Egypt reduces renewable energy targets to 40% by 2040, but keeps natural gas as the main focus
The Egyptian government has revised the renewable energy goal for 2040 from 58% to 40%, said Petroleum Minister Karim Badayi on Sunday. He also stressed that natural gas would remain an important part of Egypt's energy mix in years to come. Egypt committed to increasing renewable energy production by 42% to its energy mix before hosting the COP27 summit in 2022. Later, this target was advanced to 2030. Then-Electricity minister Mohamed Shaker announced in June 2024 an ambitious plan for this to reach 58% by the year 2040. This target has now been abandoned.
Opinion: Egypt Banks on Renewables to Meet Expected Energy Demand Surge
To meet its soaring demand for energy, Egypt is turning to renewable sources. Its targets, if accomplished, will see it become a pioneer in the African energy landscape. But are the plans realistic?Egypt’s population has now passed 100 million. As one of the most populous and fastest-growing nations on the African continent, providing electricity to all its citizens is a matter of priority for the Egyptian government.To ensure continuous security and stability of energy supply, Egypt has launched an energy diversification strategy…
Giza and Fayoum Gas Fields Come Onstream
BP on Monday announced first gas production from the second stage of its West Nile Delta development offshore Egypt, marking the second start-up in a string of new upstream projects expected to be brought on line by the supermajor in 2019.The project, which produces gas from the Giza and Fayoum fields, was developed as a deepwater, long-distance tie-back to an existing onshore plant.The Giza and Fayoum development, which includes eight wells, is currently producing around 400 million cubic feet of gas per day (mmscfd) and is expected to ramp up to a maximum rate of approximately 700 mmscfd…
Egypt Okays BP, Mubadala Acquisition of Stake in Eni's Noor Concession
Egypt’s petroleum ministry has signed an agreement for UK Petroleum giant British Petroleum (BP) and UAE investment fund Mubadala to buy a 45 percent stake in the country's Noor offshore natural gas concesion in the Mediterannean from Italy’s Eni.In the concession, which is in participation with Egyptian Natural Gas Holding Company (EGAS), Eni as operator through its subsidiary, IEOC, now holds a 40 percent interest. The other partners in the concession are BP with 25 percent interest and Tharwa Petroleum Company…
TechnipFMC Wins EPC Contract with Egypt's MIDOR
Oil and gas industry company TechnipFMC has signed a major Engineering, Procurement, and Construction (EPC) contract by Middle East Oil Refinery (MIDOR) for the modernization and expansion of their existing complex near Alexandria, Egypt.Middle East Oil Refinery (Midor), considered to be Africa's most advanced refinery, is a unit of Egyptian General Petroleum Corporation.This EPC contract covers the debottlenecking of existing units as well as the delivery of new units including a Crude Distillation Unit, a Vacuum Distillation Unit…
BP to Invest $1 Bln in Egypt This Year
BP is looking to invest over $1 billion in Egypt this year, making the country once again a top destination for investment, its CEO said on Monday. Speaking at an industry event in Egypt, Bob Dudley said the company was no longer owed any money by the Egyptian government. "The government owes us no money," he said on the sidelines of the conference. Cairo has pledged to eliminate arrears owed to foreign oil companies by the end of June 2019 and not to accumulate more, part of its drive to draw new foreign investment to an energy sector that is attracting interest following several major gas discoveries.
Dana Gas Outlines Broad Terms for Sukuk Discussions
Dana Gas PJSC, the Middle East’s largest regional independent natural gas company has updated the market on discussions with holders of its Sukuk dated 8th May 2013, in line with disclosure requirements. On 3 May 2017, Dana Gas invited the holders (‘Holders’) of its outstanding US$350 million 9% ordinary certificates and its US$350 million 7% exchangeable certificates, each due October 2017 (the ‘Sukuk’) to form an ad-hoc committee (‘Committee’) in order to commence discussions relating to its Sukuk. Due to the evolution and continual development of Islamic financial instruments and their interpretation…
Egypt Accepts Six Bids for O&G Exploration
Egypt has accepted six bids for oil and gas exploration worth a total investment of up to $200 million, the Ministry of Petroleum said on Friday. In May, the General Authority for Petroleum announced an international tender for 11 oil and natural gas blocks in the Western Desert and Gulf of Suez as Egypt looks to boost oil and gas production to meet growing energy demand. Royal Dutch Shell, BP, Apache Corp and Apex International Energy are among the companies involved, the ministry said in a statement. It said BP would invest at least $46 million, Apache at least $60.6 million and Shell at least $35.5 million.
Egypt Mulls IPO's for State-Owned Oil Firms
Egypt's Ministry of Investment will assess eight state-owned petroleum companies for their suitability for a possible listing on the Egyptian Stock Exchange or share issuances, Petroleum Minister Tarek El Molla told Reuters on Tuesday. The Egyptian presidency announced in January that Egypt would soon offer shares of "successful" state-owned companies and banks on the local bourse - its first public offering of government-owned firms since 2005, when it offered shares in Telecom Egypt, AMOC, and Sidi Kerir. "We sent the names of eight petroleum companies to the Ministry of Investment last week to be studied…
No More 'Free' Saudi Money for Egypt
Saudi Arabia's financial support for strategic ally Egypt will no longer involve "free money" and will increasingly take the form of loans that provide returns to help it grapple with low oil prices, a Saudi businessman familiar with the matter said. "This is a change in strategy. Return on investment is important to Saudi Arabia as it diversifies sources of revenue," the businessman told Reuters on Friday during what has been described as a "historic" visit to Cairo by Saudi King Salman. Saudi Arabia, the United…
Saudis Commit $20bln to Finance Egypt's Energy Needs
Saudi Arabia is expected to sign a $20 billion deal to finance Egypt's petroleum needs for the next five years and a $1.5 billion deal to develop its Sinai region, two Egyptian government sources told Reuters on Tuesday. The agreements are tabled to be signed on Thursday during a visit to Cairo by Saudi Arabia's King Salman, a rare foreign trip. Saudi Arabia, along with other Gulf oil producers, has pumped billions of dollars into Egypt's flagging economy since the army toppled President Mohamed Mursi of the Muslim Brotherhood in 2013 after mass protests against his rule. The Gulf Arab countries see the Muslim Brotherhood as a threat.
