OCI NV, Adnoc could shutter fertilizer plants on high gas prices - ENTERPRISE

Tuesday, 14 July 2020

OCI NV, Adnoc could shutter Egypt fertilizer plants due to gas prices: High gas prices in Egypt could force OCI NV and the Abu Dhabi National Oil Company (Adnoc) to close all of their fertilizer plants in the country, the companies warned yesterday, according to Youm7. The companies, which last year merged to create the region’s largest fertilizer producer, said that they would first reduce production in response to the country’s high gas prices, which they said were inflicting heavy losses on their operations. The factories will eventually have to close entirely if gas prices remain high, the group said, without clarifying whether any closures would be permanent. Industrial firms currently pay USD 4.5 per mmBtu for gas in Egypt, more than 2.5x the international price paid by foreign competitors.

Egyptian petroleum minister fleshes out country’s progress as regional hub - THE ARAB WEEKLY

Sunday 24/02/2019

Mohamed Hammad

Egyptian Minister of Petroleum Tarek el-Molla said Cairo would soon announce its first international bid for oil and gas exploration in the country’s Red Sea territory, as a step towards Egypt increasing its position among natural gas suppliers in the region.

Molla said the ministry carried out two seismic surveys in the Red Sea and southern Egypt that indicated “positive signs that encouraged us to submit tenders to international companies for the extraction of oil and gas in that virgin region.”

“This procedure would not have been possible without the delimitation of the maritime border with Saudi Arabia in April 2016. [The agreement] enabled Egypt to search and explore in this region for the first time,” Molla said.

The surveys were carried out by US companies TGS and Schlumberger at a cost of about $750 million.

Tenders for oil and gas exploration in the Red Sea were to have been announced last December but Molla said Egyptian officials decided to wait to better market the promising potential in the region.

The Ismail Cabinet approved a USD 105 mn exploration agreement with Eni - ENTERPRISE

Thursday, 10 May 2018

The Ismail Cabinet approved a USD 105 mn exploration agreement with Eni and the Egypt’s Tharwa to search for oil and gas in the Mediterranean off the coast of north Sinai, according to a cabinet statement. Under the agreement, Eni and Tharwa drill two wells over two stages in the coming six years, Oil Minister Tarek El Molla told reporters on Wednesday. Separately, Eni has reportedly begun drilling the second exploratory well in its South Meleiha concession in the Western Desert’s Faghur Basin, Youm7 reports. Eni had announced last week making an oil discovery from another well in the Faghur Basin, which is expected to deliver 2,300 bop/d of light oil.

Prime Minister Sherif Ismail met yesterday with the head of the Abu Dhabi National Oil Company (ADNOC) Sultan Jaber, according to a Cabinet statement. The two discussed oil and gas cooperation, as well as increasing Emirati investments in Egypt’s oil refining, petrochemicals, and LNG sectors.

Eni sells 10 percent of Egypt's Shorouk concession to Mubadala Petroleum - REUTERS

MARCH 11, 2018 / 9:25 PM 

Reporting by Giulia Segreti; Editing by Louise Heavens and Peter Graff

MILAN (Reuters) - Italian oil company Eni (ENI.MI) said on Sunday it would sell a 10 percent stake in the Shorouk concession in Egypt’s Zohr gas field to Mubadala Petroleum of the United Arab Emirates for $934 million.

Eni currently holds through its subsidiary IEOC a 60 percent stake in the block, the biggest ever gas discovery in the Mediterranean, with 400 million standard cubic feet per day.

Rosneft (ROSN.MM) holds a 30 percent share and BP (BP.L) 10 percent.

The deal fits with Eni’s so-called ‘dual exploration’ strategy, under which the state-controlled group aims to sell down stakes in fields it operates in order to raise cash to fund future development and support dividends.

“(The deal) represents a further signal about the strength and quality of this world-class asset,” said ENI Chief Executive Claudio Descalzi.

Exclusive: Exxon eyes Egypt's offshore oil and gas - sources - REUTERS

A view of the Exxon Mobil refinery in Baytown, Texas Sept 15, 2008
REUTERS/Jessica Rinaldi

DECEMBER 4, 2017 / 2:10 AM
Ron Bousso, Ernest Scheyder

LONDON/VIENNA (Reuters) - Exxon Mobil (XOM.N) is considering a foray into Egypt offshore oil and gas, seeking to replicate rivals’ success in the country and boost its reserves, officials and industry sources said.

Officials from the world’s largest listed oil producer recently held talks with Egypt’s petroleum ministry to discuss investments in oil and gas production, known as upstream operations, Petroleum Minister Tarek El Molla told Reuters.

“We have been discussing with them, visiting them. They’ve visited us... We are exploring all opportunities for having more and further upstreamers in Egypt,” Molla said on the sidelines of an OPEC meeting in Vienna.

“I would be happy to have them with us,” he said, adding that no decision has been made yet.

ICIS: Egypt juggles fuel supply loss with currency flotation, subsidy cuts - ENERGY EGYPT

November 20, 2016

Egypt will look for lucrative long-term deals to import refined products or turn to spot tenders with international traders to meet the vacuum left by Saudi Arabian Oil Company (Saudi Aramco)’s reported decision to indefinitely suspend its supply arrangement with the country, according to analysts.

Egyptian General Petroleum Corporation (EGPC) is currently seeking seven cargoes totalling 259,000 tonnes of low-sulphur gasoil for December delivery, a trader said when asked about tender news.

The terms of such spot tenders will be market-driven and less favourable to Egypt, James McCullagh, oil products analyst at Energy Aspects said.

Young ADIPEC announces partnership with Abu Dhabi Education Council - ENERGY EGYPT

June 22, 2016

• Community Outreach Programme Supports Government Efforts to Prepare Today’s Youth for New Energy Landscape.
• 450 Students from 18 Schools Across Abu Dhabi City, Al Ain, and the Western Region to Participate.

Young ADIPEC, the annual youth outreach initiative by the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), has announced it is partnering with the Abu Dhabi Education Council (ADEC) as part of government efforts to cultivate the next generation of home-grown energy professionals.

The first-time cooperation between the two entities will enable Young ADIPEC to relay a strong and powerful message to the wider school community: The future of the UAE’s energy sector depends on today’s educated and informed youth.