Tuesday, July 16, 2019

Greece News

U.S. Oil Makes it to Ukraine, a blow to Moscow

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U.S. crude exports are gaining traction in Europe as even Ukraine turns into a significant consumer of American barrels at the expense of Russian supplies amid heightened U.S. political pressure on Moscow and problems over contaminated Russian oil.Ukraine this month received its first ever barrels from the United States, according to Refinitiv Eikon flows data, as the tanker Wisdom Venture unloaded 80…

Light Sweet Crude Exports Jump at LOOP

Photo: LOOP

The Louisiana Offshore Oil Port (LOOP) exported a record 283,333 barrels per day of light sweet crude last month, according to trade sources, as prices weakened against global Brent.LOOP, which exports mostly medium sour grades produced in the U.S. Gulf of Mexico, last month exported more than twice the amount of light sweet from the prior month. Overall exports of U.S. crude hit a record 3.77 million barrels per day (bpd) one week in June, U.S.

Turkey to Drill Near Cyprus for Three Months

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Turkey launched a second drilling ship on Thursday which will conduct natural gas operations off the northeast coast of Cyprus for three months, a move which risks aggravating a conflict with Cyprus over jurisdiction rights for oil and gas exploration.Turkey and the internationally recognised Cypriot government have overlapping claims in that part of the Mediterranean, an area thought to be rich in natural gas.Energy Minister Fatih Donmez said at the launch of the vessel…

Greek PM May Seek Sanctions Against Turkey in Gas Row

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Greece and Cyprus will push their EU partners to penalize Turkey, including the possible option of sanctions, if Ankara is verified to have started drilling for gas west of Cyprus, Greek Prime Minister Alexis Tsipras said on Sunday.The discovery of lucrative energy reserves in the eastern Mediterranean has drawn into sharper focus long-standing tensions between Turkey and the Greek Cypriot government.A Turkish drill ship has been anchored west of Cyprus since May.

EuroAsia Still on PCI List

Image: EuroAsia Interconnector

The EuroAsia Interconnector, the Israel-Cyprus-Greece electricity link remains on the official list of European projects of common interest (PCI) making it eligible to receive some €300 mln in EU grants for the Crete-Attica sector of the cable.The EuroAsia Interconnector remains committed to the timely implementation of the project, as submitted to the European Commission, with the Crete-Attica interconnector commissioned in June 2022 and the Crete-Cyprus Interconnector in December 2023…

Oil Hits 2019 High

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Oil prices jumped more than 2 percent on Monday to a near six-month high, on growing concern about tight global supplies after the United States announced a further clampdown on Iranian oil exports.Washington said it will eliminate in May all waivers allowing eight economies to buy Iranian oil without facing U.S. sanctions."The geopolitical risk premium is back in the oil market, in a big way," said John Kilduff, a partner at Again Capital LLC in New York.

Oil Hits 2019 High on U.S. Plan to Tighten Squeeze on Iran

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Oil prices jumped more than 2 percent on Monday to a near six-month high, on growing concern about tight global supplies after the United States announced a further clampdown on Iranian oil exports.Washington said it will eliminate in May all waivers allowing eight economies to buy Iranian oil without facing U.S. sanctions."The geopolitical risk premium is back in the oil market, in a big way," said John Kilduff, a partner at Again Capital LLC in New York.

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…

Iran's Oil Tanker Fleet Being Squeezed as Sanctions Bite

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Iran is running short of options to replace its ageing fleet of tankers and keep oil exports flowing because renewed U.S. sanctions are making potential sellers and flag registries wary of doing business with Tehran, Western and Iranian sources said.Since U.S. President Donald Trump reimposed sanctions in November, exploratory talks with South Korea for up to 10 new supertankers have stalled and…

Turkey Set to Begin Drilling off Cyprus

(Photo: Turkish Petroleum International Company)

Turkey will begin drilling for oil and gas near Cyprus in coming days, state-owned news agency Anadolu reported Foreign Minister Mevlut Cavusoglu saying on Thursday, a move that could stoke tensions with neighboring Cyprus and Greece.Turkey and the internationally recognized Greek Cypriot government have overlapping claims of jurisdiction for offshore oil and gas research in the eastern Mediterranean…

