BG Group Plc, the second U.K. oil and gas producer to issue a profit warning this month, said output will drop this year as political turmoil cuts exports from Egypt and other projects are delayed. The shares plunged.
The Egyptian Ministery of Petroleum has signed the Concession Agreement for the East Ras Budran Offshore area. RWE Dea is the operator, holding a share of 80%. The company plans a 3D seismic survey and one exploration well during the first three-year exploration period.
Egypt has agreed a timetable to pay $3 billion of the $6.3 billion it says it owes foreign oil companies, the state news agency reported, as part of the drive to revive confidence in its economy hammered by nearly three years of political turmoil.
Dana Gas, the Middle East's leading regional private sector natural gas Company, announces that it has achieved gas production level in Egypt of 200 million standard cubic feet per day, the highest level for the company in the country in 2 years.
The Petroleum Ministry has conveyed to the Ministry of External Affairs that the Indian consortium comprising Gujarat State Petroleum Corporation (GSPC), Hindustan Petroleum Corporation Limited (HPCL) and Oil India Limited (OIL) has 'unanimously' decided not to sign the concession agreement for two offshore oil exploration blocks.
The Minister of Petroleum and Mineral Resources, Sherif Haddara, announced a reshuffling of key administrators within government-controlled companies that oversee and participate in various aspects of the petroleum sector. The shuffle aims to improve performance and efficiency.
Qatar promised Egypt five free shipments of LNG this summer after a meeting of representatives from the two countries' governments in Doha, giving cash-strapped Egypt a reprieve from worsening energy shortages.
A disagreement over pricing is delaying a gas swap deal between Egypt and Qatar intended to ease domestic energy shortages that have exacerbated the North African country's broader economic problems, people close to talks between the two countries said Monday.
Italy and Spain aim to reduce their dependence on North African natural gas imports, posing potential trouble for countries including Algeria, the one oil- and gas-rich country in the region so far spared from major social unrest.
Mr. Tarek El Barkatawy is the new Chairman of the Egyptian General Petroleum Company (EGPC). Mr. El Barkatawy has a degree in Petroleum Engineering from Cairo University and over twenty years experience in the Egyptian petroleum sector.
Dana Gas PJSC, the Middle East's largest regional private sector natural gas company, announces its financial results for the first quarter ended 31 March 2013 with a net profit after tax of AED 241 million (US$ 66 million), an increase of 17% as compared to AED 206 million (US$56 million) in Q1 2012. Revenue from the sale of hydrocarbons during Q1 2013 was AED 557 million (US$ 152 million).
Egypt recently awarded eight oil and gas exploration contracts for prospecting projects off the North Coast of the Mediterranean Sea. Companies inacluding BP, Petroceltic International, Sea Dragon, Pura Vida Energy and Dana Gas are paying a total of $73.2 million to secure the license deals, which require a minimum investment of $1.2 billion.
Mr. Miguel Angel Vargas, the General Manager of the Chilean state-owned Sipetrol International S.A., Egypt Branch, announced a new achievement in East Ras Qattara Concession in the Western Desert, with a new production record exceeding 17,000 BOPD from the last drilled Development Well Shahd-3 with an added production rate of 4,300 BOPD during April 2013.
The fourth edition of the North Africa Technical Conference and Exhibition (NATC) returns to Cairo, Egypt, from 15-17 April 2013, under the patronage of the Ministry of Petroleum and Mineral Resources, Egypt. Organised by the Society of Petroleum Engineers (SPE).
Foster Wheeler AG announced that subsidiaries of its Global Engineering and Construction Group have been awarded contracts by Apache Khalda for the provision of technical consultancy services to oversee the engineering, procurement and construction (EPC) phase of the Qasr Compression Project in Egypt.
Weatherford, one of the largest oilfield services companies that operates in more than 100 countries and employs more than 60,000 people worldwide, is presenting their Total DepthSM services at NATCE-SPE.
The Egyptian Ambassador to Jordan, Khaled Tharwat, has denied media reports which claim that Egypt intends to reduce the amount of natural gas exported to Jordan prior to cutting off the supply completely by June.
The Egyptian government has invited top oil multinationals to bid for exploration licenses in sites located in Upper Egypt known for being rich in natural gas and petroleum, Sherif Ismail, chairman of the state-owned Ganoub El-Wadi petroleum holding company (GANOPE), told Al-Ahram daily newspaper.
Apache Corporation reported that the Amoun NE-1X discovery on the north flank of Egypt's Khalda Ridge producing complex tested at a combined rate of 3,186 barrels of oil and condensate and 11 million cubic feet of natural gas per day from two zones in the Jurassic-aged upper and lower Safa formations.
The Minister of Petroleum Osama Kamal dismissed the Deputy of Operations at EGPC, Nasr Abo El-Seoud, due to the current diesel crisis which resulted in numerous protests from minibus drivers, the primary consumers of the vital fuel.
The Board of Directors of Cheiron Petroleum Holdings Ltd. (CHL) is pleased to announce that Dr. Hany Elsharkawi has joined the company as the Chief Executive Officer. Dr Hany holds an M. SC and PhD degree from the University of Manitoba, Canada and a B. SC degree from University of Alexandria Egypt.
Egypt exported $22 billion worth of natural gas last year, 4 percent more than in 2011, according to a report on Economic and Social Indicators released in February by the state-run Information and Decision Support Centre (IDSC).
Egypt plans to repay a quarter of its about $9 billion debt to foreign oil companies in Egyptian pounds, the independent El-Watan newspaper reported, citing Industry and Foreign Trade Minister Hatem Saleh.
Cairo based National Bank for Development (NBD) is considering arranging a syndicated loan between USD 150-200 million for Maridive & Oil Services, the Egyptian oil and gas services company, listed on the Egyptian stock exchange, a senior banker told Zawya.
Petroceltic International plc, the upstream oil and gas exploration and production company focused on North Africa, the Mediterranean and Black Sea regions, provides an update on its Egyptian exploration and development activities.
Eni has made a new oil discovery from the NFW well ''Rosa North 1X'', located in the Meleiha Concession, in the Western Desert of Egypt. The drilling of Rosa North 1X is part of Eni's strategy to refocus exploration activities in Egypt by targeting deeper oil plays in the Western Desert.
