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Tag: Investment
Cabinet

Egypt’s Cabinet ratifies 12 oil & gas agreements worth over $1 billion

Posted: June 22, 2020 at 1:03 pm   /   Oil & Gas

Cabinet has ratified twelve oil and gas agreements the Oil Ministry signed with international companies in February, the ministry said in a statement. Companies including Royal Dutch Shell, Chevron, BP, Total, Noble Energy will invest upwards of USD 1 bn in concession areas in the Mediterranean, the Red Sea, and the Western Desert. The House […]

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Offshore Wind

Rystad Energy: Offshore wind to match upstream oil & gas in Europe in 2021, surpass it in 2022

Posted: June 9, 2020 at 11:44 am   /   Renewables

The oil market collapse caused by the Covid-19 pandemic is set to delay several oil and gas developments in Western Europe, putting capital expenditure in the offshore sector on a continued downwards trajectory through 2022. In light of the postponement of multiple final investment decisions (FIDs) on projects and lower investments in offshore oil and […]

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Midor

Suez Canal Bank completes sale of its $30.6 mn stake in Midor to EGPC

Posted: June 2, 2020 at 8:47 pm   /   Oil & Gas

The Suez Canal Bank has completed the sale of its USD 30.6 mn stake in the Middle East Oil Refinery (Midor) to state-owned Egyptian General Petroleum Corporation (EGPC) after obtaining the necessary approvals from the Financial Regulatory Authority and the EGX, according to Masrawy. The bank had agreed last month to sell its 1.27% stake […]

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Dana Gas

Dana Gas to demerge its Upstream and Midstream businesses

Posted: April 25, 2020 at 2:18 pm   /   Oil & Gas

Shareholders of Dana Gas, the Middle East’s largest regional private sector natural gas company, at the Annual General Meeting gave approval for the demerger of the Company’s Upstream and Midstream businesses. Shareholders also approved the Board of Director’s recommendation to distribute an AED 5.5 fils per cash dividend for the financial year ended 31 December […]

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pharos

Pharos Energy exits group looking to acquire Shell’s Western Desert assets

Posted: April 21, 2020 at 2:11 pm   /   Oil & Gas

On 6 March 2020, Pharos Energy confirmed that it was in the preliminary stages of evaluating the acquisition, as part of a consortium, of Shell Egypt’s upstream portfolio in the Western Desert in Egypt (‘Western Desert Assets’). The Board of Pharos evaluates M&A opportunities with reference to strict strategic, financial and operational criteria. In light […]

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solar

Infinity, Masdar to invest $750 million in clean energy in Egypt and Africa

Posted: April 17, 2020 at 7:58 pm   /   Renewables

Infinity Energy and the UAE’s Masdar are planning to invest USD 750 million in clean and renewable energy in Egypt and other African markets through their new joint venture, Infinity Power, Al Mal reports, citing sources in the know. Infinity Power, which was set up as an equal partnership in January, aims to acquire assets […]

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Shell

Cheiron, Cairn, Pharos advance in deal for Shell Egypt onshore assets

Posted: April 13, 2020 at 2:21 pm   /   Oil & Gas

Egypt’s East Gas also among companies in second round of bids.  Planned sale is progressing despite the coronavirus pandemic . Cheiron consortium moves to second round of bidding for Shell Egypt onshore assets: A consortium of Cheiron, Pharos Energy and Cairn Energy has moved to a second round of bidding to acquire Shell’s onshore assets in […]

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Dana Gas

UAE’s Dana Gas confirms delay of its Egyptian assets sale

Posted: April 10, 2020 at 9:14 pm   /   Oil & Gas

Dana Gas confirms its review of potential Egypt asset sale is behind schedule: Dana Gas is still moving head with its review of whether it will sell its onshore and offshore Egypt assets, but the process has been slowed down by the covid-19 pandemic and is currently running behind schedule, the UAE company said a […]

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Dana Gas

UAE’s Dana Gas delays its decision on Egypt assets sale due to market turmoil

Posted: April 6, 2020 at 12:40 pm   /   Oil & Gas

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 […]

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Energean FPSO Hull

Energean Power FPSO hull sailed away from China to Singapore

Posted: April 5, 2020 at 8:58 pm   /   Oil & Gas

Karish Project Update – FPSO Hull Sailaway from China: Energean Oil and Gas plc, the oil and gas producer focused on the Mediterranean, is pleased to announced that its FPSO hull sailed away from the COSCO yard in China on 3 April 2020. The hull will now be towed to the Sembcorp Marine Admiralty Yard […]

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