Page 10 - MEOG Week 28

MEOG tenders MEOG
to be announced on August 12, according to the energy Ministry.
e acreage was divided into ve “clusters” as part of e orts to encourage a single company or consortium to acquire multiple contiguous licences.
e US$2.5 million “basic participation guar- antee” paid for the rst block falls to US$500,000 for each additional block purchased within the grouping.
Licences will have an initial duration of three years, which will be extendable by two years on condition of a commitment to drill at least one well during the period and by a further two years contingent on a promise to drill a well in each of the licences acquired.
eyes on energean
the involvement of energean comes as little surprise. e rm last week announced a deal to acquire the oil and gas assets of edF’s Italian subsidiary edison e&P for $750mn, increasing to $850mn once gas production begins at Italy’s o shore Cassiopeia eld.
Aside from exploitation of the tamar gas eld and the ongoing development of Leviathan by Houston-based noble energy in partnership with Israel’s delek Group, progress made by energean at its Karish and tanin elds is the country’s biggest o shore success story to date.
e company is currently working to achieve rst gas from the Karish eld by early 2021.
A competent persons report (CPR) published in August certi ed 62bn cubic metres (bcm) of 2P reserves at Karish and nearby tanin and le 5.7 bcm in the contingent category.
energean Ceo Mathios Rigas and Israel clearly have a so spot for each other, with ener- gean picking up ve licences near Karish and tanin in 2017 following the country’s rst inter- national o shore bid round.
rig en route
noble and delek announced this week that rst platform that will be utilised to develop Levia- than had set sail for the Israeli o shore from texas.
e statement said that the rst of four barges had set sail, with the remainder beginning their journey within the next few weeks ahead of installation in September. is will allow pro- duction from the 606bcm eld to begin, with gas owing into the domestic market on schedule by the end of 2019.
Speaking to press this week, Steinitz said expressed optimism that “the arrival of addi- tional european companies to Israel as well as the soon to be connected up Leviathan rig and continued development of the Karish-tanin elds will lead to the dismantling of the monop- oly and strengthening competition in this sector. we are continuing to work to make Israel into a regional energy power”. However, claims of diversi cation will be wide of the mark if ener- gean emerges from the bid round with more licences.
while Israel has sought to expand its pool of international operators, concerns about access to markets as well as low gas prices have exacer- bated the political di culties potential investors would likely face at existing or future assets else- where in the Middle east.™
PriCes
Date
WTI (US$)
ICE Brent (US$)
DME Oman (US$)
OPEC Basket (US$)
9 July
57.94
64.16
63.28
64.35
10 July
60.52
67.01
66.15
66.10
11 July
60.28
66.52
66.47
67.57
12 July
60.30
66.72
65.81
67.36
15 July
59.68
66.48
65.44
66.79
P10
w w w . N E W S B A S E . c o m Week 28 16•July•2019