SDX Sells 50% of North West Gemsa License for $3 MM - EGYPT OIL & GAS / SDX ENERGY

Tuesday, 14th July 2020

SDX Energy has announced that it sold 50% working interest in the North West Gemsa license which is located in the Eastern Desert, to Gulf Energy, a private Egyptian oil and gas company, for an amount of $3 million, according to a press release.

It stated that the purchaser company will use $1.4 million to discharge the company’s remaining liabilities on the license.

The company elaborated that this action is part of SDX’s ongoing focus and commitment to capital discipline and careful management of the Group’s portfolio whilst also providing additional cash to further strengthen its balance sheet.

CEO of SDX, Mark Reid, commented “We are pleased to complete the sale of our interest in the North West Gemsa license. Whilst we have presented our interest in the license as non-core for some time, owing to its reducing production and marginal netbacks, it is a welcome outcome to be exiting the license with a useful cash consideration and also avoiding the upcoming associated budgeted capex of approximately $2.0 million for the year.”

Egypt launches licensing round for Red Sea oil and gas exploration - THE NATIONAL

March 10, 2019

Jennifer Gnana

Saudi Arabia said last week that it had found "large volumes" of gas offshore
Egypt will look to incentivise exploration in the Red Sea area, which is expected to include unconventional resources.

Egypt has tendered 10 blocks offshore the Red Sea as it looks to duplicate its successes in the Eastern Mediterranean, which led to a gas bonanza ending the country’s imports for the fuel.

The South Valley Egyptian Petroleum Holding Company (Ganope) invited companies on Sunday to review and purchase technical data, with August 1 set as the closing date for bids.

The announcement follows Egypt’s successful closing of one it largest ever bid rounds, which saw the award of 12 licences and marked the entry of US major Exxon in the search for the country’s hydrocarbons. Egypt, the Arab world’s most populous state struck gold in recent years thanks to the discovery of the massive Zohr field by Italian energy major Eni in 2016 in the Eastern Mediterranean. The find sparked search for more hydrocarbon resources along the Nile Delta and western desert as the North African state looked to leverage these discoveries to become a net exporter of gas, particularly to markets in Europe.

TransGlobe Spuds on South Ghazalat - PETROLEUM AFRICA

Thursday, October 25, 2018

TransGlobe Energy spud its SGZ 6X well on the South Ghazalat concession in Egypt’s Western Desert. The well, the second exploration well in the concession, was spud on October 23.

The SGZ 6X is located on the eastern portion of the concession offsetting the Raml oil field in the Abu Gharadig basin. The SGZ 6X prospect is targeting stacked Cretaceous oil targets similar to the producing Raml and SW Raml fields.

On TransGlobe’s South Alamein concession, also in the Western Desert, the company received notification from the military that access will be granted to drill the South Alamein 24X (SA 24X) Jurassic exploration prospect. It has submitted the required documentation and is awaiting final written approval which is expected prior to year-end. Concurrently, the company initiated preparations to drill SA 24X as part of the 2019 exploration program.

EGPC launches 2018 oil & gas exploration bid round for 11 blocks - ENTERPRISE

May 22, 2018

The Egyptian General Petroleum Corporation (EGPC) launched the 2018 bid round for oil & gas exploration on 11 blocks: Five in the Western Desert, two in the onshore Nile Delta region, one in the Eastern Desert, and three in the Gulf of Suez (both onshore & offshore).

The Egyptian Ministry of Petroleum announced in an Al Ahram newspaper advertisement that the deadline for receiving bids for the EGPC tender will be on October 8, 2018.

Egypt Sets Deadlines For Oil And Gas Exploration Bids - RIGZONE / REUTERS

Tuesday, May 22, 2018

Reporting by Ehab Farouk, writing by Sami Aboudi; editing by Jason Neely

CAIRO, May 22 (Reuters) - Egypt has set October 1 and October 8 deadlines for two major international tenders for oil and gas exploration spanning 27 onshore and offshore blocks, the oil ministry said on Tuesday.

Bids for 11 blocs offered by the Egyptian General Petroleum Corp (EPGC) must be submitted by October 1, the ministry said in an advertisement published in the state-run al-Ahram newspaper.

Companies interested in 16 concession areas offered under state-buyer EGAS must submit their bids by October 8, it said.

The EPGC tenders include five blocks in the Western Desert, two in the Nile Valley, three in the Gulf of Suez and one in the Eastern Desert.

The EGAS tender, described by the ministry as the largest in the company's history, includes 13 offshore Mediterranean blocks and 3 in the Nile Delta.

Kuwait Energy Announces Oil Discovery at Area A, Egypt - KUWAIT ENERGY

Kuwait City – 13 February 2018

Kuwait Energy is pleased to announce an oil discovery in the Area A concession situated in the Eastern Desert, Egypt.