Sonatrach Shortlists 4 Firms for Trading Joint Venture

Algeria's Sonatrach has shortlisted four firms, with only one to be selected, to set up a trading joint venture, the company's chief executive Abdelmoumene Ould Kaddour told reporters."Of the 14 international firms interested in a trade JV with Sonatrach, we have shortlisted four," Ould Kaddour said without giving the names of the firms.Ould Kaddour also said he is heading to Athens on Tuesday…

Turkey to Begin Drilling Around Cyprus

(Photo: TPIC)

Turkey will begin drilling for resources around Cyprus, Foreign Minister Mevlut Cavusoglu said on Friday, a move that could create tensions with neighboring Cyprus and Greece over ownership of natural resources.Attempts to tap gas and oil in the eastern Mediterranean have caused friction between Athens and Ankara.Turkey and the internationally recognized Greek Cypriot government in Cyprus have overlapping claims of jurisdiction for offshore oil and gas research in the eastern Mediterranean…

Greece Approves Two Consortia for Hellenic Petroleum Bids

Greece on Monday approved two consortia to submit final bids for a 50.1 percent stake in its biggest oil refiner Hellenic Petroleum, its privatisations agency said.The consortia are: Glencore Energy with a unit of U.S.-based Carlyle Group; and Vitol Holding with Algeria-based Sonatrach.Glencore and Vitol had already been shortlisted last summer.(Reuters, Reporting by Angeliki Koutantou Editing by Karolina Tagaris)

LNG REPORT: LNG Bunkering Vessels Rise to Nine, 30 More to Come

Image: SEA\LNG

The liquefied natural gas (LNG) bunkering infrastructure is expanding globally and there are increasing numbers of LNG-bunker vessels which are encouraging other operators to adopt LNG.According to SEA\LNG,  the multi-sector industry coalition aiming to accelerate the widespread adoption of liquefied natural gas (LNG) as a marine fuel, from limited availability at select ports, LNG bunkering has…

Alexandroupolis FSRU Delivery Delayed by Six Months

File Image: Gastrade

Greek utility company Gastrade has extended the timeline for completion of its Greek LNG development by six months to allow more time for the delivery of offshore floating, storage and regasification unit (FSRU) for the Alexandroupolis Independent Natural Gas System Project.Gastrade, the developer of the 5.5 billion cubic metre per year regasification project, has pushed back its completion date…

Snam, Enagás, Fluxys Complete DESFA Acquisition

The consortium consisting Italy’s Snam, Spain’s Enagás and Belgium’s Fluxys has completed the acquisition of a 66 percent stake in Greek natural gas operator DESFA.According to a joint release, the purchase valued at €535 million ($613.9 million) has been completed with the Hellenic Republic Asset Development Fund (HRADF) and Hellenic Petroleum.The consortium, which won the tender for the privatisation of DESFA in April 2018…

Putin says TurkStream Gas Pipeline Could be Extended via Greece

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Russian President Vladimir Putin said on Friday that the TurkStream gas pipeline could be extended further into Europe via Greece, as he met Greek Prime Minister Alexis Tsipras in Moscow.The first line of TurkStream, which runs from Russia to Turkey via the Black Sea bed, is intended for Turkish consumption only. Russia has said that a second line will also end in Turkey and Europe must choose the route and build the extension itself.Several routes…

Guangzhou Launches World's First Icebreaking LNG Tanker

Images by Chinese State Media

The world's first liquid natural gas (LNG) carrier tanker was named 'Boris Sokolov' and delivered by Guangzhou Shipyard International in Guangzhou City.According to Chinese state media, the Arctic condensate tanker carrier designed to traverse the world's icy northern polar region.With a load capacity of 44,550 tons, the vessel, which is built for for Dynacom of Greece, can sail in the Arctic region without icebreaker-piloting, it said.

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.

Oil Markets Face Unprecedented Uncertainty

Fatih Birol (Photo: IEA)

Oil markets are entering an unprecedented period of uncertainty due to geopolitical instability and a fragile global economy, the head of the International Energy Agency said on Tuesday.Concerned about an emerging production overhang similar to the one that led to a price slump in 2014, the Organization of the Petroleum Exporting Countries is pushing for a supply cut of 1 million to 1.4 million…