Energean, an oil and gas company with operations in the Mediterranean, is looking to expand its production by developing more gas prospects in the region, despite the uncertainty caused by the Israel-Gaza war, its chief executive has said.
The London-listed company provides 60 per cent of Israel’s domestic natural gas demand from the Karish offshore gasfield, located in the Israeli segment of the Mediterranean Sea.
Reliance on Energean’s gas output increased after Tel Aviv ordered a temporary shutdown of the Chevron-operated Tamar gasfield in the aftermath of the October 7 attack. Production was restarted a month later.
“We have not been affected operationally [and] we continue to produce the gas that we can and that goes to bring energy security for the wider East Mediterranean,” Mathios Rigas told The National on the sidelines of the Cop28 climate summit in Dubai.
“We get involved in producing oil and gas. We leave the geopolitics and the politics to the people that have created them and need to solve them,” Mr Rigas said.
The company, which currently has a production of 150,000 barrels oil-equivalent per day, has operations in Israel, Egypt, Italy, Greece, Croatia and the UK.
“We are looking to do more and our focus is to develop more gas resources in the wider region, not just the eastern Mediterranean region,” Mr Rigas said.
The Levant Basin in the eastern Mediterranean has one of the world's largest natural gas reserves.
In 2009 and 2010, consortiums comprising US and Israeli companies discovered the Tamar and Leviathan gasfields, which are estimated to hold 26 trillion cubic feet of natural gas.
Within the past two decades, Israel has switched from being a net importer of oil and gas to an exporter of the commodity to countries such as Egypt and Jordan.
Egypt liquefies the gas it acquires from Israel for export. The North African country shipped most of its liquefied natural gas to Europe last year as the Ukraine war resulted in a sharp drop in Moscow’s exports to the continent.
Europe is exposed to spot gas prices amid a lack of progress in long-term LNG contracts and low domestic production, Mr Rigas said.
Natural gas prices reached a record high last year after Russia’s military offensive against Ukraine, causing economic hardship for European households.
“Spot gas prices have to do with the weather. It has to do with geopolitical events or operational events. All it takes is one small disruption and then the market will be imbalanced,” Mr Rigas said.
However, the Energean chief expects a “long future” for the commodity as many countries eliminate the use of coal.
“There's a huge demand for gas around the world and as we displace coal, there's going to be an even bigger demand,” Mr Rigas said.
“We're all moving towards electric vehicles that still need electricity. This electricity has to be produced from cleaner sources and natural gas is one of them.”
However, the International Energy Agency expects global gas demand to slow in the coming years amid declining consumption in mature markets due to an “accelerated” roll-out of renewables and improved energy efficiency.
Demand is projected to grow by 1.6 per cent a year between 2022 and 2026, down from an average of 2.5 per cent a year between 2017 and 2021, the agency said in its Gas 2023 Medium-Term Market Report in October.
All energy needed
The effects of two geopolitical conflicts and sluggish economic growth in many economies have raised concerns about energy security.
That has added to the friction between many developed countries and emerging economies regarding the continued use of fossil fuels.
The tripling of renewable energy by 2030 will require trillions of dollars in funding and the oil and gas industry can help with the financing, while providing the technical capabilities, Mr Rigas said.
“People in this Cop are starting to be more realistic and are starting to come to terms that this is not a fight between renewables and the fossil industry,” he said.
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The five pillars of Islam
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
More from Neighbourhood Watch:
End of free parking
- paid-for parking will be rolled across Abu Dhabi island on August 18
- drivers will have three working weeks leeway before fines are issued
- areas that are currently free to park - around Sheikh Zayed Bridge, Maqta Bridge, Mussaffah Bridge and the Corniche - will now require a ticket
- villa residents will need a permit to park outside their home. One vehicle is Dh800 and a second is Dh1,200.
