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Cyprus Sees Gas Deal with Egypt as Cairo Weighs Israeli Supply

Source: Bloomberg 2/20/2018, Location: Egypt

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Cyprus is nearing an agreement to sell natural gas to Egypt, marking the second potential supply deal in as many days with the North African country vying to position itself as a regional energy hub after the startup of the giant offshore Zohr field.

Cyprus would supply Egypt from the Aphrodite field, which was discovered by Noble Energy Inc. and contains an estimated 4.5 trillion cubic feet of gas. Noble Energy, with Delek Drilling-LP, said it plans to sell gas to Egypt’s Dolphinus Holdings Ltd. from Israel’s Tamar and Leviathan deposits. Egypt’s government still must approve the proposed 10-year deal for shipments from Israel, the Egyptian oil ministry said Tuesday in an emailed statement.

“Cyprus is close to selling natural gas to Egypt’s liquefied natural gas plants, and we could reach an agreement in the coming weeks,” Energy Minister Georgios Lakkotrypis said in a telephone interview from Nicosia. The Egyptian LNG plants of Idku and Damietta lie some 400 miles (645 kilometers) south of Cyprus.



Egypt >>  5/14/2018 - Last week, the Minister of Energy of Cyprus, Mr. George Lakkotrypis, and the Minister of Petroleum and Mineral Resources of Egypt, Eng. Tarek El Molla...
Egypt >>  5/14/2018 - Governor of Egypt's Central Bank Tarek Amer said that the country is expected to make an $850 million payment on its debts to foreign oil companies. ...

Egypt >>  5/10/2018 - Eni announces the start-up of the third production unit (T-2) of the Zohr project, increasing the installed capacity to 1.2 bcfd. Zohr is now producin...
Egypt >>  5/10/2018 - China’s GCL Group has signed a memorandum of understanding (MOU) with Egypt’s ministry of military production to build a solar panel facility at a cos...

Egypt >>  5/9/2018 - Egypt has approved an exploration agreement with Italy’s Eni and the Egyptian Tharwa company to search for oil and gas in the Mediterranean off the co...
Egypt >>  5/9/2018 - Egypt and Uganda signed a number of cooperation agreements on Tuesday in a ceremony in Cairo attended by ministers of both countries and presided over...

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