Neptune Energy Terminates Deal to Buy Edison's North Sea Business
Oil and gas company Neptune Energy has terminated the agreement to acquire Edison E&P’s UK and Norwegian subsidiaries from Energean Oil and Gas. Neptune will pay a $5 million termination fee to Energean.The two companies had last year agreed for Neptune to buy Edison E&P North Sea assets for up to $280 million, after Energean had previously agreed to buy the oil and gas division of Italian energy company Edison for up to $850 million.Neptune's acquisition had been contingent on the closing of Energean's acquisition of Edison E&P.
Energean Power FPSO Hull Leaves China
Mediterranean Sea-focused oil and gas company Energean Oil and Gas has informed that its Energean Power FPSO Hull sailed away from the COSCO yard in China on Friday, April 3, 2020.The hull will now be towed to the Sembcorp Marine Admiralty Yard in Singapore, where the topsides will be integrated before the completed FPSO is towed to the Karish field in Israel for installation and hook-up.
Energean, DEPA Pact for EastMed Pipeline
UK-based international oil and gas exploration and production company Energean Oil & Gas and the Public Gas Corporation of Greece (DEPA) have agreed to cooperate to further support the EastMed Pipeline Project.The have signed a Letter of Intent (LoI) for the potential sale and purchase of 2 BCM natural gas per annum from Energean’s gas fields offshore Israel, where Energean is investing $1.7 billion for the development of the Karish & Tanin fields through the FPSO “Energean Power”.DEPA, as a 50% shareholder of the IGI Poseidon…
Energean Seeks to Pipe Karish Gas to Cyprus
Energean Oil & Gas said on Tuesday its Energean International unit submitted an application to import and supply natural gas to Cyprus starting in 2021.In its application to Cypriot authorities, it said it sought to supply gas through a pipeline from the Karish block offshore Israel to Vassiliko, Cyprus.The pipeline would be 215 kilometers long and transport natural gas from the Karish North field, which contains 25 billion cubic meters of discovered recoverable resources.Total investment, Energean said, will be about $350 million and will be funded by Energean.
Energean Signs New Gas Sales Deal for Karish and Tanin FPSO
UK-based oil and gas exploration and production company Energean Oil & Gas has signed a Gas Sales and Purchase Agreement (GSPA) with I.P.M. Beer Tuvia Ltd. (IPM) to supply an estimated 5.5 BCM of gas from its Karish and Tanin FPSO over a period of 19 years.According to a release, the contract is subject to necessary approvals and is contingent on results of the 2019 drilling programme, which includes the drilling of four wells in Israel and commences with the spud of Karish North in March 2019, targeting 36.8 BCM (1.3 Tcf) of gas with a volume weighted geological chance of success of 69%.The agreement adds between 0.265 and 0.38 BCM/yr of gas sales…
First Steel Cut for Karish and Tanin FPSO
Energean Oil and Gas announced that first steel was cut on the Karish and Tanin floating production storage and offloading (FPSO) vessel at the COSCO yard in Zhoushan, China, on Monday. The FPSO is scheduled to be delivered to the Karish field offshore Israel in late 2020, ahead of first production in the first quarter of 2021.The FPSO, which will be installed 90 kilometers offshore, will be the first FPSO to operate in the Eastern Mediterranean. It will have a gas treatment capacity of 800 MMscf/day (8 BCM/per annum) and liquids storage capacity of 800…
TechnipFMC bags Energean Karish Field contract
TechnipFMC has been awarded an iEPCITM (integrated Engineering, Procurement, Construction and Installation) contract by Energean Oil & Gas for the Karish full field development, located offshore Israel at a water depth of 1,750 meters. This award extends our iEPCITM offering from seabed to offshore producing facility. The execution of this iEPCITM contract covers the design, procurement, construction and installation of the complete subsea system, a Floating Production Storage and Offloading unit (FPSO) designed to allow the subsequent tie-back of the Tanin field, the pipeline system, and the onshore pipeline and valve station at the receiving station.
Greece Approves Trio of Drillers for Offshore Contracts
Greece approved applications submitted by a consortium of Total, ExxonMobil and Hellenic Petroleum for oil and gas exploration and drilling off the island of Crete, its energy ministry said on Friday. The ministry also approved an application submitted by Greece's sole oil producer Energean Oil for offshore drilling in western Greece, the ministry said. Greece's oil and gas resources management company will launch a tender for licences to drill in the respective blocs by the end of next month, aiming to conclude the procedure by the end of the year. Reporting by Angeliki Koutantou
Repsol Strikes Onshore Deal with Energean Oil
Spain's Repsol has entered a so-called farm-in agreement with Energean Oil & Gas for a 60 percent stake in two onshore blocks in western Greece, Energean Oil said on Friday. Under a farm-in agreement, an oil and gas company acquires an interest in a lease owned by another group. Repsol will become the operator of the Ioannina and Aitoloakarnania blocks and plans to acquire seismic surveys over the areas in the 2017-2019 period, Energean said. Energean, Greece's sole oil producer, holds an exploration licence in Ioannina and is expected to acquire one for the other block.
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, the head of Montenegro's Hydrocarbons Directorate, told Reuters borehole drilling would begin as soon as the Greek company completed the project design, environmental impact assessment and seismic screening.
