Chevron targets Argentina and Mediterranean for global LNG expansion, deal with India
Freeman Shaheen, the President of Global Gas at Chevron, said that the company is looking to expand the global gas portfolio to include Argentina and the Mediterranean in order to meet the growing demand from buyers who are concerned about the security of energy due to the Middle East crisis. The global gas market has experienced two major disruptions over the last four years. The Ukraine conflict in 2022, and the Iran conflict in this year have cut off supply from Russia and Qatar. This has pushed up the price of liquefied gas.
Energean's profit in the UK jumps due to lower tax charges, and production recovers from Israel halt
Eastern Mediterranean-focused gas producer ?Energean ?posted a 45% jump in first-half profit on Wednesday helped by a lower tax charge in Italy, and said production had bounced back following a war-driven shutdown in Israel that cut its half-year output. By expanding in Egypt and seeking deals in West Africa, the independent oil and gas company is trying to reduce its dependence on its flagship fields offshore Israel, where production has repeatedly been disrupted due to regional conflict.
Shell sells Cyprus unit up to $720 Million as it focuses more on LNG
Shell announced on Friday that it had agreed to sell BG Cyprus to the Hungarian oil-and-gas firm MOL Group, for a price of up to $720m. The British oil major is now focusing on its LNG operations. MOL will control BG Cyprus' non-operated 35% interest in a Cyprus Offshore Block, which is home to the Aphrodite Gas Field in the Eastern Mediterranean. The deal should be completed in 2027. Shell is looking to 'expand its LNG Portfolio' in order to capitalize on the rising global demand for this fuel.
Turkey, Iraq Extend Oil Pipeline Agreement
Turkey and Iraq are set to sign, within days, a one-year agreement to keep open the crude oil pipeline between the two countries, Turkish Energy Minister Alparslan Bayraktar said on Thursday.Their decades-old pipeline agreement, which governs exports through the pipeline, is due to expire on July 27."We have brought the agreement that will cover the next 12 months to the final stage. We aim to sign it in the coming days," Bayraktar, who was in Baghdad for an official visit…
Energean Angola expansion on hold after Etu preemption
Energean announced 'on Wednesday that its $260m deal to 'buy Chevron offshore assets in Angola is a limbo, after Etu acted to match the offer. This has complicated its efforts to expand its business beyond its Eastern Mediterranean gas core. Energean announced its $260 million contract in March. It was part of its plan to expand its gas fields beyond Israel's flagship offshore fields, which have been shut down several times due to conflict. Energean…
Energean, a gas producer, has cut its output and dividends due to the Mideast conflict.
?Eastern ?Mediterranean-focused gas producer Energean cut its 2026 production forecast and dividend on Wednesday after a 41-day shutdown of its Israeli operations hammered its first-quarter results. After Israel's Ministry of Energy lifted the directive that had halted production since late February, the company's floating power production vessel resumed its operations on 9 April. The output returned to full capacity in 48 hours. Energean is a major natural gas producer in Israel.
Cyprus may need to raise extra funds for the construction of a huge European power cable
If an upcoming cost assessment confirms that the project's costs have ballooned, then it may be necessary to raise additional funds in order to continue. This is what Cyprus' energy ministry told? ?on Tuesday. The Great Sea Interconnector project is a 1.9 billion euro ($2.2 billion) project that will build a transmission line linking Greece with Cyprus, and then Israel under the Mediterranean Sea. The project has been on hold for many years due to concerns about its cost…
Syria selects offshore oil and gas block for its first deep-water project with Chevron
The Syrian Petroleum Company announced on Monday that Syria had identified an offshore site for its first deepwater 'oil and -gas exploration project, with U.S. major Chevron?and Qatari UCC Holding?. The move is part a larger push by Syria's newly elected government to attract foreign investments?into its battered energy industry after years of 'civil war' and sanctions. SPC, the state-owned company, said it had identified the offshore block with Chevron, UCC Holdings, and that the identification was complete.
Eni, an Italian company, has discovered 2 trillion cubic feet (or 2 trillion cubic meters) of gas off the coast of Egypt
Eni announced on Tuesday that it had made a discovery of 'gas and condensate' offshore Egypt after drilling the Denise W-1 exploratory well in the Temsah Concession, located in the Eastern Mediterranean. According to preliminary estimates, there are approximately 2 trillion cubic feet (or barrels) of gas in place initially and 130 millions (or barrels) of condensate. Eni said that the discovery would help it to "support Egypt's goals of increasing gas reserves and?production".
Egypt and Cyprus Sign Framework Agreement for Cooperation on Gas
On Monday, Egypt and Cyprus signed a framework for?cooperation in gas during the Egypt 2026?Energy?Show. A spokesperson for the Cypriot Presidency said that the nonbinding agreement would be the basis on which the two countries could negotiate further agreements to exploit Cyprus' reserves. A Cypriot official said that the agreement would allow Egypt and Egypt's state-owned firms to purchase natural gas from Cyprus's offshore Kronos and Aphrodite fields. Cypriot officials claim that they may be able to begin extracting gas from Kronos in 2027 or 2028.
