Gas producer Energean warns of possible $356 Million hit due to Cassiopea Reserve downgrade
Energean flagged on Tuesday a potential 300?million euros ($356?millions) impairment of its 2025 results?related to its minority stake in Eni's?Cassiopea?gasfield in Italy. Energean expects that the reserves at Cassiopea will be reduced by 3-4 million barrels due to lower performance than Eni initially expected. Energean holds 40% of the project. Energean said that it was in arbitration with Eni and sought 265 million euro for costs paid without authority, as well as lost revenue. Eni wanted $154 million to settle disputed invoices.
Chevron has approved the expansion of Israel’s Leviathan Gas Field
Chevron has made a final decision to invest in expanding production at Israel's Leviathan gas field. The oil major announced on Friday that it has made a final investment decision to expand production?at Israel's Leviathan natural gas field,?the?U.S. Leviathan is one of the largest gas fields in the Eastern Mediterranean and the cornerstone of Israel’s energy system. The exports of gas to Egypt help supply LNG plants which ship gas to Europe. Chevron…
TotalEnergies Snags Exploration Nod Offshore Lebanon
French oil company TotalEnergies TTEF.PA has obtained government approval for a new exploration permit offshore Lebanon, it said on Friday.Total, which owns a 35% operating stake in the permit, will begin 3D seismic surveys on Block 8 with partners Eni ENI.MI (35%) and QatarEnergy (30%).The French company began looking for natural gas in Lebanon in late 2022, following the government's landmark agreement of a maritime border with Israel in the Mediterranean Sea.
TotalEnergies receives new exploration permit off the coast of Lebanon
TotalEnergies, a French oil company, said Friday that it had 'obtained approval from the government for a new permit to explore offshore Lebanon. Total, who owns 35% of the operating stake, will start 3D seismic surveys in Block 8? with partners Eni (35%), and QatarEnergy 30%. In late 2022 the French company began searching for?natural gases in Lebanon, after the landmark agreement between the government and Israel to establish a maritime border in the Mediterranean Sea. Initial exploration on an adjacent block proved disappointing.
Energean increases annual net debt forecast for expansion plans in Israel
Eastern Mediterranean-focused gas producer Energean raised its annual net debt forecast on Wednesday, as the company ramps up spending on major projects in Israel and Croatia amid geopolitical disruptions. The London-listed firm secured $4 billion in Israeli gas offtake contract during the first half of this year. This brings its contract pipeline up to $20 billion for the next 20 years. Energean’s production has taken a significant hit since the…
Chevron Investor Day puts the spotlight on post Hess strategy
Portfolio managers will be interested to hear what CEO Mike Wirth has planned to reap the rewards of the Hess purchase and start a new growth phase when Chevron executives, top shareholders and the oil producer gather in New York City for its investor day on Wednesday. Wirth will be celebrating a win at the event after winning the arbitration to secure the $55 billion acquisition of the smaller oil company in July. Investors want to know more about the exploration plans after oil and gas reserves reach a low in 2024.
Energean CEO: New $400 million Israel to Cyprus gas pipeline is awaiting approval from government
The head of Eastern Mediterranean gas producer Energean said on Tuesday that a $400 million pipeline will transport natural gas between Israel and Cyprus. Israel has also expressed its support. Energean signed on Monday a letter-of-intent with Cyfield, the leading Cypriot energy and industrial group, for the possible supply of natural gases from Israel via the new pipeline to Cyfield’s planned power station, according to Mathios Rigas, CEO of British firm.
$400m Natural Gas Pipeline Between Israel and Cyprus Awaits Government Approval
A $400 million pipeline to transport natural gas from Israel to Cyprus is awaiting government approval from both countries and Israel has expressed support, the head of Eastern Mediterranean focused gas producer Energean told Reuters on Tuesday.Energean on Monday signed a letter of intent with leading Cypriot industrial and energy group Cyfield for the potential supply of natural gas from Israel to Cyfield's planned power plant via the new pipeline…
Energean secures new $4 billion Israeli gas offtake but conflicts hamper output
Energean, which focuses on the Eastern Mediterranean, said it had secured new Israeli gas contracts worth $4 billion in the first six months of this year. This brings the total contract pipeline of the company to $20 billion for the next 20 years. The London-listed company cut its production forecast for a second time in less than four months due to a temporary suspension of production in Israel. Energean is also seeking to expand its business in West Africa and Israel…
Gas producer Energean wants to copy the East Med model for West Africa
Energean, a gas producer, is interested in buying discovered gas fields that are not on the radar of larger rivals in West Africa, CEO Mathios Riga said Thursday. This would be a replica of its business model for the Eastern Mediterranean. Energean developed gas fields near the coast of Israel over the past few years. These fields are primarily used to supply the domestic market through long-term contracts worth $20 billion in the next 20 years. Everyone is focused on the FLNG (floating, liquefied gas) mega-projects that will export natural gas.
