Gulf Oil and Gas accountACCOUNT

Egypt Awards 5 Oil And Gas Concessions Worth $100m

Source: Ahram Online 8/3/2015, Location: Africa

Egypt has awarded five oil and gas concessions that are expected to bring in minimum total investments of about $100 million, the oil ministry said in a statement on Monday, as the country seeks to boost investment in the key energy sector.

Egypt has gone from exporting energy to being a net energy importer and wants to boost local production to help the country cope with its worst energy crisis in decades.

A consortium of the Emirati firm Pacific and Malaysia's Hibiscus Petroleum will explore in the 68 square kilometre (26 square mile) Southeast Ras el-Ush concession in the Gulf of Suez, with a minimum investment of $68 million, the statement said.

Elsewhere Kieron Megawish will explore in the 194 square kilometre North Megawish concession in the Gulf of Suez, with a minimum investment of $23 million, the oil ministry statement said.

Three other concessions were awarded with minimum investments of $7 million, the statement said.

State-owned Ganoub El Wadi Petroleum Holding Co (Ganope) had opened bidding at the end of 2014 on 10 concessions in the Gulf of Suez, Eastern Desert and west and east of the Nile in the areas of al-Naqra and Kom Ombo.



Acquisitions and Divestitures News in Egypt >>

Argentina >>  10/21/2019 - President Energy (PPC) announces the conditional acquisition of an exploration contract in Rio Negro Province, Argentina (the Acquisition) and the sub...
Brazil >>  10/21/2019 - Ecopetrol S.A. (EC) reports that its subsidiary Ecopetrol Oleo e Gas do Brasil Ltda has entered into an agreement with Shell Brasil Petroleo Ltda. to ...

Egypt >>  10/21/2019 - As a part of its ongoing drive to be among regionally and globally ranked Oil and Gas companies, Dragon Oil Ltd. - the fully owned exploration and pro...
Singapore >>  10/21/2019 - Subject to certain Pre-Conditions, Kyanite Investment Holdings Pte. Ltd. (the Offeror), intends to make a Partial Offer to acquire 30.55% of Shares in...

Egypt >>  10/20/2019 - Shell Egypt is to market its current onshore upstream assets in the Western Desert in order to fully concentrate on growing its Egyptian offshore expl...
United States >>  10/18/2019 - DTE Midstream, a non-utility business of DTE Energy (DTE), entered into an agreement to acquire a gathering system and gathering pipeline in the Hayne...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Egypt Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 |

More News

Related Links

Gulf Oil and Gas
Copyright 2019 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.