Turkey declares Greece-Chevron activities off Crete illegal
The Turkish government said that it was opposed to Greece's unilateral?activities? in the energy fields south-west of Crete, with a consortium headed by?U.S. Chevron, a major oil company, as a violation of international law and good neighbourly relations. Athens responded that its policies adhere to international law. Chevron and its consortium signed exclusive lease agreements Monday to search for natural gas offshore southern Greece. This expands U.S. presence throughout the eastern Mediterranean.
Turkey declares Greece-Chevron activities off Crete illegal
Turkey has said that it opposes Greece's unilateral activities in hydrocarbon fields south of Crete, with a consortium led by U.S. oil giant Chevron. This is a violation of international law and good neighbourly relations. Chevron, a consortium led by Chevron, signed exclusive lease agreements to search for natural gas in southern Greece on Monday. This will expand the United States presence in the eastern Mediterranean. The Turkish Defence Ministry…
Chevron and a consortium of companies sign contracts for gas exploration offshore Greece
On Monday, a consortium led by U.S. oil giant Chevron signed exclusive lease agreements to search for natural gas in southern Greece. This agreement expands the United States presence in the Eastern Mediterranean. The deal will double the amount of Greek marine acreage that is available for exploration. It's also the second time in recent months that a U.S. oil major has been involved. This is because the European Union wants to reduce its dependence on Russian gas and the U.S. wants to replace it.
Chevron and a consortium of companies sign contracts for gas exploration offshore Greece
The United States has expanded its presence in the Eastern Mediterranean with the signing of exclusive lease agreements by a?consortium headed by U.S. major oil company?Chevron? to search for natural gas offshore southern Greece. This deal, the second to be signed in recent months by a 'U.S. company, doubles the amount available of Greek marine acreage for exploration. The European Union is phasing out Russian supplies and the United States is looking to replace them. The European Union is looking to replace them.
Equinor, a Norwegian oil and gas company, plans to increase its international production by 2030.
Equinor’s international oil-and-gas portfolio will grow?in the coming years, as the Norwegian energy company targets a?sharply?increased?output abroad in 2030. Equinor produces oil and natural gas in seven other countries than Norway after recent divestment in Argentina. This is down from 12 in 2019. Equinor's goal is to increase overseas oil production from 730,000 barrels per day in 2025 to more than 900,000. This would be a 23% increase. Philippe Mathieu stated that despite the divestment, we are still seeing growth of 900,000.
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.