Egypt aims to increase oil exports revenues to $8.5bn in FY 2019/20 - MENAFN / DAILY NEWS EGYPT

NOV/17/2019 3:22:31 AM

(MENAFN - Daily News Egypt) The Ministry of Petroleum aims to increase the revenues of Egypt's oil exports by the end of the current fiscal year (FY) to $8.5bn compared to $7.7bn FY 2018/19.

Senior government sources told Daily News Egypt that the total quantities targeted for exports of crude oil, gas, petroleum products, and petrochemicals amount to 17.7m tonnes.

They added that the value of exports includes the foreign partner's share of crude oil by calculating the average price of the Gulf of Suez crude oil at $55 per barrel due to the lower prices of crude oil and petroleum products.

The Egyptian Natural Gas Holding Company (EGAS) has started to increase the amount of natural gas exported through the Idku liquefaction plant to about 1bn cubic feet per day (scf/day) compared to 300m scf/day last month.

Petroleum Min. announces putting Silva gas well on production - EGYPT TODAY

Fri, Nov. 8, 2019

CAIRO – 8 November 2019: Ministry of Petroleum announced Thursday putting Silva natural gas well in phase 9B of the deep western delta concession area in the Mediterranean on production, at 60-80 million cubic feet per day in early November.

The ministry said in a statement that the Silva well is the third to be put on production within a month after the wells, Saphir East and East Swan, which were put on production last October with a production rate of up to 170 million cubic feet of gas per day.

It added that Burullus Gas Company, which is operating in the project on behalf of the Petroleum Authority, and Shell International completed linking the new well to production, bringing the total production of the three wells to about 240 million cubic feet per day of natural gas.

Egyptian Companies to Return to Libyan E&P Sector - PETROLEUM AFRICA

Tuesday, October 29, 2019

NOC chairman Eng. Mustafa Sanalla met with Egyptian Minister of Petroleum Eng. Tarek El Molla, and senior officials of the Egyptian Ministry of Petroleum, in Cairo on October 27, 2019. The meeting was held to further mutual cooperation between NOC, the Egyptian Ministry of Petroleum, and Egyptian oil companies.

Eng. El Molla stressed the importance of enhancing Libyan-Egyptian mutual cooperation and emphasized Egyptian companies’ aspirations to resume work in Libya. The Minister also confirmed that Egyptian oil companies have been directed by the Ministry to return to doing business and to proceed with currently suspended projects in Libya.

The NOC chairman briefed the Egyptian attendees on NOC’s plans to increase oil and gas production in Libya and invited Egyptian oil companies to contribute to the implementation of these plans both technically and commercially. Sanalla also commended Egyptian state-owned enterprise Petrojet, which previously completed the Wafa oilfield pipeline in western Libya.

Egypt reduces natural gas production amid lower demand - ENTERPRISE

Thursday, 10 October 2019

The Oil Ministry has reduced Egypt’s natural gas production to 6 bcf/d, from 7 bcf/d after lower domestic and international demand resulted in surplus production, an unnamed ministry source told the local press. 

It is expected that the production will gradually rise back to 7.5 bcf/d in this fiscal year.

Zohr natural gas field production rises to 2.7 bcf/d - ENTERPRISE

Thursday, 22 August 2019

Production from the Zohr natural gas field has reached the 2.7 bcf/d mark four months ahead of schedule, Oil Minister Tarek El Molla said in a statement. 

This is significantly higher than the figures provided by Rosneft, which last week said production was currently averaging 2.4 bcf/d. 

The oil ministry’s figures mean that output has increased by 600 mcf/d since February, when the production stood at 2.1 bcf/d. 

Twelve wells in the field are now producing gas, the statement said. Field operator Eni originally estimated that production would peak at 2.7 bcf/d, but the ministry later said that output would rise above that to 3 bcf/d. 

Reuters also picked up the story.

Egypt- Zohr gas condensates production increases to 4,000 tonnes per day - MENAFN / DAILY NEWS EGYPT

APRIL/20/2019 7:17:08 PM

(MENAFN - Daily News Egypt) [The source] pointed out that completing the development of the second phase of Zohr will take place in June, increasing the total production capacity to 2.7bn scf/day.

He added that Eni aims to invest about $4bn in the development of the second phase of Zohr this year, increasing the company's total investments in the project to $16bn.

The source stressed that the ministry of petroleum seeks to speed up the implementation of the next phase of Zohr upon the directives of President Abdel Fattah Al-Sisi to speed up connecting the project's production to the national grid.

Oil Ministry to increase Atoll field production to 400 mcf/d next October - ENTERPRISE

Wednesday, 26 December 2018

The Oil Ministry expects natural gas production from North Damietta’s Atoll field (BP) to increase to 400 mcf/d by next October, once drilling on the fourth well is complete, Oil Minister Tarek El Molla said. 

The field currently produces 350 mcf/d of gas. 

