Oil Egypt accountACCOUNT King Tut

Egypt to Auction 10 or 11 Oil & Gas Concessions in Mediterranean

Source: Reuters 4/17/2018, Location: Egypt

Share |
Egypt will auction 10 or 11 oil and gas exploration blocks in the Mediterranean, petroleum minister Tarek El Molla said.

Egypt also aims to auction oil and gas drilling in the Red Sea by the end of 2018, Molla told a news conference.

Egypt plans to speed up production from recently discovered fields, with an eye to halting imports by 2019 and achieving self-sufficiency.

In a separate news conference on Tuesday Eni subsidiary IEOC said it aims to increase gas production from Egypt’s Zohr field to 1.2 billion cubic feet per day (bcf/d) in May, and lift it to 2 bcf/d by the end of 2018.

Discovered in 2015 by Eni the field contains an estimated 30 trillion cubic feet of gas.

Fuel subsidies in Egypt rose to 84 billion Egyptian pounds ($4.75 billion) in the first nine months of 2017-2018, which ends on June 30, compared with 78 billion a year earlier, Molla said.

The government had allocated an estimated 120 billion Egyptian pounds ($6.80 billion) for fuel subsidies in the 2017/18 budget, but Finance Minister Amr El Garhy said last week that he expects a bill of around 110-115 billion Egyptian pounds.

Egypt cut fuel subsidies twice in less than a year and, according to an official document, it aims to reduce fuel subsidies by about 26 percent to 89.075 billion Egyptian pounds in the 2018/19 fiscal year that begins in July.

Egypt >>  5/14/2018 - Last week, the Minister of Energy of Cyprus, Mr. George Lakkotrypis, and the Minister of Petroleum and Mineral Resources of Egypt, Eng. Tarek El Molla...
Egypt >>  5/14/2018 - Governor of Egypt's Central Bank Tarek Amer said that the country is expected to make an $850 million payment on its debts to foreign oil companies. ...

Egypt >>  5/10/2018 - Eni announces the start-up of the third production unit (T-2) of the Zohr project, increasing the installed capacity to 1.2 bcfd. Zohr is now producin...
Egypt >>  5/10/2018 - China’s GCL Group has signed a memorandum of understanding (MOU) with Egypt’s ministry of military production to build a solar panel facility at a cos...

Egypt >>  5/9/2018 - Egypt has approved an exploration agreement with Italy’s Eni and the Egyptian Tharwa company to search for oil and gas in the Mediterranean off the co...
Egypt >>  5/9/2018 - Egypt and Uganda signed a number of cooperation agreements on Tuesday in a ceremony in Cairo attended by ministers of both countries and presided over...

Related Categories: Camp Building  Cleaning Equipment, Services  Construction Contractors  Corrosion Products/Services  Diving Contractors  Exploration  Food Supplies  General  Labor Services  Maintenance and Repair  Offshore/Onshore Construction  Oil & Gas Companies  Pipeline Services  Safety Services  Service Companies  Skilled Labors  Subsea Production  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Water Supply Services  Welding Products/Services 

Related Articles: Construction Contractors  Exploration  General  Labor Services  Maintenance and Repair  Offshore/Onshore Construction  Oil & Gas Companies  Pipeline Services  Safety Services  Subsea Production 

More News

Oil & Gas Companies in Egypt >>

Related Links

Oil Egypt E-Marketplace - Subscription Packages - Benefits

Copyright © Universal Solutions S.A.E. All rights reserved. Privacy Policy. - Career Opportunities - Feedback - Contact Us