Noble mulls helping build Cyprus-Egypt pipeline - report

Leviathan gas field Photo: Noble Energy

Senior Noble Energy executives have met with Egypt’s Petroleum Minister Tarek Al-Mulla to discuss investments, "Egypt Independent" reports.

US energy exploration company Noble Energy Inc. (NYSE: NBL) is mulling taking part in building a pipeline to transport gas from Cyprus to Egypt, the "Egypt Independent" website reports. Noble Energy is developing Israel's Leviathan gas field and the nearby Cypriot Aphrodite gas field and also operates Israel's Tamar gas field.

"Egypt Independent" reports that Noble Vice President Brian Essner, and Senior Vice President of the Eastern Mediterranean area Keith Elliott met with Egypt’s Petroleum Minister Tarek Al-Mulla last Friday.

Essner said that the company is following Egypt’s reforms in the energy sector, which have led to a number of important discoveries in the Mediterranean Sea. He emphasized that Noble Energy is interested in investing in the Egyptian energy sector, either in bids announced by the ministry or by teaming with companies already operating in the areas of research and exploration.

Tarek Al-Mulla spoke to the noble Energy executives about the investment opportunities in energy offered by Egypt including the new bids that will soon be announced, especially after the achievements in gas production in both the Mediterranean and the Nile Delta. The Minister also presented Egypt’s plans to become a regional center for the trading of oil and natural gas products.

Meanwhile, Israel has failed to find concrete exports markets for Noble Energy's Israeli natural gas assets. A memorandum of understanding was signed last week by Israel, Cyprus, Greece and Italy to explore laying an underwater pipeline between Israel and Italy, which in the best case scenario would not operate until 2025.

It was also reported that Egypt and Cyprus planned building an underwater gas pipeline, which potentially could link up between Cyprus's Aphrodite field and Israel's Leviathan. Problem is that Israeli-Egyptian relations are strained regarding energy cooperation due to arbitration proceedings in which Israel Electric Corporation (IEC) (TASE: ELEC.B22) is demanding $2 billion compensation for the halting of natural gas supplies to Israel by Egypt in 2011.

Published by Globes [online], Israel business news - www.globes-online.com - on December 13, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

Leviathan gas field Photo: Noble Energy
Leviathan gas field Photo: Noble Energy
Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018