Wednesday, June 17, 2020

2020Egypt plans to sign oil and gas exploration and production contracts in 2021 - ZAWYA

17 JUNE, 2020
Marwa Abo Almajd

Egypt has signed 12 oil and gas exploration and production agreements involving local and international companies, an official of the Ministry of Petroleum and Mineral Resources said.

Spokesperson Hamdy Abd Alaziz told Zawya Projects last week that the agreements have received cabinet approval and the contracts are expected to be signed in 2021 after parliamentary approvals.

He said agreements were signed with companies from the US, UK, France, Kuwait and the UAE to start exploration and production activities in the Western Desert, the Mediterranean and the Red Sea.

Abd Alaziz said the local counterparties to the agreements included the Egyptian Natural Gas Holding Company (EGAS), which has projects in Narges, North Al Dabaa; North Sidi Barani; North Al-Salloum; North Al-Amiriya; North of Ras Kanais; North Marina and North of Cleopatra in the Mediterranean; Ganoub El Wadi Petroleum Holding Company (Ganope), which has projects in Blocks 1, 3, and 4 on the Red Sea, and Egyptian General Petroleum Corporation (EGPC), which has a project in East Abu Sennan in the Western Desert.

In December 2019, Reuters reported that Egypt had awarded oil and gas exploration concessions in its first ever Red Sea licensing round.

Tuesday, June 16, 2020

Noble hints at delay in plans for Aphrodite gas field - CYPRUS MAIL

June 16, 2020
Elias Hazou

Noble Energy, the primary concession holder on the Aphrodite gas field, has signalled they are putting on hold plans to develop and monetise the reservoir, while reiterating their commitment to the project.

In a statement provided to daily Politis, the US company said that tumbling commodity prices due to the economic fallout linked to the global coronavirus situation, have led them to “reconfigure” their work schedule in Cyprus as well.

While avoiding the term ‘delay,’ it could be inferred that Noble was hinting at exactly that.

“Reacting to the new state of play due to the Covid-19 pandemic and the drop in commodity prices, we are reconfiguring our work schedule in Cyprus, but we are keeping with our commitments to the Cypriot government,” the company said.