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Edison farms out E&P division to Energean in $750 mn
July 5, 2019

Edison farms out E&P division to Energean in $750 mn

Greek oil and gas major, Energean has inked an agreement to acquire Edison E&P from Edison. The $750 million-deal will gain Energean 100% stake in Edison’s oil and natural gas unit. The acquisition will allow Energean to expand its operations in the emergent eastern Mediterranean gas hub, and establish an important presence in Egypt’s offshore basin.

ADES secures work for Admarine IV offshore jack-up rig
June 25, 2019

ADES secures work for Admarine IV offshore jack-up rig

Drilling services provider, ADES has landed a two-year contract for its Admarine IV offshore jack-up rig. The contract award comes from an energy company in Egypt. CEO, ADES said: “Award of a new contract with a leading Egyptian energy company reinforces the strength of ADES’ business model that focuses on providing tailored solutions and superior services in a highly competitive market.

BP agrees to sell its Egyptian Oil assets to Dragon Oil
June 4, 2019
Source: Al Arabiya

BP agrees to sell its Egyptian Oil assets to Dragon Oil

For an undisclosed sum, BP has agreed to sell its interests in the Gulf of Suez oil concessions in Egypt to Dragon Oil based in Dubai. As per the agreement, Dragon Oil will purchase exploration and production concessions, including BP’s assets in GUPCO (Gulf of Suez Petroleum Company). BP’s CEO said in a statement, “Egypt is a core growth and investment region for BP”.

ADES-Vantage JV secures drilling contract offshore Egypt
March 9, 2019

ADES-Vantage JV secures drilling contract offshore Egypt

Dana Gas has awarded a deep-water drilling services contract in the Egyptian Mediterranean basin to ADES International. ADES’ subsidiary ADES S.A.E. entered the agreement, with services being provided by Vantage’s Tungsten Explorer drillship. The services will be subcontracted to the JV between ADES and Vantage Drilling, ADVantage. The contract includes one firm well and is slated for completion in 77 days.

BP and Mubadala receive a go-ahead from Egypt
Dec. 10, 2018
Source: Reuters

BP and Mubadala receive a go-ahead from Egypt

Petroleum Ministry of Egypt has given approval to energy major BP and UAE’s Mubadala Investment Co., enabling them to buy stakes in the Nour gas field. Mubadala will buy 20% and BP will buy 25% of the Nour concession from Eni. After this, Eni will be holding only 40% of the concession. Remaining 15% will be held by Tharwa Petroleum Company of Egypt.

Eni discovers a gas well in Egypt
Aug. 31, 2018
Source: World Oil

Eni discovers a gas well in Egypt

Italy’s oil and gas major, Eni has discovered gas in the Egyptian Western Desert. The 17,000 ft well was drilled on the Faramid South in East Obayed concession whose capacity is 25 MMscfd. After drilling, numerous gas-bearing layers in Kathabta sandstones were encountered. Eni is making efforts to increase the gas production capacity of the company from the Western Desert basin.

Fuel prices increase in Egypt
July 25, 2018
Source: Arab News

Fuel prices increase in Egypt

The Egyptian Cabinet decided last week to elevate the price of natural gas by 75% in August. The gas consumption between 30-60 cubic meters has been increased by 42.8% and consumption of more than 60 cubic meters has gone up by 33.3%. The surge in prices has raised concerns as LPG cylinders and natural gas is the main source of fuel for 75% of the Egyptian households.

Egypt’s EGPC and Apache Corp signs drilling agreement
July 23, 2018

Egypt’s EGPC and Apache Corp signs drilling agreement

Egyptian state-owned EGPC and Apache Corp. have entered into a seven-well oil drilling agreement. The drilling operations will be focused on the East Bahariya concession. The contract was signed by EGPC CEO and Apache Egypt Regional VP. Egypt has signed nearly 87 new oil and gas exploration agreements since 2014 in the country.

Eni’s new oil find in Egypt
July 14, 2018

Eni’s new oil find in Egypt

Italian oil firm, Eni yesterday announced the discovery of second light oil in the Egyptian Western Desert. The well has, until now, delivered 5,130 barrels of oil per day of light oil with low associated gas. Eni is now planning to drill other exploratory prospects located nearby which might lead to a new productive area for the oil major in Egypt.

Saudi Aramco to continue oil supply to Egypt
June 19, 2018
Source: Reuters

Saudi Aramco to continue oil supply to Egypt

Egypt’s Petroleum Minister, Tarek El Molla said today that the world’s largest oil producer, Saudi Aramco, will continue the supply of crude oil to the Egyptian refineries for another six months. Saudi-based oil supermajor would supply 500,000 to one million barrels per month. Aramco was supplying crude to the Egyptian refineries from January for an initial six months.

Eni announces oil discovery in Egypt's Faghur basin
May 4, 2018
Source: World Oil

Eni announces oil discovery in Egypt's Faghur basin

Eni, the Italian oil major has reported an oil discovery in the Faghur basin located in the Egyptian Western Desert. It will the first well drilled by Eni for exploring the deep geological sequences of the Faghur basin. The well has been opened to production and delivered 2,300 bpd of light oil (32° API) and 0.4 MMscfd of associated gas.

15 Oil workers in Kuwait killed in head-on crash
April 3, 2018

15 Oil workers in Kuwait killed in head-on crash

According to the Kuwait Fire Service Directorate (KFSD), 15 oilfield workers lost their lives in a head-on crash on Sunday. This tragic incident occurred on the Al- Artal road where two buses were carrying employees engaged in operations near the Burgan oilfield, one of the region’s giant fields. The victims include seven Indian nationals, five Egyptians, three Pakistanis and others who are in a critical condition.

Dana Gas to invest USD 47mn in Egypt this year
March 17, 2018
Source: Zawya

Dana Gas to invest USD 47mn in Egypt this year

Owing to the non-receipt of payments for the past investments, Dana Gas has decided to restrict its investments in Egypt. This UAE based energy firm is having a hard time recovering payments from Egypt with total receivables amounting to a staggering sum of $228 million. Dana is extremely cautious about any new investments in the country following the sporadic and disappointing payment pattern followed by Egypt.

A record production from Nooros field by Eni
March 16, 2018
Source: World Oil

A record production from Nooros field by Eni

Eni is Egypt’s main producer with production worth more than 250,000 boed. Reaching a production of 32 MMcmgd which is equivalent to around 215,000 boed from the Nooros gas field, Eni has strengthened its output. Nooros is presently Eni’s prime gas producing field and a successful example of the firm’s integrated model. This major feat has been possible due to the starting up of the NW-7 well.

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