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Bapetco's budget ratified as Shell increased investment to $438 million this year

Posted: January 26, 2016 at 7:10 pm   /   Oil & Gas

Drilling of 14 exploratory and developmental wells with 100% of drilling plan achieved during first half of current fiscal year. Badr El Din Petroleum Company (Bapetco) General Assembly Meeting, chaired by Eng. Tarek El-Molla, Minister of Petroleum and Mineral Resources, ratified the company’s amendment to the fiscal year 2015/2016 budget, and also ratified the budget […]

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Egyptian Refining Co to start output at country's largest refinery in Q1 2017

Posted: January 24, 2016 at 1:00 pm   /   Oil & Gas

The Egyptian Refining Company, a subsidiary of one of Egypt’s largest investment companies Qalaa Holdings, will start production at its $3.7 billion oil refinery in the first quarter of 2017, managing director Mohammed Saad said. The refinery, which has a capacity to produce 4.2 million tons of refined products annually, the largest in Egypt, will […]

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Eni completes sale of 12.5% of Saipem share capital to Fondo Strategico Italiano

Posted: January 23, 2016 at 5:40 pm   /   Oil & Gas

The Shareholders Agreement between Eni and FSI has taken full effect With reference to the sale and purchase agreement between Eni S.p.A. and Fondo Strategico Italiano S.p.A., the object of which is the sale, from Eni to FSI, of a stake in Saipem S.p.A. share capital, consisting of n. 55,176,364 ordinary shares, equal to 12.5% […]

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Eni partners for Zohr gas development known this year

Posted: January 20, 2016 at 2:45 pm   /   Oil & Gas

New development partners for Egypt’s mega gas find will be announced this year, according to Italy’s Eni. The company said that it had received interest from “several companies” to help develop the Zohr discovery, which is one of the largest gas finds in the Mediterranean. Fuad Krekshi, Eni executive vice president of the Middle East, […]

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BP remains ambitious on gas in Egypt despite weak oil prices

Posted: January 20, 2016 at 12:43 pm   /   Oil & Gas

Britain’s BP Plc aims to double natural gas production in Egypt in the next four years despite weak oil prices as Egypt’s burgeoning energy market offers hope for its battered economy. Egypt is on a drive to ramp up oil and gas production – aggressively signing exploration contracts, renegotiating production prices, and lobbying companies to […]

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EGAS to hold international tender for 11 oil and gas blocks

Posted: January 18, 2016 at 2:57 pm   /   Oil & Gas

Egypt will hold an international tender for 11 oil and natural gas exploration blocks in the Mediterranean sea and Nile Delta during the second half of fiscal year 2015-2016, Khaled Abdel Badie, head of state-owned EGAS said in a statement on Sunday. Egypt, which used to be a net energy exporter, has turned into a […]

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Five year plan for Egypt's oil sector revealed

Posted: January 17, 2016 at 3:36 pm   /   Oil & Gas

During the previous fiscal year (FY) 2014/2015, the oil and gas demand increased by 0.5m tonnes to a total of 73m tonnes. The share of demanded oil was 38m tonnes, of which 36% was fuel oil, 36% was gas oil, 16% gasoline, and 11% LPG. The Egyptian government has been taking several steps to manage […]

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Edison looks to sell part of Egypt's Abu Qir Field

Posted: January 15, 2016 at 9:12 pm   /   Oil & Gas

Edison, Italy’s No. 2 energy company owned by France’s EDF, is trying to sell part of its Abu Qir field in Egypt and has opened the books to prospective buyers including Kuwait’s KUFPEC, people familiar with the matter said. Edison, which paid around $1.4 billion for the field in 2009, owns all exploration and production […]

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Edison completes seismic mapping of its Mediterranean deep water concession

Posted: January 15, 2016 at 8:48 pm   /   Oil & Gas

Edison has completed the seismic mapping for its concession adjacent to Eni’s supergiant Zohr field, according to an Oil Ministry senior official. The source expects a major discovery in this specific area and an increased number of new discoveries in the Mediterranean in general. The source added that the Zohr field recently discovered by Italian […]

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Apache to invest $995 million in discovery wells this year

Posted: January 15, 2016 at 8:42 pm   /   Oil & Gas

Mohamed Abdel Azim, head of Khalda Petroleum Company, Apache’s partner in Egypt, said that despite the current downturn in the global price of oil, Apache has allocated about US $ 995 million investments during the fiscal year 2015-2016 budget for the drilling of 94 development and exploratory wells. Abdel Azim added that the company’s current […]

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