Gas NEWS

Cyprus struck a gas production deal worth $9 billion after Nicosia renegotiated a contract with Noble, US based Shell, and Israel’s Delek for exploiting its Aphrodite gas field. The agreement also involves the transfer of natural gas by underwater pipeline to the Idku LNG terminal in Egypt. According to the Energy Minister Giorgos Lakkotropis, this deal is expected to bring in approximately $9.4 billion for the agreed 18-year contract.

Oil Minister of Iran has informed that CNPC of China has officially replaced energy giant Total in the multibillion-dollar South Pars gas project of Iran. In August, when Total did not receive a waiver from US sanctions against Iran, the company informed the Iranian authorities about its plan to withdraw from the project. Total had 50.1% stakes in the project and now CNPC already holds 30% stakes in the field.

Wood has informed about the multi-million dollar contract award with Evolution Midstream. This contract is for the new gas plant at Wyoming where Wood will have civil and mechanical construction services to provide. The CEO of Wood has informed that the company is mainly excited about the jobs that will be created through this work and is expected to have at least 150 construction roles.

ANOH gas project will go through a speedy development after the NNPC signs an agreement of five years with Seplat Petroleum Development Company for the same. This gas development scheme is said to improve and enhance the gas production and infrastructure of the country. By 2020, ANOH will produce approximately 3.4 billion standard cubic feet of gas per day. It is one of the 7 CGDPs in Nigeria.

As Chancellor Merkel meets President Vladimir Putin in Russia, Germany has decided to defend the planned Nord Stream 2 pipeline amidst warnings from the US to impose sanctions to prevent Russia’s gas export. Germany repeatedly specified that it has no intention to go against Nord Stream 2 provided Ukraine isn’t deprived of a role of a major gas transit country. With that being said, Germany has totally brushed aside U.S. concerns.

To become a leading downstream player across the globe, the UAE oil major ADNOC has disclosed its plans of capitalizing $45 billion over the next five years together with partners. This is in line with the company’s 2030 strategy of a more profitable upstream, more valuable downstream, sustainable and economic gas supply, underpinned by more proactive and adaptive marketing and trading.