OPT Wave Power System Reaches Milestone
US-owned renewable energy company Ocean Power Technologies (OPT) announced that the Company's PB3 PowerBuoy deployed in the Adriatic Sea has produced more than one MegaWatt-hour (MWh) cumulative energy to date. The cost-effective ocean energy solutions provider said that the PowerBuoy has been deployed for six months, operating continuously and error-free while being controlled remotely from OPT’s NJ facility.George H.
Energean Facing Delays at Epsilon
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…
Croatia Publishes Tender for Oil and Gas Exploration
Croatia published a tender for gas and oil exploration in mountainous areas of the country's central and southern regions, the state hydrocarbon agency said on Monday."The deadline for submitting bids is Sept.10, 2019 at 1200(1000 GMT). A tentative deadline for awarding licences is December," the agency said.The exploration in the Dinarides region will take place in four blocks with an overall area of 12,134 square km.
EIB Approves $1.85 Bln Loan to TAP Gas Pipline
The European Investment Bank on Tuesday approved a 1.5 billion euro ($1.85bln) loan for the Trans-Adriatic Pipeline (TAP) to bring new gas supplies to Europe and reduce dependence on Russia, a spokesman for the EIB told Reuters. TAP, the end piece of the $40 billion Southern Gas Corridor, is slated to bring up to 10 billion cubic metres of gas from the giant Azeri Shah Deniz II field to Italy by 2020, crossing Georgia, Turkey, Greece, Albania and the Adriatic Sea.
Montenegro Inks 30-year Oil Licensing Deal with Greek Producer
Montenegro awarded Greece's sole oil producer Energean Oil & Gas a 30-year oil and gas exploration licences in two offshore blocks in the Adriatic sea on Wednesday. The contract for the blocks covering 338 square km was awarded in line with the terms of a 2014 tender. The Balkan country produces no oil but initial data indicates it could have enough resources to cover its oil and gas needs. Vladan Dubljevic…
Greece, Partners Sign off Trans-Adriatic Pipeline to Widen Gas Supply
Five countries in south-east Europe formally signed off on the construction of a pipeline which will transport Caspian gas to European markets in an attempt to ease their reliance on Russia. The 870-km (540-mile) Trans-Adriatic Pipeline (TAP) is part of the so-called "Southern Corridor" that will link Azerbaijan's giant Shah Deniz II field with Italy, crossing through Georgia, Turkey, Greece, Albania and the Adriatic Sea.
Next Geosolutions Wins MONITA Project Contract
Next Geosolutions, an independent geoscience and engineering service provider, has secured a £12million (€15million) survey contract from Prysmian Group for the MONITA Project in the Adriatic Sea. The project, which is due for completion in Q3 2016 and is the company’s biggest contract win since its establishment in 2014, consists of a 500kV power cable interconnection being constructed between Montenegro and Italy.
Azerbaijan Expects to Secure TAP Gas Pipeline Finance in April
Azerbaijan expects to secure in April full financing for the Trans Adriatic Gas Pipeline (TAP), seen as an alternative for Russian gas supplies to Europe, Azeri Energy Minister Natig Aliyev said on Monday. The Southern Gas Corridor project, of which TAP is a part, is expected to cost around $45 billion. "The talks are under way. The issues of TAP financing will be completely solved on April 28," Aliyev told reporters, declining to say why that exact date was chosen.
Montenegro Awards 30-year Oil Concessions to Eni, Novatek
The Montenegrin government awarded 30-year concessions for oil and gas exploration in the Adriatic sea to Italy's Eni and Russian No. 2 gas firm Novatek consortia, an economy ministry's spokeswoman said on Thursday. The concessions for four blocks have been awarded in line with the terms of a 2014 tender, pending parliamentary approval, she said. (Reporting by Aleksandar Vasovic)
Technip Bags Trans Adriatic Pipeline's PMC Contract
Technip has been awarded by TAP* a Project Management Consultancy (PMC) Services contract, for a project designed to transport gas from the Shah Deniz field to the European market. TAP project scope includes an approximately 870 kilometer long pipeline, which will start from the tie-in with the TANAP** portion of the Southern Gas Corridor project, at the Greece/Turkey border. The pipeline will then go through Greece and Albania…
SOCAR: Statoil Exiting TAP Gas Project
Norway's Statoil is to sell its 20-percent stake in the Trans Adriatic Gas Pipeline (TAP) project that will carry gas from Azerbaijan to Europe, the president of Azeri state energy firm SOCAR said. "Statoil has decided to leave the TAP project completely, and there is a company which is ready to buy its stake," Rovnag Abdullayev told Azeri ANS TV late on Friday. "Several companies have expressed an interest in buying Statoil's stake…
US Urges Greece to Resist Russian Gas Pipeline
The United States wants Greece to focus on a Western-backed pipeline project rather than a rival gas pipeline that Athens is discussing with Russia, the top U.S. energy diplomat said on Friday after talks with Greek officials. Cash-strapped Greece has been making overtures to Russia since a leftist government took power in January. Athens says Moscow is considering paying it in advance for the…
Albania to Sell State Oil Firm, Offer Oil Blocks
Albania wants to try again to privatise its state oil company this year, and will soon begin offering its blocks for oil and gas exploration, Prime Minister Edi Rama said on Tuesday. The previous Democratic Party government, which Rama's Socialist-led coalition ousted in June 2013, cancelled the sale two years ago to a private buyer. "We will end the long-drawn process of the privatisation of the state-owned Albpetrol company this year," Rama said.
Greece to Seek Benefits from TAP Gas Pipeline
Greece is seeking to secure benefits from the Trans-Adriatic Pipeline (TAP) which is set to bring gas from Azerbaijan to Europe, the Greek energy minister said on Wednesday. TAP is the largest project underway to bring new supplies to European buyers after Russia shelved plans in December to build its South Stream gas pipeline to southern Europe. The 870-km (540-mile) pipeline will link Azerbaijan's giant Shah Deniz II field with Italy…
Croatia Gets 7 Bids for Onshore Oil/Gas Exploration
Croatia has received seven bids at an international tender for onshore exploration of oil and gas in the northern Drava river basin and the east of the country, Economy Minister Ivan Vrdoljak said on Wednesday. Vrdoljak did not name the bidders but said he was satisfied because the bids came "from very serious companies," he told reporters after the tender closed. The tender follows a licensing…
Croatia Gets Six Bids for Adriatic Oil and Gas Exploration
Croatia has received six bids in an international tender for oil and gas exploration areas in the Adriatic Sea, Economy Minister Ivan Vrdoljak said on Monday. He told reporters the government would choose the best bids by the end of the year and sign concession agreements by the spring 2015. He did not name the bidders, while local media have earlier reported oil majors like Exxon, Shell, Chevron and Total as being interested.
