IO Monthly Update - September-October 2017
Industry Updates
  • Energean doubles estimates for "Karish" and "Tanin" gas reserves
According to publications by Energean Oil & Gas on November 2nd, 2017, independent assessments by the Netherland, Sewell & Associates Inc. (NSAI) engineering firm, estimates that Karish and Tanin reservoirs contain a potential of 136 billion cubic meters (BCM) of natural gas - double the initial estimates.The assessments carried out by NSAI on June 30th, 2017 indicated 67 BCM in the new natural gas fields and the potential for 69 BCM more. The NSAI report also indicated oil reserves of 33 million barrels and the potential for 71 million barrels more.
  • Energean signs agreements to supply natural gas from "Karish" and "Tanin"
According to Energean Oil & Gas on October 31st, 2017, the Greek company has signed agreements to supply natural gas from the Karish and Tanin offshore fields to Edeltech Group subsidiaries Ramat Negev Energy and Ashdod Energy. Under the agreements, the companies will buy 2.65 BCM of gas for at least 14 years. This follows the Company's announcement from October 30th, 2017, according to which the private power producer Dorad will also purchase gas from Karish and Tanin reservoirs. The deal covers the supply of 6 BCM over 14 years for an average price of $4 per million British thermal unit.
Regional Events
  • Total-ENI-Novatek consortium bids for Lebanon offshore blocks
According to Reuters on October 13th, 2017, the only bidder in Lebanon’s first tender for five offshore energy blocks was a consortium made up of France’s Total, Italy’s ENI and Russia’s Novatek, The consortium submitted two bids for block 4 and block 9. The country relaunched the licensing round for five offshore blocks (1, 4, 8, 9 and 10) in January after a three-year delay due to political problems. Lebanon extended the bid deadline in September because companies wanted more time and to see a long-awaited petroleum tax law which was then passed.
  • Total and Edison sign lease for oil and gas exploration off Greece
According to Reuters on October 31st, 2017, a consortium led by France’s Total moved a step closer to exploring for oil and gas off Greece after signing a lease with the government for a block in the Ionian Sea. Greece awarded the contract to the Total consortium, which also includes Greece’s biggest oil refiner Hellenic Petroleum and Italy’s Edison, in October 2016. Total will operate the block with a 50 percent stake, while Edison and Hellenic Petroleum will each hold 25 percent. The agreement must be ratified by Greece’s parliament before exploration work can begin.

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