success at the Cronos-2 well offshore Cyprus, noting “excellent gas deliverability capacity” at the find.
"Building on our long-standing strategic partnership with BP, Adnoc looks forward to continue exploring other opportunities as we collectively seek to decarbonise our operations and lead a just and equitable energy transition.”
“The first target has an NPV of $4bn, for a $30mn well. We know it’s frontier exploration and the chance of success is maybe 20%, but it stands up.”
"We are very disappointed that we could not reach agreement with United Energy Egypt to sell the Abu Sennan concession,” said United CEO Brian Larkin.
“As we continue to optimise our portfolio, we look forward to enhancing our position as the leading independent gas-focused exploration, development and production company in the region." Energean plans to spend $400-500 million this year.
As of the end of October, outstanding receivables had reached $170mn, of which $139mn was overdue.
It bolsters “our growth aspirations and ongoing commitment as a key partner in Egypt’s energy landscape. Successful delivery of our current exploration campaign is part of Shell Egypt’s growth strategy.”
In September, Apex started producing gas at the Faramid project, in IEOC’s East Obaiyed. Apex has a 25% stake in the project, which is producing 24.4 million cubic feet per day of gas.
However, insecurity in Israel has delayed these plans. Energean said it would install the train once the security situation improves.
Israel’s natural gas flows to Egypt are expected to almost double and reach pre-war levels early next week, according to a person familiar with Egyptian imports, after a major offshore field resumed output on easing safety concerns.
Smith declined to comment on recent speculation that Wintershall was considering a sale of its stake in Ghasha.
Ajayi noted Egypt relied on gas imports from Israel for domestic demand. “As such the North African nation will have less gas available for LNG exports due to the shutdown of the EMG pipeline.”
The stoppage at Tamar could result in lower shipments to buyers in Europe, who are increasingly reliant on alternatives to Russian pipeline flows, especially during the winter heating season.
“Together, we will continue to play a pivotal role in shaping the future of the energy sector."
The EUG update put the hydrocarbon potential in the Western Desert at 132 million barrels of oil equivalent, from 28 leads. In the Gulf of Suez, this increases to 540mn barrels of resources from 27 leads.
“This new partnership in Block 3 empowers KUFPEC to boost its offshore assets and exploration activities in Egypt.”
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.