Deadline for Egypt’s International E&P Bid Round extended till 30 September
The deadline for Egypt’s first international oil and gas E&P tender of 2021 will be on 30 September, Oil Minister Tarek El Molla announced during a panel session organized by the American Chamber of Commerce in Egypt (AmCham Egypt). Several international oil companies had requested that the deadline be extended from the previously announced date […]
IOCs to begin conducting West Mediterranean seismic surveys in Q4 2020
International oil and gas players will begin conducting seismic surveys in Egypt’s Western Mediterranean in 4Q2020, Al Shorouk and Masrawy reported yesterday, each citing a source from the Egyptian Natural Gas Holding Company (EGAS). An unspecified number of companies will kick off the surveys as soon as the House of Representatives ratifies their exploration agreements, […]
Egypt’s IOC arrears fall to $850 million at end of June – El Molla
Egypt’s arrears to international oil companies fell to USD 850 mn at the end of June, down from USD 900 mn a year earlier, despite the financial pressure caused by the covid-19 pandemic, Oil Minister Tarek El Molla told Reuters on Wednesday. Egypt’s arrears bill ballooned to USD 6.3 bn in the wake of the […]
Egypt’s arrears to IOCs reduced to $900 million at end of June – El Molla
Egypt’s arrears to foreign oil companies declined to $900 million at the end of June from $1.2 billion a year ago, the petroleum minister said on Thursday, adding that the remaining amount would be paid soon. The Egyptian government had told the International Monetary Fund in a letter in January it intended to “eliminate” arrears […]
Egypt close to settling debts to international oil companies
Egypt is expected to achieve self-sufficiency in natural gas by the end of the year and exports are to resume by next year. Egypt is close to repaying debts to foreign petroleum companies, a sign of economic recovery and an important step towards attracting investments in the petroleum sector, analysts said. The Egyptian government, in […]
EGPC to borrow $850 million from domestic banks to repay IOCs
EGPC set to receive USD 850 mn in financing from domestic banking consortium to repay IOCs? The Finance Ministry has reportedly agreed to issue letters of guarantee for two loans to the EGPC worth a combined USD 850 mn, sources close to the matter tell Al Mal. The funding, which will be used to repay […]
Egypt pays $300m in IOC arrears, to pay another $250m next month
Egypt to pay IOCs USD 250 million next month after USD 300 million payment last week: Egypt paid international oil companies USD 300 million in arrears just last week, EGPC CEO Abed Ezz El Regal told Al Borsa on Tuesday. This would bring Egypt’s total arrears down to USD 2.1 million. The government plans to make […]
El Molla: IOC investment in Egypt's Oil & Gas sector reached $10 bn this year
Investment by international oil companies reached USD 10 billion so far in FY2017-18, Oil Minister Tarek El Molla said in an interview with Al Borsa. This will likely increase, as the ministry plans to issue exploration tenders, including in the East Mediterranean and in the Nile Delta region sometime in 2H2017-18, said El Molla. The […]
Egypt pays $200m in IOC arrears, to pay another $550m in next 2 months
Egypt’s Finance Minister Amr El Garhy said on Sunday the country had paid $200 million in arrears owed to foreign oil companies in January, and would pay another $550 million in February and March. Egypt owed foreign oil companies $2.4 billion at the end of June 2017, the petroleum ministry said this week. There was […]
Q&A you should know on debt to International Oil Companies
The petroleum debts due to foreign firms working in the oil and gas field declined to $2.3 billion at the end of last June, down from $6.3 billion during 2013. The Petroleum Ministry announced a plan to completely settle the dues before the end of 2020. Egypt Today answers the significant questions, explaining when the […]
