Egypt to allow foreign companies to “freely” export surplus gas in five years
Egypt will allow foreign companies to “freely” export natural gas not needed for domestic use in five years, Oil Minister Tarek El Molla announced on Monday during Al Ahram’s energy conference, according to Reuters. New exploration contracts contains a clause that allows companies to export a part of their share of extracted gas abroad in […]
Egypt's giant Zohr natural gas field starts production at 350 mmcf/d
• El-Molla: Field starts pumping gas to Egypt national network. • Zohr field may turn Egypt from LNG importer to gas exporter. Egypt’s Eni SpA-operated Zohr natural gas field has started production, bringing the country closer to its goal of energy self-sufficiency. Gas from the Mediterranean’s largest offshore field is pumped to a facility in […]
The promises and challenges of Egypt’s Zohr gas field development
Eight wells have been drilled, four of which can produce 7.1 million-9.9 million cubic metres of gas per day each. Egypt is to start production at the massive Zohr gas field before the year is out. The field, which was discovered in August 2015, has estimated reserves of 906 billion cubic metres — the largest […]
Rosneft says to invest over $2 billion in Egypt's Zohr in 2018-2021
Russia’s largest oil producer Rosneft will invest more than $2 billion in Egypt’s Zohr gas field in the next four years, the company said in a presentation on Tuesday. It also said the production plateau at the field, where Rosneft may increase its stake to 35 percent, is seen at 29 billion cubic metres of […]
Rosneft looking into buying additional 5% Zohr stake
Rosneft CEO Igor Sechin told reporters the company is considering buying an additional 5% stake in Zohr, Reuters reports. Rosneft recently closed its acquisition of a 30% stake in the gas field — first announced last year — from Eni for USD 1.125 billion. Sechin also added some of the gas produced from Zohr “could […]
Eni's sale of 30% stake in Egypt's offshore Shorouk concession to Rosneft confirms validity of "dual exploration" strategy
Eni completes sale of a 30% stake in the Shorouk concession, offshore Egypt, to Rosneft. Following the finalization, Eni now holds a 60% stake in the concession, Rosneft 30% and BP 10%. Eni has finalized the sale of a 30% stake in the Shorouk concession, where the super-giant Zohr gas field is located, to Rosneft. […]
Rosneft finalizes acquisition of 30% Zohr stake in $1.125 billion deal
Rosneft closed the deal to acquire a 30% stake in the concessions agreement for the development of Zohr field, the largest gas field in the Mediterranean Sea, from Italian company Eni S.p.A. The cost of Rosneft stake acquisition is USD 1.125 bln. The Company also refunded its share in past project costs to Eni. The […]
BP CEO says production from Zohr set to begin before end of year
BP says it is on track to begin production from Zohr before the end of the year, according to comments made by BP CEO Bob Dudley to Reuters. BP completed the acquisition of 10% of Eni’s stake in the Zohr gas field in February, and Rosneft also owns a 30% stake in the field. (Source: […]
Petroleum Economist: Egypt lays foundations for natural gas hub
President Sisi has signed into law new gas-sector regulations expanding the role of the private sector. A casual reader of Egypt’s Official Gazette mightn’t find much in the way of excitement in Law 196 of 2017. But for anyone interested in the country’s burgeoning natural gas sector it’s hugely important. Section 3 of the regulations states clearly that […]
Rosneft delivered 129,000 tonnes of LNG to Egypt in first half of 2017
Rosneft delivered 129,000 tonnes of liquefied natural gas (LNG) to Egypt under the contract with Egyptian Natural Gas Holding (EGAS) in the first half of 2017, the company said. It was reported earlier that Rosneft would supply 10 consignments of liquefied natural gas to Egypt with a total volume of 600,000 tonnes; deliveries would be […]