Noble Energy contemplates boosting investments in Egypt



Mon, 20 May 2019 - 12:55 GMT


Mon, 20 May 2019 - 12:55 GMT

An undated image courtesy of Noble Energy. REUTERS/Handout

An undated image courtesy of Noble Energy. REUTERS/Handout

CAIRO - 20 May 2019: Chairman of Noble Energy David Stover said in a meeting with President Abdel Fatah al-Sisi in Cairo on Monday that Egypt is among the top countries where his company explores expanding its investments.

Stover praised Egypt’s ambitious vision to achieve economic development and the current positive investment environment. The Noble Energy chairman affirmed that Egypt possesses all the necessary factors for developing the oil and sector, which is a priority for the country at present. Those include the geographical location, the recent discoveries, and the infrastructure embodied in the transfer pipes networks and liquefaction plants.

The president commended the international high reputation of the company, its professionalism, and its implementation of global standards when executing its projects. President Sisi also pointed out to the cooperation relations and the strategic partnership between Egypt and the United States. The president expressed Egypt’s eagerness to strengthen those relations in a way that accomplishes the mutual development goals.

The president directed Egyptian officials to cooperate with Noble Energy to boost gas exploration works in Egypt.

The meeting was attended by Minister of Petroleum and Mineral Resources Tarek El Molla, and senior managers at the company. Noble Energy, Inc. operates in the sector of hydrocarbon exploration, and is headquartered in Houston, Texas.

In 2015, the biggest gas field in the Mediterrenean, Zohr, was discovered in Egyptian waters. Zoher holds about 30 trillion cubic feet of gas, and was inaugurated in January 2018. By September of the same year, the production of Zohr increased six times to become 2 billion cubic feet per day.

Egypt joins major gas-exporters' club

CAIRO - 17 March 2019: Egyptian Natural Gas Holding Company (EGAS) tendered to sell four cargoes of liquefied natural gas (LNG) for loading in April, people with direct knowledge of the matter told Bloomberg. The sources, who spoke on condition of anonymity because details of the process are confidential, added that the bids are due on Monday and are valid until March 25.

In March, Italian Oil Company Eni announced a new gas discovery under evaluation in the Nour exploration prospect located in the Nour North Sinai Concession, in the Eastern Egyptian Mediterranean, about 50 km North of the Sinai peninsula.



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