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Tuesday, 15 November 2022

Energean sees case for more EastMed gas investment

London headquartered exploration and production outfit Energean is banging the drum for more EastMed gas investment: The start of drilling at Israel’s Karish gas field following an agreement over disputed maritime territory between Israel and Lebanon should pave the way for more exploration in the Eastern Mediterranean, Energean CEO Mathios Rigas told the Financial Times. The region could be a “stable supplier” of gas to the EU, Rigas said. “I think there is a lot more gas to be found.”

From Energean’s mouth to God’s ears: Egypt has long been pushing for more cooperation and exploration on EastMed gas, as we look to position ourselves as a regional energy leader and the best replacement for lost Russian flows to Europe. Egypt, Israel and the EU signed a gas export agreement in June that will see Europe import Israeli natural gas via Egypt’s LNG facilities — and odds are good that flows from Karish will eventually make their way here for either domestic use or liquefaction and export.

Speaking of gas: TotalEnergies will begin drilling at the Mediterranean North Marina concession area it holds with Shell and other firms early next year, CEO Patrick Pouyanné told Oil Minister Tarek El Molla, the Oil Ministry said in a statement on Saturday.

Other things we’re keeping an eye on this morning:

  • Russian state nuclear company Rosatom is reportedly set to finish manufacturing the turbines for the first reactor of the Dabaa nuclear plant in December, and will test them in early 2023. (Al Mal)
  • Delemar Aluminum launched trial operations at three new factories worth over EGP 800 mn in total in the Sixth of October City industrial zone — one for glass, one for aluminum, and one for paint. (Company statement, pdf)
  • Global packaging solutions giant Tetra Pak plans to invest EUR 2.5 mn in a joint venture with Egyptian paper board manufacturer Uniboard to recycle used drinks cartons. (Zawya)
  • Real estate developer Mountain View formed a joint venture with Saudi Arabia’s Omar Kassem Alesayi Group, focused on construction and real estate development in the KSA. (Al Mal)

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