LNG

NewMed Energy, the Israeli company with stakes in the East Mediterranean gas fields of Tamar and Leviathan offshore Israel and the Aphrodite field offshore Cyprus and with LNG export ambitions, has reported earnings and the impact of the war in Gaza as well as the state of the moves by UK major BP and Abu Dhabi National Oil Company for a stake in NewMed.

Chevron Corp. has agreed to acquire US energy company Hess Corp in an all-stock transaction valued at $53 billion and is the second huge American merger and acquisitions deal in October 2023 after ExxonMobil’s agreement to acquire Texas-based Pioneer Natural Resources for $59.5Bln with both takeovers having a focus on US shale oil and gas assets.

Israel has suspended production at the Tamar natural gas field supplying Israel, Jordan and Egypt offshore the East Mediterranean coast and not far from the Gaza strip after the terrorist attacks against Israeli civilians over the weekend that have spread regional instability and affected natural gas prices more than crude oil prices.

Egyptian commitment to exporting surplus natural gas from the domestic market as LNG from the plants at Damietta and Idku, east of Alexandria, may be affected in the future by deliveries to former gas markets in Lebanon and Syria via Jordan.

Delek Group, the Israeli company with natural gas assets in the East Mediterranean contributing to the region’s LNG and pipeline mix with supplies to Egypt and Jordan, returned to a first-quarter profit from a previous loss due to higher Leviathan gas field revenues.

Delek Group of Israel and US company Noble Energy said that they had brought on stream the Leviathan natural gas field in the Eastern Mediterranean to supply Egypt and Jordan and with a floating LNG project under consideration.

Noble Energy of the US said it was still actively exploring a floating LNG export project using East Mediterranean resources from the Leviathan gas field offshore Israel while its LNG production venture in Equatorial Guinea in West Africa was progressing.

Delek Group of Israel, the company with stakes in the huge Leviathan field in the Eastern Mediterranean set to come on stream to supply Egypt and regional buyers and with LNG output plans, said its Ithaca Energy subsidiary completed the purchase of the UK North Sea oil and natural gas assets from Chevron Corp. for around $2 billion.

Delek Group of Israel and Noble Energy of the US have completed their acquisition of a stake and reverse capacity on the East Mediterranean Gas (EMG) pipeline from Arish in Egypt’s Sinai Peninsula to Askelon in Israel as part of an agreement to supply Dolphinus Holdings of Egypt from the Israeli Leviathan natural gas field.