IO Monthly Update - January 2018
Regional Events
  • Significant Gas Field Discovered Offshore Cyprus
According to Globes (February 4, 2018), Cypriot sources reported a discovery of a gas field containing an estimated 170-230 BCM. The new reservoir, named "Calypso," is located in Block 6 south of the island, and will be developed by a European consortium composed of Italian company ENI and French company Total SA. Final results of the drilling are expected to be published in the next few days.
  • European Union to Allocate €34.5 Million for Leviathan-Europe Pipeline Planning
Globes reports that the EU announced on January 25, 2018 that it would fund for the "EastMed" project, which seeks a detailed planning of a Leviathan-Europe subsea pipeline, ahead of a decision on whether to invest in the project, designated in 2019. The underwater route will pass through Cypriot waters to Crete and end in Italy. The EU regards it as a "strategic project," despite its technical and economic challenges.
Industry Updates
  • Tamar Petroleum Purchases Additional 7.5% of Tamar Field Working Interest from Noble Energy
On January 30, 2018 Tamar Petroleum announced reaching an agreement to purchase 7.5% working interest in Tamar field from Noble Energy, in return for cash and shares, in compliance with governmental anti-monopoly decision. According to Business Insider, the total consideration of the transaction is approximately $800 million. The company intends to utilize the cash proceeds from the transaction in support of capital investment in its Leviathan development.
  • Israel Electric Corporation ("IEC") to Hold Discussion with Tamar Partners on Prices Cut
According to Bizportal report of January 30 2018, IEC attempts to reopen its gas supply agreement with Tamar partners, in order to lower supply prices that currently stand on close to $6 per BTU, and are expected to rise. IEC claims that meetings with the partners were scheduled for the following week, while Tamar partners rejects the notion that the agreement is up for negotiation.

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