Mediterranean's Levant Basin to be explored by Total, Eni, Exxon Mobil and Qatar Petroleum

20/03/2017 11:32 Natural Gas



France's Total, Italy's Eni, Exxon Mobil and Qatar Petroleum received the green light from Cyprus's lawmakers to explore for oil and gas the offshore areas south of the island.



The exploration of the Mediterranean's Levant Basin became interesting since the 2015 when Eni discovered the biggest gas field in the Mediterranean, estimated to hold 850 billion cubic meters of gas.


The Cypriot concessions cover exploration rights for three offshore blocks off the south and southwestern coast and contracts would be inked on April 5 and 6 this year.


Eni and Total have joined forces for one of the blocks and ExxonMobil and Qatar have teamed up for another. Eni will be on its own in a third block.


Total, which was awarded another block in a previous licensing round, planned to conduct drilling this year in Block 11, which borders the Zohr discovery.


The Italian Eni projected to drill twice during this year, but concrete details would be released after a seismic analysis, according to Cypriot Energy Minister Georgios Lakkotrypis.




Overhead powerlines to be implemented into the Autobahn for freight cars

15/08/2017 09:00:00

A new powerless project for freight cars is being developed by Siemens for the German Autobahn. The eHighway project aims to boost the viability of freight cars in a real-world environment.


Ireland: ESB will launch UK energy supplier this year

14/08/2017 15:09:00

Irish utility ESB is getting ready to launch an energy supplier in Britain later this year, accessing a highly competitive market that is also under inspection from government after the competition regulator found consumers were overcharged billions of pounds.


Daily (14.08.2017): British wholesale gas prices rose on Friday due to an unplanned outage

14/08/2017 10:52:00

Oil prices increased on Friday, following the IEA’s report which stated that crude oil stockpiles were now below 2016 levels. The agency also raised its 2017 demand growth forecast in its previous monthly report and declared it expected demand to be further expanded next year. Despite the strong demand, markets remain well-supplied thanks to strong output. Brent rose by almost 0.4% to close at $52.10 a barrel, while WTI price rose by around 0.5% to end at $48.82 a barrel.