Apache to drill 20 horizontal gas wells in Apollonia field for $100 million
Apache intends to spend USD 100 mn for horizontal drilling on 20 natural gas wells in the Apollonia field in the Western Desert, Al Borsa reports. If successful, the vertical wells are expected to produce around 40 mcf/d from limestone. Apache has spent USD 24 mn so far on exploration and testing in the Apollonia […]
EGAS confirms postponed commissioning of third FSRU
EGAS confirmed it has delayed commissioning a third FSRU that was scheduled for this month to an unspecified date in the future, according to Ahram Gate. The decision confirms statements by the Oil Ministry earlier this month. A source at EGAS said the delay follows an increase in natural gas production nationally in November to […]
Eni received government approval prior to selling Zohr stake to Rosneft
Eni obtained approval from the Egyptian government before moving forward with selling a stake of the Shorouk concession, which contains the Zohr field, to Rosneft, a company representative told Al Borsa. The source also added that the sale is exempt from value-added tax as per the concession agreement. (Source: Enterprise.press)
Bloomberg: Rosneft snaps up stake in Eni’s giant Egyptian gas discovery
• Company buys 30% of Shorouk concession, has option for 5% more. • Russian energy producer values deal at as much as $2.8 billion. Rosneft PJSC agreed to buy as much as 35 percent of a natural-gas project off Egypt, joining Eni SpA and BP Plc in the largest discovery in the Mediterranean Sea. The […]
Eni sells 30% stake in Egypt's Zohr field to Rosneft
Italian energy company Eni will sell a 30 percent stake in its giant Egyptian offshore gas field Zohr to Russia’s Rosneft for $1.575 billion, pressing ahead with asset sales to fund investments and offset weak oil prices. Eni, which owns 90 percent of the Shorouk concession containing Zohr, said on Monday that Rosneft would pay […]
Production from Shell's Rosetta gas field to cease in July
The company refused to pay for developments to offset the natural decline in production. The daily production of 40bn cubic feet of gas from the Rosetta field in Shell’s Rashid concession area will cease in July 2017, as the company refuses to pay for field development to offset the natural decline in production while dues […]
Eni to finalize first phase of Zohr gas field processing plant by next October
Eni plans to complete phase one of its $4 billion gas processing plant in Port Said next October, Al Borsa reported. The first phase of the plant, which will process gas from Zohr, will produce a daily 650 mcf, which represents 24% of the facility’s total daily capacity upon becoming fully operational of 2.7 bcf. […]
Russia’s Rosneft Board to meet on potential acquisition of up to 35% of Shorouk offshore concession from Eni
The board of Russia’s Rosneft will meet tomorrow (7 December) to discuss the potential acquisition of up to 35% of the Shorouk offshore concession from Eni, Al Masry Al Youm reported. Eni had sold a 10% interest of the concession, which contains Zohr natural gas field, to BP in November and plans to lower its […]
Eni aims to quickly reduce its Zohr stake to 50 percent
Italian energy group Eni plans to reduce its stake in the giant Zohr gas field offshore Egypt to 50 percent, Chief Executive Claudio Descalzi said on Monday. The company, which owns the whole concession that includes Zohr, already agreed to sell a 10 percent stake to BP for $375 million last week. In addition, BP […]
BP builds position in one of Egypt's biggest gas fields
BP buys into what one company said could be one of the largest gas fields in the world. British energy company BP said it was strengthening its position in the Egyptian oil and gas market by buying a minority stake in an offshore natural gas field. Subject to approval from the Egyptian government, BP said […]