Sunday, June 16, 2019

Energean News

Energean Facing Delays at Epsilon

File photo: GSP Jupiter rig towed to Epsilon Oil Field (Photo: Energean)

Energean trimmed the top end of its 2019 production forecast after facing delays at its Epsilon well in Greece, the oil and gas producer said on Thursday.Energean expects to produce between 5,000 and 5,500 barrels of oil per day in 2019, compared to its earlier outlook range of between 5,000 and 6,000 bopd.The company, which is focused in the Mediterranean, said full-year adjusted core earnings more than doubled, driven by higher output at its Greece operation and lower production costs.Energean said adjusted earnings before interest…

Energean Signs New Gas Sales Deal for Karish and Tanin FPSO

Karish and Tanin Floating Production Storage and Offloading unit. Pic: Energean Oil & Gas

UK-based oil and gas exploration and production company Energean Oil & Gas  has signed a Gas Sales and Purchase Agreement (GSPA) with I.P.M. Beer Tuvia Ltd. (IPM) to supply an estimated 5.5 BCM of gas from its Karish and Tanin FPSO over a period of 19 years.According to a release, the contract is subject to necessary approvals and is contingent on results of the 2019 drilling programme, which includes the drilling of four wells in Israel and commences with the spud of Karish North in March 2019, targeting 36.8 BCM…

First Steel Cut for Karish and Tanin FPSO

(Image: Energean)

Energean Oil and Gas announced that first steel was cut on the Karish and Tanin floating production storage and offloading (FPSO) vessel at the COSCO yard in Zhoushan, China, on Monday. The FPSO is scheduled to be delivered to the Karish field offshore Israel in late 2020, ahead of first production in the first quarter of 2021.The FPSO, which will be installed 90 kilometers offshore, will be the first FPSO to operate in the Eastern Mediterranean. It will have a gas treatment capacity of 800 MMscf/day (8 BCM/per annum) and liquids storage capacity of 800…

Israel Exploring Eastern Mediterranean

(Image: Israel Ministry of Energy)

Israel will tender off 19 new offshore blocks to oil and gas companies, its energy ministry said on Sunday, hoping to rebound from a disappointing bidding round a year ago.Israel discovered in 2009 that it had large reserves of natural gas off its Mediterranean coast.It will publish details of the tender by the end of the month and, about half a year later, choose the winning companies, said Udi Adiri, the ministry's director general.Last year's auction elicited bids from only two groups of companies, and the ministry…

Energean asks Cyprus to Import Israeli Gas via New Pipeline

© suradech/ Adobe Stock

Energean is seeking approval from Cyprus for the Greek oil and gas firm to build a pipeline from its Israeli offshore gas fields and import 0.5 to 1 billion cubic metres of gas a year to the island, Energean's chief executive said on Thursday.Energean, which listed on London's main stock exchange this year, has committed $1.6 billion to the Karish and Tanin fields which have potential reserves of 2.4 trillion cubic feet of natural gas and 32.8 million barrels of light oil and condensate.It estimates the five blocs it owns around Karish and Tanin contain an additional 5 trillion cubic feet of gas.

TechnipFMC bags Energean Karish Field contract

Subsea field Photo coutesy TechnipFMC

TechnipFMC has been awarded an iEPCITM (integrated Engineering, Procurement, Construction and Installation) contract by Energean Oil & Gas for the Karish full field development, located offshore Israel at a water depth of 1,750 meters. This award extends our iEPCITM offering from seabed to offshore producing facility. The execution of this iEPCITM contract covers the design, procurement, construction and installation of the complete subsea system, a Floating Production Storage and Offloading unit (FPSO) designed to allow the subsequent tie-back of the Tanin field…

Exxon, Total, Repsol among bidders for oil exploration off Greece

Oil majors Exxon Mobil, Total and Repsol are among members of two consortia that have submitted bids to explore for oil and gas off Greece. Greece's oil and gas resources management company (HHRM) said on Monday that Exxon and Total, each with 40 percent stakes, and Hellenic Petroleum had jointly bid to explore off Crete, while Spain's Repsol and Hellenic Petroleum had submitted a joint bid for a block in the Ionian Sea. Greece launched the tenders last year after expressions of interest by the Exxon-led consortium for the two sites off Crete and by Greece's Energean for the Ionian block, although Energean has since withdrawn.

