OilPrice: New agreements shake up Egypt’s oil & gas market
The latest agreements signed by the Egyptian Ministry of Petroleum has caused recovery in Egypt’s oil and gas sector, world’s leading magazine OilPrice said in a Monday report. The new contracts will be the start of a wide-range campaign to revive the sector, which was hampered over the past few years, OilPrice added. Last week, […]
Baker Hughes interested in boosting its investment in Egypt
General Electric’s subsidiary, Baker Hughes, is interested in increasing its investment in Egypt, participating in the petroleum sector’s development plan and offering training programs, Vice Chairman Ayman Khattab said Thursday. In a meeting with Minister of Petroleum Tarek al-Molla, attended by the company’s General Manager Sameh Hussein, Khattab said that Baker Hughes is planning to […]
Bapetco invested $202 million in FY 2016/17
The chairman of Badr El Din Petroleum Co (Bapetco), Sabry El-Sharkawy, on Wednesday said that his firm invested about $202 million in fiscal year 2016/2017, according to a statement by the Ministry of Petroleum (MoP). The company’s average production rate from Egypt’s Western Desert’s fields increased to 131,000 barrels of oil equivalent (BOEs), El-Sharkawy added […]
Egypt signs 3 contracts with Apache, Merlon for Western Desert oil and gas exploration worth $79 million
The Minister of Petroleum and Mineral Resources, Tarek al Molla, signed three new agreements for oil and gas exploration in the Western Desert of Egypt with the Egyptian General Petroleum Corporation and the American companies Apache and Merlon, with a minimum investment of about $79 million, a statement from the ministry said on Saturday. The […]
SDX Energy provides Q2 2017 update on Egypt operations
SDX Energy, the North Africa focused oil and gas company, has announced its operating results for the three and six months ended June 30, 2017. Operational Highlights The Company’s share of production from its operations for the six months ended June 30, 2017 was 3,351 boepd analysed as follows; North West Gemsa 2,170 boepd Meseda […]
Egypt to re-draft Oil & Gas contracts by end of 2018, adding new E&P incentives
The Egyptian Ministry of Petroleum to re-draft contracting forms by end of 2018. The petroleum committee met foreign partners to discuss their suggestions for amendments. The Ministry of Petroleum has formed a joint committee to re-draft the petroleum agreements and to add incentive terms for foreign investors in the petroleum sector. The new committee consists […]
El Molla: Increased exploration and production rates due to political stability
Minister of Petroleum Tarek El Molla said that Egypt’s success in attracting petroleum investments and increasing investment in research and exploration were driven by several factors, foremost of which is the political stability witnessed by Egypt and the continuous support of the state to the oil sector, which is full of distinct experts and various […]
NBE, Banque Misr to finance GPC exploration and drilling with EGP 3 billion loan
The National Bank of Egypt (NBE) and Banque Misr are arranging a EGP 3 billion facility for the General Petroleum Company (GPC) to finance exploration and drilling operations, as well as debt restructuring, Al Mal reports. NBE and Banque Misr are in talks with a number of banks including the Egyptian Arab Land Bank, Credit […]
Apache predicting lower results for Q2 2017
Egypt-heavy driller Apache is warning investors that its Q2 numbers are going to come in lower than forecast, Madison reports. The oil and gas exploration firm is predicting it will report lower numbers today and investors will be looking at their Alpine High exploration in Texas, which has been a point of focus lately. Moreover, […]