Energean to Spend $1.5 bln on Israeli Offshore Gas Deal
Greek company Energean Oil & Gas plans to build its own production system in the eastern Mediterranean at a cost of up to $1.5 billion to tap two Israeli offshore gas fields, the group's chief executive said on Wednesday. Greece's only oil producer is also looking to bring a financial partner into the project to develop the Tanin and Karish fields which are situated in deep waters around 100 kilometres (62 miles) off Israel's coast and have combined gas reserves estimated at 2.4 trillion cubic feet. Energean bought Karish and Tanin last August for $148 million from U.S.-Israeli partners Delek Group and Noble Energy…
Hellenic Petroleum is Preferred Bidder for Greek Offshore Gas Drilling
Hellenic Petroleum has been named preferred bidder for an offshore gas drilling block in western Greece, the country's largest refiner said on Tuesday. Greece has made several fruitless attempts over the last 50 years to find big oil and gas reserves. It has stepped up its efforts in recent years, prompted by a prolonged debt crisis and important finds in other countries. Athens tendered 20 offshore blocks in 2015 in the Ionian Sea and south of the island of Crete for deep sea oil and gas drilling and unsealed the offers in February.
Energean to Buy Two Israeli Gas Fields
The partners in Israeli offshore gas fields Tamar and Leviathan have agreed to sell their rights in two smaller fields to Ocean Energean Oil and Gas Ltd for $148.5 million to comply with a government requirement. Delek Group, which has controlling interests in several gas fields in the eastern Mediterranean, is being forced by the government to sell off some assets in an effort to open the sector to competition. Energean will buy Texas-based Noble Energy's 47.06 percent stake in the Tanin and Karish fields and the rest from Delek subsidiaries Avner Oil Exploration and Delek Drilling, Avner said in a statement on Wednesday.
Greece to Evaluate Deep-sea O&G Exploration Bids
Greece will conclude the evaluation of deep-sea oil and gas exploration bids in the coming weeks and will name the preferred bidders soon after, its energy minister said on Friday, as the country seeks to tap into its limited oil reserves. Plunging crude oil prices have cut spending on oil projects around the world but cash-strapped Greece is pushing ahead with investment in the industry in a bid to reduce dependence on oil imports and boost public finances. "We are evaluating three bids made by oil companies whose financial strength…
Greece's Sole Oil Producer Boosts Output
Greece's sole oil producer, Energean Oil & Gas, has stepped up daily production by about 30 percent since early January, it said on Wednesday, as the debt-ridden country seeks to tap into its limited oil reserves. Plunging crude prices have deterred spending on oil projects around the world but Greece is pushing ahead with investment in the industry in a bid to reduce dependence on oil imports and boost public finances. Many analysts are now growing more confident that a new-two-year rout in oil prices has ended. Energean, 45 percent owned by hedge fund Third Point…
Total Consortium Bids for Greek Offshore Block
France's Total in a consortium with Greece's Hellenic Petroleum and Italy's Edison has bid for one offshore gas drilling block in the west of Greece, an official with Hellenic Petroleum said on Friday. Greece, which clinched a third bailout with international creditors in August, has made several fruitless attempts over the last 50 years to find big oil and gas reserves. Its debt crisis has prompted the country to step up those efforts. The country received three bids for deep sea oil and gas drilling in 20 offshore blocks in the Ionian Sea and south of the island of Crete last summer and unsealed the bids earlier this week.
Hellenic Petroleum, Energean Get Bids for Greek Gas Search
Greece has awarded concessions to Hellenic Petroleum and Energean Oil and Gas for on shore gas exploration and exploitation in three fields, the Energy Ministry said on Thursday. Hellenic Petroleum won two of the concessions and Energean one, the Ministry said in a statement. Reporting By Michele Kambas
Greece Mulls Gas Exploration Awards
Greece will decide soon on the awarding of three onshore natural gas exploration licences in the west of the country in its second licensing round, Energy Minister Panos Skourletis said on Tuesday. Greece, which clinched a third bailout with international creditors in August, has made several fruitless attempts over the last 50 years to find big oil and gas reserves. Its debt crisis has prompted the country to step up those efforts. "The decision on the bids that have been submitted as part of the tender for the exploration of the onshore blocks is expected in the next coming days," Skourletis told an energy conference.
Greece's Fledgling Oil Sector Steps Up Production
Greece's sole oil producer, Energean Oil & Gas, has increased daily production by 60 percent since last year, it said on Thursday, as the debt-laden country seeks to exploit its limited oil reserves to boost its public finances. While plunging crude prices have deterred spending globally on oil projects, Greece is forging ahead with investment in the industry. Energean, 45 percent owned by U.S. hedge fund Third Point , said it had increased production to 3,000 barrels per day from two oil fields off the northern Greek island of Thassos…
Greece Calls on Chinese Firms to Bid for Oil Quest
Greece invited Chinese firms on Monday to bid in a Greek tender for deep-sea oil and gas exploration later this year after Athens extended the bidding process in March. Greece, which depends on financial aid from the European Union and the International Monetary Fund to stay afloat, has made several fruitless attempts over the past 50 years to find big oil and gas reserves. The debt crisis then prompted the country to step up these efforts to boost revenue. The new left-wing government of Alexis Tsipras has given investors…
