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Tag: Petroleum Ministry

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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Petroleum ministry plans to raise foreign investments in Egypt to $8.5 billion in 2015-16

Posted: May 10, 2016 at 11:55 am   /   Oil & Gas

Egypt’s petroleum ministry eyes raising foreign investments in Egypt in drilling and exploration projects by US$1 billion to hit around $8.5 billion by the end of fiscal year 2015-16. Source at the ministry told Amwal Al Ghad Sunday that oil agreements that were signed with foreign partners during the last months have participated in boosting […]

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Egypt replaces heads of EGPC and EGAS

Posted: April 10, 2016 at 12:42 pm   /   Oil & Gas

Egyptian Oil Minister Tarek al-Molla replaced the heads of state oil company EGPC and state gas company EGAS on Thursday, part of a slew of new appointments in the Egyptian energy sector. Mohamed al-Masry will replace Khaled Abdel Badie as head of EGAS, while Tarek al-Hadidi will take over from Masry as head of EGPC. […]

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Egypt arrears owed to oil firms rises to $3 billion at end-2015

Posted: January 4, 2016 at 4:48 pm   /   Oil & Gas

Egypt’s outstanding arrears to foreign oil companies rose to $3 billion at the end of December 2015 from $2.7 billion at the end of October, Petroleum Minister Tarek El Molla told Reuters. The ministry had said in September that Egypt aimed to reduce the arrears owed to foreign oil companies to $2.5 billion by the […]

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