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Tag: Gulf of Suez

Eni focused on African opportunities

Posted: March 21, 2017 at 3:27 pm   /   Oil & Gas

One company pushing ahead with operations around Africa is Eni, which continues to make discoveries and sell down finds, writes Nicholas Newman. African exploration prospects have taken a hit over the last two years but, as Eni’s successes demonstrate, there is plenty of potential still worth securing. The Italian company has almost 4,900 oil and […]

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Players’ healthy interest outside Egypt’s Nile Delta

Posted: February 11, 2017 at 2:44 pm   /   Oil & Gas

Future upstream licensing in Egypt’s Nile Delta offshore province may be facing a hiatus, but the most recent round to have been completed by state-owned Egyptian General Petroleum Corporation signalled healthy interest by players in other acreages. Smaller, cash-strapped players were not much in evidence during the 2016 round, covering acreage in the Gulf of […]

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SDX Energy prices Circle Oil’s assets in Egypt, Morocco at $30 million in cash

Posted: January 29, 2017 at 1:22 pm   /   Oil & Gas

SDX Energy said it is proposing to acquire the oil and gas assets of Circle Oil in Egypt and Morocco for a total cash consideration of USD 30 million, Reuters reported. SDX had announced entering into a non-binding heads of terms with Circle Oil for the acquisition in mid-January. In Egypt, SDX will acquire a […]

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BP expects gas production in Egypt to begin in 2 years

Posted: January 28, 2017 at 12:43 pm   /   Oil & Gas

Investments in Egypt make up 20% of BP’s total investments worldwide. British Petroleum (BP) is expected to start gas production in Egypt sometime in 2017 and 2018, which will boost production and provide the domestic market with its needs, said the company’s CEO on Wednesday. In a meeting with Egyptian petroleum minister Tarek El-Molla, BP’s […]

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Petrobel to invest $630 million in FY 2017-18

Posted: January 17, 2017 at 7:59 pm   /   Oil & Gas

Minster of Petroleum Eng. Tarek El Molla, chaired the General Assembly for Belayim Petroleum Company (Petrobel) to review the companies’ budgets for fiscal year 2017/2018. The general assemblies were held in the attendance of First Undersecretaries of the Ministry of Petroleum, CEOs of the Egyptian Natural Gas Holding Company (EGAS), and Executive President of the […]

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GUPCO targets $538 million investments in FY 2017-18

Posted: January 9, 2017 at 3:28 pm   /   Oil & Gas

GUPCO – Gulf Of Suez Petroleum Co. said it targets investments of $538 million in the fiscal year 2017 – 2018. Earlier, the company’s management approved the estimated budget for FY 2017 – 2018, said a press release. GUPCO plans to produce 76,000 barrel per day in the new fiscal year. The company’s production rate […]

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2016-bid-round result

Details of EGPC Bid Round 2016 announced by the Ministry of Petroleum

Posted: December 4, 2016 at 2:06 pm   /   Oil & Gas

Results of the 2016 EGPC International Bid Round, in which 11 blocks were offered for oil and gas exploration in the Western Desert and the Gulf of Suez, were announced by the Ministry of Petroleum in a press release on Friday. The bids are worth a total minimum investment of $200 million, $68.2 million signature […]

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Egypt accepts six oil and gas exploration bids with investments of $200 million

Posted: December 3, 2016 at 12:31 pm   /   Oil & Gas

Egypt has accepted six bids for oil and gas exploration worth a total investment of up to $200 million, the Ministry of Petroleum said on Friday. In May, the Egyptian General Petroleum Corporation (EGPC) announced an international tender for 11 oil and natural gas blocks in the Western Desert and Gulf of Suez as Egypt […]

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EGPC grants SDX Energy, PICO preliminary approval to extend drilling in South Ramadan concession

Posted: November 1, 2016 at 1:37 pm   /   Oil & Gas

EGPC gave SDX Energy and PICO Petroleum preliminary approvals to extend drilling operations at the South Ramadan concession, SDX Energy’s country director Ahmed Moaz told Al Mal. The preliminary agreement does not specify a date for the extension and includes the operators spending USD 23 mn in the project. Moaz says the operators have not […]

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Shell, BP bidding for three E&P blocks in Western Desert and Gulf of Suez

Posted: October 4, 2016 at 3:26 pm   /   Oil & Gas

Royal Dutch Shell and BP are reportedly competing for E&P licenses in three blocks in the Western Desert and the Gulf of Suez as part of a tender by the EGPC, an unnamed source told Al Mal. Shell has reportedly already sent offers for two blocks in the Western Desert, while BP is bidding for […]

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