Press digest from last week


HELPE, Total, ExxonMobil consortium selected for oil exploration off Crete

Greece's Energy Ministry announced on Tuesday it had selected a consortium made up of Hellenic Petroleum (HELPE), Total and Exxon Mobil to conduct hydrocarbon research off western and northwestern Crete, according to the state-run Athens-Macedonian News Agency (ANA-MPA).

The consortiuim held negotiations with Greece’s oil and gas resources management company (HHRM) which submitted its approval to Energy Minister George Stathakis last week.

The blocks granted for oil and gas exploration cover 19,868 and 20,058, respectively.

The international tender was launched last year after the Exxon-led consortium submitted an expression on interest.



Equinor makes EUR-400m Danish purchase as part of transformation

Norwegian oil and gas group Equinor ASA (NYSE:EQNR), formerly Statoil, has struck a EUR-400-million (USD 468m) deal to take over Danish energy trader Danske Commodities (DC).

Equinor described its target as one of Europe’s largest short-term electricity traders, also providing energy market services. Last year, Danske Commodities traded 318 TWh of electricity across 37 countries along with 389 TWh of gas across 18 countries.

Equinor’s main business is oil and gas exploration and production but it wants to become a broad energy company. For this exact reason the company changed its name and has been expanding into renewables, mostly offshore wind but also solar power. It claims it is a world leader in carbon capture and storage (CCS) and anticipates to invest 15-20% of its capital expenditure in new energy solutions by 2030....



Total Completes the Acquisition of 73% of Direct Energie and Files a Mandatory Tender Offer

Total and Direct Energie announce the completion of the acquisition today by Total of 73.04% of the share capital of Direct Energie1, for 42 euros per share, representing approximately 1.4 billion euros. This acquisition, which is subsequent to the satisfaction of all conditions precedent referred to in the agreements executed on April 17, 2018 with Direct Energie's main shareholders, was followed today by the filing by Total of a mandatory tender offer for the shares in Direct Energie which are not yet held by Total, at the same price of 42 euros per share. This proposed offer remains subject to review by the AMF, which will assess its compliance with applicable laws and regulations...



El Molla Discusses Egyptian-Italian Collaboration

Egypt oil minister Tarek El Molla discussed Egyptian-Italian collaboration with the Italian Ambassador to Cairo Giampaolo Cantini on June 3, Egypt Oil & Gas reports.

El Molla and Giampaolo tackled Egypt’s plans to become a regional energy hub, currently a high priority for the Egyptian government.

They discussed the work of the Italian oil companies in Egypt, and possible ways of increasing Italian investment in the Egyptian oil sector.

The Italian multinational Eni is one of the main players in the Egyptian oil and gas sector. The company, 30% owned by the Italian government, holds a 50% stake in Egypt’s Zohr field.



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