LNG

SNAM, the Italian gas grid operator and liquefied natural gas import terminals owner, reported an almost 70 percent surge in net profits as it advanced with its latest floating LNG venture at Ravenna on Italy’s East Coast.

The Greek Government agency, Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA), said seismic surveys had been successfully completed in the offshore areas to the West and Southwest of the Mediterranean island of Crete in the prolific East Med Basin where pipeline gas and LNG feed-gas projects are being developed.

HEREMA said the surveys were carried out by the leading global seismic acquisition and processing company, Petroleum Geo-Services PGS, headquartered in Norway.

Analysts said that this was the most intensive search launched by the Greeks in their Exclusive Economic Zone for natural gas discoveries such as those made by other nations in the region like Egypt and Israel. Lebanon has also launched an exploration campaign and Cyprus already has the Aphrodite gas field in its waters.

The Greek surveys were carried out on behalf of the exploration and production licence holders for the area West and South of Crete, US major ExxonMobil Corp. and Helleniq Energy, a leading refining, supply and trading company in Southeast Europe.

“From their initiation on November 10th 2022, up until their completion, subsurface imaging geophysical surveys for the exploration of potential natural gas deposits were conducted at an intensive pace, far exceeding the minimum contractual obligations,” said HEREMA.

Huge area covered

“A total of 12,278 kilometres of seismic data were collected against the minimum contractual obligation of 6,500km for the two blocks combined,” the state agency added.

“The surveys increased the density of the seismic coverage in the areas within the West and Southwest of Crete concessions, offering for the first time seismic imaging and information over unexplored areas within the Greek EEZ,” declared HEREMA.

Participants emphasized that the surveys lasted a little over three months and adhered to the strictest standards and safety measures for the protection of the environment and marine life.

“As the competent authority that manages the concession rights on behalf of the Greek State, we are deeply satisfied with our excellent cooperation with our investors, who increased their investments and completed the exploration program at a rapid pace,” said HEREMA’s Chief Executive Aristofanis Stefatos.

“This will be followed by data processing, interpretation, and evaluation in order to make decisions about entering the next exploration phase,” added Stefatos.

HEREMA’s Chairman Rikard Scoufias welcomed the completion of the surveys that covered large areas of East Med waters in the Greek economic zone for the first time.

“This is a Greek achievement of global magnitude and comes at a very important moment for Europe,” said Scoufias.

Hopeful

“We have an unprecedented opportunity to monetize Greece’s natural gas resources in a way that can not only bring economic and strategic benefits but also support the bigger objective to accelerate the transition,” added Scoufias.

“Our focus will now be on further building the resources and collaborations, at all levels, to ensure we maintain this historic momentum,” stated the HEREMA Chairman.

In less than two years Greece has now conducted seismic surveys in five areas as opposed to just two areas from 2011 to 2020.

“We need to discover if a new potential source of wealth exists in the subsurface of our country that can be monetized for the benefit of Greek society,” commented Greece’s Minister of Environment and Energy, Kostas Skrekas on the HEREMA-led survey campaign.

Nov 15 (LNGJ) - TotalEnergies said that as a result of the maritime boundary agreement between Israel and Lebanon, the French major would start exploration activities with Italian partner Eni of an already identified prospect in Block 9 of the new pipeline gas and LNG area of the East Mediterranean. The Block 9 partners said they would initiate the exploration which might extend Block 9 into Israeli waters, south of the recently established Maritime Border Line. 

   The companies said preparations for exploration activities will start with the purchase of required equipment and the procurement of a drilling rig. “TotalEnergies, as the operator of Block 9, is proud to be associated with the peaceful definition of a maritime border between Israel and Lebanon,” said Patrick Pouyanné, Chairman and Chief Executive of TotalEnergies. “We will respond to the request of both countries to assess the materiality of hydrocarbon resources and production potential in this area,” explained Pouyanné.

Chevron Corp., the US major with liquefied natural gas projects in nations such as Australia and mainly supplying the Asia-Pacific region, said events in Europe meant a gradual change in strategy to increase LNG activities in the Atlantic Basin, including the East Mediterranean.

Leading oil and gas and LNG executives as well as heads of European Union utilities had interesting observations to make on the first day of the four-day Gastech Conference and Exhibition held in the northern Italian city of Milan.

Egyptian Natural Gas Holding Company (EGAS), the state owner of the Arab nation’s natural gas assets, and Kanfer Shipping, the Norway-based company focusing on small-scale LNG sea transportation and LNG bunkering, said they had formed a joint venture to re-fuel ships transiting the Suez Canal.

Chevron Corp., the LNG operator in Australia and Africa, reported a more than four-fold jump in first-quarter earnings of $6.3 billion compared with $1.4Bln in the first three months of 2021 as more revenues came from LNG plants in Australia and Africa.

Egypt has signed an agreement to increase natural gas production and LNG exports from its two liquefaction plants east of Alexandria to European customers and specifically Italy.

Gastrade SA, the Greek company developing an offshore LNG import terminal to serve eastern Greece and the Balkan nations, said a positive final investment decision has been taken to proceed with the joint venture.

Eni, the Italian energy company with exploration success in the African continent supplying feed gas for LNG projects from Egypt to Mozambique, has been awarded five new licences by the Egyptian Ministry of Petroleum.