Egypt achieved self sufficiency in natural gas consumption in 2018: Ministry - AHRAM ONLINE / REUTERS

Tuesday 25 Dec 2018

Egypt's Ministry of Petroleum says that the country achieved self sufficiency in natural gas consumption in September 2018 due to the gradual increase in local production and the plan to develop major gas fields in the Mediterranean.

The discovery of the large offshore fields has resulted in the halting of natural gas imports for the first time in three years.

The ministry said in a statement that 2018 witnessed remarkable achievements and improvements in the oil and gas sector.

"Natural gas has been extended to more than 1 million residential units in 72 highly-populated cities and villages across Egypt in 2018," the statement read.

"As many as 18,784 cars have been adjusted to operate with natural gas during the period between January and November 2018."

ExxonMobil to expand oil and gas activities in Egypt - ENTERPRISE

Thursday, 8 November 2018

ExxonMobil is looking to shore up its oil and gas activities in Egypt, company President Bryan Milton said during a meeting with Oil Minister Tarek El Molla, according to an Oil Ministry statement (pdf) (Arabic). 

No further details were provided, but the company said earlier this year it is planning to invest 60 mn in Egypt and is particularly interested in opportunities in the gas-rich East Mediterranean.

Egypt's petroleum minister says one FSRU vessel to leave before week-end - ZAWYA / REUTERS

16 OCTOBER, 2018
Ehab Farouk

CAIRO - Egypt's petroleum minister said on Tuesday that a regasification vessel would leave Egypt by the end of the week.

Tarek El Molla said that another vessel would stay behind as part of the petroleum ministry's strategy to maintain energy supplies for the country.

Reporting by Ehab Farouk, writing by Sami Aboudi; Editing by Kirsten Donovan

Egypt signs two new oil drilling agreements - EGYPT INDEPENDENT

September 16, 2018 / 6:56 pmHend El-Behary

The Ministry of Petroleum and Mineral Resources has signed two new oil and gas exploration agreements to explore two deep water areas at the Mediterranean Sea and Western Sahara with Canadian, British, Dutch, Malaysian and Kuwaiti companies, for a minimum investment of more than US $ 1 billion.

The first agreement is with the Egyptian Petroleum Authority, Shell International and Malaysia’s Petronas companies in the deep West Delta maritime region at the Mediterranean, with investments of about $ 1 billion to begin drilling eight new wells.

The second agreement is with the Petroleum Authority, the Kuwaiti energy companies, the Canadian Dover and Rockhopper to explore the Western Sahara with investments of $10 million and a $2 million signing grant to drill four wells.

Gov’t hints at willingness to settle on Union Fenosa arbitration ruling - ENTERPRISE

Wednesday, 5 September 2018

Gov’t hints at willingness to settle on Union Fenosa arbitration ruling: It is the general policy of the government, and the Oil Ministry specifically, to seek a settlement in international arbitration cases, an Oil Ministry source told Al Mal. 

His statements are the first we’ve heard since news broke that the World Bank’s International Centre for Settlement of Investment Disputes ordered Egypt to pay USD 2 bn in settlements yesterday to Spanish-Italian JV Union Fenosa Gas (UGS) for the government cutting off supplies to UGS’ Damietta liquefaction plant. 

The source noted that the ministry is carefully studying the ruling before issuing an official statement on the matter, but added that the ministry was intending to resupply the plant and other liquefaction plants as its regional energy hub strategy gains steam. Supplies of natural gas will be restored by 2019, the source noted.

Gov’t giving oil majors friendlier terms in production sharing contracts - ENTERPRISE

Monday, 3 September 2018

Gov’t giving oil majors friendlier terms in production sharing contracts: The Oil Ministry is looking to keep international oil companies happy, having recently rolled out new production sharing contracts with some IOCs that leave the companies larger shares of profits from concessions in a bid to cut the time it takes for the companies to hit profitability on any one concession, ministry sources tell Al Masdar. 

The changes include eliminating a clause in the model contract that required the companies cede a additional points in their concessions to the government every two years. The new agreements also apparently raise the cost-recovery ceiling to 40% of the oil or gas produced by a concession, up from 35%, the newspaper claims. Oil and gas companies were consulted during the drafting of the changes and their recommendations factored into the changes, the source said. 

Caveat lector: The single-source story doesn’t cite anyone from the private sector, so we’ll be looking into this in a bit more detail in the days ahead.

Apache to increase oil and gas exploration investment in Egypt to $1bn - HYDROCARBONS TECHNOLOGY

23 AUGUST 2018

US-based oil and gas company Apache has reportedly unveiled plans to increase its annual investment in exploration activities in Egypt to $1bn.

The decision comes after Apache CEO John Christmann held a meeting with Egypt’s Petroleum Minister Tarek al-Molla, Xinhua reported, citing a statement released by the Egyptian Petroleum Ministry.

