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The Oil Markets Are At A Confusing Crossroads

The Oil Markets Are At A Confusing Crossroads

The latest IEA report suggests…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

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Noble Energy Announces New Deal To Supply Egypt With Israeli Gas

Israeli rig

Texas-based Noble Energy announced a new deal that will supply Egypt with natural gas from pumped from fields in Israel, according to a report by The Dallas Morning News.

Noble Energy and its partner, Delek Drilling-LP, said Egypt would receive 2.3 trillion cubic feet of natural gas over the course of a decade in exchange for $15 billion.

"I welcome the historic agreement that was announced on the export of Israeli gas to Egypt," Israeli Prime Minister Benjamin Netanyahu said in a written statement. "This will put billions into the state treasury to benefit the education, health and social welfare of Israel's citizens."

Dallas-based Zion Oil & Gas is also involved in Israel’s quest for fossil fuel wealth. This month, the company said it found “free-flowing” carbon from its drilling mud. However, Zion CEO Victor Carrillo warned in a written statement that "we cannot comment on the commerciality or ability to successfully produce the well."

But Egypt’s gas sector has a lot going for it as well. Discovered by Italian energy company Eni in 2015, the Zohr field, for example, has 30 trillion cubic feet of estimated reserves, making it one of the largest finds to be developed in recent years.

Related: The World’s Most Gridlocked Cities

The project has generated significant investment interest, with Russian energy giant Rosneft buying a $1.1bn stake in the field from Eni in October. The Italian firm will hold 60 percent of the development, with Rosneft taking 30 percent and BP 10 percent.

ExxonMobil has also been exploring opportunities to enter Egypt’s upstream oil and gas sector, industry sources and Egyptian officials told Reuters at the end of last year. Currently, Exxon only operates in Egypt’s downstream, with more than 350 service stations, over 20 Mobil 1 Centers, and exports of lubricants and products to more than 25 countries in Africa, the Middle East, Europe, and the Far East.

By Zainab Calcuttawala for Oilprice.com

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