Author Archives: admin.01

ENI’S PRODUCTION REACHES 65,000 BOED WITH NOOROS FIELD

Eni, following the start of production of the Nidoco North 1X exploration well and the Nidoco North West 4 development well, brought the production of Nooros field, located in Abu Madi West concession, to around 65,000 barrels of oil equivalent per day (around 33,000 net to Eni). This new milestone, achieved in just 10 months after discovery took place in July 2015, further confirms Eni’s near field exploration strategy oriented on high-value activities, which, thanks to the existing infrastructures, allows the fast development of the findings.

Nooros’ daily production, consisting in approximately 10 million cubic meters of gas and 5,000 barrels of condensates, will provide an important contribution to reduce Egypt gas imports as well as for supplying low cost energy for the country’s development.

The next target for Eni is to increase production up to 140,000 boe per day by the end of 2016, through the drilling of additional wells and facility optimization. In addition, Eni will continue its exploration activities within the license area, where more potential was identified.

Eni, through its subsidiary IEOC, holds a 75% stake in the concession of Abu Madi West, located in the Nile Delta, while BP holds a 25% stake. In the license, operations are being conducted by Petrobel, which is a joint venture between IEOC and the State partner Egyptian General Petroleum Corporation (EGPC).

Eni has been present in Egypt since 1954 where it operates through IEOC. The equity production in the country was in 2015 about 200 thousand barrels of oil equivalent per day.

(ITALPRESS/MNA).


Source: medNews

TURKEY, THE WORLD BANK AND THE BEI INVEST IN PROJECT TANAP

According to sources close to the matter, the World Bank and the European Investment Bank are ready to invest, respectively, 1 billion dollars and 1 billion euro in the project of the Trans-Anatolian gas pipeline (TANAP). The TANAP project envisages transporting gas from the Shah Deniz II field in Arzebaijan to the border with Europe, via Turkey, SOCAR, State Oil Company of dell’Arzebaijan, holds 58% of the shares of TANAP, the Botas, the Turkish gas distribution company, holds 30% and British Petroleum 12%. While the estimated cost at first was around 11.7 billion dollars, this projection is gradually dropped to 9.2 following a revision. The vice president of the European Investment Bank, Pim Van Ballekom said that the bank has planned to allocate 1 billion euro for the project. It is expected that the initial capacity of TANAP will be around 16 billion cubic meters per year, which gradually will reach 31 billion cubic meters. Turkey will receive six billion cubic meters, while the remaining volume will be shipped to Europe. The gas will reach Turkey in 2018 and, after the construction of the Trans Adriatic Pipeline (TAP), will arrive in Europe in 2020. SaltukDüzyol, General Manager of TANAP, on the occasion of a meeting held on April 20, said: “The consortium of TANAP project has already scheduled a joint venture to build the section of 459 km, from the province of Eski?ehir on the border with Greece. Are all contracts, except for the submarine segment already been signed. Our goal is to complete the project by June 2018, but we will work hard to complete it in advance”.

(ITALPRESS/MNA).


Source: medNews

EU LOOKS TO EASTERN MEDITERRANEAN FOR NATURAL GAS

The European Union is interested in the exploitation of natural gas on fields located in the eastern region of the Mediterranean Sea. And for this purpose which has granted 2 million Euros to Cyprus for a feasibility plan for the construction of a pipeline from Cyprus to continental Europe. This was reported by the business newspaper Globes according to the Cypriot media reports.

According to a spokesman for the European Union, the natural gas fields in the eastern Mediterranean are a contribution to the Europe, established in the region and energy security of the countries in addition to the opportunity, to diversify its providers gas.

Israel and Cyprus, the countries in whose economic zones are important natural gas fields, are particularly interested in this project, which should fall under the category of PCI – Projects of Common Interest.

The European contribution will serve to finance the necessary preliminary feasibility test technique in addition to calculating the cost-effectiveness of the project in general. Only after this test, the European The Union will decide whether to contribute to the financing of the construction of the pipeline.

(ITALPRESS/MNA).


Source: medNews

BEGINNING OF ECONOMIC COOPERATION BETWEEN SLOVENIA AND QATAR

The Slovenian Minister of Economic Development, Zdravko Pocivalšek, received on  Tuesday the Minister of Economy and Tourism of Qatar, Ahmed Bin Jassim Al Thani, on a visit along with a business delegation. Particular attention was dedicated to investment, especially in tourism, health care and education. Guest attended later the first session of the joint commission for economic and technical cooperation between Slovenia and Qatar which presided together with the Slovenian Foreign Minister, Karl Erjavec. Al Thani was also received separately by the Slovenian President Borut Pahor.

(ITALPRESS/MNA).


Source: medNews

CYPRUS. EU, GROWTH 1.7% OF ECONOMY

According to the European Commission, the Cypriot economy will grow again this year, by 1.7%, confirming the positive trend of 2015, which saw 1,6% growth. For 2017 forecasts of growth are 2%.

The acceleration of growth should have a positive impact on the labor market, where the unemployment rate is expected to fall, from 13.4% in 2016 to 12.4% in 2017.

Consumer prices have continued to decline, by 0.7% this year, as it still marks an improvement compared to minus 1.5% in 2015. Public debt is expected to stabilize this year at the same level as last year, around 109%, and then begin to fall in 2017.

Also according to the European Commission, the deficit will increase next years, to 4.2% in 2016 and 4.6% in 2017. Last year, the deficit had fallen to 3.5%.

(ITALPRESS/MNA).


