The Eni group and the Chevron oil company have declared that they have made a new gas discovery in an Egyptian offshore field in the eastern Mediterranean.

The Nargis-1 well, off Egypt, was drilled in 309 meters of water by the drillship Stena Forth, encountering approximately 61 meters of gas-containing Miocene and Oligocene sandstones.

The discovery can be developed by exploiting the proximity to existing Eni infrastructures.

The Egyptian state-owned EGAS said the number of reserves in the well is under evaluation and will work with Chevron and its other partners to start production as soon as possible.

Norway expects oil production to increase by 6.9% this year, while gas volumes remain unchanged, near record levels.

Norway overtook Russia as the largest gas supplier last year, with Equinor (EQNR.OL) the top exporter, after Europe reduced its dependence on Russian gas supplies.

Production of crude oil and other petroleum liquids such as condensate is likely to increase, this will help ensure Norway can continue to be a reliable energy supplier to Europe.

Russia is willing to resume supplies through the Yamal-Europe pipeline and is holding negotiations for an increase in supplies through Turkey after the creation of a gas hub in Erdogan’s country.
Russia currently supplies gas through the TurkStream, which is currently operating at full capacity, while 42 million cubic meters of gas pass through the Ukrainian route daily.

Russia has agreed with Azerbaijan to increase gas supplies for domestic consumption and is in discussions to increase gas supplies to Kazakhstan and Uzbekistan.

They can also send their gas to the markets of Afghanistan and Pakistan, either using the infrastructure of Central Asia or with an exchange from the territory of Iran.

Thanks to the mild temperatures of this winter, less gas was consumed than in previous years, so much so that the Snam storage plant in Bordolano (province of Cremona, Italy) is still flat up to 82%, 16 points more than to 2022.

Although the cold peak is expected between the last days of January and the beginning of February, the quantity of gas preserved makes any situation of increased consumption calm even if the worst could not yet be over, in fact, during 2023, there will wait for gas supplies from Russia to Italy to touch zero, therefore it will be essential not to reset all reserves.

Eni has reached an agreement with Wison Heavy Industry for the construction and installation of a floating unit producing liquefied natural gas off the coast of Congo.

Eni is aiming to exploit its gas resources, in a context of progressive liberation of Italy from dependence on Russian gas. The company had already announced the discovery of a new gas reserve under the waters that bathe Cyprus.

The plant will go into operation in 2025 and is the second to be built. The previous one will come into operation in 2023.

The pipeline was shut down on December 7 after releasing 14,000 barrels of oil into rural Kansas, and the cause of the spill was never publicly stated.

TC Energy has restarted the Cushing section of the Keystone pipeline and all delivery points are now operational. However, the pipeline will operate with additional risk moderation measures, including reducing operating pressures, the company will operate at a 20% lower pressure along the segment that broke once it returned to service, until it receives further regulatory approval.

Eni and Snam have announced that the conditions of suspension provided for in the purchase and sale contract relating to the acquisition of 49.9% of a newly formed company of the Eni group by Snam have been fulfilled.

The operation re-enters in the strategy of Eni in order to accelerate the increase in the relative fields to the energetic transition and concurs to Snam to position itself on a strategic route for the security of supplyings of natural gas in Italy and concurs to value the competences by Eni and Snam on a fundamental route for the security of natural gas supplies in Italy.

The two companies are proceeding to the perfection of the operation that is attended to in the first half of January 2023.

In the last year the Italian dependence on Russian gas has been greatly reduced to 60% less import but, in the first weeks of December, Italy has resumed importing gas from Russia.
Although the current volumes are not comparable to the import levels of previous years, also thanks to alternative supplies and a substantial reduction in consumption, at the main point of entry of gas in Italy, in Tarvisio, there was a significant increase in gas from Russia compared to October and November.

The Argentinian power company, YPF, has received permission to resume the search for gas and oil in the Argentine sea, provided this does not happen at a distance of less than 50 km from the sector called “blue hole” (place where, at some specific times of the year, whales are reproduced). The oil company will therefore be able to continue its activity of exploration in the Argentine Sea.

Qatar, already a major exporter of liquefied natural gas to Asian countries, aims to become one of the biggest European exporters.
After the multi-annual agreements signed with China and Germany, Qatar is becoming an indispensable energy supplier with vast reserves, which means that it will be able to sell natural gas longer and more profitably.
In addition to managing its large national oil field, Qatar Energy is expanding worldwide with investments in Brazil, Suriname, Angola, South Africa and is collaborating in the construction of a liquefied natural gas export terminal in Louisiana that will come into operation in 2024; with Exxon, it is also producing gas in a field off the Egyptian coast.