The UK's BG Group no longer expects to meet a medium-term production target of more than 1 million b/d of oil equivalent by 2015, the company said Tuesday, as short-term production issues in Egypt and the UK continue to weigh on BG's upstream.
Vega Petroleum Limited (VPL), a privately owned exploration and production company, established in the British Virgin Islands with its principals from the Middle East, announced today that it has successfully received approval for working interest and operatorship in the Ras El Ush (REU) field in the Gebel El Zeit Offshore Concession, from Canadian E&P Company, Dover Investment Ltd by EGPC.
ExxonMobil Egypt, the leader in blending and marketing of high technology industrial lubricants, renewed its cooperation with the Egyptian Drilling Company (EDC),known to be the leading drilling company in the Middle East, for additional five years.
Circle Oil Plc, the Middle East and Africa focused oil and gas exploration, development and production company, is pleased to announce that it has agreed a US$12.5 million secured working capital facility with Ahli United Bank Egypt.
Egyptian Minister of Petroleum and Mineral Resources Osama Kamal gave a press conference at the meeting of the Organization of Arab Petroleum Exporting Countries (OAPEC), in which he discussed the government's decision to raise the price of fuels and commented on the economic damage faced by the oil and gas industry.
Citadel Capital, the leading private equity firm in the Middle East and Africa with US$ 9.5 billion in investments under control, confirmed portfolio company National Petroleum Company Egypt Ltd. (NPC Egypt) has divested the National Petroleum Company Shukheir Marine Ltd.
Egypt, a natural-gas exporter to markets from China to Chile, is set to become an importer for the first time just as the new government needs energy shipments to revive an economy weakened by civil unrest.
Sea Dragon Energy Inc. is pleased to announce that its wholly owned subsidiary Sea Dragon Energy Holding Ltd. has completed the acquisition of all of the issued and outstanding shares of National Petroleum Company Shukheir Marine Limited.
Local markets have seen a 100 per cent rise in the price of engine oil. Karim Sami, member of the Petroleum Products Division in the Egyptian Chamber of Commerce, said that the price of a package of oil weighing four kilos has gone up from 82 to 140 pounds, while one weighing 20 kilos has risen from 160 to 300 pounds.
The Egyptian Petroleum Minister Osama Kamal and CEO of Chinese Corporation Sinopec Star Petroleum Company Fu Chengyu discussed investment opportunities in the Egyptian oil and gas sector as a means of expanding mutual partnerships in the coming period.
Minister of Petroleum Osama Kamel unveiled new investments and more economic cooperation between foreign partners and major Egyptian companies, citing agreements signed for upgrading oil fields and wells in Balaeem petroleum sites.
Petroleum Minister Osama Kamal and CEO of Edison Oil Company Bruno Lescoeur recently discussed investment opportunities in the Egyptian oil and gas sector as a means of enlarging mutual partnerships in the coming period.
Prime Minister Dr. Hisham Qandeel held a meeting on the future vision for the development of oil refineries in order to meet the local market's needs of petroleum products. The meeting was attended by ministers of planning and international cooperation, petroleum, industry and foreign trade and the Cabinet Secretary General.
British oil and gas company BG Group Plc's production troubles in Egypt may affect supplies of Liquefied Natural Gas to two of its Chilean customers, Endesa Chile and state-owned ENAP, BG said on Wednesday.
Egypt's state-owned Egyptian Natural Gas Holding Company (EGAS) has postponed by three months the closing date for international companies to present bids for 15 oil and gas concessions due to weak interest in the tender.
Egypt has agreed to boost Jordan's gas supplies, Minister of Energy and Mineral Resources Alaa Batayneh announced on Tuesday, ending a months-long dispute over the country's former primary energy source.
Dana Gas PJSC, the Middle East's largest private sector natural gas company, announces that its joint-venture, the Egyptian Bahrain Gas Derivatives Company (EBGDCo) NGL extraction plant region at Ras Shukheir in Egypt, first of its kind in the Gulf of Suez region, has loaded its first propane cargo on 1 October, 2012.
Kuwait Energy, one of the fastest growing independent oil and gas exploration and production companies in the Middle East, today announced a new oil discovery of Ahmad-2 well, located in the Area A license in the Gulf of Suez, Egypt, adjacent to the Shukheir North West field.
RWE Dea Egypt confirmed a further extension of the South Sidi Ghazy-1x discovery in the Egyptian Nile Delta. The latest development well follows the successful appraisal of the North Sidi Ghazy-1x discovery reported in August 2012. The start of production from RWE Dea’s Disouq project is planned for 2013.
Maire Tecnimont S.p.A. announces that several contracts have been awarded to some of its subsidiaries for a total amount of approximately €135 million for Engineering, Procurement and Technology Services.
American oil company Apache Corporation has temporarily abandoned three recently drilled exploratory wells, WKAL-L-D-1X, WKAN-D-1X, and WKAL-O-1X, all of which were drilled in the context of the company's current drilling plan.
Petroleum Minister Osama Kamal on Tuesday said British Gas is injecting US$3 billion to US$5 billion into development projects in Egypt, in addition to its current investments that amount to US$10 billion.
The Ministry of Petroleum and Mineral resources has revealed the names of those newly appointed to head petroleum companies, based on the decision of minister of petroleum Eng. Osama Kamal. The appointments come as senior officials begin to reach retirement age, and as part of the minister's initiative to begin integrating young personnel into the sector.
Capital Trust Group said its EuroMena II fund invested $20 million to increase the capital of Sakson Petroleum Services Holding S.A.L., an Egypt-based provider of oil and natural-gas drilling services.
Foster Wheeler AG announced that a subsidiary of its Global Engineering and Construction Group has signed a three-year framework agreement with Apache Khalda Corporation LDC for the provision of consultancy services.
Following a decrease in the volume of projects, contracts and occupancy rates, Maridive and Oil Services (MOIL) Egypt, faces a tough fiscal position. MOIL recently completed most of its contracts, including Aramco Saudi and the Indian project Onge and revenues from the projected during the second quarter of 2012 have come to a halt.
Egypt is finding it increasingly difficult to import fuel as foreign banks and traders pull the plug on credit and charge high premiums due to concerns over its financial and political stability, trading and banking sources said.
