Latest in Tag: Oil Highlight
Latest in Tag: Oil
15% cut in oil, gas production costs in Egypt
Work programme developed with companies to increase reliance on domestic production: source
Foreign partners’ share in petroleum fields increases to $750m on monthly basis
Increase in oil prices globally. linking new wells to production are reasons: official
Petroleum products subsidies up by EGP 10bn in Q1 2018/19
20% increase in barrel price than estimated by state budget
India’s currency tumbles amid rising oil prices
The Indian rupee has turned out to be Asia’s worst-performing currency this year as the nation’s economy struggles with rising oil prices, a widening current account deficit and broader emerging market concerns.The rupee has dropped over 12 percent against the US dollar since the beginning of 2018, earning it the unfortunate distinction of Asia’s worst …
Oil traders expect return of $100 crude for first time since 2014 amid Iran sanctions
Problem not only concerning Egypt, but also concerning all petroleum market globally, until another country compensates 3-4m barrels supplied by Iran, says expert
BP, EGPC sign $46m agreement for oil, gas exploration in Gulf of Suez
The Egyptian General Petroleum Corporation (EGPC) signed an agreement with the energy giant British Petroleum (BP) to explore and produce oil and gas in the northeast of the Ramadan concession in the Gulf of Suez with investments of $46m. The agreement was signed by the CEO of the EGPC, Abed Ezz El-Regal, and BP’s regional …
Monthly oil and gas import bill falls to $550m: Petroleum minister
Egypt achieves self-sufficiency of gas by end of 2018, says El-Mulla
Trump, Rouhani exchange hostilities, threats over oil exports
US is planning to shut Iran out of global oil market, urging Gulf states to increase production
Further increase in global oil prices would put pressure on Egyptian budget: IMF
Global risks highlight the need to broaden and accelerate structural reforms, mentions staff report
EGPC to pay between $200-500m of foreign partners’ entitlements within two months
Receipt of fourth shipment of 2mn barrels of Iraqi oil in two weeks
SMEDA signs contracts to convert 1,000 cars to operate using natural gas, funding 10 car oil retail outlets
Agency has already converted 27,500 cars, opened 41 outlets to sell oil with EGP 150m in funding, providing EPG 28,000 jobs, says Gamea
ThyssenKrupp offers to partner with Egyptian oil companies on 5 new projects
The German conglomerate ThyssenKrupp offered to participate with Egyptian oil companies in the implementation of five new projects under preparation. The offer was made during a meeting between the representative of the German company and Tarek El-Molla, acting minister of petroleum and mineral resources. The projects that ThyssenKrupp intends to implement include a polybutadiene plant …
President’s second mandate: Challenges and opportunities
Economic reform policies top issues, political reform hoped for
Oil prices plunge as reports of increased production by OPEC, Russia emerge
Oil prices plunged on Friday to their lowest levels in weeks, on the back of reports that the Organisation of the Petroleum Exporting Countries (OPEC) and Russia are considering increasing production. Both West Texas Intermediate (WTI) and Brent crude fell by more than 3% to $67.50 and $76.44 respectively. Both Saudi Arabia and Russia are …
Parliament approves oil, gas exploration agreement in North Sinai maritime zones
The Egyptian Parliament’s energy committee approved an agreement for oil and gas exploration in the North Sinai maritime concession area (NOOR) in the Mediterranean Sea. The deal is between the Italian company Eni and the Egyptian Natural Gas Holding Company (EGAS). MP ElSayed Hegazy, a member of parliament’s energy committee, told Daily News Egypt that …
Iran to maintain oil exports if EU salvages nuclear deal
Iranian Oil Minister Bijan Zanganeh said that the US President Donald Trump’s decision to quit a multinational nuclear deal would not affect Tehran’s oil exports if the European Union (EU) could salvage the pact, Reuters reported. The Iran nuclear deal was signed by Trump’s predecessor, Barack Obama, along with the United Kingdom, France, Germany, China, …
CBE maintains interest rates in the wake of rising oil prices
The Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) decided to maintain interest rates at their current levels, according to a statement issued by the CBE on Thursday. On April, The MPC decided to cut interest rates by by 100 basis points (1%). For the second time in 2018, each of the overnight deposit …
Saudi oil storage in Egypt, marketing in Europe: Aramco
Minister of Petroleum and Mineral Resources Tarek El-Molla and the CEO of Aramco Trading Company, Ibrahim Al-Buainain, discussed ways to enhance joint cooperation and achieve sustainability in the commercial relations between Egypt’s petroleum sector and Aramco, and enhance cooperation in the supply of crude oil to be refined in Egypt. El-Molla pointed out that the …
Reforms, gas, oil laws attract investments to Egypt: Shell executive vice president
Sami Iskander, Shell executive vice president, said that investment in the oil sector has faced many challenges, notably the decline in prices in 2014 and 2015, but there are indicators of improvement that increase investment opportunities in Egypt, especially after reforms in the sector along with laws on gas and investment that attracted large companies …
Yorktown to sell Egypt-based oil, gas company Merlon International
The New York-based private equity firm Yorktown Partners is reportedly planning to sell its Egypt-focused oil and gas company Merlon International, Reuters reported on Saturday. According to the reports, the firm aims to raise up to $400m, and the sale will be run by Citigroup, with expected bids planned to be concluded by July. Merlon …
Bahrain strikes oil in biggest find since 1932
The small archipelago Gulf state is surrounded by oil-producing giants, but its own production has been very limited. A more detailed analysis of the find’s content, size and extraction viability has begun.The tiny Arab Kingdom of Bahrain announced Sunday that it had made its largest oil discovery in decades, and perhaps ever. “Initial analysis demonstrates …
Egyptian oil, gas companies integral part of Egyptian-Jordanian joint cooperation
Jordanian Egyptian Fajr will establish north Jordan gas pipeline to supply Jordanian power stations in 2020
We produce 36,000 barrels of oil equivalent in Egypt: DEA AG
We intend to invest $500m over next three years, says DEA AG
Petroleum minister, Kuwait Energy discuss investment opportunities oil, gas exploration, productionÂ
Kuwait Energy achieved significant financial results in its concession areas, says El-Molla
Badr Petroleum Company targets 31 explorations for oil through 2019
Foreign partners continued injection of investments reflects confidence in Egyptian market
EGYPS 2018, North Africa’s largest oil, gas industry platform to begin FebruaryÂ
EGYPS 2018, North Africa’s largest oil & gas industry platform is scheduled to kickstart in February, in its second annual edition, under the patronage of President Abdel Fattah Al-Sisi. The platform aims to bring together the region’s key stakeholders shaping the energy industry’s future. “With abundant resources, some of the most competitive production costs worldwide, …
Non-resident capital inflows to MENA to peak at USD 62 billion in 2017 backed by Egypt-report
Government reform plans restored investors confidence, says IIF
Shell positioning itself as Egypt’s preferred future partner of choice: Gasser Hanter
The Apollonia project can boost Egypt’s unconventional oil/gas exploration and production
Cost of LNG imports during current fiscal year amount to $1.8bn: Minister of Petroleum
Egypt’s current gas production at 5.2bn cf per day, imports to stop at end 2018
Egypt’s oil and gas sector on a roll after years of turmoil: report
The hefty international contracts should pave the way to explorations in the oil-rich Western Desert