Latest news with #JointOrganisationsDataInitiative
Yahoo
2 days ago
- Business
- Yahoo
Israel resumes natural gas exports from Karish and Leviathan gas fields
Israel's Leviathan and Karish natural gas fields have resumed operations after a near two-week shutdown due to regional conflict, reinstating vital energy exports to Egypt and Jordan. The Leviathan and Karish fields, managed by Chevron and Energean, respectively, recommenced operations after a ceasefire was reached between Israel and Iran. The reopening of these fields, which had been closed since 13 June, is set to restore natural gas supplies under existing sales agreements. The move is expected to increase gas exports, raise tax revenues, and provide greater operational flexibility for the electricity and industrial sectors. Earlier this month, Israel recommenced limited natural gas exports, prioritising domestic needs. The cessation of operations at Leviathan led to a loss of $12m (NIS40.62m) in revenue, according to a regulatory filing by Chevron's partners in Leviathan, NewMed and Ratio Energies, reported Reuters. The companies are considering seeking compensation from the state for the production halt. Leviathan, which currently produces 12 billion cubic metres (bcm) of gas annually for Israel, Egypt and Jordan, is projected to increase its output to approximately 14bcm by 2026. Israeli gas is a significant energy source for Egypt, accounting for 15–20% of its consumption, as per the Joint Organisations Data Initiative. The disruption forced Egyptian fertiliser producers to cease operations due to the gas supply shortfall. However, Egyptian Prime Minister Mostafa Madbouly has announced that gas supplies to factories will recommence from Friday, as stated in a cabinet release. According to Egyptian sources, imports from Israel are expected to ramp up gradually, with full operations likely by Saturday. Egypt also imports liquefied natural gas (LNG) for regasification. Currently, only one of the country's three floating storage and regasification units (FSRUs) is operational. The Energos Eskimo FSRU is set to become operational shortly, enhancing Egypt's capacity to regasify imported LNG and integrate it into the national gas grid. "Israel resumes natural gas exports from Karish and Leviathan gas fields" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
4 days ago
- Business
- Business Insider
Egypt awards six new blocks in Mediterranean, Nile delta, N. Sinai to global energy firms
The Egyptian Natural Gas Holding Company (EGAS) has awarded six new exploration blocks to a group of international companies. The Egyptian Natural Gas Holding Company (EGAS) allocated six new exploration blocks to international firms. These include four offshore blocks in the Mediterranean and two onshore blocks in the Nile Delta and North Sinai. The awarded contracts involve approximately $245 million in investments to drill 13 exploratory wells. The Egyptian Natural Gas Holding Company (EGAS) has awarded six new exploration blocks to a group of international companies, aiming to ramp up investment in the country's natural gas sector. These include 4 new offshore blocks in the Mediterranean, offered within the 2024 international bid round via the Egypt Upstream Gateway 'EUG', as well as 2 onshore blocks in the Nile Delta and North Sinai. The awarded contracts are expected to bring in approximately $245 million in investments, with plans to drill at least 13 exploratory wells during the exploration phase. Among the awarded blocks, the North Samian and Northwest Atoll offshore blocks were secured by a consortium of Chevron Egypt and BG (Shell), which plans to drill two exploratory wells in each block. The North Ras El Tin Offshore Block was granted to IEOC Production (Eni), which will drill three exploratory wells. Meanwhile, Cheiron Egypt is set to drill three exploratory wells in the East Alexandria offshore block. Onshore, IPR will carry out the drilling of two exploratory wells in the North Tanta block, while Perenco will undertake a 3D seismic survey and drill one exploratory well in the El Fayrouz block located in North Sinai. Broader strategy and future bidding rounds The EGAS announcement complements broader efforts by Egypt's Ministry of Petroleum and Mineral Resources to attract foreign investment and enhance exploration. The EUG platform continues to offer additional investment opportunities, including several undeveloped offshore discoveries in the Mediterranean. The bidding for these assets closes on July 2, 2025, with results expected shortly thereafter. This latest round follows an earlier award this month of seven new exploration and production blocks under the Egyptian General Petroleum Corporation (EGPC), which is expected to attract further investment and lead to the drilling of at least 17 additional exploratory wells. Egypt's gas production has been steadily declining over the past few years, dropping to 3,485 million standard cubic metres in April 2025, according to data from the Joint Organisations Data Initiative (JODI).