Eng. Osama Kamal, Minister of Petroleum and Mineral Resources held a meeting with several heads of foreign companies operating in Egypt, British Petroleum (BP) and the German RWE, Malaysia's Petronas and British Gas and Gaz de France.
Ukraine's national oil and gas company Naftogaz Ukrayiny produced 113,000 barrels of crude oil from deposits in Egypt in the second quarter of 2012, up 10.8% from 102,000 barrels in the first quarter, the Energy and Coal Industry Ministry said in a statement Friday.
Extended production tests of the successful exploration wells in Abu Sennan, Egypt, commenced last week. The tests will continue for 6 months and to date have yielded a combined flow rate of up to 2,524 barrels of oil per day, with associated gas.
Circle Oil Plc, the international oil and gas exploration, development and production company, is pleased to announce the following update regarding the Al Amir SE Field (''AASE'') and the Geyad field.
PetroAmir, a joint venture company between the Egyptian General Petroleum Corporation (EGPC) and the Greek operator Vegas Oil & Gas, has completed the drilling of a new developmental well in the North West Gemsa concession located in Gulf of Suez Basin of the Eastern Desert.
The North Baharia Petroleum Company (Norpetco) concluded drilling activities for two new developmental wells in e Western Desert development lease. The operations come in the context of the company's drilling plan for the current fiscal year 2011-2012.
The first experimental offshore well has been drilled as deep as 1,500 meters north of Damietta in the Mediterranean as research indicated oil and gas reserves in this area, according to a report Petroleum Minister Eng. Abdullah Ghorab received from Eng. Mohamed Shoaib, the Head of the Gas Holding Company on means to promote oil and gas finds.
A sale by RWE AG (RWE) of energy assets in Egypt is stalled as the country's turbulent political transition deters potential buyers from bidding for the German utility's offshore gas fields there, according to people familiar with the situation.
The Italian Edison Gas has concluded the drilling of a new exploratory well last April, located in the Wadi El-Rayan concession in the Western Desert. The operation comes in the context of the company's 2011-2012 drilling plan.
American operator Apache Corporation drilled a new exploratory well last march, situated in the Western Desert. The operation comes in consistence with Apache's drilling plan for the 2011-2012 fiscal year.
Italian petroleum operator Edison has completed the drilling of two exploratory wells located in the company's concession in the Western Desert, which comes in the context of its 2011-2012 exploration plan.
Belayim Petroleum Company (Petrobel) has concluded drilling operations for two new developmental wells, the 113-M-113 well and the EBLS-2 well in adherence to its drilling plan for the 2011-2012 fiscal year.
The Petroleum Ministry has obtained approval from the Defense Ministry for the Egyptian Natural Gas Holding Company (GASCO) to offer a tender for international companies to explore for gas in the Mediterranean Sea for the first time, in four areas near Egypt's eastern border with Israel.
Rashid Petroleum Company (Rashpetco) has successfully completed drilling a new developmental well in West Delta Deep Marine concession, in the context of its development plan for the 2011-2012 fiscal year.
Egypt's Industrial Development Authority is examining proposals from several investors worth EGP 48 billion for developing downstream oil and gas projects including refineries and petrochemicals production.
Petrosilah Petroleum Company has drilled a new developmental well, labeled SILAH-16, in the Silah fields in the Fayioum Development Blocks in the Western Desert as part of the company's development plan for the current 2011-2012 fiscal year.
Indian state-owned oil firm Gujarat State Petroleum Corporation (GSPC) has hit a dry hole in its Mediterranean Sea exploration lease after investing $52 million in the drilling operation. The operation came in the context of GSPC's 2011-2012 exploration plan.
North Sinai Petroleum Company (NOSPCO) has drilled a new developmental well in the company's concession in the Mediterranean Sea. The well, labeled TAO-SW-F ST-2, is part of the company's 2011-2012 development plan.
Agiba Petroleum Company has concluded the drilling of two new developmental wells in the company's Western Desert lease, the ARCADIA-6 well and the AGHAR 4-17. The operations come in accordance with the company's drilling plan for the 2011-2012 fiscal year.
Suez Oil Company (SUCO) has concluded drilling ZB-24 ST-1, a new developmental well in the company's Zeit Bay Development lease in the Eastern Desert. The operation comes in the context of SUCO's development plan for the 2011-2012 fiscal year.
Egypt may gradually scrap subsidies on oil products by 2018, introducing coupons for gasoline and diesel as part of the phaseout, the independent newspaper Al Masry Al Youm reported, citing unidentified officials.
Egyptian General Petroleum Corp. and Egyptian Natural Gas Holding Co. filed a request for arbitration against East Mediterranean Gas Co. over a deal to supply natural gas to Israel, EGPC's chairman said.
Egypt was once an exporter of oil and gas, but now it is struggling to meet its own energy needs.
The growth in energy consumption is a response to the country's economic expansion, industrialization, and change in the people's lifestyle.
International shareholders in East Mediterranean Gas (EMG), the company that oversaw the now defunct Egyptian-Israeli natural gas deal, said on Thursday they were suing the government of Egypt for violating three bilateral investment treaties.
Saudi Arabian Oil Co. raised differentials used to determine official selling prices for June shipments from Egypt's Sidi Kerir port on the Mediterranean Sea, two people familiar with the pricing decision said.
El Paso Corp. (EP) , the pipeline company being bought by Kinder Morgan Inc. (KMI), has agreed to sell its oil and natural-gas fields in Egypt to an unidentified buyer, reducing its first-quarter results by about $62 million.
East Zeit Petroleum Company (Zeitco) has completed drilling a new oil-producing well in its concession area in the Gulf of Suez. The operation comes in fulfillment the company's development plan for the current fiscal year 2011-2012.
Circle Oil Plc, the international oil and gas exploration, development and production company, is pleased to announce the following update regarding the Al Amir SE Field (''AASE'') and the Geyad field.
Egypt Oil and Gas's analytical report conducted to assess the drilling rigs leased by Tanmia Petroleum Company for oil and gas exploration has revealed the variety of rigs owned by the company in Egypt.
