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Tag: EGPC
Midor

Afreximbank provides $200 million loan to finance MIDOR expansion plans

Posted: August 7, 2018 at 3:21 pm   /   Oil & Gas

The EGPC received a USD 200 million loan from the African Export-Import Bank (Afreximbank) on 31 July, which will be used to finance the expansion of state-owned MIDOR’s refining facility, banking sources tell Al Shorouk. The loan has a five-year tenor, they added, and Abu Dhabi Islamic Bank (ADIB) acted as financial adviser for the […]

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BP

BP to drill its first Gulf of Suez exploration well by October

Posted: August 4, 2018 at 3:37 pm   /   Oil & Gas

Britain’s BP will begin drilling its first exploration wells in the Northeast Ramadan concession area in the Gulf of Suez by early October at the latest, an Egyptian state oil company EGPC official said. The source told Youm7 that the project is awaiting completion of security approvals and the licenses necessary to start drilling. Drilling […]

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NE Ramadan

Egypt, BP sign $46m deal for Gulf of Suez oil exploration

Posted: July 30, 2018 at 8:43 pm   /   Oil & Gas

The Egyptian General Petroleum Corporation (EGPC) and the London-based BP Plc have signed a $46 million agreement for oil and gas exploration and production at the North East Ramadan area in the Gulf of Suez. The deal also included a $4 million signing bonus to drill three wells, according to a press release. The deal was […]

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Apache Signing

Apache signs $39 million deal to drill 7 wells in Egypt’s East Bahariya

Posted: July 21, 2018 at 1:44 pm   /   Oil & Gas

The Petroleum Ministry announced Wednesday that a new agreement to drill seven oil wells in the East Bahariya concession in the Western Desert was signed, with 9-million-dollar investments and a signature grant worth 30 million dollars. The agreement was signed by CEO of the Egyptian General Petroleum Corporation (EGPC) Abed Ezz el Regal and Apache […]

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Rockhopper

Rockhopper announces six-month drilling programme at Abu Sennan concession

Posted: June 22, 2018 at 1:20 pm   /   Oil & Gas

Rockhopper Exploration plc, the oil and gas company with key interests in the North Falklands Basin and the Greater Mediterranean region, is pleased to provide the following operational and corporate update in relation to its Egyptian portfolio. Abu Sennan, Egypt (22% working interest) Year to date average daily production from the Abu Sennan concession has […]

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Dana Gas

Egypt repays $40 million in dues to UAE’s Dana Gas

Posted: May 29, 2018 at 2:02 pm   /   Oil & Gas

The UAE’s Dana Gas announced yesterday that it received USD 40 million in payments from the Egyptian government, bringing total dues received so far in 2018 up to USD 88.8 million. The funds will mostly be used to bolster Dana’s liquidity, allowing the company to pursue a number of projects in its pipeline, which include […]

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EGPC

EGPC to borrow $850 million from domestic banks to repay IOCs

Posted: May 27, 2018 at 7:32 pm   /   Oil & Gas

EGPC set to receive USD 850 mn in financing from domestic banking consortium to repay IOCs? The Finance Ministry has reportedly agreed to issue letters of guarantee for two loans to the EGPC worth a combined USD 850 mn, sources close to the matter tell Al Mal. The funding, which will be used to repay […]

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Suez Refinery

EBRD finances upgrade of Egypt’s Suez oil refinery

Posted: May 25, 2018 at 2:22 pm   /   Oil & Gas

The European Bank for Reconstruction & Development (EBRD) is providing a $200-million loan to state-owned Egyptian General Petroleum Corp. subsidiary Suez Oil Processing Co. (SOPC) for the upgrade of its 68,000-b/d refinery adjacent to Suez, Egypt, at the entrance of the Suez Canal. ERBD funds will finance investments to modernize the refinery with technical updates […]

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EGPC-BR-2018

EGPC launches 2018 oil & gas exploration bid round for 11 blocks

Posted: May 22, 2018 at 5:08 pm   /   Oil & Gas

The Egyptian General Petroleum Corporation (EGPC) launched the 2018 bid round for oil & gas exploration on 11 blocks: Five in the Western Desert, two in the onshore Nile Delta region, one in the Eastern Desert, and three in the Gulf of Suez (both onshore & offshore). The Egyptian Ministry of Petroleum announced in an […]

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MOP

Egypt to offer 27 concessions in 2 bid rounds for oil & gas exploration

Posted: May 21, 2018 at 2:14 pm   /   Oil & Gas

Egypt will launch two international bid rounds for oil and gas exploration in 2018, the petroleum ministry said in a statement on Monday. One bid round will cover 16 concession areas, mostly in the Mediterranean Sea, under state buyer EGAS, in its largest ever bid round. The other auction will cover 11 concession areas under […]

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