Yahoo
21-04-2025
- Business
- Yahoo
Chevron and other oil firms exit Red Sea concessions, redirect efforts
Chevron, alongside other multinational oil and gas companies, has exited its Red Sea oil and gas concession blocks in Egypt after failing to make any discoveries. The Egyptian petroleum ministry confirmed that these companies are now redirecting their resources to other regions within the country, particularly the Mediterranean, reported Reuters. Egypt awarded its first oil and gas exploration concessions in the Red Sea to Chevron, Shell, and Mubadala Investment Company in 2019. Moataz Atef, spokesperson for the ministry said: "Companies have spent millions on their concessions within the agreed time frames.' He noted that one unnamed company invested $34m, exceeding its initial commitment of $10m, but did not achieve the desired results. Chevron has confirmed relinquishing its 45% stake in Red Sea Block 1 in the northern part of the Red Sea. The company operates the block with partners including Woodside Energy, while Shell operates Block 3 with Woodside Energy and QatarEnergy. Chevron spokesperson Sally Jones said: "Chevron remains committed to working with the government of Egypt and our partners to support the growth of Egypt's energy sector through our exploration programmes in the Mediterranean.' The ministry did not disclose the names of other companies that have exited the Red Sea blocks. Shell declined to comment, and Mubadala, Woodside Energy, and QatarEnergy were not immediately available for comment, the report said. Despite these exits, the ministry remains optimistic about the potential of the concession areas. Both Shell and Chevron have applied for new concessions in the Mediterranean Sea, reaffirming their commitment to Egypt's oil and gas sector. Chevron has expressed interest in three other exploration blocks in Egypt, including two as an operator in the Mediterranean. Egypt's gas production was 4.6 billion cubic metres (bcm) in January 2024 but declined to 3.6bcm by January 2025, according to data from the Joint Organisations Data Initiative. Atef assured that Egypt would meet rising electricity demand this summer, with plans for three to four floating storage and regasification units to stabilise natural gas supply. He added that LNG shipments were secured, and an emergency plan was developed to tackle unexpected demand increases. Last summer, Egypt faced power shortages due to high cooling demand, leading to load-shedding and imports costing around $1.18bn. The Egyptian Natural Gas Holding Company (EGAS) intends to execute seven gas development initiatives and introduce 24 new wells into the production landscape in the fiscal year 2025/26. "Chevron and other oil firms exit Red Sea concessions, redirect efforts" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Zawya
18-04-2025
- Business
- Zawya
Chevron and other companies exit Egypt's Red Sea concessions, redirect resources
A number of multinational oil and gas companies including Chevron have exited their Red Sea oil and gas concession blocks after making no finds and have channelled their resources elsewhere in the country, the Egyptian petroleum ministry said. As part of its efforts to become an energy hub, Egypt awarded oil and gas exploration concessions in the Red Sea for the first time to Chevron, Shell and Abu Dhabi sovereign wealth fund Mubadala Investment Company in an international tender in 2019. "Companies have spent millions on their concessions within the agreed time frames," ministry spokesperson Moataz Atef told reporters on Thursday. He said: "One company spent $34 million on a contract that initially stipulated it will invest $10 million on exploration, but found no results," without naming said company. Chevron confirmed it has relinquished its operated 45% stake in Red Sea Block 1, located in the northern Red Sea. 