Egypt News

Petroleum: Increase the budget of Research and Exploration Plans for $8.5 Billion

Minister of Petroleum Engineer Sherif Ismail said that despite the existence of dues for partners foreigners, but the foreign companies operating in Egypt is still committed to the plans and programs of research and exploration and development of discovered fields which have been adopted to increase investments in the investment budget for the year 20132014/ to more than $8.5 billion. This is in addition to its participation in the international biddings put forward by the Petroleum Authority and the Holding Gas Company and South Valley Holding Petroleum Company especially in light of the current competition between the countries of the region to attract international companies for research and exploration, which has proven results interest continue to work in Egypt for many years, where Petroleum Bidding Authority resulted for award of 11 sectors on 6 international companies with investments of $282 million, in addition to the result bidding Holding Gas Company, which resulted in 7 global companies with 8 sectors investments minimal $2.1 billion, in addition to awarding 4 areas on international companies with investments of $60 million for South Valley Holding Petroleum Company as well as received 8 bids from international companies to bid recently for the search for oil and gas.

EGAS defines another new bidding areas this year

Engineer Mahfouz Al-Boony, Vice Chairman of the Holding Company for gas «EGAS» said that technical data is being prepared to determine the final areas that will be put up for gas exploration, after reviewing the military. He said in a press statement that it has not yet determine the deadline for the introduction of new bid to explore for gas, but is expected to put forward during the last quarter of this year. Al-Boony pointed out that drilling an exploratory well in deep water in the Mediterranean Sea at an investment cost of about $200 million, and is awaiting the announcement of drilling results within two weeks. He said he will begin to drill another well in the same area during the coming period at an investment cost of $200 million as well, and announce the results of exploration during the month and a half. Vice President of «EGAS» assured that foreign partners are stuck to work in the Oil Sector in Egypt and not affected by current events in the country, so as to after their work sites on the ongoing clashes and the presence of the followup and secure the well by the concerned authorities.

TOTAL agreed to buy CHEVRON›s work in Egypt TOTAL agreed to buy CHEVRON›s work in Egypt

TOTAL Egypt Company subsidiary to TOTAL French TOTAL Egypt Company subsidiary to TOTAL French Oil and Gas Company said that it had agreed and its Oil and Gas Company said that it had agreed and its Egyptian partner BELTONE for direct investment on Egyptian partner BELTONE for direct investment on the purchase of the U.S. Oil Company CHEVRON in the purchase of the U.S. Oil Company CHEVRON in the field of fuel trade in Egypt. the field of fuel trade in Egypt. CHEVRON operates in Egypt and other countries CHEVRON operates in Egypt and other countries under the brand «CALTEX».under the brand «CALTEX». TOTAL said in a press statement that it would acquire after the completion of the deal, TOTAL said in a press statement that it would acquire after the completion of the deal, which has not yet received the approval of the Egyptian authorities on 66 gas station which has not yet received the approval of the Egyptian authorities on 66 gas station and oil storage warehouses. As TOTAL will have contracts for supplying of Aircraft and oil storage warehouses. As TOTAL will have contracts for supplying of Aircraft refueling at Airports in Cairo and Marsa Alam from CHEVRON, which sells 1.4 million refueling at Airports in Cairo and Marsa Alam from CHEVRON, which sells 1.4 million tons of fuel per year in the country. tons of fuel per year in the country. Statement did not include details about the value of the deal. As it was not possible for Statement did not include details about the value of the deal. As it was not possible for REUTERS to contact officials of TOTAL Egypt to comment. REUTERS to contact officials of TOTAL Egypt to comment. Hazem Barakat, Chairman of BELTONE said direct investment in the press release that Hazem Barakat, Chairman of BELTONE said direct investment in the press release that the deal «a clear signal that Egypt is still an attractive investment destination and we are the deal «a clear signal that Egypt is still an attractive investment destination and we are still committed to supporting the Egyptian Economy». still committed to supporting the Egyptian Economy». Momar Naguire first deputy head of TOTAL Marketing Services to Africa and the Momar Naguire first deputy head of TOTAL Marketing Services to Africa and the Middle East Company, said that the deal shows how TOTAL›s commitment to expanding Middle East Company, said that the deal shows how TOTAL›s commitment to expanding in Egypt «We are now the second largest marketer of petroleum products in Egypt». in Egypt «We are now the second largest marketer of petroleum products in Egypt». American APACHE Company working in the field of Petroleum announced its intention American APACHE Company working in the field of Petroleum announced its intention to continue its work in Egypt, stressing that the exploration and production operations to continue its work in Egypt, stressing that the exploration and production operations that are concentrated in areas uninhabited, in the desert region west of Egypt, are not that are concentrated in areas uninhabited, in the desert region west of Egypt, are not affected by political events in the region. affected by political events in the region. The company said, in a statement, that the report published by the ‹Reuters› News The company said, in a statement, that the report published by the ‹Reuters› News Agency that the company on a sale of part of its assets in Egypt because of the unrest in Agency that the company on a sale of part of its assets in Egypt because of the unrest in which security is not true at all. It added that its deal with «CNOOC» Chinese Company, which security is not true at all. It added that its deal with «CNOOC» Chinese Company, include that the Chinese Company will purchase 33% of APACHE shares, compared to include that the Chinese Company will purchase 33% of APACHE shares, compared to $3.1 billion, pointing out that such a move would be the first in a strategic partnership, $3.1 billion, pointing out that such a move would be the first in a strategic partnership, which was concluded between the two groups, to continue the projects the exploitation which was concluded between the two groups, to continue the projects the exploitation of oil and gas joint.of oil and gas joint.

