Cyprus deadline for offshore gas update by Chevron-led Group
One of the partners in a Chevron-led group that has licensing rights to a gasfield off Cyprus said Monday they will submit an updated development plan with a few days. Cyprus had given them a deadline of three months. Since Chevron tried to change a field development plan for 2019, there have been long-running discussions on the future of the Aphrodite Field, south-east from Cyprus. This plan was agreed upon between Cyprus and Noble, a licence-holder independent energy operator Chevron purchased in 2020.
Paz Oil Plans 700 MW, $700m power plant
Israel's Paz Oil Co said on Wednesday its board has authorized management to move forward with a plan to build a third power plant to supply 700 megawatts of electricity for the national grid.Such a plant, to be built in the port of Ashdod, would cost up to $700 million, which would be financed with Paz's capital and through a debt offering.
Noble Energy Cashes Out of Tamar Petroleum After Egypt Gas Deal
Texas-based Noble Energy sold its 43.5 percent stake in Israel's Tamar Petroleum after announcing last week that it would help finance a gas export deal with Egypt, the Israeli business daily The Marker reported on Wednesday.Noble's sale of 40 million Tamar shares, at 15.50 shekels ($4.26) each, took place on the Tel Aviv Stock Exchange, The Marker said in the unsourced report.A Noble representative in Israel declined to comment.Tamar shares were up 2.1 percent at 16.39 shekels in midday trade.On Sept.
Australian Group to Raise Money for Israel Shale Oil Project
Israel's REM Energy partnership issued a prospectus on Wednesday for an offering on the Tel Aviv Stock Exchange to raise 25 million shekels ($7.1 million) to advance the country's largest shale oil project. The partnership, controlled by Northwood Exploration Israel, plans to build a plant in southern Israel to produce oil and electricity from oil shale. Established in 2011, Northwood is owned by Australia's Casella family, owners of Casella Wines.
Harel in Talks with Noble to buy stake in Tamar Gas Field
Israeli insurer Harel said on Sunday it is in talks to buy up to 4 percent in the Tamar natural gas field from Texas-based Noble Energy . A final agreement has yet to be reached, Harel said in a statement to the Tel Aviv Stock Exchange, and any deal would require regulatory approval. The negotiations are for a 3 percent share in the project with an option to buy another one percent, the company said. (Reporting by Ari Rabinovitch; Editing by Tova Cohen)
Israeli Firms, Leviathan in Natural Gas Talks
The partners in Israel's offshore Leviathan natural gas site said on Thursday they were in talks to supply gas to a number of Israeli companies. In a statement to the Tel Aviv Stock Exchange, units of Delek Group said the firms were private electricity producers and industrial companies but did not offer further details. Last month, after years of political infighting Israeli Prime Minister Benjamin Netanyahu signed a deal giving long-awaited approval for the development of Leviathan off Israel's Mediterranean coast.
Israelis Chase Egypt Gas Contracts
Egypt important to Israeli gas export plans; arbitration linked to Egyptian gas exports. Israeli firms Delek Group, Ratio Oil, and Isramco Negev said on Monday they would push ahead with talks to export natural gas to Egypt despite an arbitration ruling in a separate deal that has caused anger in Cairo. Egypt's state-owned oil and gas companies said on Sunday they would appeal more than $2 billion in penalties which arbitrators at the International…
Israel to Launch $4b Wave of Privatizations in 2015
Israel will begin selling major stakes in a number of state-owned companies in November or December despite any political uncertainty created by elections next month, the country's privatization chief said. A decade after its last privatization program, the government aims to sell all or part of eight companies and two ports by 2017, raising around 15 billion shekels ($3.9 billion) in a plan announced in October. Of the 87 companies that remain in government hands…
Firms Developing Cyprus Gas Field Raise Reserve Estimate
The reserve estimate for the Aphrodite natural gas field offshore Cyprus has been raised by 12 percent, and most of the gas is likely to be exported, Israeli firms involved in the project said. The new estimate given for the natural gas field is 4.54 trillion cubic feet (tcf). The estimate for condensate, a liquid byproduct of natural gas, was also raised to 9 million barrels from a previous estimate of 8.1 million, two Israeli firms said in a statement to the Tel Aviv Stock Exchange on Tuesday.
