EuroAfrica Interconnector Project launches tender for Cabling Contract
EuroAfrica Interconnector Seeks Cabling Contractor: EuroAfrica Interconnector project has launched a tender call for the engineering, procurement, construction and installation of the HVDC cable system between Egypt and Cyprus. EuroAfrica Interconnector, as the official project promoter and developer, will finance the construction of the electricity interconnection between Egypt, Cyprus, Crete and Attica with the financial […]
Suez Canal reduces its LNG carrier transit fees for a three-month period
Suez Canal cuts LNG carrier tolls: Suez Canal Authority has decided to adjust the rates for LNG carriers for a three-month period starting April 1. The authority noted that the liquefied natural gas tankers crossing the Suez Canal will see the regular transit fee cut from 25 to 30 percent. In addition, LNG carriers, loaded […]
UAE’s Dana Gas delays its decision on Egypt assets sale due to market turmoil
Dana Gas delays its decision on Egypt asset sale on covid fears: Dana Gas has postponed its decision on whether it will sell its Egypt assets because of the global covid-induced market turmoil, Reuters reports, citing two unnamed sources close to the talks. Plunging oil prices probably haven’t helped matters. The Emirati energy company is […]
Scatec Solar secures guarantees with MIGA for Benban Project in Egypt
Scatec Solar has secured guarantees with the Multilateral Investment Guarantee Agency (MIGA) covering its equity investments in the Benban project, the company said in a statement. The guarantees cover 90% of investments by Scatec Solar for up to 15 years against the risks that it will be unable to legally convert EGP into hard currency […]
Egypt’s 2020-2021 draft budget is based on $61 oil barrel price
Egypt’s 2020-21 draft budget is based on an oil price of $61 per barrel, the finance ministry said on Monday, down from $68 in the current budget which ends on June 30 but around three times higher than the present price. Oil prices fell sharply on Monday, with U.S. crude briefly dropping below $20 and […]
Natural Gas Regulatory Authority lowers fees for commercial licenses
Natgas regulator lowers fees for commercial licenses: The Natural Gas Regulatory Authority will charge companies lower fees this year for commercial gas transmission, shipping, distribution, and supply licenses, Al Mal reports, citing an unnamed top government official. The new rates, which are between 22-30% lower, are as follows: USD 0.044/mmBtu for transmission licenses, down from […]
Energean might reduce its budget for Egypt by $140 million
Mediterranean gas group Energean might cut its budget for Egypt by USD 140 million as oil and gas companies cut back on spending amid the covid-19 pandemic and a simultaneous oil price war. Energean has already cut its planned outlay in Greece and Israel by USD 155 million. Mediterranean gas group Energean said it would […]
GHP Exploration farming out 50% of its share in West Gebel El Zeit Concession
GHP Exploration is farming out a 50% working interest in its West Gebel El Zeit concession, situated in the prolific Gulf of Suez basin. GHP Exploration is announcing an opportunity for a farm-in (up to 50%) into its attractive and prospective – West Gebel El Zeit concession, Egypt. The concession is adjacent to producing oilfields […]
SDX commences drilling of Sohbi well at South Disouq onshore Egypt
SDX Energy, the MENA-focused oil and gas company, has provided an update on its drilling operations in Egypt. The SD-12X (Sohbi) well at South Disouq in Egypt (SDX 55% working interest, 100% working interest in this well) has commenced drilling operations. Sohbi is expected to a reach its targeted depth of approx. 2,300 metres in […]
Pharos, TransGlobe slash spending in response to oil market volatility
Energy companies in Egypt are adapting to the new realities in the oil markets: The collapse in oil prices is forcing energy companies in Egypt onto the defensive: Energy companies operating in Egypt, including Pharos Energy and TransGlobe Energy, are responding to oil market volatility by slashing spending and adjusting production metrics in 2020, Energy […]