Petrosilah Petroleum Company has completed the drilling of a new developmental well onshore Gindi Basinin located in the company's Fayoum development blocks in Western Desert. The operation comes in the context of Petrosilah's drilling plan for the 2011-2012 fiscal year.
American Apache Corporation has concluded drilling operations for a wildcat well, labeled TELL-1X, located in the company's West Kalabsha block in the Western Desert. The operation comes as part of Apache's drilling plan for the current fiscal year 2011-2012.
Sea Dragon and Golden Crescent Investments Ltd. have reached a non-binding understanding to extend the date by which Sea Dragon shall be required to complete its acquisition, directly or indirectly, of all of the issued and outstanding shares of National Petroleum Company Egypt Limited.
TransGlobe Energy Corporation announces the signing of a Share Purchase Agreement with two United States based energy companies to acquire the shares of their direct and indirect wholly owned subsidiaries which hold the Vendor's Egyptian Assets.
Abo Qir Petroleum Company has concluded the drilling of a new exploratory well in the company's development concession in Abu Qir North field, offshore Nile Delta as part of its drilling plan for the 2011-2012 fiscal year.
Egyptian energy companies, citing a trade dispute, have terminated a deal to supply Israel with natural gas in a step that may further erode bilateral ties strained by a popular revolt that toppled Egypt's pro-Israeli leader last year.
Crude oil production from the NS377 field, located in the concession area of North Shadwan, commenced on the 13th of March 2012. Oil supermajor British Petroleum and the Australian company Beach Energy have announced that initial production from the well will be restricted to approximately 1,000 barrels of oil per day.
A significant increase in drilling activity has been undertaken by Khalda Petroleum over the previous two months, as the company completed the drilling of four exploratory wells, three developmental wells, and one water injection well in its Western Desert concession. The operations come in the context of Khalda's drilling plan for the 2011-2012 fiscal year.
The Chilean Sociedad Internacional Petrolera SA (Sipetrol) has completed the drilling of a new exploratory well in its Rommana exploration block located onshore the Sinai Peninsula as part of its 2011-2012 drilling plan.
Egypt's ministry of petroleum has received 25 proposals from 12 international companies to search for oil and gas across the eastern and western desert, Gulf of Suez and Sinai, daily Egyptian newspaper Al Ahram reports Sunday, citing Adel Saeed, the vice chairman of the Egyptian General Petroleum Corporation (EGPC).
Kuwait Energy, one of the fastest growing independent oil and gas exploration and production companies in the Middle East, operating Area A on behalf of the license holder Egyptian General Petroleum Corporation, announced a new exploration success with their West Ahmad-1X oil well, located in Area A in the Gulf of Suez, Egypt, adjacent to the Shukheir North West Field.
In front of the factory of ExxonMobil, in the industrial city of the 10th of Ramadan, workers posted banners saying ''No to contracts of forced labour or tyranny,'' and ''The free people of 10th of Ramadan ask for equality between all Mobil workers.'' The workers of ExxonMobil Egypt have been on strike since 7 April, asking for permanent contracts. The administration answered by suspending work in the factory.
Italian petroleum operator Edison has completed the drilling of a developmental well located in the West Wadi El-Rayan concession in the Western Desert, which comes in the context of its 2011-2012 drilling plan.
Ukraine is planning to increase its own oil production, first and foremost, through the development of the Subotynske oil field on the Ukrainian shelf of the Black Sea and oil fields in Egypt, where Naftogaz of Ukraine is working on a concession basis.
International oil services group Aker Solutions has signed a two-year frame agreement with Egyptian oil giant Badr Petroleum Company (Bapetco). Aker Solutions will be the sole supplier for all of the oil company's surface wellhead equipment, installation and lifecycle services operations in the Western Desert of Egypt.
Minister of Petroleum and Mineral Wealth Abdullah Ghorab stressed on Sunday that scientific research constituted a basic element for the development of oil, gas, petrochemicals and mining industries in Egypt in order to cope up with the successive developments of this industry.
Following rumors and speculation regarding who will take over the role of Vice-President for oil & Gas production at the Egyptian General Petroleum Corporation (EGPC), Egypt Oil & Gas's sources have confirmed that Eng. Abed Ezz El Regal, President of Tanmeya Petroleum Company, has been appointed for the position.
Qarun Petroleum Company, a joint-venture between the EGPC and the American operator Apache Corporation, is in the process of drilling a new crude-producing exploratory well in its Western Desert concession area. The new 'HEBA-10x' well has reached a vertical depth of 7150 feet using the EDC-63 rig, with investments averaging $1million.
Japan's AOC Holdings said on Thursday it will be difficult to achieve its goal of starting production in May from the offshore Northwest October block in the northern Gulf of Suez due to the nation's political situation.
Oil company Petrodara's production of crude oil increased significantly, revealed the company-specific analytical report compiled by Egypt Oil & Gas. Production indicators for crude oil rose consistently, reaching 376,129 barrels for the month of January 2012.
Bapetco has announced a surge in drilling activities in the Western Desert as part of the company's drilling plan for the current fiscal year 2011/2012. The plan includes two drilling operations for both an exploratory well and a developmental well in the company's Western Desert concession.
Amapetco has drilled a new developmental well, AMAL-14 ST-2, in the concession it owns in the Gulf of Suez. The operation is in accordance with the company's developmental plan for the 2011-2012 fiscal year.
Circle Oil Plc, the international oil and gas exploration, development and production company, is pleased to announce the following update regarding the Al Amir SE Field (''AASE'') and the Geyad field.
Badr El-Din Petroleum Company (Bapetco) is preparing to offer a series of tenders to acquire the needed equipment to create a carbon dioxide-removal unit. The decision comes in the context of putting several new wells on production, all of which are located in field 'Kareem' in the company's Alam Al-Shawish concession area in the Western Desert.
UAE-based Dana Gas is struggling to cope with the payment delays owed from Egypt and Kurdistan. The company's outstanding debt of $1billion Sukuk (Islamic bonds) has significantly strained the company's ability to progress its expansion plans in Egypt.
In its Western Desert concession area, PetroShahd has completed drilling an exploratory well in the context of its drilling plan for the fiscal year 2011/2012. Seismic studies assessing the wells potential have proved the well dry.
