BP & EGYPT: INVEST $1.5 B
BP plans to invest $1.5 billion this year to increase its production of natural gas in Egypt, hit by an energy crisis following three years of political turmoil, the state news agency MENA said on Sunday.
Egypt is seeking to raise $2.5 billion to cover natural gas imports until the end of December, the head of state-run Egyptian Natural Gas Holding Company (EGAS) Khaled Abdel Badie has previously told Reuters.
BP representatives were not immediately available for comment.
Egypt needs to import liquefied natural gas (LNG) for power generation to make up for shortfalls as domestic gas production declines, a sensitive issue awaiting the new president who is due to be elected in a national vote on May 26-27.
Former army chief Abdel Fattah al-Sisi, who is expected to win the vote, has suggested he will take a cautious approach to Egypt's energy problems, saying the government cannot get rid of costly subsidies overnight.
Electricity demand is highest in summer, when Egyptians keep air-conditioners running day and night. But the lack of gas has caused blackouts, even in winter this year for the first time in decades.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.