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.
ROSATOM - Khartoum, 21 December – Rusatom Overseas (a company of ROSATOM) and the Ministry of Water Resources, Irrigation and Electricity of the Republic of the Sudan signed an agreement on the development of NPP construction project in Sudan.
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.
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.
PENNENERGY - Germany's Siemens says it has signed contracts worth some 700 million euros ($824 million) to build two gas-powered electricity plants in Libya.
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.
BLOOMBERG - With a fragile political accord barely holding the country together, Libya faces an array of challenges preventing its return to the output levels of about 1.6 million barrels a day pumped before the 2011 uprising against Muammar Qaddafi.
BLOOMBERG - Libya, which has been stepping up efforts to boost oil output, will maintain its current production level until the end of next year to stay in line with OPEC’s agreement to trim global supplies.
Rosneft closed the deal to acquire a 30% stake in the concessions agreement for the development of Zohr field, the largest gas field in the Mediterranean Sea, from Italian company Eni S.p.A.
Three Libyan oilfields have gone offline and output has declined by 360,000 bopd after militia violence, the country’s NOC announced.
Libya's oil production is 1.069 million b/d, and the country hopes to grow its output to as much as 1.25 million b/d this year, a source close to production said Monday.
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.
Private investment in U.S. natural gas and oil infrastructure could create over 1 million U.S. jobs.
Libya froze all new foreign investment in 2011 after the civil war that toppled strongman Moammar Gadhafi. International oil companies such as Total SA of France and ConocoPhillips have long had operations in Libya, and Eni SpA of Italy has found ways to keep pumping even as clashes among warring militias and Islamic State damaged the country’s oil infrastructure.
Operations have restarted at two key oil fields and a connected pipeline in Western Libya that have been shut down for over two years, Libyan officials said, following an agreement with local tribes.