Oil prices unphased by Iran’s assault on Israel as Brent turns lower
Oil shrugged off Iran’s unprecedented attack on Israel, with prices easing on speculation that the conflict would remain contained.
Israel
Energean starts up Karish North, signs new gas deal
Energean has begun producing gas at Karish North, the company said, while also celebrating the signing of an additional gas sale and purchase agreement.
Chevron invests in Israeli gas boost
Chevron has taken the final investment decision (FID) on the second phase of the Tamar field, offshore Isreal.
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.
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.
Eni pursues East Med gas trends into Israel
"The winning companies have committed to unprecedented investment in natural gas exploration over the next three years, which would hopefully result in the discovery of new natural gas reservoirs.”
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.
Oil surges as Hamas’ attack on Israel fans Middle East tensions
Oil surged as much as 5% after the broadest and bloodiest attack on Israel in decades threatened to inflame tensions in the Middle East, the source of around a third of the world’s crude.
Chevron takes FID on Leviathan expansion
It will increase the throughput of gas from 1.2 billion cubic feet per day to nearly 1.4 bcf per day, or from 12 billion cubic metres per year to 14 bcm. The new gathering pipeline should reach first gas in the second half of 2025.
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.
Energean picks low-cost Olympus option, over Tanin
Olympus will come at a lower cost than Tanin, Energean said, owing to its proximity to the FPSO. As a result, capital expenditure for the next phase of tie-backs will be lower.
NewMed invests in plan for Israeli LNG exports
The Israeli company has also talked about building a third gathering line at Leviathan, with a final investment decision (FID) due early this year.
First for Israel as Energean exports liquids from Karish
Energean has announced the first ever lifting of an Israeli crude oil cargo from its Karish field, months after the field produced first gas.
Chevron dishes out pipe work for Tamar growth
Pipeline installation work at Chevron’s Tamar gas field will get under way in 2024.
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.”
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”.
Capricorn makes Palliser nominees an offer ahead of vote
Smith noted the opposition from shareholders to the Tullow merger. “The message from shareholders was that there was a preference for cash returns over long-term delivery. We listened to that and [the NewMed deal] offers a lot of cashback, while also being energy transition led.”
State funds moving greener, continuing shift from oil
These investors put $18.7 billion into renewables in 2022 and only $6.7bn into hydrocarbons.
Capricorn faces EGM vote amid Palliser’s merger opposition
Capricorn noted that it had been working on “strategic alternatives” for more than a year. However, there have been no better options, it reported, and a sale is necessary to “maximise shareholder value and the full potential of Capricorn’s assets”.
Chevron greenlights Tamar expansion
Chevron (NYSE:CVX) has taken a final investment decision (FID) to expand the Tamar field, offshore Israel.
NewMed signs up with Morocco for controversial exploration
NewMed Energy has signed up with Morocco to explore an area in the disputed Western Sahara.
TotalEnergies looks to hire rig for Lebanon drilling, after Israel deal
TotalEnergies and Eni have reached a deal with Israel allowing them to begin exploration in Lebanon’s Block 9.