Lessons In Attracting Upstream Investment Capital - FORBES

APR 27, 2018 @ 05:39 AM

Egypt’s astonishing gas renaissance

Not long ago, Egypt’s gas industry was in crisis. Production fell by a third in the three years to 2015; a top ten LNG exporter in the prior decade, the country had by then become a top ten importer. Nearly all available gas had to be diverted by the Government to serve the domestic market. As a result, export revenue dried up, the cost of gas imports soared and there was insufficient cash to pay contract commitments to E&P investors. Arrears ballooned to US$7 billion, and producers were becoming uneasy. Today, happily, things are very different and investment is flooding back in. What happened to turn things around? Stephen Fullerton, Upstream Research Analyst, identifies two key factors.

Libya's largest oil field "back to normal" after disruption - WORLD OIL / BLOOMBERG

AUG/7/2017

By SALMA EL WARDANY AND SALEH SARRAR 

CAIRO and DUBAI (Bloomberg) -- Libya’s biggest oil field Sharara is “back to normal” after a disruption caused by protests, the country’s National Oil Corp. said.

Pumping was interrupted for “hours” due to armed protesters shutting some facilities, the NOC said Monday in a statement. NOC didn’t give an updated figure on production at the field or explain what caused the protests or who they represent. The field in western Libya was producing 275,000 bpd as of July 12, a person with knowledge of the situation said at the time.

Sharara, operated by a joint venture between Libya’s state producer and Repsol SA, Total SA, OMV AG and Statoil ASA, has witnessed several brief shut downs caused by different groups. The field was closed for two days in June due to a protest by workers at the field.

Bid To Be A Regional Energy Hub - INVESTING.COM / BNP PARIBAS

Apr 27, 2017 08:19AM ET
By BNP Paribas (Philippe d'Arvisenet) Market Overview

Egypt has laid out its vision to become a regional energy hub following discoveries of large offshore gas reserves in the East Mediterranean. This vision is critical as the energy sector remains the major driver of the country’s balance of payments. Recent developments suggest that Egypt has a clear potential to become a trading and export hub, notably for natural gas. However, the realisation of this ambition will depend on the country’s capacity to mitigate geopolitical, financial and regulatory risks. This should go hand in hand with energy diversification to reduce dependence on gas and sustain anticipated exports.

Egypt emerging from the doldrums - FREE PRESS JOURNAL

Feb 25, 2017 09:36 am

Sunanda K Datta-Ray

WITH about 28 per cent of the population languishing below a low poverty line, the best news lately was that foreign exchange reserves rose by $2.1 billion in January to touch $26.4 billion against December’s $24.2 billion. More intensive and efficient exploration of oil can make all the difference to a country that was seen at one time as a leader of the Afro-Asian world but has taken a back seat in recent years mainly because of domestic political problems.

Almost as if to repudiate this column’s somewhat gloomy comments about Egypt last week, the country is now celebrating what is billed as the first ever Egypt Petroleum Show. It is the largest oil and gas industry event to take place in North Africa, with over 40 British companies participating. Oil, we are told, might yet overcome all disadvantages and help to revive Egypt’s economy and restore its traditional leadership role.

NPP project more important for Egypt than resumption of Russian tourist traffic — expert - TASS

Cairo, February 22, 20:53 UTC+3

Egypt’s political thinker believes the country will face an energy catastrophe if the country abandons building the nuclear power plant

The project of nuclear power plant (NPP) construction with Russia’s participation is much more important for Egypt than return of Russian tourists, Egypt’s political thinker and international petroleum strategist Professor Tarek Heggy told TASS in an interview on Wednesday.

"The NPP construction project in El Dabaa near Alexandria is important in itself and it is a much more significant project in positive terms than return of Russian tourists to Egypt," the expert said.

"Egypt will face an energy catastrophe if the country abandons building the NPP," Heggy said. National authorities "overstate their reserves and sufficiency of such resources as oil and gas," he said. "Egypt is at a very low level in terms of oil reserves and at an average level in terms of gas reserves," the expert added.