The company’s intention to increase exploration is aimed at supporting Egypt’s reserves while helping to increase the country’s oil and gas production.

In a statement, the ministry said: “Christmann and Al-Molla discussed means to expand Apache’s exploration activities in Egypt, as well as the company’s ongoing projects and future investment plans in the country.”

The company is planning to form a partnership to prepare a five-year plan for oil exploration in the country.

The proposed plan will outline the expected investments and production using advanced technologies in the oil and gas industry, according to the news agency.

Christmann also lauded the economic progress made by the Egypt Government in the oil field over the past three years through investment-friendly policies.

Last month, Apache reached a deal with Egypt’s Ministry of Petroleum to invest $9bn towards exploration and production of oil and gas in the country’s Western Desert.

Operating in Egypt for 22 years, Apache is one of the largest oil companies in the country’s Western Desert.

EGX, Oil Ministry officials begin deliberations over setting up natural gas futures exchange - ENTERPRISE

Tuesday, 7 August 2018

EGX, Oil Ministry officials begin deliberations over setting up natural gas futures exchange: Bourse officials have reportedly started talks with the Oil Ministry to set up a futures exchange for natural gas, banking sources tell Al Mal. Officials met last week to begin discussing their vision for the establishment of energy-oriented futures exchanges, beginning with natural gas, according to the sources, who add that the gas exchange market will be the main platform used for striking gas sale and purchase agreements and determining prices, quantities, and delivery dates. The framework is still in the early drafting stages, the sources said, hinting that we’re still a long way from seeing the market turn into a reality.

Background: The recently-amended Capital Markets Act and its executive regulations included provisions that allow for the establishment of futures exchanges and the introduction of other financial instruments, such as green bonds, sukuk, and margin trading. We had heard in May that Financial Regulatory Authority boss Mohamed Omran had tasked a committee with drafting the rules and regulations that would govern futures exchanges, which are part of a four-year strategy to develop Egypt’s non-banking financial sector. New regulations to govern short-selling are also in the works and expected to be complete by 3Q2018.

Apache signs $9m oil and gas exploration deal in Egypt's Western Desert - AHRAM ONLINE

Ahram Online , Wednesday 18 Jul 2018

United States oil and gas producer Apache Corporation signed a $9 million deal with Egypt's Ministry of Petroleum to explore and produce oil and gas in the Western Desert, the ministry said in a statement published by state news agency MENA on Wednesday.

The deal includes assigning $30 million (EGP 537 million) investment to dig seven wells in the area, the ministry said.

Apache is holder of one of the largest areas in Egypt's Western Desert, estimated at the end of 2017 as 5.6 million gross acres in 25 separate concessions, the company writes on its official website.

Egyptian Petroleum Minister Tarek El-Molla said the new deal is part of the ministry's efforts to boost production and reserves of oil and natural gas, and to attract foreign investment.

The new agreement brings the total number of oil and gas deals signed by Egypt since 2014 to 87, the ministry added.

15th well from Nooros gas field comes online - ENTERPRISE

Wednesday, 18 July 2018

The 15th well at the Nooros gas field has come online, pumping an additional 180 mcf/d into the national grid, the Oil Ministry announced yesterday. The Nedco well allows production from the Nooros field to remain steady at 1.2 bcf/d. On a related note, Eni and EGPC JV Belayim Petroleum Company (Petrobel) — which completed work on the well in record timing of under two months — reportedly intends to pump an additional 0.5 bcf/d into the national gas grid by mid-2019, as it brings its South Balteem well online, sources tell Youm7.

Nooros’ 14th well pumps additional 180 mcf/d into national grid as it comes online - ENTERPRISE

Monday, 28 May 2018

The 14th well at the Nooros gas field has come online, pumping an additional 180 mcf/d into the national grid, the Oil Ministry announced yesterday. 

The Nedoco field, which was completed in record timing of under two months, brings total production from Nooros to 1.2 bcf/d.

Oil Ministry wants Haliburton to advise on maturing fields - ENTERPRISE

Thursday, 24 May 2018

Oil Minister Tarek El Molla met with Halliburton’s Executive Vice President of Global Business, Eric Carre, on Wednesday to discuss the possibility of the company advising the ministry on strategies on further development on maturing fields, according to an Oil Ministry statement. 

They also discussed progress on the seismic database currently being developed to market Egypt’s reserves.

EGAS offers 16 Mediterranean & Nile Delta blocks in oil & gas bid round - ENTERPRISE

May 22, 2018

The Egyptian Natural Gas Holding Company (EGAS) launched the 2018 bid round for oil & gas exploration on 16 concession areas: 13 blocks in the Mediterranean Sea and three concessions in the onshore Nile Delta region.

The Egyptian Ministry of Petroleum announced in an Al Ahram newspaper advertisement that the deadline for receiving bids for the EGAS tender will be on October 1, 2018