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Tag: Investment
Eni

Eni awarded five Exploration Licenses in Egypt 2021 Bid Round

Posted: January 15, 2022 at 9:21 pm   /   Oil & Gas

The licenses are located in the Eastern Mediterranean Sea, Western Desert and Gulf of Suez Eni has been awarded five new exploration licenses by the Egyptian Ministry of Petroleum. The licenses, four of which as Operator, are in the Egyptian offshore and onshore, and follow the successful participation to the 2021 competitive “Egypt International Bid […]

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QatarEnergy-Shell-Egypt

Shell Egypt farms out 17% of two Red Sea offshore blocks to QatarEnergy

Posted: December 13, 2021 at 8:31 pm   /   Oil & Gas

QatarEnergy teams up with Shell on two blocks offshore Egypt: Deal marks entry of Qatari giant into Egypt’s lucrative exploration sector. QatarEnergy has signed a deal with Anglo-Dutch supermajor Shell to come on board two exploration blocks offshore Egypt in the Red Sea. Under the terms of the agreements, which are subject to customary approvals […]

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Snam

Snam buys 25% stake in EMG Gas Pipeline from Thai company PTT

Posted: December 5, 2021 at 9:52 am   /   Oil & Gas

Italy’s Snam steps into the EastMed: Italian energy company Snam has bought Thai investor PTT Energy Resources’ 25% stake in the the East Mediterranean Gas Company for USD 50 mn. EMG is the owner of the Arish-Ashkelon gas pipeline which Israel uses to ship gas to Egypt, the company said in a statement. The stake purchase marks the […]

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Energean

Energean signs Amendment Agreement for Egypt’s North Idku Concession

Posted: November 29, 2021 at 10:57 am   /   Oil & Gas

Amendment agreement of North Idku concession, issued by Law No. 143 of the year 2021 Energean Egypt Limited and Egyptian General Petroleum Corporation after the consent of his excellency minister of petroleum and mineral resources Eng. Tarel El Molla, signed the second amendment of the concession agreement for petroleum exploration and exploitation in North Idku […]

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Fayum

Pharos Energy receives Egypt’s Cabinet approval of El Fayum Amendment

Posted: November 1, 2021 at 8:29 pm   /   Oil & Gas

Pharos Energy has received Egyptian Cabinet approval of the Third Amendment of its El Fayum Concession Agreement. The approved terms, already announced on 30 March 2021, include both an increase of the cost recovery petroleum percentage and an extension of the exploration term of three and a half years. Ed Story, President and Chief Executive Officer, commented: ‘We […]

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Wintershall Dea

Wintershall Dea Q3 2021 Results: Extraordinary Commodity Price Environment Driving Strong Financial Performance

Posted: October 29, 2021 at 8:43 pm   /   Oil & Gas

Wintershall Dea, Europe’s leading independent gas and oil company, today reported its third quarter 2021 results. Mario Mehren, Wintershall Dea Chairman & CEO, commented: “Q3 2021 was an exceptional quarter underpinned by a constructive commodity price environment, and in particular by European gas prices which are expected to stay high throughout the winter. Our financial performance […]

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Globeleq

Globeleq acquires ARC Renewable Energy’s 66 MW PV solar plant in Benban, Aswan

Posted: October 17, 2021 at 1:33 pm   /   Renewables

Independent power producer Globeleq has acquired ARC Renewable Energy’s 66 MW PV solar plant in Aswan’s Benban for an undisclosed sum, according to a statement. Globeleq, a subsidiary of the UK government’s development finance arm CDC Group, will provide ARC with asset management services and oversee the operation and maintenance contractor Gila Al Tawakol. The plant was […]

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green hydrogen

SFE, Scatec, Fertiglobe agree to build green hydrogen plant in Egypt

Posted: October 14, 2021 at 6:35 pm   /   Renewables

Norwegian solar company Scatec has entered an agreement with the Sovereign Fund of Egypt and Nassef Sawiris-backed Fertiglobe to develop a new 50-100 MW green hydrogen plant in Ain Sokhna. Solar company will majority own the facility which will have an offtake agreement with Fertiglobe. Scatec has entered into an agreement with ammonia producer Fertiglobe […]

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Hitachi ABB

Hitachi ABB Power Grids service solutions support Egypt’s largest wind power project

Posted: October 1, 2021 at 8:19 pm   /   Renewables

Protecting wind investments is as important as building them. Egypt has the benefit of abundant wind energy potential. One of the prime areas for turning steady wind into much-needed electricity is the region around Ras Ghareb, the country’s northernmost city on the African side of the Gulf of Suez. Taking advantage of strong, stable wind […]

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Pharos Energy

Pharos Energy to farm out interest in El Fayum, North Beni Suef Concessions to IPR

Posted: September 15, 2021 at 12:05 pm   /   Oil & Gas

Pharos Energy has announced that the Pharos Group has entered into conditional agreements for the farm-out and sale of a 55% working interest and operatorship in each of the Egyptian El Fayum and North Beni Suef Concessions to IPR Lake Qarun Petroleum, a wholly owned subsidiary of IPR Energy. The consideration implies a gross (100%) value of up to US$115 million for the Assets and consists […]

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