The OPEC+ group of oil producers has extended its production cuts totaling 3.66 mln bpd until 2025, maintaining a controlled supply while taking advantage of the current price of the benchmark Brent crude at over $85/barrel. OPEC forecasts that cumulative oil-related investment requirements from now until 2045 will amount to about $14 trln, or around … Read more
The Cyprus government has scrapped a €1.2 billion concession for the development of the Larnaca marina and port, leading to questions about the financial viability of public contracts and the administration’s cash flow.
Energean plc announced a significant find in offshore Egypt, continued natural gas supply in Israel, and declared a first quarter dividend of 30 cents a share. The company’s production for the first quarter was 142,000 boed, with 82% gas, representing a 49% year-on-year increase. Success was recorded in the Abu Qir infill well drilling campaign in Egypt, with preliminary analysis indicating gas-initially-in-place volumes of approximately 87-129 billion cubic feet. The well encountered around 270 feet of net pay across formations, with first production expected in Q3 2024.
Nicosia rejects Chevron’s improved optimization plan for the Aphrodite offshore gasfield, insisting that the 2019 development plan is binding. Chevron’s proposed revisions aim to reduce costs and output, but Nicosia is not satisfied with the lower revenue implications. The partners are considering their options in response to Nicosia’s rejection.
Egypt is unlikely to export any LNG to Europe this summer due to declining production at the Zohr field, which is prioritizing domestic energy needs.
Italy’s Eni and French TotalEnergies have confirmed the extension and excellent well deliverability at their joint natural gas field within the Cronos discovery in the Cyprus offshore exclusive economic zone. The Cronos-2 well was drilled to appraise the nearby Cronos discovery in Block 6, and it has high production capability estimated at over 150 million standard cubic feet per day of gas. Eni Cyprus Limited is the operator of Block 6 with a 50% participation, with partner TotalEnergies EP Cyprus B.V. holding the remaining 50%. The government’s main goal is to enable access to cheaper energy for Cypriot citizens. Cyprus is behind schedule in converting its infrastructure to import natural gas, resulting in significant carbon emission fines. Eni aims to tap into and export natural gas from the Cronos gasfields through a subsea pipeline to its Zohr field in Egyptian waters.