Oil production has commenced from the NS377 field in Beach's North Shadwan concession, with oil flowing via a tie-in to Petrobel's nearby Ras Ghara oil facility and then by pipeline to the main Petreco Oil Centre at Abu Rudeis.
Egypt Oil & Gas's detailed report covering oil company Petrobel showed fluctuations in the company's production rates of crude oil and natural gas during the past six months. Production of both resources rose and fell intermittently over the period from the third quarter of 2011 to the first quarter of 2012, as displayed in the graph.
Citadel Capital, the leading private equity firm in the Middle East and Africa with US$ 9 billion in investments under control, issued today the following statement regarding revised terms of sale for the National Petroleum Company Egypt.
The Egyptian General Petroleum Corporation (EGPC) has concluded an agreement with the Gaza authority of energy and natural resources for the supply of fuel to the Gaza Power Plant, the sole operational power plant in the Gaza Strip, via the Rafah border terminal.
Egypt's Maridive and Oil Services, the biggest oil services company by fleet size in the Middle East, reported a 32 percent drop in net profit in 2011, when tough competition pushed industry prices lower, the firm said on Monday.
Kuwait Energy plc and their main partner, the Egyptian General Petroleum Corporation (EGPC), today announced a new oil discovery, the El Salmiya-1 well, in the Abu Sennan concession located in the Western Desert in Egypt.
Dana Petroleum plc is pleased to announce that Zeitco, its joint venture with the Egyptian General Petroleum Company (EGPC), has successfully completed its first well of 2012, A12Z on the East Zeit field.
Sea Dragon Energy Inc. announces that it is revisiting the terms of its agreement with Golden Crescent Investments Ltd. for the acquisition of National Petroleum Company Egypt Limited and intends to withdraw its short form prospectus.
Egyptian General Petroleum Corp., the nation's state-owned oil marketing company, is seeking to buy as many as five cargoes of gasoil a month from March to June, said two traders who participate in the market.
Kuwait Energy plc with their main partner EGPC, announced a significant increase in production from the Shahd SE field located in the East Ras Qattara concession in the Western Desert in Egypt following the successful drilling of the appraisal well Shahd SE-5.
U.S. oil and gas producer Apache Corp. (APA) has reached a deal with Egypt to expand its oil and gas investments in the North African country in 2013 by $1 billion, Egypt's Minister of Oil Abdullah Ghorab said, according to the Kuwait state news agency, or Kuna.
Ukraine's national oil and gas company Naftogaz Ukrayiny, Egyptian state-owned company Ganoub El-Wadi Petroleum Holding (GANOPE) and the Egyptian Oil Ministry on February 7 signed a concession agreement on developing and subsequently operating two hydrocarbon blocks, Wadi Mahareeth No.8 and No.9, located in the Eastern Desert of Upper Egypt.
Kuwait Energy plc, one of the fastest growing independent oil and gas exploration and production companies in the Middle East, announced that it has made an oil well discovery in the Western Desert in Egypt. The new well is named Al Jahraa-1X and is located in the Abu Sennan exploration concession where Kuwait Energy is the operator and holds a 50% working interest.
According to the analytical report conducted by Egypt Oil and Gas to gauge the performance of Qarun Petroleum, the company's production rates of crude oil have been consistent during the past six months.
PetroShahd Petroleum Company finished the drilling of yet another developmental well in the Abu Gharadiq Basin located in the Western Desert, as part of its drilling program for the fiscal year 2011/2012.
Borg Al-Arab Petroleum (BoraPetco) completed drilling the BEA-11 well in its West Gharib concession located in the Western Desert. The new developmental well is part of the company's development plan for the fiscal year 2011/2012.
Massive flames shot into the sky over northern Sinai on Saturday after a section of a pipeline that carries gas from Egypt to Israel and Jordan exploded, according to a security official in the region.
UAE-based Dana Gas completed the drilling of a new exploratory well in the Nile Delta area. PLUTO-1 is a gas-producing well. It was drilled using the EDC-66 rig to a vertical depth of 7,300 feet, the cost of which has averaged $2 million.
BG Egypt today announced gas production had started on 30 January 2012 from the second stage of West Delta Deep Marine (WDDM) Concession Phase 7, representing another successful milestone in the phased development of WDDM.
Kuwait Energy Plc, one of the fastest growing independent oil and gas exploration and production companies in the Middle East, today announced a new oil discovery in Egypt's Ahmad-1X well, located in the Gulf of Suez's Area A concession.
Despite a deep funds crunch, the premier state public sector undertaking (PSU), Gujarat State Petroleum Corporation (GSPC) will not be dropping its plan to continue with oil and gas exploration in Egypt.
A gasoline shortage in Egypt has led to long queues at fuel stations and raised suspicions among drivers that it may be a prelude to a cut in subsidies, despite official reassurances that there is no plan to hike prices.
Belayim Petroleum Company (Petrobel) witnessed a steady production rate over the last quarter of 2011. The company concluded the year with the drilling of two wells, one exploratory and one development.
Dana Petroleum plc is pleased to announce first oil production from its Matr-1XST well in the North Zeit Bay production sharing contract (PSC) area onshore in the Gulf of Suez, Egypt. This follows the recent approval of the Matr Development lease by the Ministry of Petroleum.
Sea Dragon Energy Inc. is pleased to announce that it has entered into an arm's length share purchase agreement with Golden Crescent Investments Ltd to acquire all of the issued and outstanding shares of National Petroleum Company Egypt Limited.
Egyptian General Petroleum Corp. said its international oil and natural-gas bidding round closing date was extended by two months until the end of March after potential bidders requested more time for evaluation.
Egypt's fuel subsidies are expected to reach 114 billion Egyptian pounds ($18.9 billion) in 2012 compared with 100 billion pounds in the previous year, Al Mal reported, cited Hani Dahi, chairman of Egyptian General Petroleum Corp.
Tug FAIRMOUNT SHERPA has successfully towed jack-up drilling rig BAHARIA I to her new position in the Zeit Bay oil field in the Gulf of Suez. The FAIRMOUNT SHERPA is one of five supertugs owned by Fairmount Marine.