Source: medNews

LEBANESE COMPANIES ASK CAP FOR FOREIGN STAFF EMPLOYED

The President of the Chamber of Commerce Industry and Agriculture of Beirut urged the approval of a new law that limits to 10% foreign staff employed in Lebanese society, to protect the local workforce.

Lebanon does not have a law in this regard, but only the provisions relating to the use of foreign personnel.

These limitations are required in response to the continuous increase in the unemployment rate among young Lebanese, with over 30,000 graduates entering the labor market every year, while the national economy provides only 4,000 or less job opportunities and to a deterioration in economic conditions.

(ITALPRESS/MNA).


Source: medNews

ALGERIA, NEW FISHING ZONE WILL BE CREATED

The Wilaya (Province) of Boumerdès (North-East of Algiers) has great fish resources waiting for a program of improvement. The annual production of fish varies between 6000 and 8000 tonnes. Boumerdès also has three fishing ports located in the areas Zemmouri, Cap Djinet and Dellys. According to the local Department of Fisheries and Fish Resources (DPRH), the local fishing fleet includes 493 units of different types for 4436 registered fishermen. However, the seamen are having problems due to the saturation of the ports. In addition to numerous extension projects that are under construction, it is expected to create a zone of activity in Zemmouri (is approximately 50 Km to North-East of Algiers) that will be dedicated to the fishing and water-culture.

(ITALPRESS/MNA).


Source: medNews

ALITALIA, DUE DILIGENCE POSSIBLE INTENTION SHAREHOLDER AIR MALTA

Alitalia has signed a Memorandum of Understanding with the board of directors of Air Malta and the Government of Malta to complete a comprehensive due diligence with the possible intention of becoming a 49% shareholder in the Maltese airline. Once the due diligence is complete, the Boards of Alitalia and Air Malta will make a decision on whether to proceed with an undertaking.

“There are strong cultural and commercial bonds between Italy and Malta, and this MOU is a first and important step, but we will only make a decision once we have completed an exhaustive examination of a possible deal – Alitalia’s CEO Cramer Ball said -. We will need to establish unequivocally that a deal with Air Malta will not undermine the progress of our three year turnaround programme, or prejudice our financial position. Until then, it’s business as usual. We are on track to become a profitable entity by 2017 and we need to look and plan for the future, which is why we have decided to look closely to see whether Air Malta can fit into our strategic growth, particularly how our networks can complement each other in areas such as southern Italy. The future of the commercial aviation industry has to be one of consolidation, and for us to prosper we must examine opportunities where we believe we can offer a wider reach for our customers”.

Zammit Lewis, Malta Minister of Tourism said: “This is one step of the process and there is still a long way to go. We have now signed an MOU with Alitalia which means we will cease talks with other airlines and start detailed discussions”.

(ITALPRESS/MNA).


Source: medNews

JORDAN, TWO SOLAR ENERGY PROJECTS COMPLETED

The society Desert Technologies, Saudi partners of Enerray, subsidiary of Seci Energia (Maccaferri Industrial Group), has completed the construction and operation of two power plants with renewable sources.

The plants, built in the city of Aqaba, with 40,320 solar panels that can generate 250 watts of energy each with an annual production of 20 million kw annually, have a capacity of 10 MW.

The project is part of the 12 projects managed by the Jordanian Ministry of Energy and Mineral Resources (MEMR) and supported by a twenty-year agreement for the purchase of electricity, with the National Electrical Power Company (NEPCO), which will ensure the purchase of electricity at a preferential rate of 12 Fils per Kwh, equivalent to 0.17 dollar per kWh.

In addition, the society Desert Technologies is building another photovoltaic system in the Jordanian city Ma’an located 200 km from the capital, the new photovoltaic system will have a capacity of 23 MW, with a total estimated investment of 50 million dollars, will provide clean electricity to 30,000 homes and will provide an important stimulus to the local economy of southern Jordan.

It will include the completion of the construction work at the end of April 2016.

(ITALPRESS).


Source: medNews

GALLETTI "AIMING TO ENVIRONMENTAL PROTECTION MEDITERRANEAN"

“The RAMOGE Agreement is an example of the now historic environmental cooperation between states. It is a reference and starting point: we must have the strength and political capacity to extend it to all the countries of the Mediterranean. Because the defense of the our sea, a fragile sea and extraordinary for biodiversity, must see us all united.” So Environment Minister Gian Luca Galletti, in Monte Carlo for the fortieth anniversary of the signing RAMOGE, which provides for cooperation and synergy between Italy, France and the Principality of Monaco for the prevention and the fight marine pollution and the protection of ecosystems in areas between Provence, Alpes, Côte d’Azur, Principality of Monaco and Liguria. Prince Albert of Monaco attended the ceremony.

“We have to look at RAMOGE – Galletti added – for what it represents and how it opens for the future. What happened with the oil spill in Genoa – the minister said – it was another example of the risk which our undergo coasts and our sea; another example of the importance of a control system and intervention able to act with the highest rapid adoption of the best and most up to date technologies, with a fast and effective coordination between units of different countries. And, in this regard, we thank France for having arranged means ready which fortunately are not served”.

The minister also recalled “the great work of the Coast Guard, as a direct expression of the functional and operational Ministry Environment on the marine ecosystem, which participates exercise RAMOGE with vessels and aircraft”. Together the Coast Guard, which is responsible exclusively in the field National coordination and technical management of interventions to the fight against pollution, will participate tomorrow in the annual antipollution international exercise French media and Monaco, for a test of the degree of readiness bench in the event of emergency.

(ITALPRESS/MNA).


Source: medNews

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