TAG Oil achieves first production in Badr oil field in Egypt’s Western Desert
TAG Oil has announced the successful re-entry of the vertical well, BED 1-7, at the Badr Oil Field (‘BED-1’) in the Western Desert, Egypt. The Company perforated the Abu Roash ‘F’ formation (‘ARF Formation’) and conducted a Diagnostic Fracture Injectivity Test (DFIT). The reservoir was further fracture stimulated with a large 110 tons sand treatment and pump schedule with positive […]
Oil shipments through Egypt’s SUMED pipeline hit 18-month high in November
Sumed’s oil shipments at their highest in November since May 2020, with north of 700k bbl/d of crude flowing out of the pipeline last month, data compiled by Bloomberg shows. Although this is the highest level since May 2020, it remains 150k bbl/d below pre-pandemic levels. This uptick comes 18 months after shipment activity had […]
Egyptian PM inaugurates $100m marine crude oil pipeline at El Hamra port
The Egyptian Prime Minister, Mostafa Madbouly, on Wednesday inaugurated the eight-kilometre El-Hamra-Shamandoura crude oil pipeline at a cost of $100 million. The marine pipeline, a key for developing the capabilities of the El-Hamra Petroleum Port on the Mediterranean Sea, will raise the port’s shipping capacity to 1 million barrels of crude oil per day (bpd), […]
TransGlobe Energy announces its 2020 capital budget, 2019 year-end reserves
TransGlobe Energy has announced its 2020 capital budget, 2020 production guidance, and 2019 year-end reserves. All dollar values are expressed in US dollars unless otherwise stated. 2020 BUDGET HIGHLIGHTS TransGlobe has set its 2020 capital budget at $37.1 MM (before capitalized G&A); Egypt $23.7 MM Canada $13.4 MM 2020 average production guidance is set at 14.5 […]
United Oil & Gas provides update on Abu Sennan, Rockhopper acquisition
AIM-listed United Oil & Gas has provided an update on the proposed acquisition of Rockhopper Egypt from Rockhopper Exploration. Rockhopper Egypt holds a 22% non-operating interest in the producing Abu Sennan concession, onshore Egypt. This update provides further detail regarding the ASH-2 well which was recently drilled at Abu Sennan, current production at Abu Sennan and […]
Pharos Energy announces trading and Egypt operations update
Pharos Energy has issued a trading and operations update to summarise recent operational activities and to provide trading guidance in respect of the financial year to 31 December 2019. This is in advance of the Company’s Preliminary results due to be announced on 11 March 2020. The information contained herein has not been audited and […]
Russian Zarubezhneft joins two offshore oil concessions in Egypt
Russian state-owned energy company Zarubezhneft has joined two offshore oil concessions in Egypt under a production-sharing agreement, Reuters’ Arabic service reports, without disclosing the value of the agreement or the other party. The report indicates that one of the blocks is in southeast Ras El Ush and the other is East of Gabal El Zeit […]
Wintershall Dea signs two EPSA agreements with Libya’s NOC
Petroleum Concessions 96 and 97 converted to EPSA IV standard. Wintershall Dea affiliate WIAG will transfer operatorship of Sirte Basin fields to new Joint Operating Company by mid-2020. Wintershall Aktiengesellschaft (WIAG) and Libya’s National Oil Corporation (NOC) today have signed two Exploration and Production Sharing Agreements (EPSAs) for Areas 91 (former Concession 96) and 107 […]
Korea National Oil Corporation looks to increase its investment in Egypt
Korea National Oil Corporation is looking to increase its investment in Egypt and raise crude production from 12k barrels per day currently, the Oil Ministry announced in a statement. CEO Su Yeong Yang said during a meeting with Oil Minister Tarek El Molla on Tuesday that the company is interested in bidding for new exploration […]
Egypt forecasting crude oil prices at $64-68 in its new hedging contracts
Egypt eyes pricing crude at USD 64-68 in new hedging contract: Crude oil prices will be set at USD 64-68 per bbl in the government’s fuel hedging contracts with international banks, which are due to be renewed soon for the new fiscal year, an unnamed government source estimated, according to Al Mal. Finance Minister Mohamed […]