Specialist
Former senior adviser at Noble Energy Inc
Agenda
- Energean’s (LON: ENOG) key eastern Mediterranean assets
- Operating environment and key players in the eastern Mediterranean – LNG (liquified natural gas) opportunities and impacts of Chevron’s (NYSE: CVX) development in Aphrodite and Leviathan
- Karish project development challenges and outlook
- Opportunities and development timeline for the Athena discovery
- Market opportunity in Egypt and Energean’s positioning
Questions
1.
What are your thoughts on the current operating and commercial environments in the eastern Mediterranean for oil and gas companies, given the volatility we’ve seen in these markets globally?
2.
How does Energean fit into the broader picture, and what would you highlight as its key assets and development opportunities in Israel?
3.
You touched on the Tamar sand play and this risk being overstated on some of these developments. Where would the potential challenges or risk overstatement come from beyond the DHIs [direct hydrocarbon indicators] when thinking of how Energean is approaching development of these potential assets?
4.
You commented on Energean being in the best position to build a portfolio in Israel and majors being somewhat slow or reluctant to expand. How might Chevron’s acquisition of Noble Energy have changed the development pace of some of the assets there, including Aphrodite and Leviathan, thinking of the dynamics between smaller and major players?
5.
How might Energean’s approach to exploration and development in Israel and offshore differ from majors or other players in the space? How do you see the company reacting to the pricing situation we’re seeing in the market today?
6.
Could you outline some of the development challenges Energean has had with the Karish play? I think there were some significant delays in terms of expected first gas and the like. How has the company approached the asset?
7.
You said the Karish play was more complex than others. Could you outline the considerations there and how common it is within blocks to find the more complex development scenario?
8.
How is Chevron approaching development in Aphrodite and Leviathan, given some of the limitations surrounding exploration and working outside of its blocks? What’s your outlook for development in those assets?
9.
What are the export opportunities and infrastructure for export in Aphrodite and Leviathan? Would expanding the export set require significant amount of investment in either pipeline infrastructure or the like?
10.
To what extent do you think some of the limited commercial prospect has limited Chevron’s investment in Israel, or limited other oil majors from looking to expand and grow their positions there? Do you think it’s a significant limiting factor?
11.
You mentioned the Russia-Ukraine conflict. How might the momentum for the EastMed pipeline project and some of the challenges surrounding that change? Do you think it gives significant political push to it, or is it a slow works that won’t gain much momentum, despite the pricing and geopolitical pushes?
12.
I know there’s an LNG [liquefied natural gas] export facility in Egypt. Could you highlight the other opportunities in the eastern Mediterranean considering LNG and where faster investment could emerge in ramping-up capacity?
13.
Are there variations in terms of the cost associated with developing the fields across the eastern Mediterranean, or is it pretty consistent across the basins and regions we touched on?
14.
What do you see as the best opportunities for either future exploration and likely discoveries or future development campaigns across Energean’s portfolio, as the company moves ahead on some of its growth targets?
15.
How do you assess the opportunity, development timeline and potential associated with the Athena gas discovery, made by Energean in 2022?
16.
Could you discuss the market opportunity in Egypt and Energean’s ability to expand its presence and grow there?
17.
To what extent do you think Energean’s existing presence in Egypt enables the growth you alluded to? Do you think the company will look to expand, either through acquisition or partnerships, to further develop here?
18.
How are some of the other players in Israel looking at the opportunities in Egypt, either in development and production or some of the LNG opportunity there, given we touched on Chevron and other majors being somewhat limited in Israel? Do you think we’ll see a pick-up of investment?
19.
When we’re thinking of oil and gas development in the eastern Mediterranean, what questions or points would you encourage our clients to ask some of the companies, including Energean, or to think about when they’re evaluating some of the opportunities there?
