Page 13 - MEOG Week 06 2023

MEOG NEWS IN BRIEF MEOG

GAS Israel,” he said during a parliamentary panel Government (KRG) in 2007 and established
on the fund. Israel and neighbouring Egypt The Kurdistan Gas Project.
NewMed predicts gas boost signed a memorandum of understanding KURDISTAN24
with the European Union last year to supply
for sovereign wealth fund the bloc with gas, as it seeks to diversify away SERVICES
from Russia.
Israel’s NewMed Energy forecast on Tuesday REUTERS
that the country’s nascent sovereign wealth PSEEZ accounting for 1/3
fund will get a 52bn shekel ($15 billion) Dana Gas increases
injection in the coming decade from its two of Iran hard currency
main natural gas fields. Kurdistan production
NewMed Energy CEO Yossi Abu said that generation
the company, which is the largest stakeholder Dana Gas, a Petroleum business company, in
in the Leviathan offshore gas project, is also a statement on Wednesday, announced the The CEO of the Pars Special Economic Energy
promoting plans for a liquefied natural gas increase of its production in the Kurdistan Zone (PSEEZ) stated that more than one-
(LNG) terminal to boost exports. Region for the last year by 1%. third of the country’s hard currency income
“From today until 2033, an amount of “Revenue rose 17% to AED 1.94 billion is provided by the Zone, and said: “More than
about 52 billion shekels will accumulate ($529mm) in 2022 compared to AED 1.66 $11 billion was exported from this region
in the wealth fund just from the Tamar billion ($452mm) in 2021 due to higher in the first 10 months of the current Iranian
and Leviathan reservoirs,” Abu told a realized prices and production output in the calendar year which began on March 21,
parliamentary panel, referring to Israel’s two Kurdistan Region of Iraq (KRI) [Kurdistan which has increased by about 50% compared
largest natural gas fields. Region of Iraq],” the statement reads. to the same period last year.
Israel found huge gas deposits in the The Kurdistan Region production Sakhawat Asadi said on Wednesday that
eastern Mediterranean over a decade ago and increased by 1% to 34,300 barrels of oil nearly $150 billion has been invested in
major production began in 2013. equivalent per day (BOEPD) in 2022, the PSEEZ, stating: “More than 70% of the
Its sovereign wealth fund kicked off last according to the statement. country’s gas and nearly 50% of petrochemical
year, after lengthy delays, with the aim of In the second half of the year, the Khor products is produced in this area.”
insulating an overheated currency from the Mor facility in the Kurdistan Region More than $11 billion were exported from
sudden expansion in national wealth due to completed further plant de-bottlenecking the region in the first 10 months of this year,
a windfall from gas sales. The fund, which enhancements, the statement added. which has increased by about 50% compared
is bankrolled by a special tax on those sales “The plant’s production capacity increased to the same period last year.
and will be managed by The Bank of Israel, by 50 MMscf/d [Million standard cubic feet The PSEEZ CEO continued: “Despite
was set up in 2014 and was supposed to start per day] to 500 MMscf/d. Gas production all the bottlenecks and cruel sanctions, 26
operating in 2018, but political turmoil and a reached this new record of 500 MMscf/d on projects in the upstream and downstream
slower stream of revenue held it up. 14 January which will have a positive impact sectors of the oil industry with an investment
Analysts believe the fund will invest in on production and revenues in 2023,” per the of $21 billion are being implemented in
assets such as stocks and corporate bonds on statement. PSEEZ, which are progressing from 10 to
international markets, with profits gradually “In 2022, we managed to optimize our 80 percent, and this investment is done
being brought back into Israel. assets in the KRI, reaching record levels of through finances and the participation of
NewMed is partners with Chevron and production and increasing capacity by a domestic banks. These 26 plans include five
Ratio in Leviathan, which supplies gas to further 50 MMscf/d following the completion 300,000-barrel refineries, seven PDH plans,
Israel, Jordan and Egypt through a network of of a by-pass project,” Patrick Allman-Ward, three olefin, methanol, urea, and ammonia
pipelines. The partners have been examining CEO of Dana Gas, said. plans, etc.” Esadi said: “This year we hosted
ways to expand gas exports, and Abu said the Dana Gas is the Middle East’s first and delegations from China and Russia that visited
hope is to start liquefying it too. largest regional private-sector natural gas PSEEZ and negotiations were held for the
“We are working around the clock as Company which was founded in 2005. development of some fields and we hope that
Leviathan partners to develop an independent Dana Gas and Crescent Petroleum made these negotiations will come to a conclusion.”
LNG export facility to export natural gas from an agreement with the Kurdistan Regional SHANA

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