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Tag: Oil Price
oil price

Pharos, TransGlobe slash spending in response to oil market volatility

Posted: March 14, 2020 at 9:39 pm   /   Oil & Gas

Energy companies in Egypt are adapting to the new realities in the oil markets: The collapse in oil prices is forcing energy companies in Egypt onto the defensive: Energy companies operating in Egypt, including Pharos Energy and TransGlobe Energy, are responding to oil market volatility by slashing spending and adjusting production metrics in 2020, Energy […]

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apache

Apache responds to challenging oil market by cutting capex by 40%

Posted: March 14, 2020 at 9:32 pm   /   Oil & Gas

Apache responds to current challenging market by slashing spending: Houston-based oil and gas company Apache Corporation has announced multiple actions in response to current challenges in the oil market featuring an oil price war between Saudi Arabia and Russia following the OPEC+ breakdown, the effect of the coronavirus outbreak on global oil demand, and the […]

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Oil

Egypt hedges against oil price volatility for second year, FM Maait confirms

Posted: February 16, 2020 at 2:02 pm   /   Oil & Gas

Egypt has hedged against volatility in global oil prices for a second consecutive year and could do so again, Finance Minister Mohamed Maait said. The North African country took the step “several times in the current fiscal year 2019-2020, and it will hedge again during the year if needed,” Maait said in an interview Thursday […]

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Oil

Egypt forecasting crude oil prices at $64-68 in its new hedging contracts

Posted: July 17, 2019 at 1:25 pm   /   Oil & Gas

Egypt eyes pricing crude at USD 64-68 in new hedging contract: Crude oil prices will be set at USD 64-68 per bbl in the government’s fuel hedging contracts with international banks, which are due to be renewed soon for the new fiscal year, an unnamed government source estimated, according to Al Mal. Finance Minister Mohamed […]

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Oil Price

With high oil price, Egypt may be still be looking at a fuel hedge – Enterprise

Posted: October 9, 2018 at 3:28 pm   /   Oil & Gas

With the price of oil stubbornly high, the Madbouly government may be looking at a fuel hedge after all. The cabinet of Prime Minister Mostafa Madbouly is drafting a policy change that would allow the Finance Ministry to move ahead with a hedging strategy to shield the state budget against the rising price of oil […]

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egypt-ministry-of-finance

Egypt’s fuel subsidy bill may overshoot to EGP 100 billion in FY 2018/19

Posted: October 4, 2018 at 1:39 pm   /   Oil & Gas

Enterprise: Fuel subsidy bill could overshoot to EGP 100 bn in FY2018-19. Higher-than-forecast oil prices will could see Egypt’s fuel subsidy bill FY2018-19 jump to EGP 100 billion, up from USD 89 billion now in the budget, a government source told Enterprise yesterday. Compounding the issue: The potential for strain on the EGP from a […]

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Oil

Oil price rally threatens to derail Egypt’s deficit reduction plans

Posted: October 3, 2018 at 3:01 pm   /   Oil & Gas

Global oil rally threatens to derail deficit reduction plans, change inflation outlook: The rally in global oil prices threatens to derail Egypt’s budget deficit target of 8.4% this fiscal year, Ahmed Feteha writes for Bloomberg. Every USD 10 increase in oil prices over the USD 67/bbl set in the FY2018-19 budget adds USD 1-1.2 billion […]

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finance-ministry

Egypt postpones plan for oil price hedging contracts – Finance Ministry

Posted: September 26, 2018 at 5:04 pm   /   Oil & Gas

Finance Ministry shelves fuel hedging plan, shrugging off rising oil prices: The Finance Ministry has officially decided to shelve a plan to hedge against rising oil prices, Minister Mohamed Maait said yesterday. Officials had suggested earlier this month that the program might be shelved if oil prices were to stabilize, and Maait’s remarks come after […]

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Oil

Egypt signs oil price hedging contracts with two banks – official

Posted: September 5, 2018 at 12:06 pm   /   Oil & Gas

Egypt has signed contracts with two global banks to hedge against fluctuating global oil prices, a senior government official told Reuters on Tuesday. Egypt has estimated an average oil price of $67 per barrel in its full-year 2018-2019 budget while the current price of Brent crude is $79. “We have signed insurance contracts against fluctuating […]

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Descalzi

Eni CEO Claudio Descalzi: Egypt can be one of the solutions for European energy security

Posted: August 5, 2016 at 10:09 pm   /   Oil & Gas

The following is a condensed and edited interview with Eni CEO Claudio Descalzi from Bloomberg Businessweek. How have you responded to the sharp decline in crude oil prices? Fortunately we had a strategy to own conventional assets, which means a very low cost and very low break-even price. At the moment we have one of […]

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