- The penalty for failing to pay for a ticket after 10 minutes will be Dh200
- Parking on a patch of sand will incur a fine of Dh300
T20 World Cup Qualifier fixtures
Tuesday, October 29
Qualifier one, 2.10pm – Netherlands v UAE
Qualifier two, 7.30pm – Namibia v Oman
Wednesday, October 30
Qualifier three, 2.10pm – Scotland v loser of qualifier one
Qualifier four, 7.30pm – Hong Kong v loser of qualifier two
Thursday, October 31
Fifth-place playoff, 2.10pm – winner of qualifier three v winner of qualifier four
Friday, November 1
Semi-final one, 2.10pm – Ireland v winner of qualifier one
Semi-final two, 7.30pm – PNG v winner of qualifier two
Saturday, November 2
Third-place playoff, 2.10pm
Final, 7.30pm
Kill%20
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ENGLAND%20SQUAD
%3Cp%3EFor%20Euro%202024%20qualifers%20away%20to%20Malta%20on%20June%2016%20and%20at%20home%20to%20North%20Macedonia%20on%20June%2019%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EGoalkeepers%3C%2Fstrong%3E%20Johnstone%2C%20Pickford%2C%20Ramsdale.%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EDefenders%3C%2Fstrong%3E%20Alexander-Arnold%2C%20Dunk%2C%20Guehi%2C%20Maguire%2C%20%20Mings%2C%20Shaw%2C%20Stones%2C%20Trippier%2C%20Walker.%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EMidfielders%3C%2Fstrong%3E%20Bellingham%2C%20Eze%2C%20Gallagher%2C%20Henderson%2C%20%20Maddison%2C%20Phillips%2C%20Rice.%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EForwards%20%3C%2Fstrong%3EFoden%2C%20Grealish%2C%20Kane%2C%20Rashford%2C%20Saka%2C%20Wilson.%3C%2Fp%3E%0A
Killing of Qassem Suleimani
Company%20Profile
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RESULTS
6.30pm: Al Maktoum Challenge Round-1 Group 1 (PA) Dh119,373 (Dirt) 1,600m
Winner: Brraq, Adrie de Vries (jockey), Jean-Claude Pecout (trainer)
7.05pm: Handicap (TB) Dh102,500 (D) 1,200m
Winner: Taamol, Connor Beasley, Ali Rashid Al Raihe.
7.40pm: Handicap (TB) Dh105,000 (Turf) 1,800m
Winner: Eqtiraan, Connor Beasley, Ali Rashid Al Raihe.
8.15pm: UAE 1000 Guineas Trial (TB) Dh183,650 (D) 1,400m
Winner: Soft Whisper, Pat Cosgrave, Saeed bin Suroor.
9.50pm: Handicap (TB) Dh105,000 (D) 1,600m
Winner: Hypothetical, Mickael Barzalona, Salem bin Ghadayer.
9.25pm: Handicap (TB) Dh95,000 (T) 1,000m
Winner: Etisalat, Sando Paiva, Ali Rashid Al Raihe
THE%20FLASH
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THE%20HOLDOVERS
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Killing of Qassem Suleimani
Zayed Sustainability Prize
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Mohammed bin Zayed Majlis
More coverage from the Future Forum
Ten10 Cricket League
Venue and schedule Sharjah Cricket Stadium, December 14 to 17
Teams
Maratha Arabians Leading player: Virender Sehwag; Top picks: Mohammed Amir, Imad Wasim; UAE players: Shaiman Anwar, Zahoor Khan
Bengal Lions Leading player: Sarfraz Ahmed; Top picks: Sunil Narine, Mustafizur Rahman; UAE players: Mohammed Naveed, Rameez Shahzad
Kerala Kings Leading player: Eoin Morgan; Top picks: Kieron Pollard, Sohail Tanvir; UAE players: Rohan Mustafa, Imran Haider
Pakhtoons Leading player: Shahid Afridi; Top picks: Fakhar Zaman, Tamim Iqbal; UAE players: Amjad Javed, Saqlain Haider
Punjabi Legends Leading player: Shoaib Malik; Top picks: Hasan Ali, Chris Jordan; UAE players: Ghulam Shabber, Shareef Asadullah
Team Sri Lanka Cricket Will be made up of Colombo players who won island’s domestic limited-overs competition
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Mohammed bin Zayed Majlis
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
KILLING OF QASSEM SULEIMANI
