Oil & Gas

Real growth in the LNG market is “post 2016”


Growth in the LNG market is not likely to happen until next year, according to new research on the current marketplace. Wood Mackenzie’s latest review of the global LNG industry found the market was characterised by weak Asian demand last year, with a year on year decline of 2%. Many LNG players are said to have shifted their focus from developing markets and have been employing new regasification capacity as a result.

Oil & Gas

Israeli government agrees to export natural gas to Egypt


Israel's government has given the go-ahead to begin exporting natural gas to Egypt in a move which could signal an improvement in relations between the two countries. The country will be able to sell five billion cubic metres of gas to Egypt over the course of the next seven years from the Tamar site off its Mediterranean coast.

Oil & Gas

BP will start production from Egypt field by 2018


Oil major BP said it plans to start production from a new natural gas discovery in Egypt in 2018. The company said it also aims to double its production from the country by the end of the decade. The Atoll offshore field will be developed with two initial wells connected to existing infrastructure.

Oil & Gas

Israel gas explorer shares sink as Egypt find dims outlook


Shares of the natural-gas exploring units of Delek Group Ltd. plunged the most in 14 years in high volume on concern the discovery of the Mediterranean’s largest field off the coast of Egypt will curtail their exports. Delek Drilling LP and Avner Oil Exploration LLP, partners in the Leviathan field, declined the most since 2001 in above- average trading volumes at the close in Tel Aviv after Eni SpA discovered the “super giant” field that it says may hold 30 trillion cubic feet of gas, enough to contribute to Egyptian supply for decades. Delek Group dropped 12 percent, the biggest loss since Dec. 23. Ratio Oil Exploration 1992 LP fell 23 percent. The companies are jointly drilling Leviathan, Israel’s largest offshore field, with Houston-based Noble Energy Inc.

Other News

Islamic State group in Egypt alleged to have killed Croatian oil worker


It is the first such killing of a foreign captive in Egypt since the extremists set up a branch here. The killing of the 30-year-old oil and gas sector surveyor likely will rattle companies with expatriate workers in Egypt and cast a cloud over President Abdel-Fattah el-Sissi’s attempts to boost international investment to revive the economy, battered by years of turmoil. The still image, shared by IS sympathisers on social media, appeared to show the body of Tomislav Salopek, a married, father of two, wearing a beige jumpsuit looking like the one he had worn in a previous video. A black flag used by IS and a knife were planted in the sand next to him.

Oil & Gas

Rockhopper strikes deal for Beach Energy assets in Egypt


Rockhopper Exploration has agreed on an asset purchase deal with Beach Energy that will give it a number of assets in Egypt in a $22million deal. The move will see the company gain a 22% interest in the Abu Sennan concession and a 25% interest in the El Qa’a Plain concession. Rockhopper said the headline consideration for the deal is $22million payable to Beach Energy through a combination of cash and the issue of the Rockhopper consideration shares.