Cyprus targets gas exports in 2028, as the Mid East conflict increases supply tensions
Michael Damianos, the Energy Minister, said that Cyprus could start producing natural gas to?export by?2028. This would 'potentially? strengthen Europe's drive to diversify their energy sources, as the Middle East conflict tightens its focus on supply. The turmoil in the Gulf has raised concern about energy transits via chokepoints such as the Strait of Hormuz. This corridor is responsible for a fifth of world oil trade and has been brought to a halt after U.S.and Israel launched strikes against Iran on February 28, 2019.
Turkey declares Greece-Chevron activities off Crete illegal
The Turkish government said that it was opposed to Greece's unilateral?activities? in the energy fields south-west of Crete, with a consortium headed by?U.S. Chevron, a major oil company, as a violation of international law and good neighbourly relations. Athens responded that its policies adhere to international law. Chevron and its consortium signed exclusive lease agreements Monday to search for natural gas offshore southern Greece. This expands U.S. presence throughout the eastern Mediterranean.
Turkey declares Greece-Chevron activities off Crete illegal
Turkey has said that it opposes Greece's unilateral activities in hydrocarbon fields south of Crete, with a consortium led by U.S. oil giant Chevron. This is a violation of international law and good neighbourly relations. Chevron, a consortium led by Chevron, signed exclusive lease agreements to search for natural gas in southern Greece on Monday. This will expand the United States presence in the eastern Mediterranean. The Turkish Defence Ministry…
Chevron and a consortium of companies sign contracts for gas exploration offshore Greece
On Monday, a consortium led by U.S. oil giant Chevron signed exclusive lease agreements to search for natural gas in southern Greece. This agreement expands the United States presence in the Eastern Mediterranean. The deal will double the amount of Greek marine acreage that is available for exploration. It's also the second time in recent months that a U.S. oil major has been involved. This is because the European Union wants to reduce its dependence on Russian gas and the U.S. wants to replace it.
Chevron and a consortium of companies sign contracts for gas exploration offshore Greece
The United States has expanded its presence in the Eastern Mediterranean with the signing of exclusive lease agreements by a?consortium headed by U.S. major oil company?Chevron? to search for natural gas offshore southern Greece. This deal, the second to be signed in recent months by a 'U.S. company, doubles the amount available of Greek marine acreage for exploration. The European Union is phasing out Russian supplies and the United States is looking to replace them. The European Union is looking to replace them.
Equinor, a Norwegian oil and gas company, plans to increase its international production by 2030.
Equinor’s international oil-and-gas portfolio will grow?in the coming years, as the Norwegian energy company targets a?sharply?increased?output abroad in 2030. Equinor produces oil and natural gas in seven other countries than Norway after recent divestment in Argentina. This is down from 12 in 2019. Equinor's goal is to increase overseas oil production from 730,000 barrels per day in 2025 to more than 900,000. This would be a 23% increase. Philippe Mathieu stated that despite the divestment, we are still seeing growth of 900,000.
Gas producer Energean warns of possible $356 Million hit due to Cassiopea Reserve downgrade
Energean flagged on Tuesday a potential 300?million euros ($356?millions) impairment of its 2025 results?related to its minority stake in Eni's?Cassiopea?gasfield in Italy. Energean expects that the reserves at Cassiopea will be reduced by 3-4 million barrels due to lower performance than Eni initially expected. Energean holds 40% of the project. Energean said that it was in arbitration with Eni and sought 265 million euro for costs paid without authority, as well as lost revenue. Eni wanted $154 million to settle disputed invoices.
Chevron has approved the expansion of Israel’s Leviathan Gas Field
Chevron has made a final decision to invest in expanding production at Israel's Leviathan gas field. The oil major announced on Friday that it has made a final investment decision to expand production?at Israel's Leviathan natural gas field,?the?U.S. Leviathan is one of the largest gas fields in the Eastern Mediterranean and the cornerstone of Israel’s energy system. The exports of gas to Egypt help supply LNG plants which ship gas to Europe. Chevron…
TotalEnergies Snags Exploration Nod Offshore Lebanon
French oil company TotalEnergies TTEF.PA has obtained government approval for a new exploration permit offshore Lebanon, it said on Friday.Total, which owns a 35% operating stake in the permit, will begin 3D seismic surveys on Block 8 with partners Eni ENI.MI (35%) and QatarEnergy (30%).The French company began looking for natural gas in Lebanon in late 2022, following the government's landmark agreement of a maritime border with Israel in the Mediterranean Sea.
TotalEnergies receives new exploration permit off the coast of Lebanon
TotalEnergies, a French oil company, said Friday that it had 'obtained approval from the government for a new permit to explore offshore Lebanon. Total, who owns 35% of the operating stake, will start 3D seismic surveys in Block 8? with partners Eni (35%), and QatarEnergy 30%. In late 2022 the French company began searching for?natural gases in Lebanon, after the landmark agreement between the government and Israel to establish a maritime border in the Mediterranean Sea. Initial exploration on an adjacent block proved disappointing.