Eni Amends Concession Agreements with Egypt
Sunday, 15th November 2015
Eni’s Egyptian subsidiary, IEOC, has signed 3 new amendments to its agreements with the Egyptian government. In a November 12th press release, the company announced the amendments for their concessions of Sinai 12 and Abu Madi, North Port Said, and Baltim. The company also announced a new concession agreement named “Ashrafi,” which will be a partnership with French electric utility company Engie.
Egypt to Renegotiate Contracts with IOCs
Sunday, 25th October 2015
Tarek El Molla, Minister of Petroleum and Mineral Resources, said that the ministry aims to renegotiate the current contracts with IOCs, in order to achieve economic balance between the foreign investor and state companies, reported Egypt Oil & Gas.
Oil and Gas Deals Worth $9.2 Billion Underway in Egypt
Monday, 9th February 2015
Egypt has three major oil and gas deals worth a total of $9.2 billion underway, after attracting investment of about $2.9 billion for oil and gas exploration in just over a year, a spokesman for the energy ministry told Reuters.
The Legal Reality of the ICC Ruling Against Egypt
Tuesday, 12th January 2016
On December 3rd 2015, the International Chamber of Commerce (ICC) announced its ruling on the arbitration claim submitted by Israel Electric Company (IEC) against the Egyptian General Petroleum Corporation (EGPC), the Egyptian Natural Gas Holding Company (EGAS), and East Mediterranean Gas Company (EMG). The ruling states that EGPC and EGAS are to pay the sum of $1.76b to IEC as compensation, in addition to paying to EMG the sum of $324m as compensation, including a substantial portion of EMG’s legal fees and arbitration costs.
A 12 Billion Dollar Promise
Tuesday, 19th May 2015
“BP to Invest $12 Billion in Egypt,” this is the headline that has caused a media frenzy to blow like wind passing through every news agency in the region.
BP has claimed the title for the biggest foreign direct investment made in Egypt, and reactions are still flooding in weeks later at extreme ends of the spectrum. After all, besides the headline, little details of the agreement itself were shared publicly.
Production Sharing Agreements: Overview
Monday, 9th March 2015
Production Sharing Agreements (PSAs) are one of the most common structures used to regulate exploration and production of oil and gas reserves. PSAs are often used across the developing world as they strike a balance between full nationalization of a country’s oil industry and other structures where royalties are assessed and taxes paid. In this issue of Egypt Oil & Gas, we will explore the subject in depth, giving particular attention to contracts’ length and benefits and limitations of cost recovery.