Egypt

Egypt to invest $9bn in refineries’ upgrade over four years

January 22, 2019 | Egypt, Government & Regulations, Refining & Processing

Cairo, Egypt | – Egypt plans to upgrade six oil refineries at a cost of about $9 billion over four years to increase domestic production to 41 million tonnes a year, the petroleum minister said. “We are trying to secure crude oil supplies for Egyptian refineries to increase local production of refined products,” the minister, Tarek El Molla, said during a conference in Cairo late on Sunday night, without giving further details. Egypt currently has eight refineries with a capacity of 38 million tonnes, of …

Egypt approves BP purchase of 25 percent of Nour gas concession

December 09, 2018 | Egypt, Licensing & Concessions

Cairo, Egypt | –  British multinational oil and gas company BP and UAE-based Mubadala Investment Company are to buy stakes in the Nour deepwater gas concession off the northern coast of Sinai, following approval by Egypt’s petroleum ministry on Sunday. Nour lies near the Zohr gas field, which was declared the biggest in the Mediterranean when it was discovered in 2015. Zohr is estimated to hold about 30 trillion cubic feet of gas and has raised interest in gas exploration in Egypt. BP will buy 25 percent and …

Egypt launches tender to explore oil deposits in the Red Sea

November 30, 2018 | Egypt, Licensing & Concessions

Cairo, Egypt |  –  Egypt will launch the first international tender for the exploration of oil and gas in the Red Sea next December, the Ministry of Petroleum and Energy announced on Wednesday in this capital. The government is carrying out a seismic study on the east coast of the North African country to identify potential resource areas, said the head of the South Valley Egyptian Petroleum Holding Company, Mohamed Abdel-Azim. The official said that the company has been working with the US firm Schlumberger …

US-based Apache plans to drill 50 oil wells in Egypt in a year

March 26, 2018 | Company Operations, Drilling / Completions, Egypt

Cairo, Egypt | – Minister of Petroleum Tariq al-Mulla discussed recently with the CEO of US-based independent oil explorer, Apache Corporation, John Christman, and his accompanying delegation, the activities of the corporation in Egypt and its targeted investment plans during the coming years in the fields of exploration and production of gas. According to a statement released from the Petroleum Ministry on Friday, Christman pointed out that his corporation is planning to follow an ambitious new exploration program which involves the drilling of 50 wells using …

BP said to offer Egyptian oil assets for sale as focus shifts

March 16, 2018 | Asset Acquisitions & Divestitures, Company Operations, Egypt

London, UK |  –  British multinational oil and gas giant, BP Plc has begun a process to sell mature oil fields in Egypt as it shifts investment in the country to natural gas, according to people with knowledge of the matter. The so-called Gulf of Suez assets have been on sale for a few months and BP is hoping a deal will raise about $1 billion, the people said, asking not to be identified as the process isn’t public. The company’s other investments in the North …

Eni  Zohr field development offshore Egypt is 80% complete

August 03, 2017 | Development / Production, Egypt

Huge Mediterranean field could satisfy domestic gas demand Cairo, Egypt | – The development of the giant Zohr gas field offshore Egypt, recently discovered by Italian oil giant Eni, is 80% complete less than two years after the discovery was made, a record in the oil industry, Eni CEO Claudio Descalzi said during his meeting with Egyptian Prime Minister Sherif Ismail in Cairo. According to Eni, the meeting, which was also attended by Egypt’s Petroleum and Mineral Resources Minister Tarek El Molla, focused primarily on the future of Zohr’s mega …

Egypt prepares to handle first state-owned IPO in 12 years

July 06, 2017 | Egypt, Government & Regulations, Licensing & Concessions

Cairo, Egypt | – Egypt has picked a consortium led by CI Capital to act as lead managers and bookrunners for a stock market listing of oil company Engineering for the Petroleum and Process Industries (ENPPI), the country’s first initial public offering (IPO) of a state-owned company in 12 years. The consortium also includes Jefferies International Limited and Emirates NBD Capital Limited, the Investment Ministry said on Wednesday. The government is launching an IPO program that will offer shares in dozens of state-owned companies over …

Russia’s Rosneft to commercialize biggest Egyptian gas deposit

March 29, 2017 | Company Operations, Egypt

Cairo, Egypt | – The CEO of Russia’s multinational oil and gas company, Rosneft, Igor Sechin has revealed that the first commercial production of gas from the Egyptian field of Zohr will begin by the end of 2017. The declarations of Igor Sechin occurred during a meeting held Monday night with the President of Egypt, Abdel Fattah El-Sisi, and Prime Minister Sherif Ismail, as reported by Egyptian state news agency Mena. Zohr oilfiled, discovered by the Italian oil company Eni in 2015, is the largest …