'Chevron remains committed to working together with the government of Egypt and our partners to support the growth of Egypt's energy sector through our exploration programs in the Mediterranean,' spokesperson Sally Jones said in a statement on Friday. Chevron operates the block along with other shareholders including Australia's Woodside Energy. Shell operates Block 3 with others including Woodside Energy and QatarEnergy. Atef did not name the other companies that he said had relinquished their Red Sea blocks. Shell declined to comment. Mubadala, Woodside Energy and QatarEnergy were not immediately available for comment. The petroleum ministry spokesperson stressed his ministry still believed the concession areas could be fruitful. He said both Shell and Chevron had applied for new concessions in the Mediterranean Sea, reaffirming their commitment to Egypt's oil and gas sector, without giving further details. Chevron spokesperson Jones said it had interest in three other exploration blocks in Egypt, including two as an operator in the Mediterranean. In January 2024, Egypt's gas production was 4.6 billion cubic meters of gas. Despite pushing for further increases, production remained on a downward trend, recording 3.6 billion cubic meters in January 2025, data from the Joint Organisations Data Initiative show. Regarding energy supply, Atef sought to give assurances that Egypt would be able to meet rising electricity demand this summer. "By the summer, we will have three to four floating storage and regasification units to help stabilize the supply of natural gas," he said, adding that LNG shipments have been secured, while an emergency plan is in place to address any unexpected demand spikes. Last summer, Egypt faced power shortages exacerbated by high cooling demand. The country resorted to load-shedding and imports costing around $1.18 billion. (Reporting by Mohamed Ezz and Jaidaa Taha; Editing by Alison Williams)
Reuters
18-04-2025
- Business
- Reuters
Chevron and other companies exit Egypt's Red Sea concessions, redirect resources
CAIRO, April 18 (Reuters) - A number of multinational oil and gas companies including Chevron have exited their Red Sea oil and gas concession blocks after making no finds and have channelled their resources elsewhere in the country, the Egyptian petroleum ministry said. As part of its efforts to become an energy hub, Egypt awarded oil and gas exploration concessions in the Red Sea for the first time to Chevron, Shell and Abu Dhabi sovereign wealth fund Mubadala Investment Company in an international tender in 2019. "Companies have spent millions on their concessions within the agreed time frames," ministry spokesperson Moataz Atef told reporters on Thursday. He said: "One company spent $34 million on a contract that initially stipulated it will invest $10 million on exploration, but found no results," without naming said company. Chevron confirmed it has relinquished its operated 45% stake in Red Sea Block 1, located in the northern Red Sea. 'Chevron remains committed to working together with the government of Egypt and our partners to support the growth of Egypt's energy sector through our exploration programs in the Mediterranean,' spokesperson Sally Jones said in a statement on Friday. Chevron operates the block along with other shareholders including Australia's Woodside Energy. Shell operates Block 3 with others including Woodside Energy and QatarEnergy. Atef did not name the other companies that he said had relinquished their Red Sea blocks. Shell declined to comment. Mubadala, Woodside Energy and QatarEnergy were not immediately available for comment. The petroleum ministry spokesperson stressed his ministry still believed the concession areas could be fruitful. He said both Shell and Chevron had applied for new concessions in the Mediterranean Sea, reaffirming their commitment to Egypt's oil and gas sector, without giving further details. Chevron spokesperson Jones said it had interest in three other exploration blocks in Egypt, including two as an operator in the Mediterranean. In January 2024, Egypt's gas production was 4.6 billion cubic meters of gas. Despite pushing for further increases, production remained on a downward trend, recording 3.6 billion cubic meters in January 2025, data from the Joint Organisations Data Initiative show. Regarding energy supply, Atef sought to give assurances that Egypt would be able to meet rising electricity demand this summer. "By the summer, we will have three to four floating storage and regasification units to help stabilize the supply of natural gas," he said, adding that LNG shipments have been secured, while an emergency plan is in place to address any unexpected demand spikes. Last summer, Egypt faced power shortages exacerbated by high cooling demand. The country resorted to load-shedding and imports costing around $1.18 billion.
