EGPC inks deal with US oil Corp Chevron on technical cooperation

Wed, 12 Feb 2020 - 03:51 GMT

The move was made as part of the second-day activities of the Egypt Petroleum Show (EGYPS 2020).

Eni announced new oil discovery in Gulf of Suez offshore Egypt

Fri, 25 Oct 2019 - 02:03 GMT

The well would be completed and put into production in the next few days with an expected initial flow rate of about 5.000 barrels per day.

Petroleum Authority, EGPC sign 2 agreements with $4M investments

Thu, 05 Sep 2019 - 01:31 GMT

The ministry clarified that the agreements stipulate drilling four exploratory wells in Southeast Abu Snan and Ras Kattara in Western Sahara with a minimum investment of $4 million.

EGPC investments hit LE1.9B in 2017/18: Minister

Sun, 16 Sep 2018 - 11:35 GMT

The minister said the petroleum sector realized one of its main strategic goals; namely securing domestic needs of petroleum products over the past few years.

Egyptian General Petroleum Corp hires HSBC to raise $1B loan: sources

Thu, 12 Jul 2018 - 02:44 GMT

Two of the sources said the loan was being requested by Petroleum Export Limited (PEL), a special purpose vehicle used by EGPC, Egypt’s national oil company, to raise several loans in the past.

Consortium to build natural gas processing plant in Egypt’s Western Desert

Sun, 13 May 2018 - 12:28 GMT

A consortium including Italy’s Eni, Russia's Lukoil and the EGPC is set to establish a natural gas processing plant in Egypt’s Western Desert.

Egypt achieves 800 oil, gas discoveries in 15 years

Sun, 04 Mar 2018 - 03:00 GMT

During this period, the ministry achieved 520 crude oil discoveries, according to figures from state statistics agency CAPMAS.

Cabinet approves 2 agreements on oil exploration

Wed, 07 Feb 2018 - 04:21 GMT

The Cabinet approved Wednesday two agreements on oil exploration in the Gulf of Suez and the western desert.

2 million Iraqi oil barrels to arrive in Egypt on Feb. 15

Mon, 05 Feb 2018 - 09:13 GMT

The first 2 million-barrel crude oil shipment coming from Iraq will arrive in Egypt’s capital of Cairo, on February 15.

Egypt’s arrears to foreign oil companies reach $2.4B: Min.

Wed, 31 Jan 2018 - 11:49 GMT

Egypt owed foreign oil companies operating in the country $2.4 billion by the end of June 2017, Petroleum Minister Tarek el-Molla said Wednesday.

NBE to manage Zohr field’s foreign currency receipts

Thu, 18 Jan 2018 - 03:09 GMT

The National Bank of Egypt (NBE) signed a contract Thursday to manage the cash receipts in foreign currency from the giant offshore Zohr gas field.

Petroleum ministry's debt down to $3.2B in 2017

Sun, 31 Dec 2017 - 09:32 GMT

The figure is well less than $6.3 billion recorded in 2013.

Government approves 4 oil, gas agreements worth $230M

Thu, 28 Dec 2017 - 10:34 GMT

"The agreements include drilling 17 new wells," Minister of Petroleum Tarek el-Molla announced.

Maersk sells stake in Egyptian drilling firm for $100M

Tue, 19 Dec 2017 - 08:09 GMT

Maersk Drilling, a part of A.P. Moller-Maersk, said late Monday it had agreed to sell its 50 percent stake in Egyptian Drilling Company.

EGPC prepares to repay $500 - $750M to foreign firms by end of 2017

Sun, 19 Nov 2017 - 04:36 GMT

EGPC prepares to settle part of the debt due by repaying between $500 million and $750 million to foreign oil and gas companies by the end of 2017.

Egypt receives last Iraqi crude shipment under current contract

Tue, 17 Oct 2017 - 12:04 GMT

This pushed up the total quantities received from Iraq to 12 million barrels.

EGPC plans oil, gas exploration auction in 2017

Tue, 26 Sep 2017 - 11:00 GMT

The EGPC is waiting for the completion of technical procedures and the attainment of approvals from relevant entities to hold the auction.

Egypt considers renewing Iraqi crude deal

Mon, 25 Sep 2017 - 02:05 GMT

Under an agreement reached in April in Baghdad, 12 million barrels of oil shipments are to be delivered to Egypt from SOMO.

AMOC targets LE 1.1B profits in FY2017/18: Chairman

Mon, 25 Sep 2017 - 01:25 GMT

AMOC is waiting for the approval of the Egyptian General Petroleum Corporation (EGPC) to buy condensates from the UAE’s Dana Gas, the chairman said.

Business news wrap-up

Thu, 21 Sep 2017 - 05:30 GMT

A wrap-up for the most prominent business news of the day.