IHS Markit: Total’s Offshore Cyprus Block 11 Could Rival Egypt’s Zohr Natural Gas Discovery
Total to drill one of E&P industry’s most critical wells in 2017, as interest grows in region. Driven by the success of Eni’s major Zohr Field gas discovery offshore Egypt in 2015, companies are rethinking the Eastern Mediterranean region’s gas potential, according to new analysis from IHS Markit , a world leader in critical information, […]
Egypt signs oil and gas deals worth $220 million with Eni, BP & Total
Egyptian Oil Minister Tarek El Molla has signed three offshore oil and gas exploration and production deals worth a total of at least $220 million with France’s Total, Britain’s BP, and Italian oil major ENI’s Egyptian subsidiary IEOC, the ministry said on Wednesday. The deals include drilling for six wells and a signing bonus of […]
Eni signs concession agreements for two new exploration blocks in Egypt's Mediterranean shallow waters
Eni signed two new concession agreements for the North El Hammad and North Ras El Esh, located in the shallow waters in Egyptian Mediterranean Sea, as a result of the EGAS 2015 international bid round. Eni is the operator of the North El Hammad block with an equity of 37.5% in participation with BP, who […]
Total to invest $200 million in Egypt, up from initial reports of $100 million
Total is set to invest USD 200 mn in Egypt over the next five years, the cabinet announced, according to Reuters’ Arabic service. Al Mal had pegged the investment value at USD 100 mn on Wednesday, but noted that the company had plans to operate 10 new fuel stations annually over the five years. (Source: […]
Evolution of Global Energy Mix will shape future Oil & Gas investments, say UAE Energy Leaders
• ADIPEC 2016 Panel Sessions to Address Research and Technology, Operational Efficiency, and Investment Challenges and Opportunities. • Natural Gas Fastest Growing Fossil Fuel Globally, with 50% Increase in Consumption by 2040: World Energy Outlook. Oil and gas companies must demonstrate agility in their approach to business and adapt to a rapidly evolving supply mix […]
Total Egypt to invest $100 million in Egyptian market during next five years
Total Egypt is targeting investments worth USD 100 mn in Egypt during the next five years, the company’s Senior VP in Africa and the Middle East Stanislas Mittleman was quoted as saying according to Al Mal. He added that the company will open 10 new gas stations annually during the stated period. (Source: Enterprise.press)
ExxonMobil joins list of companies reportedly interested in Zohr field stake
ExxonMobil has reportedly joined Lukoil, Total, Edison, and BP on the list of IOCs negotiating with Eni to acquire at least 20% of its stake in the Zohr field, sources tell Reuters. ExxonMobil does not have upstream concessions in Egypt, but has recently landed bordering acreage in Cyprus, the news wire reports. Eni is trying […]
Eni in talks with big oil companies about sale of Zohr stake – sources
Italy’s Eni is talking to oil companies including Lukoil, ExxonMobil, Total and BP about selling at least a 20 percent stake in its giant gas field in Egypt, industry sources said. Eni owns the whole of Zohr and has said it is interested in bringing in partners as part of its strategy of selling some […]
Egyptian Government approves five oil & gas exploration agreements
Egypt’s government has approved five oil and gas drilling and exploration agreements with foreign companies, Petroleum Minister Tarek El Molla said on Wednesday. Once an energy exporter, Egypt has turned into a net importer because of declining oil and gas production and increasing consumption. It is trying to speed up production at recent discoveries to […]
BP, Edison & Total reportedly interested in Zohr stake
BP, Edison and Total have reportedly expressed interest in acquiring a stake in Eni’s Zohr field, sources told Al Mal. The three companies are seeking technical information about the field and some have already begun negotiations with Eni, the source added. Eni could be looking to sell around a 40% stake in the field for […]