Khartoum has made a formal request to Egypt to supply Sudan with natural gas, affirming that Cairo pledged to study the request and respond accordingly, according to Minister of Electricity and Dams, Osama Abdullah.
Prime Minister Dr. Kamal El Ganzoury meets on 24/12/2011 with Arab Ministers of Energy and Petroleum participants in the activities of the 85th meeting of the Council of Ministers of the Organization of Arab Petroleum Exporting Countries "OPEC", headed by the Minister of the UAE's oil the current chairman of the Ministerial Council Information Service
Circle Oil Plc, the international oil and gas exploration, development and production company, is pleased to announce the following update regarding the Al Amir SE Field Water Injection project and the Geyad-4 well (formerly Geyad-D) in the Geyad field.
HSBC Bank Egypt announced the closing of a USD50 million financing for IPR Petroleum. The facility will be used to refinance existing credit facilities, as well as the development and production of the company's oil and gas assets in Egypt.
A project that could add 22 percent to Egypt's natural gas supply is one year behind schedule because local residents in the town of Idku, east of Alexandria, continue to oppose British Petroleum's (BP) plans to build a processing plant on the town's seashore.
After analyzing client data from offset wells, the Baker Hughes drill bit team in Egypt developed a case for a trial run of the Hughes Christensen Quantec PDC bit technology, which resulted in savings of $152,000 on two wells, reported Gulf Oil & Gas News.
Khalda Petroleum Company has been on busy drilling schedule during last month as three new wells, one development and two exploratory ones, were drilled in the context of the company's plan for the fiscal year of 2011/2012.
French energy company Total is on the verge of signing a contract with the Egyptian Petrochemicals Holding Company to establish a US$3 billion plant for the production of olefins by steam cracking of natural gas, said a Petroleum Ministry official.
Dana Petroleum plc (''Dana'') is pleased to announce that The Egyptian Ministry of Petroleum has approved ''Petro Kareem'' - a new joint venture between Dana and the Egyptian General Petroleum Corporation.
Petroleum Minister Eng. Abdullah Ghorab stressed the importance of maintaining oil production and attracting more investments as well as signing more agreements to intensify operations of prospecting for oil and gas.
The North Bahariya Petroleum Company (Norpetco ) drilled a new exploratory well in the North Bahariya Concession, onshore Abu Gharadiq Basin as part of the company's drilling plan for the fiscal year of 2011/2012.
TransGlobe Energy Corp., Calgary, plans to appraise the Boraq oil and gas discovery and further explore the 558,120-acre South Alamein concession in Egypt's Western Desert after it receives regulatory approval to close the acquisition of a 50% interest from Cepsa Egypt.
Saboteurs blew up a Sinai pipeline on Thursday, halting gas supplies from Egypt to Israel and Jordan in the sixth such attack since the overthrow of President Hosni Mubarak, Egyptian security sources and witnesses said.
BP Egypt announced the Salmon gas discovery in the North El Burg Offshore Concession, Nile Delta. Salmon is the third gas discovery BP has made in the concession following Satis-1 and Satis-3 Oligocene deep gas discoveries.
BG Egypt today announced the start of gas production on 17 October 2011 from the Phase 8a Deepwater Development Project. The Project is within the West Delta Deep Marine Concession (BG Group 50%, PETRONAS 50%) located approximately 90 kilometres offshore the Nile Delta.
Following the sabatoge explosion on 27 September in Egypt's Sinai that cut off gas supply to Jordan, it is expected to resume in two weeks. Egyptian authorities informed Jordan's energy minister that gas exports to Jordan might resume in two weeks time, after the pipeline between the two countries is repaired, according to several news sources.
''The final draft for the modified natural gas prices is near completion. The new prices will significantly aid Egypt in securing its needed quota of natural gas,'' answered Eng. Abdallah Ghorab, Egyptian Minister of Petroleum to a question about the price amendments of exported natural gas.
Groundstar Resources is pleased to announce that Aegean Energy Egypt Limited , the Operator of the West Kom Ombo block in Upper Egypt, has commenced a high resolution aeromagnetic survey over the block on October 1, 2011.
Foster Wheeler AG announced that a subsidiary of its Global Engineering and Construction Group has received a contract from Apache Khalda Corporation for the provision of project management consultancy (PMC) services to oversee the front-end engineering design (FEED) for the Qasr Compression Project in Egypt.
Attacks on the Egyptian pipeline delivering natural gas to Israel cost the Jewish state an average of 10 million shekels (US$2.67 million) a day over the summer months, Israel's Ministry of National Infrastructure (MNI) said this week, according to Israel's Globes business daily.
''Egypt is not legally obligated to export gas to Israel, nor is it committed to any financial penalties in case of interruption or discontinuation of gas exports to Israel,'' said Joseph Paritzky, Israel's former Energy and Infrastructure minister.
UAE energy firm Dana Gas said on Monday that its overdue receivables from Egypt for the gas delivered there has risen to around $200 million from $180 million previously and added that it was optimistic payments were coming.
Turkey intends to cooperate with Egypt in searching for natural gas in the Mediterranean, given the latter's experience in deep-water drilling, Turkish Energy Minister Taner Yıldız says on an official visit to Egypt.
Circle Oil Plc, the international oil and gas exploration, development and production company, is pleased to announce the following update regarding the Geyad-5X water injection well drilled to support production in the Geyad Field.
Qarun Petroleum Co., an Egyptian company partly owned by Apache Corp., will drill eight development wells in the Fayum concession southwest of Cairo in the fiscal year ending June 2012, the Oil Ministry said.
Premier Oil is still awaiting ratification from the Egyptian authorities for the award of the South Darag block in the northern Gulf of Suez. The award process is delayed until after Egypt's parliamentary elections, scheduled for later this year.
Kuwait Energy Company KSCC, one of the fastest growing independent oil and gas exploration and production companies in the Middle East, announces it has encountered hydrocarbons in the GPZZ-4 and Al Ahmadi-1 wells located in the Abu Sennan concession in the Western Desert, Egypt.
MENA Hydrocarbons Inc. is pleased to announce that it has received co-venturer approval for the acquisition of a 55 percent participating interest in the West Mediterranean, Block 1, Segment A block located 60 km off the Mediterranean coast of Egypt.
