Repsol to buy 60% stake in Greek blocks from Energean
Energean Oil and Gas will farm out a 60% interest in two of its assets onshore Greece to Repsol.
Greece
Greece’s Energean to spend up to $1.5bln on Israeli offshore gas project
Energean Oil & Gas plans to build its own production system in the Eastern Mediterranean at a cost of up to $1.5billion to tap two offshore Israeli gas fields.
Greece changes approach on sale of share in gas grid operator
Greece is reportedly looking to keep a majority stake in its gas grid operator DESFA and sell only a small holding to investors.
ReNew News: European Commission gives Greece go-ahead for renewable energy support plan
The European Commission (EC) has given the go-ahead for Greece's support mechanism for renewable electricity after saying it aligns with EU state aid rules.
Total part of consortium bidding for Greek offshore drilling blocks
Greece has named a consortium of Total, Hellenic Petroleum and Itaky's Edison as the preferred bidder for an offshore gas drilling block in the west of the country.
Putin discusses energy cooperation with Greek counterpart
Vladimir Putin will discuss energy cooperation as he continues his two-day visit to Greece, his first trip to a European Union country this year.
Energy Minister votes against Greece’s austerity measures
Greece’s parliament has passed the austerity bill demanded by bailout creditors, despite a significant level of dissent from the governing left-wing Syriza party.
Tsipras faces bailout deal dissent
Greek prime minister Alexis Tsipras is facing a battle to cling on to his government’s majority after he was forced to shred election promises and introduce punishing austerity measures in exchange for a bailout deal with the country’s European creditors. With members of his own party openly condemning the preliminary rescue deal, Mr Tsipras, who flew home from gruelling night-long negotiations with European leaders, will chair an executive meeting of his Syriza party before MPs begin a two-day debate on the deal, which will heap more tax rises and spending cuts on a nation already suffering through six years of recession. The deal ensures that Greece avoids an imminent financial catastrophe and an exit from the eurozone, but Panos Kammenos, leader of the junior partner in Mr Tsipras’ coalition government, called the bailout plan a German-led “coup”.
Oil demand boost as threat of Grexit recedes
Oil and gas experts expect European crude demand to grow as a result of the economic agreement struck between the EU and Greece yesterday. The deal has reduced the prospect of a so-called Grexit from the eurozone. In its latest review of the market, Scottish consultancy Wood Mackenzie (WoodMac) said: “If Greece remains in the eurozone and the current crisis is contained, the outlook for Europe's oil demand is much improved over the decline seen in 2014.
Greece to ‘reform gas market’
Greece has pledged to reform its gas market in a 13-page set of proposals handed over to its European creditors. The country also said it would open restricted professions including engineers, notaries and court bailiffs. Yesterday, Greece revealed plans for a £2billion gas project with Russia.
Brent steadies as market unrest continues
Greece’s debt talks and ongoing Chinese market unrest led the price of oil to slip by almost 6% yesterday, although Brent Crude steadied at $56.98 a barrel today.
Brent slumps below $60 as Greek vote prompts stability concern
Brent slid below $60 a barrel for the first time since April amid speculation Greece’s rejection of austerity measures will prompt its exit from the euro area. Futures dropped as much as 1.6 percent in London, falling for a second day. Sixty-one percent of voters backed Prime Minister Alexis Tsipras’s rejection of further spending cuts and tax increases. U.S. Secretary of State John Kerry tempered expectations that a nuclear deal with Iran is imminent as diplomats meeting in Vienna work toward a Tuesday deadline. Oil last week slumped the most since March amid speculation the Greek crisis threatens Europe’s economic stability and growth, prompting investors to eschew riskier assets. Iran, the fourth-largest member of the Organization of Petroleum Exporting Countries, has estimated it could double crude exports from about 1 million barrels a day within six months of sanctions being lifted. “We’ve seen a bit of a capitulation in oil,” Ric Spooner, a chief analyst at CMC Markets in Sydney, said by phone. “The situation in Greece has a confidence impact on demand. A nuclear agreement with Iran represents a negative risk event for oil in terms of the possible significant increase in supply.”
Libyan jets bomb Greek tanker ship
Fighter jets dispatched by Libya’s internationally recognised government bombed a Greek-owned tanker ship at an eastern city controlled by Islamist extremists, killing two crew members and wounding two, Libyan and Greek officials said. The bombing highlights the chaos that has gripped Libya since its 2011 civil war that deposed and killed dictator Muammar Gaddafi. Libyan officials apologised for the bombing as the Greek foreign ministry demanded compensation for the victims’ families and punishment for those behind the attack.
Lower oil stocks hit FTSE progress
The London market’s festive rally came to an abrupt halt today amid lower oil prices and fresh uncertainty over Greece’s future in the euro. With the FTSE 100 Index 57.6 points lower at 6575.9, the top flight is on course to complete its first negative session since December 15. Commodity firms dominated the fallers board after the price of Brent crude oil dived to a five-and-a-half year low of near to 57 US dollars a barrel.