Under fire, exploration drilling fights for its corner
Exploration is not quite the dirty word it was in 2020-21, but appetite remains muted and highly selective.
Egypt
Chevron invests in Israeli gas boost
Chevron has taken the final investment decision (FID) on the second phase of the Tamar field, offshore Isreal.
Eni extends Cronos find, fuelling fast-track plans
Eni has reported success at the Cronos-2 well offshore Cyprus, noting “excellent gas deliverability capacity” at the find.
BP farms out Egypt stakes to Adnoc in JV deal
"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.”
Exiting Egypt, United’s Larkin eyes a return to deal making
“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.”
United faces up to loss of Egypt licence in face of default
"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.
Energean on track, despite security concerns
“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.
Capricorn cuts production hopes, ups receivables in Egypt
As of the end of October, outstanding receivables had reached $170mn, of which $139mn was overdue.
Shell strikes find offshore Egypt with Stena Forth
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.”
Apex boosts acquired Western Desert volumes
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.
Israeli security woes slow Karish North oil expansion
However, insecurity in Israel has delayed these plans. Energean said it would install the train once the security situation improves.
Israel gas flows to Egypt set to return to pre-war level
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.
Wintershall Dea takes Ghasha charge
Smith declined to comment on recent speculation that Wintershall was considering a sale of its stake in Ghasha.
Tanker reroutes from Egypt amid Israeli gas squeeze
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.”
Egypt weighs impact of Israel gas field halt on LNG exports
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.
Dana Gas names EnQuest exec as new CEO
“Together, we will continue to play a pivotal role in shaping the future of the energy sector."
Egypt sets out 23 block offering
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.
KUFPEC signs up with Shell for Mediterranean work
“This new partnership in Block 3 empowers KUFPEC to boost its offshore assets and exploration activities in Egypt.”
Capricorn sharpens Egypt production focus, despite receivable woes
Capricorn has warned it is watching the receivables closely. Its capital expenditure plans are “being monitored to match incoming receipts”, it said.
Rejecting Egypt route, Cyprus aims to capture more Aphrodite value
Pressure has been growing on the Cypriot government to increase local benefits, particularly given high electricity prices.
BP talks up $3.5bn investment in talks with Egypt president
“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 kicks off exploration well offshore Egypt
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.
Cheiron extends Gulf of Suez find
There is scope to drill three more wells from the EPF, which would complete the current drilling programme.
TWMA wins BP work in Egypt’s Nile Delta
"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."
Africa’s delayed manufacturing revolution
“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.