Shareholders of East Mediterranean Gas Co. will take legal action against Egypt, seeking more than $8 billion in damages for interruptions in natural gas supply through a cross-border pipeline, a company official said.
A short while ago, a huge explosion inside the natural gas inspection station near Al Arish City International Airport rocked the capital of Northern Sinai. The explosion has ignited a huge fire in the pipeline, which Egypt uses to export natural gas to both Israel and Jordan.
The half dozen or so low-rise buildings that house Apache's Egypt headquarters don't stand out from the Cairo neighborhood. The fleet of SUVs parked under the trees on the narrow residential street are the only clue that dozens of geologists and engineers are working inside.
Natural-gas supplies from Egypt to Jordan will resume by the end of the week, following an explosion at a pipeline in the Sinai peninsula that halted the flow, the Cairo-based newspaper al-Ahram reported, citing Egyptian Oil Minister Abdalla Ghorab.
TransGlobe Energy Corporation announces the signing of a Sale and Purchase Agreement to acquire a 50% operated working interest in the South Alamein Concession in the Arab Republic of Egypt from Cepsa Egypt SA B.V.
Egypt's Prime Minister Dr. Essam Sharaf met with BG Group Chief Executive Sir Frank Chapman. Also attending the meeting was BG Group Executive Vice President and Managing Director for Africa, Middle East and Asia Sami Iskander and BG Egypt President Arshad Sufi.
Circle Oil announced the 2011 update to Ultimate Recoverable Resources (''URR'')1 for the NW Gemsa Concession, Egypt, and the Sebou Permit, Morocco, which indicates a significant increase over the 2010 URR estimates for both permits.
The Egyptian Minister of Petroleum Abdallah Ghorab and Eni COO Claudio Descalzi met in Cairo to support the renewed commitment of Eni towards exploration and development activities in Egypt, highlighting the importance of such commitment for both Egpc and Eni.
Kuwait Energy Company (Kuwait Energy), one of the fastest growing independent oil and gas exploration and production companies in the Middle East, announced two new oil discoveries in the East Ras Qattara (ERQ) concession located in Egypt's Western Desert, bringing the company's total number of discoveries in Egypt, since 2008, to 11.
The Petroleum Marine Services Company (PMS) is installing offshore platforms and pipelines for the Amal Petroleum Company (Amapetco) and Abu Qir Petroleum Company, with total investments of $31 million and $20 million respectively.
T.D. Williamson SA (TDW) announced that it has completed a subsea hot tap intervention operation to facilitate the successful tie-in of a new gas pipeline to an existing pipeline. The new pipeline forms part of the Burullus Gas Company's West Delta Deep Marine (WDDM) Phase VII development project in the Mediterranean Sea.
King Abdullah of Jordan and Field Marshal Mohamed Tantawi, Chief of Egypt's Ruling Military Council exchanged views to boost bilateral cooperation and other issues of mutual concern between the two countries, in a meeting held in Cairo.
BG Group Plc plans to invest $250 million in drilling three exploratory wells in offshore concessions this year and in 2012, Egypt's Petroleum Ministry said in a faxed statement today, citing a company manager.
Plexus Holdings PLC, the AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP friction-grip method of wellhead engineering, has agreed a contract with BG International Limited (Egypt Branch - 'BG Egypt'), a division of BG Group plc, to supply its POS-GRIP High Pressure High Temperature ('HP/HT') wellhead system for exploration activities offshore Egypt on its Notus well.
Circle Oil Plc, the AIM listed international oil and gas exploration, development and production company, announces an update regarding the Geyad-3 appraisal-development well together with details on the future development of the NW Gemsa Concession.
Khalda Petroleum Company is planning to intensify its E&P operations in its concession areas after the achievement of positive results following the drilling of a development well in the Abu Gharadiq concession.
As an attempt to intensify its E&P operations, the Egyptian Natural Gas Holding Company (Egas) received its new onshore rig Qaher-1 and is expecting the delivery of a second rig Qaher-2 in the coming month.
Though being new in the Egyptian Petroleum sector, the International Drilling Material Manufacturing Co (IDM) for Casing and Tubing, fulfilled requests from top companies, such as Qarun, Agiba, Badr El-Din and the General Petroleum Company to provide drilling equipments over the past three months.
Egypt may extend the ban of fuel oil imports beyond June 30 and rely instead on domestic supplies of natural gas for its power stations, an official at the state-run Egyptian General Petroleum Corp. said.
Apache President and Chief Corporate Officer Roger Plank said that Apache in two weeks will send the last of its employees back into Egypt after evacuating them earlier this year amid the African nation's civil unrest.
Investors have until May 6 to file binding offers for the purchase of shares in Polish telecoms operator Polkomtel. One player that's eagerly waiting for that transaction to be wrapped up is Polish refining giant Orlen.
Plexus Holdings PLC, an AIM quoted oil and gas engineering services business and owner of the proprietary POS-GRIP friction-grip method of wellhead engineering, said it has signed a GBP200,000 agreement with BG Egypt.
Egypt's Citadel Capital has postponed plans for the initial public offering (IPO) of its electricity and natural gas distributor Taqa Arabia because of lower valuation prospects, according to a senior executive.
Gross production from Al Baraka field on the Kom Ombo block in upper Egypt is averaging an estimated 900 b/d of oil, said Sea Dragon Energy Inc., Calgary, cooperator of the concession with Dana Gas Egypt.
Circle Oil announced an update regarding the Al Amir SE-7X water injector well located to the west of the Al Amir SE-4X well in the Al Amir Development Lease. Al Amir SE-7X, which started drilling on 27 November 2010, has been successfully sidetracked and has now reached target depth ("TD") at 15,600 ft measured depth ("MD") in the Lower Rudeis.
The Egyptian Natural Gas Holding Co. (EGAS) signed an agreement allowing it to increase the price of natural gas sold to Union Fenosa SA, to reflect soaring global crude prices, according to an official for the Egyptian company.
Tanmia Petroleum Company is currently working on expanding its operations in the petroleum services sector, especially in the early production process and also the its constant eager to provide latest rigs for the Egyptian market.
Wadi El Sahl Petroleum Company (WASPETCO) gained the approval of the Egyptian General Petroleum Corporation (EGPC) to go through with its current fiscal plan of the year 2010-2011 in the area of Hurghada.