Greece Greenlights Total, Edison O&G Exploration

Greece's parliament gave the go-ahead on Wednesday for companies including France's Total and Italy's Edison to explore for oil and gas in the west of the country. Licences for four blocks - one offshore and three on land - were awarded in 2016 but had to be ratified by parliament for exploration work to begin. Encouraged by recent large gas finds in the eastern Mediterranean, Greece is eager to attract investment in its energy sector as it tries to emerge from years of economic crisis. Western Greece is an underexplored area and very little data exists on its hydrocarbon potential.

Greece Attracts Interest for Offshore Oil & Gas Tenders

File Image (CREDIT: AdobeStock / (c) xmentoys)

Tenders for offshore oil and gas exploration and exploitation west and south of Greece have attracted "strong interest" from companies exploring in the Mediterranean, the head of Greece's oil and gas resources management company said on Wednesday. Greece launched the tenders after expressions of interest by a consortium of Exxon Mobil, Total and Hellenic Petroleum for two sites off the island of Crete and by Greece's Energean for a block in the Ionian Sea. Offers must be submitted to the Hellenic Hydrocarbons Resources Management (HHRM) company.

Israel Takes Bids for Offshore Exploration

Israel said on Wednesday it received bids to explore for oil and gas in its economic waters from Greece's Energean and a consortium of Indian firms including ONGC Videsh, Bharat PetroResources , Indian Oil Corp and Oil India.   Israel hoped it would draw 2-3 foreign firms to come drill in 24 new offshore blocks in its latest bidding round that opened a year ago.   Israel's Energy Ministry said it would spend the coming weeks examining each bidder's offer and work plan before making a final decision. It said it will hold another bidding round next year. (Reporting by Ari Rabinovitch)

Greek Firm Inks Gas Deals with Iraeli Companies

Greek energy firm Energean said on Tuesday it signed three new deals to sell natural gas from the Karish and Tanin offshore fields to Israeli companies. The deals were signed with Dorad Energy Ltd and two subsidiaries of the Edeltech Group, Ashdod Energy and Ramat Negev Energy. Energean's deal with Dorad is for the supply of up to 6.75 billion cubic metres (BCM) of gas over at least 14 years, while Ashdod and Ramat Negev will get up to 2.65 billion cubic metres together. Financial details for the deals were not included. The Karish and Tanin fields, located off the coast of Israel, are expected to go online in 2020.

Energean Bags Gas Sales Contracts for Israel Offshore Project

Greek oil producer Energean has exceeded its target for gas sales contracts needed before it goes ahead with plans to tap two gas fields off Israel's coast, market sources said on Wednesday. Energean bought the Karish and Tanin fields, located in deep waters around 100 kilometres off Israel's coast, last August for $148 million from U.S.-Israeli partners Delek Group and Noble Energy. It plans to lease its own floating production, storage and offloading vessel and build a separate pipeline to Israel at a cost of up to $1.5 billion.

Greece Launches New Offshore Oil and Gas Tenders

Greece launched two tenders on Monday for offshore oil and gas exploration and exploitation in the west and south of the country, the energy ministry said. The move follows expressions of interest by a consortium of Total, Exxon Mobil and Hellenic Petroleum for exploration in two sites off the island of Crete, and by Greece's Energean for a block in the Ionian Sea in western Greece. Investors will have 90 days to submit offers to the Hellenic Hydrocarbons Resources Management (HHRM) from when the announcement is published in the European Union's official gazette.

