New natural gas regulator to fall under cabinet’s jurisdiction, not Oil Ministry - ENTERPRISE / AL BORSA

Sunday, 19 March 2017

The House of Representatives’ Energy Committee amended clauses of the Natural Gas Act placing the new market regulator under the jurisdiction of the cabinet and not the oil ministry, committee member El Sayed Hegazy tells Al Borsa. 

He expects the committee to vote on the much-anticipated law — which deregulates the gas market and limiting the government’s role to that of regulator — next week before sending it over to the House general assembly for a vote.

Egypt turning the corner - IN CYPRUS / CYPRUS WEEKLY

February 26, 2017
Charles Ellinas

Tarek El Molla took over his role as Egypt’s Minister of Petroleum in September 2015, just after the discovery of the giant Zohr gas field. Since then, Egypt’s natural gas fortunes have been undergoing a massive transformation.

Firstly, gas from Zohr is expected to be achieved end of this year, and Egypt is now boldly predicting that it will achieve self-sufficiency by end of 2018, and re-start exports by 2020.

Egypt is in the process of implementing a modernisation programme with six major objectives to reform and transform all aspects of its oil and gas industry over the next four years:

House to vote on Natural Gas Act in March - ENTERPRISE / AL BORSA

Monday, 20 February 2017

House to vote on Natural Gas Act in March: The House of Representatives’ Energy Committee expects to complete reviewing the Natural Gas Act — which would largely deregulate the sector — this week and move it to the floor of the House for a vote in March, Al Borsa reports. 

The committee, which has been reviewing the bill since December following preliminary approval from the House general assembly, downplayed the “minor amendments” that they reportedly introduced, MP Hamada Ghallab said, without explaining further. Progress from a regulatory standpoint has been taking place, with the Oil Ministry beginning a draft of the executive regulations and EGAS setting a preliminary toll of USD 0.4 per mmBtu for private companies looking to use the national gas grid last month.

Post-Zohr reforms to boost appeal - ENERGY EGYPT / UPSTREAM ONLINE

February 11, 2017

With first production from Eni’s giant discovery likely to be less than a year away and other finds on the path to development, the country is taking the chance to revamp and streamline the bidding process.

Egypt’s upstream sector was given a much-­needed boost when Italian operator Eni discovered the ­giant Zohr field in the summer of 2015.

With first production from Zohr now likely to be less than a year away and other significant discoveries also on their way to production, there is a much more optimistic view of the country’s potential, despite the economic and political challenges it still faces.

Now, though, with Eni having attracted new investors to Zohr in the form of UK supermajor BP and Russian state-owned giant Rosneft, plus new acreage having been awarded from outstanding rounds, Egypt is pausing its licensing rounds in both the promising gas-prone Mediterranean Sea and the mature oil-bearing onshore areas.

EGAS sets initial price of USD 0.4 per mbtu for private companies to use national gas grid - ENTERPRISE / AL SHOROUK

Monday, 23 January 2017

On step closer to deregulating the gas market: We have inched one step closer to seeing the gas market privatized as the Egyptian Natural Gas Holding Company (EGAS) has set a preliminary price of USD 0.4 per mbtu for private companies looking to use the national gas grid, unnamed sources tell Al Shorouk.

EGAS appears to have side-stepped forming the new regulator for the industry, which as per the Natural Gas Act is supposed to set prices, and moved directly on that front.

Egypt To End Capital Controls, Reform Oil Sector Under IMF Deal - RIGZONE / REUTERS

Wednesday, January 18, 2017
Lin Noueihed

Additional reporting by Ahmed Aboulenein, Eric Knecht, and Asma Alsharif; Writing by Lin Noueihed and Ahmed Aboulenein; Editing by Hugh Lawson and Eric Knecht

CAIRO, Jan 18 (Reuters) - Egypt will scrap its remaining caps on transfers and deposits of foreign currency by the end of June and overhaul its oil sector as part of ambitious efforts to reform the economy under an IMF agreement, the details of which were released on Wednesday.

The International Monetary Fund approved the three-year programme with Egypt in November, releasing the first $2.75 billion instalment of a $12 billion loan intended to jumpstart an economy battered by years of turmoil that has driven away investors and tourists, key sources of hard currency.

The Fund said on Wednesday that Egypt was on track to receive the second tranche of the loan, pending a visit to review progress at the end of February.

Israel-Cyprus-Turkey pipeline would provide new strategic triangle, says former US Ambassador Bryza - DAILY SABAH

ALI ÜNAL, ANKARA

02.10.2016

The former Deputy Secretary of State and U.S. ambassador to Azerbaijan, Matthew Bryza, said the solution of Cyprus's problem would provide the most economically attractive export route for Cypriot natural gas as well as for the Israel-Cyprus-Turkey pipeline, which also can elevate Turkey's strategic importance and secure its economic benefits by becoming an energy transit hub

The former Deputy Secretary of State and U.S. Ambassador to Azerbaijan Matthew Bryza said it is incorrect to say that the price drop in natural gas makes it economically infeasible to transport Leviathan gas to Turkey and added his hope that gas export from the Leviathan field would start in 2019. A former senior diplomat Bryza currently serve as a board member of Turcas Petroleum which is the leading Turkish energy investment holding that created Turkey- Israel natural gas pipeline project. Answering to Daily Sabah's questions on pipeline politics Bryza said that thus far, energy reserves have had a minimal impact on regional states' relations. Underlining that if the Cyprus problem solved Turkey would provide the most economically attractive export route for Cypriot natural gas Bryza added that in this case an Israel-Cyprus-Turkey pipeline, would also provide a powerful mechanism for building a new strategic triangle among Turkey, Cyprus, and Israel.