Latest news with #gasfield
Al Arabiya
4 days ago
- Business
- Al Arabiya
Israel's Leviathan signs $35 billion natural gas supply deal with Egypt
Israel's Leviathan natural gas field has signed a deal worth up to $35 billion to supply gas to Egypt, the largest export deal in Israel's history, NewMed, one of the partners in the field, said on Thursday. Leviathan, off Israel's Mediterranean coast with reserves of some 600 billion cubic meters, will sell about 130 bcm of gas to Egypt through 2040 or until all of the contract quantities are fulfilled. The Leviathan reservoir began supplying Egypt shortly after production began in 2020. It signed an initial deal in 2019 for 60 bcm, which is expected to be fully supplied by the early 2030s. Leviathan has already supplied 23.5 bcm of gas to Egypt since 2020, NewMed said.
Yahoo
31-07-2025
- Business
- Yahoo
Energean and INA announce FID for Irena gas field in Croatia
UK-based Energean, in partnership with INA – INDUSTRIJA NAFTE, has announced the final investment decision (FID) to develop the Irena gas field offshore Croatia. The Irena field is part of the Izabela concession, operated by Edina, a joint venture (JV) equally owned by Energean and INA, a Croatian oil and gas company. Its development plan includes a single platform tied-back to existing infrastructure at the Izabela field. Energean holds a 70% working interest in the concession, which is located in shallow waters at a depth of approximately 45m. The field's P50 reserves are estimated at around 30.5 billion cubic feet gross, equivalent to 5.4 million barrels of oil equivalent. Energean Croatia country manager Francesco Federici said: 'We are thrilled to move forward with the development of the Irena gas field. This FID underscores Energean's commitment to advancing natural resource development in Croatia and the wider Adriatic region. 'This is a strategic investment, and we extend our gratitude to our partner, INA, for their fruitful collaboration over the years and look forward to continued success together.' INA operating director of exploration and production Josip Bubnić added: 'The decision to invest in the development of the Irena gas field is another important step in advancing our strategy of strengthening domestic oil and gas production and ensuring Croatia's long-term energy security. 'We are investing with a clear vision – to enhance energy supply security and maintain our leadership position in the region.' The total estimated capital expenditure for the Irena project stands at €71m ($81.2m), with Energean's share amounting to €50m (£43.23m), reflecting its 70% working interest. Energean's net entitlement gas will be sold under its long-term gas sales agreement with INA. The Irena gas field is expected to commence production in the first half of 2027, with peak production forecast at between eight and ten million standard cubic feet per day gross, equivalent to 1,400–1,700 barrels of oil equivalent per day. "Energean and INA announce FID for Irena gas field in Croatia " 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
Forbes
27-06-2025
- Business
- Forbes
Tycoon Hilmi Panigoro-Backed Medco Energi To Buy Repsol's Indonesian Gas Field Stake For $425 Million
The exhibit by Medco Energi International Tbk at the Indonesia Petroleum Association (IPA) ... More Convention in Tanggerang, Banten, Indonesia, on Tuesday, July 25, 2023. Photographer: Dimas Ardian/Bloomberg Medco Energi Internasional—backed by tycoon Hilmi Panigoro and his family—has agreed to buy Spanish energy giant Repsol's 24% stake in the Corridor Block for $425 million, giving it a controlling interest in Indonesia's third-largest gas field. Once the transaction is completed in the third quarter of this year, Medco's stake in the Corridor Block will increase to 70%, while Indonesian state-run Pertamina Hulu Energi Corridor will hold the rest, the Jakarta-listed company said in a statement on Thursday. "This acquisition supports our strategy of owning and developing high-quality, cash-generative assets and reaffirms our commitment to national development where natural gas is a vital bridge to a lower-carbon future,' Hilmi Panigoro, president director of Medco Energi said in the statement. Located in South Sumatra, the Corridor Block—comprising seven gas fields and an oil field—produced 58,000 barrels of oil equivalent per day last year. It has long-term contracts with customers in Indonesia and Singapore. Medco Energi has been scaling up its oil and gas assets. Last year, it produced over 124,000 barrels of oil equivalent per day, according to its latest annual report. With a net worth of $3.25 billion, Panigoro and his family are among the wealthiest in Indonesia. Medco Energi, which was founded in 1980 by his late brother Arifin, teamed up with billionaire Agoes Projosasmito in 2016 to buy Amman Mineral for $2.6 billion. The mining firm went public in 2023, raising $710 million from its IPO.
The National
25-06-2025
- Business
- The National
Israel's Leviathan gasfield to resume production after shutdown during Iran conflict
Israel's NewMed Energy said the Leviathan gasfield that supplies Egypt and Jordan will resume operations on Wednesday after being shut down for nearly two weeks during the war with Iran. Two of Israel's three gasfields – Leviathan and Karish – have been shut since June 13, when the country began attacking Iran. Israeli officials said this was a precautionary measure taken in anticipation of an Iranian retaliation. Gas supplies to Egypt and Jordan were halted to prioritise domestic consumption. US President Donald Trump announced a ceasefire between Israel and Iran from Tuesday that appeared to be holding. Israel's Energy Ministry said that after a security assessment, the larger Leviathan field and smaller Karish would reopen. This would lead to the resumption of gas exports, a rise in state tax revenue and greater flexibility in managing the electricity and industrial sectors. Leviathan produces 12 billion cubic metres of gas per year for sale to Israel, Egypt and Jordan. Israeli gas accounts for about 15-20 per cent of Egypt's consumption, data from the Joint Organisations Data Initiative shows. To counter the unexpected drop in supplies, Egypt arranged to use three floating regasification units, two in the Red Sea and one in the Mediterranean, sources told The National last week. These receive shipments of liquefied natural gas, regasify it and then pump it through the national power grid. The Egyptian government also forced fertiliser factories to halt production nationwide because of the large amounts of natural gas they use. Israel resumed lower-volume gas supplies to Egypt on Thursday last week, the sources said. But the supplies halted again on Sunday.
LBCI
14-06-2025
- Politics
- LBCI
Fars News Agency: Israel targets south Pars gas field facilities in Iran's Bushehr Province
Israel has launched an attack on facilities at the South Pars gas field in the port city of Kangan, located in Iran's Bushehr Province, according to Iran's Fars News Agency. The report did not provide details on the extent of the damage or possible casualties.
