DNV GL: Decarbonization of world’s energy system still 15 years away
Deep decarbonization of the world’s energy system still 15 years away, DNV GL’s Energy Transition Outlook forecasts. Decarbonization is rising rapidly up the agenda of industry and governments, but not at the pace or depth required to meet the Paris Agreement, according to DNV GL’s forecast The oil and gas industry is set to reduce its carbon emissions by a […]
Energean’s H1 2020 results: Strong performance with 52.1 kboed production
Strong performance in 1H 2020 with 52.1 kboed pro forma production – pro forma $177million revenue, $66 million operating cash flow, $350 million capex reduction. Energean has today announced HY results for the period ended 20 June 2020. The highlights include: Combined business pro forma production was 52.1 kboed, compared with full year guidance of […]
Dana Gas in talks with IPR Energy over the sale of its Egypt assets
United Arab Emirates’ Dana Gas is negotiating details of a sale of its Egyptian assets with Texas-headquartered IPR Energy, three sources familiar with the matter said, ahead of a repayment of some $300 million in debt in October. The energy producer – whose main assets are in Egypt and in the Kurdistan Region of Iraq […]
Egypt’s Cabinet approves dispute settlements with Petroceltic, Italgen
Cabinet okays settlements with Petroceltic, Italgen: The Madbouly government has approved agreements to resolve disputes with Italgen and Petroceltic. The first covers a dispute between EGPC and Petroceltic International, which sought international arbitration to recover over USD 30 million in overdue payments it claims it is owed by EGPC. The second settles the tiff between […]
Wintershall Dea Q2 2020 Results: unaffected production, stable operations despite pandemic
Q2 2020 Results: Despite the pandemic – unaffected production and stable operations Wintershall Dea, Europe’s leading independent gas and oil company, today reported its second quarter 2020 results. Mario Mehren, Wintershall Dea Chairman & CEO, says: “The quarter was without doubt one of the most challenging that the industry has seen in a long time. […]
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, […]
Blackstone Group’s Zarou to invest $1 bn in energy projects in Egypt this year
Blackstone Group’s Zarou is looking to invest $1 billion in the Egyptian market in 2020, the company’s CEO, Sameh Shenouda, revealed. The company has managed and injected investments into several water, electricity, as well as oil and gas projects, Shenouda added in a cabinet statement on Thursday. Moreover, the Egyptian government is cooperating with Zarou in […]
Egypt, Greece sign maritime Exclusive Economic Zone demarcation agreement
Egypt and Greece sign agreement on Exclusive Economic Zone. Egypt and Greece signed an agreement on Thursday designating an exclusive economic zone in the eastern Mediterranean between the two countries, an area containing promising oil and gas reserves, Egyptian Foreign Minister Sameh Shoukry said. Shoukry made the announcement at a joint press conference with his […]
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 […]
Carlyle, Cairn-backed group, Dragon Oil in running to acquire Shell Egypt onshore assets
Private equity firm Carlyle Group and a consortium backed by Cairn Energy are in the running to acquire Shell’s onshore assets in Egypt, Reuters reports, citing two sources with knowledge of the matter. Previous reports had indicated that Cairn Energy was part of a consortium that initially included Cheiron and Pharos Energy, until Pharos withdrew […]
