Egypt’s House of Representatives approves 12 Oil & Gas E&P Agreements
The Egyptian oil minister, Tarek el Molla, has announced the signing of 12 agreements with international companies for the search for oil and gas in the Red Sea, in the Western Desert and in the exclusive economic zone (EEZ) in the eastern and western Mediterranean with investments up to to a billion dollars and signing […]
Egypt’s Cabinet ratifies 12 oil & gas agreements worth over $1 billion
Cabinet has ratified twelve oil and gas agreements the Oil Ministry signed with international companies in February, the ministry said in a statement. Companies including Royal Dutch Shell, Chevron, BP, Total, Noble Energy will invest upwards of USD 1 bn in concession areas in the Mediterranean, the Red Sea, and the Western Desert. The House […]
Pharos Energy exits group looking to acquire Shell’s Western Desert assets
On 6 March 2020, Pharos Energy confirmed that it was in the preliminary stages of evaluating the acquisition, as part of a consortium, of Shell Egypt’s upstream portfolio in the Western Desert in Egypt (‘Western Desert Assets’). The Board of Pharos evaluates M&A opportunities with reference to strict strategic, financial and operational criteria. In light […]
Burullus Gas Company cancels Egypt drillship contract with Transocean
Transocean says Shell-led consortium to pay early termination fee for drillship deal, but sees other contracts extended: Transocean said that Burullus Gas Company has opted to terminate a rig contract for the drillship Discover India that was to be used off Egypt. Offshore drilling contractor Transocean has received a contract termination for a drillship operating […]
Cheiron, Cairn, Pharos advance in deal for Shell Egypt onshore assets
Egypt’s East Gas also among companies in second round of bids. Planned sale is progressing despite the coronavirus pandemic . Cheiron consortium moves to second round of bidding for Shell Egypt onshore assets: A consortium of Cheiron, Pharos Energy and Cairn Energy has moved to a second round of bidding to acquire Shell’s onshore assets in […]
Shell slashes capital expenditure, reduces operating costs
Operator will take further strategic decisions as necessary due to coronavirus: Anglo-Dutch supermajor Shell is slashing operating costs, reducing planned capital expenditure by at least 20% this year alongside “material reductions in working capital” as the company strives to remain buoyant. Shell acts to reinforce business resilience and financial strength As the COVID-19 virus spreads […]
Pharos Energy confirms its interest in Shell’s Egypt upstream assets
London-listed junior confirms it is in the ‘preliminary stage of its evaluation’ as part of consortium. London-listed junior Pharos Energy has confirmed it is eyeing Shell’s upstream portfolio in the Western Desert in Egypt, which was recently put for sale. Pharos Energy has confirmed its interest in purchasing Shell’s onshore oil and gas assets in […]
Apache, Cheiron, Pharos are bidding for Shell’s Egypt onshore assets – Reuters
Apache Corp, Pharos Energy among bidders for Shell’s Egypt onshore assets: sources. Royal Dutch Shell’s onshore Egyptian oil and gas assets have drawn interest from American, Egyptian, Asian and Middle East bidders, two sources familiar with the matter told Reuters. Shell launched a process at the end of November to sell its onshore upstream assets […]
Shell to drill seven wells at Egypt’s WDDM Phase 9B, adding 236 bcf/d of gas
The drilling of seven wells at West Delta Deep Marine (WDDM) phase 9B is set to produce initial reserves of 236 billion cubic feet of gas, a statement by the oil ministry said. Sabry El-Sharkawy, chairman of Rashid Petroleum Company (Rashpetco) and Burullus Gas Company, said his company is working on connecting three other wells […]
Egypt agrees with five majors on West Mediterranean exploration
Egypt agrees with five energy firms on exploration in Mediterranean: minister. Egypt has reached initial agreements with five major energy firms to explore for oil and gas in deep waters in off its western coast on the Mediterranean, the petroleum minister said, the first such deals in that offshore region. The five companies are Royal […]