Latest in Highlight
Dues to foreign companies operating in the oil sector have increased by $300m, while the government’s inability to pay such an amount – even as it repays small portions of its debt – has lead to an accumulation of the total debt to an estimated $6bn. The value of the foreign partner’s share, crude gas …
Electricity deficit increases to approximately 6,180MW, no solution in sight
Egyptian artist Taha Al-Korany painted 20 oil on wood pieces, reflecting impressions about “the most significant” points of revolution
EGAS seeks to encourage foreign partners to produce gas from Egyptian fields, company official said.
Risen value of several commodities influenced production value, government statistics agency indicates
The official noted that the contracted amounts of gas exports to Jordan are 255m cubic metres of gas daily.
EGAS stopped pumping gas to MOPCO, EFC, and EBIC factories; reduction of 80% of gas needs of cement plants
Recent fuel price rise may provide incentive for investments in exploration in Egypt
Egypt has proposed three petrochemical projects to the UAE for a total investment of $540m, according to a senior official at the Ministry of Petroleum. The projects included establishing a factory to produce bio-ethanol from molasses, the output of which would reach 100,000 tonnes of molasses annually, with investment in the project totalling $250m. The …
IDA is looking to categorise factories by energy consumption in order to approve industry projects that do not need large amounts of electricity
Delayed payment of debts to foreign partners threatens Egyptian gas production, says report
Dues owed to foreign oil companies reached a total of $6.3bn this July, compared to $6bn at the end of April, according to Tareq Al-Mula, president of the Egypt General Petroleum Corporation (EGPC). The government will pay at least $1.5bn of these receivables to these foreign companies by the end of the year 2014, according …
Delays in payments have hindered development, exploration and production in oil fields
Exports continue to rise for the second consecutive month, after a series of dips during the first five months of 2014
Egypt discussed setting up pipelines and depots with Abu Dhabi
The government’s decision to cut natural gas subsidies to factories followed shortly after the reduction of petroleum subsidies on Saturday.
Egyptian government struggles to contain discontent of BG Group, which had to stop supplying Egyptian gas for export because of fuel shortage
This follows a surprise increase in consumption took place on Friday following the announcement that fuel prices would increase.
EGP 10bn increase in fuel subsidies for 2014/2015 budget a result of violence in Iraq: Petroleum ministry official
By Mohamed Adel Government agencies currently owe the Ministry of Petroleum a total of EGP 160bn for petroleum products, according to a senior official at the ministry, who added these agencies owed about EGP 157bn at the end of April. The Ministry of Finance owes the Ministry of Petroleum about EGP 92bn, of which EGP …
Software depicts three-dimensional geological map for oil and gas reservoirs
Al-Sisi’s electoral platform not limited to solving energy crisis with replacement of household light bulbs, which sparked wave of ridicule on social networking sites
Gunmen stormed the GNC in southern Tripoli on Sunday, two days after an anti-Islamist offensive launched by a rogue general in the eastern city of Benghazi.
The British firm aims to increase its natural gas production to 500m cubic feet of gas per day
Egyptian FM also visits Saudi Arabia, Emirates to discuss environmental issues, aid to Egypt
The aid helps reduce the heavy costs of government fuel subsidies and the drain on foreign exchange reserves.
Bentiu fell into rebel hands last month, and opposition forces were accused by the United Nations of massacring hundreds of civilians.
AFP – The speaker of Libya’s General National Congress confirmed Ahmed Miitig as the country’s prime minister Monday, after approving his appointment following a chaotic session of the interim parliament. “Ahmed Omar Miitig was appointed head of the transitional government, and asked to form his cabinet and present it to the GNC for a confidence …
Some of the Western bankers, money managers and oil traders who help keep that money moving are unconvinced sanctions will have a truly significant effect.
Reuters – Egypt’s debts to foreign oil companies operating in the country rose to $5.7bn by the end of March, the head of the state-run oil company told Reuters, up $800m from the government’s last reported figure despite recent repayments. Money owed to foreign oil majors including BP and BG Group totalled $4.9bn in December, indicating Cairo’s debts to …