Libya Makes Small Appearance in Hess’ Capex - PETROLEUM AFRICA

Thursday, February 1, 2018

Hess Corporation released its 2018 E&P capital and exploratory budget which amounts to $2.1 billion, the same as 2017.While the majority of the company’s capex will be spent outside of Africa, one country will see a small percentage of it over 2018.

According to Hess, part of the production funds will go to its production operations in Libya, where Hess holds an 8.16% stake as a member of the Waha Oil Company. The Waha Oil Company operates 13 producing fields in the Sirte basin. Five large oil fields were discovered between 1958 and 1961 and production started in 1962. Production has been interrupted in recent years due to civil unrest, but resumed once again in 2017.

Italy's Edison to explore gas and oil in Egypt with $86mln - AMWAL AL GHAD

Thursday, 05 January 2017 16:09
Mahmuod Shaaban

Egyptian Natural Gas Holding Company (EGAS) signed a new oil agreement with Italy's Edison to explore and produce oil and natural gas in North East Haby area in the Mediterranean Sea.

The investments of the agreement are estimated at more than US$86 million and a signature bonus of US$1.5 million , to drill two exploration wells.

The agreement was signed by Egypt's Oil Minister Tarek El-Molla and Mohamed El Masry -EGAS Chairman- and Maurizio Coratella, Vice President for Edison’s E&P activities for Egypt and the Middle East in the attendance of officials at the Egyptian ministry.