The South Kheir-1X (SK-1X) well spud on 11 December 2017 and tested successfully on 28 January 2018 at an initial oil flow rate of 2,452 barrels of oil per day (bopd) from the Hamman Faraun MBR/Belayim formation at 128/64-inch choke size. On 6 February 2018 the well stabilized at an oil rate of 1,900 bopd on 64/64-inch choke size.

Abby Badwi, Chief Executive Officer of Kuwait Energy, said:

“I am pleased to announce this oil discovery, which is a direct result of our technical team reprocessing old 2D/3D seismic and identifying drillable exploration opportunities. The Area A concession has been producing since the 1960s and this discovery demonstrates Kuwait Energy’s ability to continue to find hydrocarbons in mature fields. Kuwait Energy is proud of its track record of around 50% exploration success rate in Egypt. These achievements could not have been possible without the ongoing support of the Egyptian General Petroleum Corporation, General Petroleum Company (GPC) and our non-operator partner Petrogas.”

Kuwait Energy holds a 70% revenue interest and is the operator of the Area A concession under a Service Agreement with GPC while Petrogas holds 30%.

Gov’t will only approve gas imports from Israel after disputes are resolved -El Molla - ENTERPRISE

Tuesday, 14 November 2017

The government will not issue permits to companies to import natural gas from Israel until the arbitration cases between Egypt and Israel are resolved, Oil Minister Tarek El Molla said, according to Reuters. The government will sign off on agreements to import from our eastern neighbor only once the disputes are resolved and under the condition that the agreements “add value,” El Molla say. “Delegations [from Israel] are healthy as it means there are discussions and negotiations, but they have to meet the conditions put by the government as that is only fair,” he says. “In 2015, the International Chamber of Commerce ordered Egypt to pay USD 2 bn in compensation after [an agreement] to export gas to Israel via pipeline collapsed in 2012 due to attacks by insurgents in Egypt’s Sinai peninsula,” the newswire notes.

Oil discovery at Rabul 2 Well, West Gharib Concession - SDX ENERGY

5 October 2017 

Egypt SDX Energy Inc. (TSXV, AIM: SDX), the North Africa focused oil and gas company, is pleased to announce that an oil discovery has been made by the Rabul 2 Well in the West Gharib Concession in Egypt (SDX 50% Working Interest & Joint Operator). 

The well encountered approximately 101.5 feet of net heavy oil pay across the Yusr and Bakr sand formations, with an average porosity of 20%. Evaluation is ongoing, after which the Company expects that the well will be completed as a producer in the Bakr and connected to the central processing facilities at Meseda. 

The Rabul 2 well is the last of the commitment wells in the West Gharib concession and was drilled as an offset to the first commitment well Rabul 1, which was drilled in July 2017. Rabul 1 encountered 14.5 feet of net heavy oil pay with an average porosity of 21.2% in the Yusr sands and was subsequently completed as an oil producer in the Yusr sands. 

Distribution of Rigs in Egypt - EGYPT OIL & GAS

Is Egyptian Oil Set For A Rebound? - OILPRICE.com

Sep 03, 2017, 4:00 PM CDTHaley Zaremba

This week Egypt signed three major exploration deals with oil giants Royal Dutch Shell and Apex worth at least $81.4 million. The hefty international contracts will kickstart a large-scale oil and gas exploration in 16 new fields in the oil-rich Western Desert.

In a statement released by the Petroleum Ministry, it was announced that Shell will be investing $35.5 million in a single deal, while U.S.-based Apex has signed two different deals totalling $45.9 million, a hefty investment for their first ever projects in Egypt. The deals collectively encompass a massive 1.7 million acres, comprised of the areas of West Badr el Din and South East Meleiha.

While Egypt was once a major player in the global oil supply, their production has fallen sharply over the last years as demand has increased, putting them in the unfortunate position of being a net importer after years of being an energy exporter. Now, after the last few years of political turmoil, the government is making effort to get back on its feet. These deals with Shell and Apex are just the latest in an aggressive government campaign to bring foreign investment and exploration back onto Egyptian soil.

Invitation for International Bid Round for Exploration & Production Service Agreement 2017 - THE ARAB REPUBLIC OF EGYPT

The Arab Republic of Egypt
Ministry of Petroleum
The General Petroleum Company (GPC)

The General Petroleum Company (GPC) invites petroleum companies in the fields of exploration and production (oil & gas) to submit offers for undertaking oil and gas exploration and production services in GPC Concession Area in Eastern Desert in the Arab Republic of Egypt, with the target of explore these blocks to achieve the optimal development of these blocks.

From Sunday September 10th 2017 to Thursday October 12th 2017 (9:00AM To 3:00PM).

