Daily Energy News
Delek Group, one of the largest integrated energy companies in Israel, plans to sell up to 10% in the Tamar and Dalit gas fields off Israel. Delek's subsidiaries, Delek Drilling and Avner Oil, would each sell up to 5% of their stakes in the fields.
Tamar is one of the largest field ever discovered in the Mediterranean Sea (discovered in 2009) with reserves of 280-310 bcm. It started production in 2013 and is expected to make the country energy-independent for three decades and to enable gas exports.
Policy & Regulatory
The Ministry of Energy and Mineral Resources of Indonesia is considering overhauling its energy policy, in an attempt to attract as much as US$200bn of investments over the next decade and to reverse the decline in its oil production. The proposed amendments, which have to be approved by the President, will offer explorers various financial incentives, such as easier cost recovery or tax-free import of drilling equipment and technology.
The National Development and Reform Commission (NDRC) of China has issued a new policy document targeting a share of 20% of non-fossil fuels in total energy consumption by 2030 and of more than 50% by 2050.
The NDRC expects CO2 emissions to peak by 2030 and aims to cap total energy demand at 6 Gt of coal equivalent (6 Gtce) by 2030, which would represent a 4.4 Gtce increase over the 2017 demand forecast.
According to the Swiss Federal Office of Energy, electricity consumption in Switzerland remained stable in 2016, at 58.2 TWh. Growth factors, such as economic growth (+1.3% in 2016), demography (+1.1% in 2016) and weather (+6.7% in heating degree-days) were offset by efficiency gains.
Azerbaijan's state-owned energy company SOCAR aims to start gas production at its Absheron field in the Caspian Sea in late 2019 or in early 2020.
The Absheron gas and condensate field, estimated to hold 350 bcm of gas and 45 Mt of condensate, was discovered by Total in 2011; Total is the operator of Absheron with a 40% interest alongside SOCAR (40%) and ENGIE (20%).
ONGC Videsh Ltd (OVL), the overseas subsidiary of Indian oil and gas company ONGC, expects to increase its oil and gas production by 15% in the current fiscal year (April 2017-March 2018), mainly thanks to the Vankor oil field in Russia.
Infrastructure & Investments
The Western Cape High Court in South Africa has ruled that the government decision to sign nuclear procurement contracts for its 9,600 MW nuclear programme was unlawful and that the "process by which the nuclear construction program is proceeding on is unconstitutional”. The government will have to cancel any deals that have already been signed and will have to hold public hearings and debates on the estimated R1,000bn (US$76bn) nuclear programme.
The International Development Association (IDA, part of the World Bank group) has signed a FCFA 162bn (US$325m) financing agreement with the government of Ivory Coast for a power transmission, distribution and electrification programme ("projet de distribution, transport et accès à l'électricité", or PDTAE).
The project is aimed at strengthening the capacity of power transmission and distribution lines and of substations in the country within 5 years. Ivory Coast plans to boost energy access and the electrification rate and to extend, strengthen and upgrade distribution networks.
Brazilian energy regulator ANEEL has awarded 31 of the 35 power transmission licenses that were offered in a transmission auction (Leilão 5/2016) on 24 April 2017. The 35 lots represent a total of 7,068 km of transmission lines and substations with 13,132 MVA of power. Total investment is estimated at more than R$12.7bn (US$4bn).