Cyprus is in alignment with Chevron for advancing with Aphrodite natural gas field development in East Med
The Government of Cyprus said it was in alignment with US major Chevron Corp. on the imminent development of the Aphrodite natural gas field in the Eastern Mediterranean, the new regional natural gas and LNG hub despite security concerns over the ongoing conflict.
BP and Abu Dhabi National Oil Company bid for Israeli East Mediterranean gas player NewMed Energy
UK major BP and Abu Dhabi National Oil Company have made a joint offer to take control of NewMed Energy, the Israeli natural gas company with LNG export plans and a supplier of pipeline gas to Israel, Egypt and Jordan.
Chevron earnings soar and CEO comments on East Med LNG prospects and Australian plant maintenance
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.
Technip Energies reports jump in revenues and profits while managing LNG market evolution and sanctions
Technip Energies, the leading energy and LNG project company with contracts at leading global ventures including in Arctic Russia, offshore Africa and in Mexico, reported a jump in first-quarter revenues and profits.
Egypt signs agreement to increase natural gas production and LNG exports from plants on East Med coast
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.
Israel's Delek rebrands as NewMed Energy to be major gas and LNG player and seeks Morocco licences
Israeli company Delek Drilling, the owner of natural gas resources in the East Mediterranean, is changing its name to NewMed Energy as it expands the Leviathan gas field, increases its exposure to the LNG market and pursues exploration licences in Morocco.
Chief Executive of former Delek Drilling and now of NewMed, Yossi Abu, said that the success in production from Leviathan in the past two years, and especially the successful realization of the regional exports, had in effect turned NewMed Energy into a leading energy entity of regional importance.
“Analyses showing the demand for natural gas (both regional and domestic) is rising constantly and justifies the expansion of production from the Leviathan field, in accordance with the approved development plans for 21 billion cubic metres annually,” said Abu.
“The second phase of Leviathan will concentrate on expansion of the infrastructures for the transmission of natural gas from the reservoir to additional consumers in its export markets along with exposure to global LNG,” stated the NewMed Energy CEO.
The company said it was also in an advanced process for the receipt of exploration licenses in Morocco as a leading partnership in its field with considerable professional knowledge and a proven track record in regional activity.
Morocco plans
“NewMed Energy has identified Morocco as a country with tremendous potential in both geological and commercial terms,” said the company.
“The board has authorized NewMed Energy's management to act, and it is currently in advanced negotiations for receiving exploration licenses in offshore Morocco, in both the Mediterranean and the North Atlantic Ocean,” stated NewMed Energy.
NewMed Energy CEO Abu said the launch of the new brand name was part of a strategic process.
“With Delek Drilling's well-known DNA, NewMed Energy will be an innovative and leading energy entity that will maximize the value of the existing core assets and promote significant processes such as the expansion of Leviathan and the development of the Aphrodite (Cyprus) reservoir, alongside the launch of exploration and production of natural gas in other countries in the Middle East,” stated the CEO.
“Exactly as Delek Drilling was, NewMed Energy will continue to be a key energy anchor in the region, with the aim of giving our investors both a stable dividend yield and growth,” Abu declared.
NewMed Energy stated that the “natural gas revolution in Israel” which continues with the Leviathan field, has led to a reduction of around 70 percent in pollution as a result of gas-fired electricity generation in Israel, and to a significant reduction in greenhouse-gas emissions.
“A reduction in air pollution can also be seen in Egypt and Jordan, countries to which gas from Leviathan is exported,” it added.
Lebanon is first modern state to run out of hydrocarbon fuel as power is cut for days amid Egypt gas plans
Lebanon, the former ‘Switzerland of the Middle East’ and potential LNG importer, has Egypt standing by to help with supplies of pipeline natural gas as the nation ran out of hyrdocarbon fuel and cut power countrywide for a whole weekend with the situation expected to worsen.
East Med Arab gas market restarting as LNG exporter Egypt to supply pipeline gas to Lebanon and Syria
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.
Union for the Mediterranean energy meeting is underway with gathering of LNG importers and exporters
The third ministerial meeting of energy ministers is taking place of the 42-nation Union for the Mediterranean (UfM) and what is the biggest regional gathering of natural gas and LNG importers, exporters and developers.
Delek of Israel boosts gas revenues from Egypt and Jordan and plans London float for New Med Energy
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.
