Issue: October 2015

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COVER

  • EGAS’ NEW GAS REGULATORY AFFAIRS DIVISION

    Eng. Amira El-Mazni has been named the new Vice Chairman for Gas Regulatory Affairs, but she has yet to be given her own office. In fact, her building doesn’t actually currently exist. Her temporary office is still on the fifth floor inside the Egyptian Natural Gas Holding Company (EGAS) building, as no laws have been formally been issued for the new group’s mandate. More troubling still, the laws are not expected to even be passed for at least six months, as the Ministry of Petroleum is still studying the draft law that would establish the Gas Regulatory Affairs (GRA) authority.

INSIDE ISSUE

  • CHECKMATE: ENI SHAKES UP THE MEDITERRANEAN STATUS QUO

    Sometimes in life, as in chess, a single movement may determine the outcome of an entire game.

    In this sense, Eni’s discovery of massive gas deposits in Egypt could be the checkmate that Israeli gas exports have long anticipated –and dreaded–. With a Queen who can now move more freely than ever on the chessboard, the question is now focused on how Israel will react to the threat.

  • LNG SHIPPING – PRICING CONSIDERATIONS

    For a while, it seemed that LNG tanker charter rates could only go up. After a 2009-2010 over-supply glut, the time charter rates were propelled past the $100,000 a day threshold due to the combined effect of the Fukushima incident and expectations of future flows coming out of the new US and Australian liquefaction plants. In response, order books for tankers grew, encouraging international energy groups to enter the market. This ended up locking many companies into high rates for the service for multiple. These arrangements may now require revisiting as rates are decreasing in response to over-supply (new vessels entering service) and lower demand caused by the decrease in LNG price differentials.

  • PUBLIC INFORMATION: THE CASE FOR A MEDIA STRATEGY IN EGYPT’S PETROLEUM SECTOR

    When asked about the issue of “petroleum awareness,” a friendly shopkeeper laughed out loud. “Where is this petroleum for there to even be an awareness of it?” he asked? He went on to advise against discussing these matters in public, fearing that both the interviewer and interviewee would end up in the police station. Finally, he explained that people’s awareness of fuel related affairs consisted of the knee jerk reaction of hoarding fuel whenever a shortage occurred, only making the whole fuel situation worse.

  • FROM PETROLEUM MINISTER TO PRIME MINISTER

    On September 12th H.E Engineer Sherif Ismail became the head of the Egyptian government. The timing couldn’t be better as it directed the media away from protests about the new civil service law, protests that could have expanded further affecting the upcoming parliamentary elections.

  • TAREK EL-MOLLA: THE FUTURE OF THE PETROLEUM MINISTRY

    Within moments of announcing Sherif Ismail, the previous minister of petroleum, as the head of the new government, all attention shifted towards the question of who would become the next oil minister in Egypt. Rumors and speculation echoed through the business scene, after all, the petroleum ministry is the center of Egypt’s beehive, every decision made by the ministry, affects factories, electricity, energy subsidies, investment, foreign currency reserves—and by extension—the wellbeing of the entire Egyptian economy.

  • GUPCO CELEBRATES 50 YEARS OF CHALLENGES & ACHIEVEMENTS

    The Gulf Of Suez Petroleum Company (GUPCO) is celebrating its 50th anniversary this year by commemorating its long journey of challenges and achievements.

  • SPE NORTH AFRICA TECHNICAL CONFERENCE A RESOUNDING SUCCESS

    With over 600 participants, more than 200 papers (from nearly 100 countries), and 27 technical sessions spread out over its three day duration, the Society of Petroleum Engineers North Africa Technical Conference and Convention (SPE NATC) was an event set to go down in history as a resounding success for the region.