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Tag: Petroleum Ministry

Egypt signs two exploration agreements with IPR and Mediterra

Posted: July 26, 2016 at 3:32 pm   /   Oil & Gas

Egypt’s Minister of Petroleum and Mineral Resources, Tarek al-Molla, signed two agreements for oil and gas exploration in upper Egypt with U.S. company IPR and Cyprus subsidiary Mediterra, the ministry said in a statement on Tuesday. The agreements include the drilling of three exploration wells located in sectors 7 and 8 in the country’s southern […]

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$400m dues owed to RWE for its stake in Suez Oil Company fields

Posted: July 18, 2016 at 10:26 pm   /   Oil & Gas

RWE’s contract in Gulf of Suez concession ends in July 2017; with no request for renewal. The Ministry of Petroleum owes its German partner RWE $400m in dues in exchange for its stake in oil and gas from concession areas. A source in the petroleum sector revealed to Daily News Egypt the real reason behind […]

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Egypt reduces arrears owed to foreign oil companies to $3.4 billion

Posted: July 5, 2016 at 3:45 pm   /   Oil & Gas

Egypt has reduced the arrears it owes foreign oil companies to $3.4 billion in 2015/16 from $3.5 billion a year earlier, Petroleum Minister Tarek El Molla told Reuters on Monday. El Molla also said that Egypt received crude oil and natural gas from the foreign partners’ share during 2015/16 worth $5.4 billion. Egypt paid them […]

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Apache extends Western Desert oil drilling for five years with $40m investment

Posted: June 24, 2016 at 8:02 pm   /   Oil & Gas

American wildcat oil and gas exploration firm Apache Corporation has agreed a five-year extention to its Khalda-2 drilling concession in the Western Desert, with an expected investment of US$40 million. The agreement was signed by Petroleum Minister Tarek al-Molla, the Egyptian General Petroleum Corporation’s Chief Executive Tarek al-Hadidy and David Chi, the Vice-President of Apache. […]

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Kuwait holds talks with Petroleum Ministry to refine oil in Egypt

Posted: June 19, 2016 at 9:12 pm   /   Oil & Gas

A delegation from Kuwait Petroleum Corporation (KPC) had talks with the Egyptian petroleum minister over the possibility of refining the Kuwaiti oil in Egyptian refineries, according to a statement issued on Friday. The studies included the increase of shipping and storage facilities in SUMED’s location in Ain Sukhna and Sidi Kerir, as well as raising […]

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ABO: Egypt dreams of new pipelines crossing the Red Sea

Posted: June 18, 2016 at 4:21 pm   /   Oil & Gas

The latest agreement between the government of Cairo and Aramco is just one of the pieces that make up Egyptian strategy, created to transform the country into a regional energy hub. The aim is ambitious but feasible with the financial help of the Gulf countries. Egypt could become a world class energy hub, not only […]

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EGAS wins case over gas cuts at Damietta LNG plant

Posted: June 14, 2016 at 8:28 pm   /   Oil & Gas

The Paris-based International Court of Arbitration has ruled that Egypt’s state gas board EGAS will not have to pay a $270 million fine related to gas cuts at its foreign-owned liquefied natural gas (LNG) plant, the petroleum ministry said on Tuesday. The Damietta LNG plant filed a complaint with the International Chamber of Commerce in […]

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Shell and BG to receive $400 million of dues by end of June

Posted: May 18, 2016 at 12:51 pm   /   Oil & Gas

The $3.2 billion debt is promised to be fully repaid by the end of 2016. Shell and British Gas (BG) have reached an agreement with the Petroleum Ministry to obtain $400m of their financial dues by the end of June, in exchange for renting a driller and resuming work in the 9B phase of the […]

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ECHEM eyes $15 billion investments in Egypt

Posted: May 11, 2016 at 7:50 pm   /   Oil & Gas

The Egyptian Petrochemicals Holding Company (ECHEM) is designing a blueprint for hiking investments from $5 billion to $15 billion within 5-10 years, said ECHEM Vice-President Hussien Ismail. Feasibility studies are underway for a number of vital projects, including a petrochemical project in Suez Canal Axis, a Polypropylene production project, as well as a plant for […]

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As linking projects stall, energy companies see production rates fall

Posted: May 11, 2016 at 10:15 am   /   Oil & Gas

Egypt’s average production of natural gas declined to 3.8bn cubic feet per day in 2016 from the rate of 4.4bn cubic feet per day in 2015. A report published by the Ministry of Petroleum disclosed Egyptian gas fields’ average productivity in 2016, which has significantly decreased due to delays in plans to link gas fields […]

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