Greece Approves Trio of Drillers for Offshore Contracts

File Image (CREDIT: AdobeStock / (c) xmentoys)

Greece approved applications submitted by a consortium of Total, ExxonMobil and Hellenic Petroleum for oil and gas exploration and drilling off the island of Crete, its energy ministry said on Friday.   The ministry also approved an application submitted by Greece's sole oil producer Energean Oil for offshore drilling in western Greece, the ministry said.   Greece's oil and gas resources management company will launch a tender for licences to drill in the respective blocs by the end of next month, aiming to conclude the procedure by the end of the year.   Reporting by Angeliki Koutantou

Repsol Strikes Onshore Deal with Energean Oil

Spain's Repsol has entered a so-called farm-in agreement with Energean Oil & Gas for a 60 percent stake in two onshore blocks in western Greece, Energean Oil said on Friday. Under a farm-in agreement, an oil and gas company acquires an interest in a lease owned by another group. Repsol will become the operator of the Ioannina and Aitoloakarnania blocks and plans to acquire seismic surveys over the areas in the 2017-2019 period, Energean said. Energean, Greece's sole oil producer, holds an exploration licence in Ioannina and is expected to acquire one for the other block.

Montenegro Inks 30-year Oil Licensing Deal with Greek Producer

Montenegro awarded Greece's sole oil producer Energean Oil & Gas a 30-year oil and gas exploration licences in two offshore blocks in the Adriatic sea on Wednesday. The contract for the blocks covering 338 square km was awarded in line with the terms of a 2014 tender. The Balkan country produces no oil but initial data indicates it could have enough resources to cover its oil and gas needs. Vladan Dubljevic, the head of Montenegro's Hydrocarbons Directorate, told Reuters borehole drilling would begin as soon as the Greek company completed the project design, environmental impact assessment and seismic screening.

Energean to Spend $1.5 bln on Israeli Offshore Gas Deal

Greek company Energean Oil & Gas plans to build its own production system in the eastern Mediterranean at a cost of up to $1.5 billion to tap two Israeli offshore gas fields, the group's chief executive said on Wednesday. Greece's only oil producer is also looking to bring a financial partner into the project to develop the Tanin and Karish fields which are situated in deep waters around 100 kilometres (62 miles) off Israel's coast and have combined gas reserves estimated at 2.4 trillion cubic feet. Energean bought Karish and Tanin last August for $148 million from U.S.-Israeli partners Delek Group and Noble Energy…

Hellenic Petroleum is Preferred Bidder for Greek Offshore Gas Drilling

Hellenic Petroleum has been named preferred bidder for an offshore gas drilling block in western Greece, the country's largest refiner said on Tuesday. Greece has made several fruitless attempts over the last 50 years to find big oil and gas reserves. It has stepped up its efforts in recent years, prompted by a prolonged debt crisis and important finds in other countries. Athens tendered 20 offshore blocks in 2015 in the Ionian Sea and south of the island of Crete for deep sea oil and gas drilling and unsealed the offers in February.

Energean to Buy Two Israeli Gas Fields

The partners in Israeli offshore gas fields Tamar and Leviathan have agreed to sell their rights in two smaller fields to Ocean Energean Oil and Gas Ltd for $148.5 million to comply with a government requirement. Delek Group, which has controlling interests in several gas fields in the eastern Mediterranean, is being forced by the government to sell off some assets in an effort to open the sector to competition. Energean will buy Texas-based Noble Energy's 47.06 percent stake in the Tanin and Karish fields and the rest from Delek subsidiaries Avner Oil Exploration and Delek Drilling, Avner said in a statement on Wednesday.

Greece to Evaluate Deep-sea O&G Exploration Bids

Greece will conclude the evaluation of deep-sea oil and gas exploration bids in the coming weeks and will name the preferred bidders soon after, its energy minister said on Friday, as the country seeks to tap into its limited oil reserves. Plunging crude oil prices have cut spending on oil projects around the world but cash-strapped Greece is pushing ahead with investment in the industry in a bid to reduce dependence on oil imports and boost public finances. "We are evaluating three bids made by oil companies whose financial strength…