GUPCO: BP invests $777 million this year in the Gulf of Suez
Average daily production 85,000 barrels of crude and condensates, planned to reach 90,000 barrels per day during 2016. A new strategy to cut spending by $483 million. Current total reserves are 10.6 million barrels of crude and 94 billion cubic feet of gas. BP’s investment budget for exploration, development and production in the Gulf of […]
Trident Petroleum signs exploration agreement for Northwest Seabird concession in the Gulf of Suez
Eng. Tarek El-Molla, Minister of Petroleum and Mineral Resources, signed a new oil and gas exploration agreement in the Gulf of Suez, between Ganoub El Wadi Petroleum Holding Co (Ganope) and Egypt’s Trident Petroleum Company. The exploration agreement for Block 6 Northwest Seabird (Tair al-Bahr) concession in the Gulf of Suez, covering a 191 square […]
EGPC signs two new Exploration Agreements in the Gulf of Suez and Western Desert
Minister of Petroleum and Mineral Resources, Eng. Tarek El-Molla, signed two new agreements for oil and gas exploration in the Gulf of Suez and Western Desert. The first agreement is with Tunisia’s HBSI for the Haliph area in the Western Desert, with a minimum investment of about $9 million and a signature bonus of $1 […]
Egypt inaugurates the largest wind farm in the Middle East and North Africa
By Talita Covre Yesterday Egypt’s Minister of Electricity and Renewable Energy alongside the New & Renewable Energy Authority inaugurated the 200 MW Gulf of ElZayt Wind Farm on the west bank of the Gulf of Suez, setting a massive precedent for renewable power development in the region. The farm will generate up to 800 GWh, […]
Aminex converts interests in Egypt from Production Sharing to Royalty Structure
Aminex announced a reorganisation and continuation of its Egyptian interests through a conversion of its carried interest to first production into an overriding royalty position in a recent discovery well. Aminex is currently a 12.5% shareholder in Aminex Petroleum Egypt Ltd. (“APEL”) and, through this shareholding, has an indirect 10% carried interest in the West […]
Rockhopper Exploration acquires Beach Petroleum Egypt in $22 million deal
Rockhopper Exploration plc, the oil and gas exploration and production company with interests in the North Falkland Basin and the Greater Mediterranean and North Africa region, announced the acquisition of a portfolio of non-operated production and exploration interests in Egypt from Beach Energy Limited for a headline consideration of US$22.0 million. Highlights: Rockhopper to acquire […]
Hibiscus Petroleum announces details of East Ras el Ush Concession Award
Introduction: Hibiscus Petroleum Berhad is pleased to announce that its wholly-owned subsidiary, Gulf Hibiscus Limited (“Gulf Hibiscus”), has been awarded the South East Ras El Ush concession (“Block 2”) in Egypt by the Ganoub El-Wadi Petroleum Holding Company (“Ganope”), an entity of the Ministry of Petroleum, Arab Republic of Egypt (“Award of the Concession”). The […]
Egypt signs exploration deal with Italy's Eni worth $2 billion
Egypt’s Petroleum Ministry said on Monday it had signed an energy exploration deal with Italy’s Eni worth $2 billion following an MOU signed in March during the Egyptian Economic Development Conference (EEDC). The deal paves the way for the modification of some previous deals between the ministry and Eni that include gas price adjustments, the […]
Eni signs a $5 billion framework agreement for the development of Egypt's oil and gas resources
The Egyptian Minister of Petroleum and Mineral Resources, Sherif Ismail, signed with Eni’s CEO, Claudio Descalzi, a Head of Agreement aimed at the development of the oil and gas resources of the Country while preserving the return of Eni’s investments. The Head of Agreement envisages investments of an estimate 5 billion dollars of total value […]