ENPEDCo, EGPC ink agreements for Western Desert oil and gas exploration - ENTERPRISE

Sunday, 8 September 2019

The Egyptian National Petroleum for Exploration and Development Company (ENPEDCo) and the EGPC signed two agreements to explore oil and gas in the Western Desert last week, the Oil Ministry said in a statement. 

The companies intend to invest at least USD 4 mn to drill four exploratory wells in the Abu Sennan and Ras Qattara concessions.

Eni signs concession agreement to begin exploration at offshore Noor gas field - ENTERPRISE

Wednesday, 15 August 2018

Eni signs concession agreement to begin exploration at offshore Noor gas field: Eni announced yesterday signing a new concession agreement with the Egyptian government to begin exploration activities at the offshore Noor gas field in the East Mediterranean, the company said in a statement (pdf). The USD 105 mn agreement will see Eni drill two exploratory wells in the 739 sqm field during 2H2018. Eni holds an 85% stake in the concession alongside Tharwa Petroleum Company, which holds 15%. Eni had denied last month that it made a massive gas discovery at the Noor gas field, after news reports suggested that Noor could contain around 90 tcf of gas reserves, or 3x as much gas as the supergiant Zohr field. Egyptian Oil Minister Tarek El Molla had also downplayed the reports at the time, saying that seismic studies were not yet complete.

Cabinet approves establishment of Nuweiba freezone - ENTERPRISE

Sunday, 1 April 2018

CABINET WATCH- The Ismail Cabinet approved yesterday the establishment of a freezone in Nuweiba and will offer investment incentives there including 50% tax cuts for three years. The 1 mn sqm zone is expected to see as much as USD 40 mn in infrastructure-related investment, South Sinai Governor Khaled Fouda said yesterday. The freezone is part of the government’s Sinai development strategy, which relies significantly on attracting local and Arab investors to the peninsula to spur growth, Investment Minister Sahar Nasr told reporters yesterday.

The ministers also signed off on legislation allowing the oil minister to sign oil exploration and production agreements in Ras Qattara with the EGPC, the International Egyptian Oil Company, and Croatian oil and gas company INA; in in the Gulf of Suez’s North Zaafarana concession with Zaafarana Petroleum Company, Oceaneer Zaafarana, and Sahary for Oil and Gas; and in the West Delta Deep Water Concession with Shell and PICL Egypt Corporation. 

US energy firm IPR announces three new oil discoveries - ENTERPRISE

Sunday, 18 March 2018

US energy firm IPR has made two new oil discoveries in the Western Desert’s Ras Qattara concession and a third in the South Disouq concession, IPR Vice President Elsayed Shahin tells Al Shorouk. 

The company, which drilled 23 wells last year, has already begun production on the first two discoveries, according to Shahin.