Dana Gas Profit Up 15%
Dana Gas PJSC, the Middle East's leading publicly listed natural gas company, today reported its preliminary unaudited financial results for the year ended 31 December 2015. The Company’s full year net profit increased 15% to $144 million (AED528 million), compared to $125 million (AED457 million) in 2014. The Company reported Gross Revenues and Gross Profit of $417 million (AED1.5 billion) and $126 million (AED463 million) respectively, down from $683 million (AED2.5 billion) and $303 million (AED1.1 billion) for the full year 2014.
Technip in $1.4bn Deal to Upgrade Egypt Refineries
Technip Italy S.p.A.* and SACE announced the finalization of a joint agreement with Midor (Middle East Oil Refinery) for a project to modernize and expand the MIDOR refinery near Alexandria, Egypt in the frame of the long-standing cooperation between Italian and Egyptian Governments and companies, especially in the Oil and Gas sector. The investment has an estimated total value of 1.4 billion US dollars and aims at improving the production quality of the plant, considered the most advanced of the African continent, by increasing its refining capacity from 100,000 to 160,000 barrels of crude oil per day.
Dana Gas Starts Drilling in Egypt
Dana Gas, the Middle East’s leading regional private sector natural gas company has commenced drilling the Balsam-2 development well in the Balsam Development lease onshore Nile delta. The Balsam-2 well is being drilled with the 2000 HP Egyptian Drilling Company’s Rig #48 and targets the Qawasim formation at a depth of 3200 m. A slanted and fully cored pilot hole will be drilled through the Qawasim reservoir and will be followed by the drilling of a 700 m horizontal section. The well will be the first horizontal well drilled by Dana Gas Egypt, and one of very few drilled in the onshore Nile Delta to date.
Dana Gas on Track for Growth in Egypt
Dana Gas, the Middle East's leading regional private sector natural gas Company, is pleased to announce a number of major milestones in the successful fulfillment of its growth strategy in Egypt. Most recently, the signing of Blocks 1 and 3 Concession Agreements in the Nile Delta provides Dana Gas with additional highly material growth opportunities in the country. This supplements a number of positive developments including the recent signing of the landmark Gas Production Enhancement Agreement (GPEA) and the large payment made by the Egyptian government in December towards outstanding receivables.
Dana Gas: Oil Prices Could Delay Egypt Payments
Outstanding payments down to $160m, from £280m in September. The collapse in oil prices could prolong the efforts of United Arab Emirates-based Dana Gas to recover overdue receivables from Egypt, its chief executive said on Wednesday. Egypt, which has fallen behind on oil payments during four years of political instability, signed a deal with Dana in September allocating the company additional condensate production that it could sell on the international market, to offset the debt. Chief Executive Patrick Allman-Ward told reporters in Dubai that the amount owed had fallen to around $160 million…
Egyptian Government Pays $350m to BG Group
Following the commitment from the Egyptian government to repay outstanding debts to the energy industry, BG Group plc has received a further payment equivalent to $350 million. This reduces the company's domestic receivables balance in Egypt to around $920 million. While the group has been impacted by the reduction of LNG exports from Egypt, the company continues to investigate options for increasing the supply of gas and is working with the government on resolving the outstanding receivable balance.
Egypt Pays Down Foreign Energy Debt, Still Owes $3.1 bln
Egypt paid $2.1 billion of its debt to foreign energy companies, Oil Minister Sherif Ismail said on Wednesday, a move that could improve the investment climate and ease the country's worst energy crisis in decades. The payment was the third batch to energy firms in the past year, though the government still owes $3.1 billion, Ismail said in a statement. The statement did not identify the amounts specific companies would receive, but the foreign firms owed money by the Egyptian government include British majors BP and BG, the UAE's Dana Gas, and Italy's Eni.
Egypt Pays BG Group $350 mln for Gas
British gas producer BG Group said on Monday it had received $350 million from the Egyptian government following a commitment by Cairo to repay outstanding debts to the energy industry. The transaction reduces the energy company's receivables balance in Egypt to around $1.2 billion, BG Group added. "The company continues to investigate options for increasing the supply of gas," it said. The Arab world's most populous country is facing its worst energy crisis in decades as gas production declines and consumption rises. But energy companies have been reluctant to increase investment after the government fell behind on payments.
Dana Gas Signs GPEA in Egypt
Dana Gas’ wholly-owned subsidiary, Dana Gas Egypt, has concluded a Gas Production Enhancement Agreement (GPEA) with the Egyptian Natural Gas Holding Company (EGAS) and the Egyptian General Petroleum Company (EGPC). This landmark agreement forms the basis for an important development program to eventually increase production from current levels of over 40,000 BOEPD from the Company’s Development Leases in the Nile Delta. Further, Dana Gas Egypt has reached a notable milestone having produced 100 million barrels of oil equivalent in Egypt since it started operations in 2007.
