Dana Gas commits to cutting methane emissions
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.
Egypt
SDX sacks senior Egypt worker as it talks sale
PwC had acted as external auditor for SDX from 2012 until the end of 2022. SDX replaced PwC with Crowe UK.
Shell, Petronas commit to Phase 10 at Egypt’s WDDM
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.
Israel approves Gaza gas field development
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.
Land deal signed for largest African wind farm project
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.
Infinity Power considers green power exports from Egypt to Europe
“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.”
BP dishes out subsea work on Egypt’s Raven infill
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.
SDX raises going concern worries on Egypt currency woes
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”.
Capricorn sets out cash return plans to shareholders, UK sales
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.
Red Sea wind plan reaches financial close
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 starts up second phase at Egypt’s GNN field
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.
No room to grow, independents face a returns squeeze
“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 brings NEA/NI online
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.
Egypt offers brownfield options, while El Molla woos Chevron
The two talked about Chevron’s plans in Egypt. These include increasing production and co-operation in exporting gas from the region to Europe.
Energean talks CCS in Egypt with Shell’s Idku plant
The company went on to say there may be opportunities in future to take emissions from other sources, such as fertiliser producers.
Bechtel to decarbonise Shell’s Idku under unified power plan
The agreement follows a memorandum of understanding (MoU) signed at the same conference in 2022.
Shelf extends jack-up contract in Egypt
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.
The East Med’s export problem
“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.”
Dana bumps up profits, but Egypt receivables cast a shadow
Receivables in Egypt had fallen in 2021 but began climbing once more in 2022.
Capricorn board out, Palliser nominees roll in
The vote appoints Hesham Mekawi, Christopher Cox, Maria Gordon, Craig van der Laan, Richard Herbert and Tom Pitts to the board with immediate effect. They all received 99.2% approval at the vote.
Capricorn, NewMed merger chances “significantly decreased”
Capricorn chair Nicoletta Giadrossi is stepping down immediately from the board. So too is CEO Simon Thomson, in addition to Peter Kallos, Alison Wood and Luis Araujo.
Proxy advisor firm calls out Capricorn, backs Palliser
“Despite billions in investments and divestments over a decade, we do not find evidence that Capricorn created any meaningful value for shareholders.”
Energean sees Israel tripling company production in 2023
Total production for 2022 reached 41,000 barrels of oil equivalent per day, of which 75% was gas. For 2023, Energean forecasts this will increase to 131,000-158,000 boepd. Virtually all of the increase will come from Israel.
NewMed defends Capricorn deal, but considers options
However, the company said in closing, it would “continue to consider its alternative strategic options, with the objective of maximising value for its unitholders”.
Chevron scores major gas find in East Med
The East Mediterranean “has abundant energy resources, and their development is driving strategic collaboration in the region”.