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2018-04-25 09:45:00

EGYPT NEED INVESTMENT $10 BLN

EGYPT NEED INVESTMENT $10 BLN

REUTERS Egypt aims for foreign investment in the oil and gas sector to reach about $10 billion in the 2018/19 fiscal year that begins in July, Petroleum Minister Tarek El Molla said on Sunday.

Molla said he expected foreign investments to total the same amount for the current fiscal year, marking a 25 percent increase from the previous year.

The 25 percent gain comes as a result of foreign companies investing in major gas projects in the Mediterranean, he said.

Egypt aims to increase its gas production from newly discovered fields, which include the mammoth Zohr asset discovered by Italy's Eni in 2015.

Once a gas exporter, Egypt hopes to halt imports by 2019.

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Earlier:

 BP STARTS IN EGYPT
2018, February, 14, 09:40:00

BP STARTS IN EGYPT

BP announced the start of gas production from the Atoll Phase One project, offshore Egypt. The project, in the North Damietta concession in the East Nile Delta, was delivered seven months ahead of schedule and 33% below the initial cost estimate.

 ZOHR INCREASES OUTPUT
2018, February, 2, 12:08:00

ZOHR INCREASES OUTPUT

BLOOMBERG - Zohr, the largest undersea gas discovery in the Mediterranean, will pump 1.7 billion cubic feet per day before the end of 2018, el-Molla said in a televised ceremony to inaugurate the field. Egypt is talking with Rome-based Eni to increase output to reach the 2019 production target this year instead, he said.

 EGYPTIAN MACROECONOMIC TURNAROUND
2018, January, 24, 11:50:00

EGYPTIAN MACROECONOMIC TURNAROUND

IMF - “This macroeconomic turnaround at home and the supportive global economic environment provide a unique opportunity to carry the reform momentum into areas that have historically been hard to tackle. Deep and lasting structural reforms are needed to create jobs as speedily as needed for Egypt’s growing population,” said Subir Lall, head of the IMF team for Egypt.

 

 BP: ZOHR HAS STARTED
2017, December, 20, 19:20:00

BP: ZOHR HAS STARTED

BP - BP confirmed that production has started from the super-giant Zohr gas field, offshore Egypt. The field is operated by Eni, through its joint venture with The Egyptian General Petroleum Corporation (EGPC), and is the largest natural gas discovery yet to be made in the Mediterranean Sea.

 

 RUSSIAN - EGYPTIAN NUCLEAR
2017, December, 13, 12:25:00

RUSSIAN - EGYPTIAN NUCLEAR

ROSATOM - Cairo, Egypt - On December 11, 2017, Director General of ROSATOM Alexey Likhachev and Egypt’s Minister of Electricity And Renewable Energy Mohamed Shaker signed the Notices to proceed the contracts for the construction of the El Dabaa nuclear power plant.

 

 EGYPT'S ZOHR WILL COME
2017, December, 11, 10:05:00

EGYPT'S ZOHR WILL COME

Gas from Zohr will also help ease pressure on the economy of the most populous Arab nation, which has been plagued by a shortage of foreign currency since a 2011 uprising. Zohr, which Eni discovered in August 2015, has an estimated reserve of about 850 billion cubic meters of natural gas in place.

 

 IMF HAS EGYPT
2017, July, 17, 13:35:00

IMF HAS EGYPT

The approval by the IMF Executive Board of the First Review of the program shows the IMF’s strong support for Egypt in these efforts.

 

 

Tags: EGYPT, GAS, ZOHR

Chronicle:

EGYPT NEED INVESTMENT $10 BLN
2018, May, 21, 10:40:00

U.S. PETROLEUM DEMAND UP BY 750 TBD

API - American Petroleum Institute reported that the first four months of this year saw U.S. petroleum demand average 750 thousand barrels a day above the same period in 2017 despite higher prices, a sign of solid economic activity. April also saw the U.S. produce a record 10.5 million barrels per day (MBD) of oil.

EGYPT NEED INVESTMENT $10 BLN
2018, May, 21, 10:35:00

IMF: EGYPT'S GROWTH UP

IMF - “Egypt’s growth has continued to accelerate during 2017/18, rising to 5.2 percent in the first half of the year from 4.2 percent in 2016/17. The current account deficit has also declined sharply, reflecting the recovery in tourism and strong growth in remittances, while improved investor confidence has continued to support portfolio inflows. In addition, gross international reserves rose to $44 billion by end-April, equal to 7 months of imports.

EGYPT NEED INVESTMENT $10 BLN
2018, May, 21, 10:30:00

U.S. RIGS UP 1 TO 1,046

BAKER HUGHES A GE - U.S. Rig Count is up 1 rig from last week to 1,046, with oil rigs unchanged at 844, gas rigs up 1 to 200, and miscellaneous rigs unchanged at 2. Canada Rig Count is up 4 rigs from last week to 83, with oil rigs up 6 to 38 and gas rigs down 2 to 45.

EGYPT NEED INVESTMENT $10 BLN
2018, May, 18, 09:20:00

OIL PRICE: ABOVE $79

REUTERS - Brent crude futures LCOc1 were at $79.57 per barrel at 0310 GMT, up 27 cents, or 0.3 percent from their last close. Brent broke through $80 for the first time since November 2014 on Thursday. U.S. West Texas Intermediate (WTI) crude futures were at $71.62 a barrel, up 13 cents, or 0.2 percent, from their last settlement.

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