The closing date for submitting offers is 28/12/2017, at 12.00 pm- Cairo local time.
For further information, please contact Assistant Chairman for Exploration & External Operations.

Egypt to hold auction for oil exploration - THE NATIONAL / REUTERS

Transglobe's operations in the western & eastern deserts

Reuters, August 13, 2017 11:56 AM

Areas include Wadi Dara and block G in West Gharib

Egypt's General Authority for Petroleum (EGPC) announced on Sunday it would hold a tender for oil exploration in the country's Eastern Desert.

The areas open for exploration include Wadi Dara, with a total area of 50 square kilometres, and block G in West Gharib, with an area of 20 square km.

Bids must be submitted by December 28, according to an advertisement EGPC posted in local newspapers.

Egypt has been pushing for new oil and gas discoveries and speeding up production at existing fields, aiming to cut down on imports and return to exporting natural gas in coming years.

Is Ukraine’s Naftogaz struggling to find investment banker to help it exit Egypt? - ENTERPRISE / INTERFAX

Wednesday, 21 June 2017

Naftogaz Ukrainy is reportedly having a tough time divesting its Egyptian assets after canceling “the second tender to provide investment banking services related to Naftogaz upstream assets in Egypt and search for potential buyers” as only one bid was submitted, Russia’s Interfax says. The news service claims “only E&Y LLC took part in the tender, while at the first tender France’s Lazard Frères showed its interest.” 

Naftogaz first announced intention to sell its Egyptian assets in March. Naftogaz is said to have two concessions in the Eastern Desert. We’re aware that citing a Russian source on anything Ukrainian (or vice versa) is fraught, but perhaps there’s an opportunity for someone enterprising enough to look into this.

TransGlobe Energy Corporation Announces Q1 2017 Operations Update - TRANSGLOBE ENERGY CORPORATION

April 10, 2017

TransGlobe Energy Corporation (Calgary, Alberta) announced an operational update. Below the Egypt related section. For the complete press release click the link below.

Total Company production averaged 16,841 Boepd in March, comprised of 14,152 Bopd in Egypt and 2,689 Boepd in Canada (57% light oil and liquids). Total Company production averaged approximately 16,672 Boepd in the first quarter, comprised of 13,941 Bopd in Egypt and 2,731 Boepd in Canada (57% light oil and liquids). This is an increase over the first quarter 2016 of approximately 38% including the Canadian acquisition or a 17% increase in Egyptian production.

Naftogaz seeks to conduct independent audit of Egyptian project for possible sale - INTERFAX

01.03.2017, 11:51 

National joint-stock company Naftogaz Ukrainy intends to attract an investment and banking advisor who will assess how much the company can receive from sale of its assets in Egypt, Naftogaz Commercial Director Yuriy Vitrenko has said.

"He will assess real offers and how much [buyers] are ready to give for this project. We will compare it with our expectations," he told reporters in Kyiv on Tuesday.

Naftogaz ready to sell its assets in Egypt - KYIV POST

Ukraine's oil and gas company Naftogaz Chief Executive Officer
Andriy Kobolyev, Paris, on October 28, 2016. Photo by AFP

Published Dec. 29 at 5:24 pmBy Interfax-Ukraine

Naftogaz Ukrainy is ready to sell its assets in Egypt, chairman of the state holding Andriy Kobolev said.

According to him, the feasibility of such a step is due to the fact that this business does not bring much profit to the company.

As reported, Naftogaz through its subsidiary Zakordonnaftogaz explores and operates two oil and gas blocks in the Eastern Desert of Egypt – South Wadi El Mahareeth and Wadi El Mahareeth. The work on these deposits, the projected resources of which exceed 360 million tonnes of oil, is carried out on the basis of concession agreements signed on Feb. 7, 2012 between Zakordonnaftogaz on behalf of Naftogaz and the government of the Arab Republic of Egypt and GANOPE state oil company (Ganoub El -Wadi Holding Petroleum Company).

Naftogaz increases oil and condensate production in Egypt by 20.7% in 2015 - INTERFAX

18:19, 07.10.2016

Naftogaz Ukrainy in 2015 increased production of oil and condensate by 20.7% compared to 2014, to 318,000 tonnes (2.33 million barrels).

According to a company consolidated report, posted on its website, commercial gas production was 192 million cubic meters, which is 4.8 times more than in 2014.

In general, since the launch of the project in Egypt in 2009 a total of 1.046 million tonnes of oil (7.686 million barrels) and 243 million cubic meters of gas was extracted, 49 wells were drilled, of which 37 were productive.

As of January 1, 2015 Ryder Scott had conducted an independent evaluation of hydrocarbon reserves/resources of the Naftogaz branch in Egypt, according to which total recoverable reserves (proven and probable - 2P) amounted to 1.132 million tonnes of oil (8.2 million barrels) and 599.6 million cubic meters of gas.