American Apache: We will continue prospecting for oil in Egypt.. American Apache: We will continue prospecting for oil in Egypt.. Not influenced by events Not influenced by events «Dana Gas» in talks with the «Dana Gas» in talks with the government to settle their dues government to settle their dues to the Petroleum Authority to the Petroleum Authority

Dana Gas said it is in talks Dana Gas said it is in talks with the Egyptian Authorities with the Egyptian Authorities concerned regarding the concerned regarding the settlement of dues arrears settlement of dues arrears with the General Authority for with the General Authority for Petroleum, and future plans for Petroleum, and future plans for investment, at the same time investment, at the same time welcoming the government›s welcoming the government›s plans to boost production levels plans to boost production levels of hydrocarbon derivatives, of hydrocarbon derivatives, in order to meet the growing in order to meet the growing domestic demand.domestic demand. Dr. Patrick Allman-Ward, Dr. Patrick Allman-Ward, General Manager of Dana Gas General Manager of Dana Gas Egypt and the new Executive Egypt and the new Executive Director: «sought the company Director: «sought the company to increase production levels to increase production levels to reach 50 thousand barrels to reach 50 thousand barrels of oil equivalent per day in the of oil equivalent per day in the coming period, which requires coming period, which requires more investment in the fields,» more investment in the fields,» stressing the need to reach a stressing the need to reach a quick solution on the settlement quick solution on the settlement Company dues arrears on the Company dues arrears on the Egyptian government, including Egyptian government, including in turn will contribute to the in turn will contribute to the acceleration we took the decision acceleration we took the decision on the implementation of capital on the implementation of capital investments in Egypt.investments in Egypt. The general director of Dana The general director of Dana Gas Egypt said that Egypt Gas Egypt said that Egypt will remain an integral part will remain an integral part of our long-term, and we will of our long-term, and we will remain committed to enhancing remain committed to enhancing productivity levels and the productivity levels and the development of our operations development of our operations for the benefit of Egypt, and the for the benefit of Egypt, and the company at the same time, he company at the same time, he said, adding that we have over said, adding that we have over the past six months digging the past six months digging and testing the development of and testing the development of three wells successfully, and the three wells successfully, and the volume of production to 41,500 volume of production to 41,500 barrels of oil equivalent per day, barrels of oil equivalent per day, which is the highest production which is the highest production level since August 2011.level since August 2011.