El Hamra Oil Company decided to reduce its crude oil production rate, which was previously planned for in the production plan of the current fiscal year of 2010-2011, from the company's concession area of the Western Desert.
Agiba Petroleum Company is reaching the final phase of drilling four new exploratory wells in the company's concession area in the Western Desert, according to its drilling plan of the fiscal year of 2010-2011.
Gas exports to Israel have not returned to their pre-revolution levels, according to one official, as legal experts scramble to find ways to renegotiate a deal that was agreed under the previous regime.
TransGlobe West Bakr Inc (TGWB), a wholly owned subsidiary of TransGlobe Energy Corporation, has entered into a Sale and Purchase Agreement (SPA) to acquire all the Egyptian assets of The Egyptian Petroleum Development Co. Ltd. (of Japan) (EPEDECO) for $60 million plus or minus adjustments.
The big news on the horizon at Premier Oil Plc will come out of Egypt.''We continue to look forward to results from the Cherry prospect in 20 to 30 days (4% upside, 0.5% downside),'' says the analyst team.
East Mediterranean Gas (EMG), which supplies Egyptian natural gas to Israel and other Middle East countries, does not see any justification for amending the terms of its contract with the Egyptian government to negotiate a higher price, said an EMG stakeholder.
Ampal-American Israel Corporation, which holds 12.5 per cent of the East Mediterranean Gas Company (EMG) that owns the pipeline, said the initial supply would be less than normal but would be ramped up 'on a daily basis' to reach the full supply.
The breakdown in the gas pipeline that extends from Egypt to Israel and Jordan was repaired, and the gas flow was renewed, the Egyptian Gas Company announced. It noted that the commercial gas supply will be renewed in 15 March.
Natural gas supply from Egypt to Israeli customers is expected to resume on Monday after the pipeline was damaged five weeks ago, an Israeli partner in the East Mediterranean Gas (EMG) consortium said on Sunday.
AFP quoted a Western diplomat in Jordan as saying that Egypt could already resume the supply of natural to Israel and Jordan, but that Bedouin in the Sinai object to gas deliveries to Israel, which is delaying their resumption.
Yosef Maimon, one of the leading shareholders in East Mediterranean Gas Company (EMG), is the Israeli face of the Egyptian-Israeli venture. Instead of putting all his cards on the table, and explaining to his customers what exactly is going on, or what he thinks is happening, his company, Ampal-American Israel Corporation sends repeated notices to the TASE, quoting EMG as saying that natural gas deliveries will resume within days.
Concerns have dominated the petroleum labor yesterday after spreading news that Eng. Abdallah Ghorab, the President of the Egyptian General Petroleum Corporation (EGPC) to move to his previous position at the Ministry.
PetroAmir is preparing to cooperate with Suez Oil Company (SUCO) to implement a new project to extent the natural gas pipeline produced during the coming period. The procedure is a part of the company's new fiscal plan of the year 2010-2011.
Wadi El Sahl Petroleum Company (WASPETCO) denies any problem with the partner as some newspapers claimed that the company's operations were postponed due to the clashes, said an official to Egypt Oil & Gas Newspaper.
Eng Mahmoud Latif, the new Egyptian Minister of Petroleum and Mineral Resources, declared a strategy for the coming period in which he stressed on the importance of stability in order to increase production rates, attract more investment to the petroleum sector and increase the national income.
Oil Refineries Ltd. is exposed to millions of dollars in damages due to delays in the delivery of Egyptian natural gas, which was supposed to begin on March 1. Egypt's East Mediterranean Gas Company (EMG), which had promised to resume deliveries by the end of the month, following an explosion on a pipeline in Sinai, will probably announce another delay.
BGP is conducting a very complex 2D TZ seismic survey in the Red Sea. The complicated terrains include populous city and town, muddy beach, shallow water island, coral reef, offshore ports, and areas near offshore oilfield infrastructure.
Egypt's military rulers swore in a new Cabinet on Tuesday. Energy veteran Eng. Mahmoud Latif, formerly known as the head of the Egyptian Natural Gas Holding Company (EGAS), became the new Petroleum Minister.
Some experts expect that the unrest in the Middle East could lead prices into the crisis zone.
Opinions are mixed on the issue, because even as the price of oil continues to drop, the price at the pump continues to rise, a paradoxical paradigm caused by the chaos in Egypt and other countries in that region.
''I have suffered a severe form of injustice and was dismissed for no apparent reason after my contract ended… We will not rest until we claim our right, they did it in 25th of January and we can do it again,'' these were some of the protesters' chants in their demonstration in front of the Ministry of Petroleum.
Zaafarana Oil Company (ZAFCO) prevailed the approval of Egyptian General Petroleum Corporation (EGPC) to go back to the old exploratory field of HB 77-4 in its acquisition area in Gulf of Suez through the current drilling plan of 2010-2011.
PetroShahd added up some modifications to the company's 2010-2011 plan in order to keep the volume of its investments in Egypt intact after the political instabilities that the country are going through.
Mohamed Ibrahim Tawila, president of Egyptian energy company Eastern Mediterranean Gas (EMG), best known for its controversial gas export deals with Israel, has resigned following Egypt's 25 January uprising.
Dr. Yeheya El-Gamal, the newly appointed Vice Prime Minister in the interim government led by Prime Minister Ahmed Shafiq announced yesterday that ministerial changes will be announced soon, including the dismissal of Eng. Sameh Fahmy, the Minister of Petroleum.
The East West Petroleum has been informed by its partner Kuwait Energy, the operator of the Burg El Arab (BEA) concession, that the operations remain unaffected by the recent events in Egypt. Kuwait Energy, as operator, continues to monitor the situation closely.
Dana Gas closed higher after regional political developments in Egypt and Iraq appear to be settling down, analysts said. The UAE gas explorer and producer rose 2.9% at the close of play on the Abu Dhabi Securities Exchange, adding to its 3% gain made the previous day.
To date, the Company's West Gharib production operations have not been affected by the recent political demonstrations in Egypt. The Company continues to the monitor the situation and has daily communication with our Cairo staff and our Joint Venture operating company.