Hoegh Evi signs a 10-year contract to supply floating LNG to Egypt amid an energy crisis
Hoegh Evi, a Norwegian company, has signed a time charter agreement for ten years with Egypt's EGAS, a state-owned gas firm, to deploy a FSRU (floating storage and regasification units) in the Port Sumed before the end of 2026. The country is scrambling to secure its gas supply amid mounting shortages at home. The Hoegh Gandria, which was purchased in 2023 as a liquefied gas carrier, will be converted into a high capacity FSRU, capable of delivering 1 billion standard cubic foot per day.
UK's Energean terminates Carlyle deal
Energean, a UK-based gas company, announced on Friday that it had terminated its agreement with Carlyle to sell some of its assets because regulatory approvals were still pending in Italy and Egypt. In June 2024, the two companies struck a $945 million deal that would allow Carlyle to establish a new Mediterranean-focused oil and gas company, led by former BP CEO Tony Hayward, by utilizing Energean's assets in Egypt, Italy, and Croatia. "While I'm disappointed that Carlyle wasn't able to obtain the necessary approvals for Egypt and Italy…
Energean reports a rise in its annual profit and flags exploration costs
Energean, a UK-based gas company, reported a 2% increase in its annual profit after taxes on Thursday. However, it also flagged $241 million in impairments relating to assets located in Egypt, Morrocco, and Greece. The company reported a profit of $188 millions for the year ending December 31, 2024. This is up from $185 in 2023. The company stated that the increasing demand for electricity and the government's plan to phase out coal in Israel have increased the demand for natural gas in Israel, which is the majority of the country's production.
Egypt talks to Excelerate Energy about floating gas unit, says ministry
The Egyptian petroleum ministry announced on Thursday that it is in discussions with Excelerate Energy about a floating storage unit and regasification (FSRU). This will help to ensure a steady supply of natural gas for the Egyptian market. According to a statement, Steven Kobos CEO of Excelerate Energy expressed his company's willingness to supply the FSRUs necessary to Egypt. According to its website, Excelerate offers downstream LNG infrastructure as well as a fleet consisting of 11 FRSUs.
Egypt leases German gas liquefaction units to boost production
The Egyptian Petroleum Ministry announced in a Tuesday statement that Egypt plans to lease an German floating gas-liquefaction unit. Egypt, the largest Arab country by population, is seeking to increase production of its offshore giant Zohr gas field in order to meet the rising demand for domestic gas during the summer heat. Eni, the operator of Zohr, resumed drilling in late October after the output in the largest Mediterranean gas field dropped to 1.9 billion cubic foot per day by early 2024. This is well below the maximum reached in 2019.
Egypt, Cyprus sign gas export deals, boosting Eastern Mediterranean energy cooperation
Egypt and Cyprus signed an agreement on Monday that allows the export of natural gas from Cyprus offshore fields to Egypt, for liquefaction, and then re-export into Europe. Both countries are seeking to strengthen the role of the Eastern Mediterranean as an energy hub. The 2025 Egypt Energy Show deals formalise the long-anticipated plan of linking Cypriot reserves with Egypt's LNG facilities. This move leverages Egypt’s existing infrastructure for processing and shipping natural gas to European market.
Cyprus and Chevron led group agree on updated offshore field plan
Cyprus and the Chevron-led group have reached an agreement on a new development plan for an offshore gas field near Cyprus. The two parties released a joint press release on Friday. Chevron tried to change a field development plan for 2019 and this led to protracted discussions on the future of the Aphrodite field, south-east from Cyprus. This plan was agreed upon between Cyprus and Noble, a former license holder and independent energy operator Chevron purchased in 2020.
Egypt and Eni announce that drilling ships will begin work on the Zohr gas fields
Egypt's Petroleum Ministry said that a drilling ship would arrive in Egypt next month, as Eni begins work to increase production at the massive Zohr offshore field. Egypt planned to become one of the world's major gas exporters after Eni found the field in 2015. However, domestic gas production has fallen in Africa since 2021 and reached a six-year minimum in 2024. In the first half 2024, the average production at Zohr fell to 1.9 billion cubic foot per day (bcf/d), well below the 2019 peak.
Energean CEO urges Israel issue new oil and Gas Exploration Licences
Energean, a gas company based in Israel, urged Israel on Thursday to issue new oil and gas exploration licenses offshore to meet the growing demand for gas in the region. Mathios rigas also called upon governments to develop new routes of export from Israel to Egypt and Cyprus. "We need to talk to the government (Israeli) about new licenses and exploration because we have to find more natural gas." Rigas stated that we need to develop additional gas.
Egypt's President and Eni CEO discuss gas production
Eni, an Italian energy company, said that Egypt's President met with its CEO on Monday in order to discuss measures aimed at boosting gas production. The meeting came after Egypt was forced to use the LNG market to meet domestic demand. Egypt had planned to be a major exporter of gas after Eni found the huge Zohr offshore gas field in 2015. However, domestic gas production has fallen since 2021 and reached a six-year minimum this year. In the first half of 2018…