IO Monthly Update - March 2018
Regional Events
  • Cypriot Energy Minister Lakkotrypis Confirms Shell's Interest in a $25 Billion 10 Year Gas Supply Agreement

Cyprus Business Mail reported on March 13th 2018 that Minister Lakkotrypis said Cyprus was “close to a deal,” relating to talks to sell gas to one of the two liquefaction plants on Egypt’s Mediterranean coast via pipeline, without revealing additional details. The Marker added on March 13, that Israeli Energy Minister Yuval Steinitz has mentioned in this regard, that for any deal to be executed, an agreement should be signed between Cyprus and Israel, in order to secure both countries' rights in the field. Such agreement, according to an estimation by sources in the energy sector in Israel, is not expected to be delayed on political grounds, in light of the close relations between the two energy ministers.
Industry Updates
  • Video Interview with Eyal Shuker, CEO of Israeli Opportunity. Bizportal (Hebrew)
Eyal Shuker, CEO of Israel Opportunity – Oil and Gas Exploration Ltd., was interviewed March 26th 2018 for a special Bizportal video article, and asked about North Dakota work plan, projects in Israel, and overall activity and prospects. For the full video click here.
  • Following London IPO, Energean Formally Announces $1.6 Billion for Karish & Tanin Development Plan
On March 22nd 2018, one week after completing raising $460 in London Stock Exchange, the Greek company announced the approval of Final Investment Decision for the development of the Karish & Tanin gas fields offshore Israel, Globes reported. According to the plan, the supply of gas from the offshore Israeli fields is scheduled to begin in early 2021. To complete the funding for the development plan, Energean previously signed a $1.275 billion financing deal with a consortium of four Israeli and international banks.
  • Israeli Partnership Navitas Petroleum Wins Bid for Gulf of Mexico Drilling Rights
According to Calcalist report of March 9th 2018, Navitas Petroleum won a bid to acquire the drilling rights, as part of a bankruptcy court proceedings, with an offer of $1.8 million. According to the report, Navitas will join with two other partners to purchase the petroleum assets, representing 55% of the Shenandoah discovery in the Gulf of Mexico, which contains an estimated 100 to 150 million barrels of oil.

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