Arab News

Iraq lays contracts worth $348 million to drill wells in Mysan fields

Iraq contracts laid on three international companies for the oil services for the drilling of 39 production wells in the Mysan complex which has reserves of 2.5 billion barrels and evolution of the Chinese CNOOC Company and the Turkish Petroleum Corporation. The statement said U.S. Oil Services Company Weatherford got the two wells of $94.98 million and $82.39 million respectively. And the Chinese DUHAY got contract worth $96.66 million. C.O.S.L. won. a unit specializing in the oil services subsidiary of CNOOC on a contract worth $73.82 million. It was not clear from the statement number of wells will be drilled by each company. Iraq signed in 2010 an agreement with CNOOC Company and Turkish Petroleum Corporation governmental organizations to develop the Mysan complex, which includes several small fields in order to reach production to 450 thousand barrels per day by 2016.

Iran and Oman signed a contract to export Natural Gas worth $60 billion

Iran and Oman signed a contract to export Gas worth $60 billion, as reported by Iranian media, and according to Iranian Oil Minister Bijan Zanganeh said that Iran will start supplying natural gas during the next two years, with a 25-year duration of the contract. Oman was thirsty to Energy and agreed to buy gas from Iran in 2005 and included a draft agreement signed in 2007 after plans for the establishment of Oman addressing the Iranian gas for export in the form of liquefied natural gas. But the parties did not agree on the final terms, according to the U.S. embassy cables leaked by WikiLeaks that the United States pressed on Oman to buy fuel from other sources such as Qatar.

Kuwait Oil continues to establish an international center for research by 2015

Kuwait Oil Company revealed for pressing ahead with the establishment of an international center for Petroleum Research and is scheduled for completion by 2015, indicating that among the functions of the Centre for research and strategic studies in cooperation with the subsidiaries of Kuwait Petroleum Corporation. The company explained that the center will work to make the most of technology partnerships with existing local and international to be the center first choice for technology innovation strategic to the business of the Corporation and the competing centers of research and development at the international level, noting that it has developed a research and development to work according to this concept. She added that the attention of the senior management of the company in this position is consistent with their efforts to achieve its strategic goal of increasing oil production to 4 million barrels per day by 2020 and to maintain this rate until 2030. They pointed out that the Research and Development group has the required fee plans and the composition of the special committees and identify the resources required for the project is expected to serve the sectors of production, refining and petrochemicals in Kuwait through the research that will be conducted in collaboration with the prestigious international research centers.

International News

Argentina prohibits four British Oil Companiesprogram in Iraq French court acquits «Total» of corruption charges related to the oil-for-food program

Argentina banned four British oil companies from working in in IraqCompaniesprogram in Iraq the country, after the acting oil exploration near the Falkland Islands disputed between the two countries. A French court acquitted the company «Total» oil Argentine government said that the four companies would be and CEO and a former minister and more than a banned for twenty years because of its exploration operations dozen other people from corruption charges related in the shadows near the Falkland Islands. to the oil-for-food program in Iraq. The four companies are «Borders and Southern Petroleum» The court ruled that the company is not involved and «Desire Petroleum» and «Argus Resources» and «Falkland in any kind of corruption or abuse the exercise of Oil». influence or misuse of assets in the program which is This is demanding Argentina Britain for negotiations over worth $ 64 billion. the ownership of these islands, while Britain insists on not to The company faced a «Total», and its chief executive negotiate unless the islanders themselves wish to do so. Christophe de Margerie and former French Interior These islands located, which Argentina calls the Malvinas Minister Charles Pasqua and more than a dozen Name the South Atlantic Ocean at a distance of 1,523 kilometers former managers and retired diplomats graft charges. from the Argentine coast and 12.723 kilometers from Britain. The company refused and the other defendants Some British citizens occupied the islands in 1833. charges attributed to them 68.

China›s spending on oil imports will reach $ 500 billion in 2020

Wood Mackenzie Energy Consulting Firm said in a report that China will need to spend $500 billion annually on imports of crude oil by 2020 as Beijing is likely to exceed the United States to become the largest importer of oil in 2017. The company predicted rise of China›s total imports to 9.2 million barrels per day by 2020 from 2.5 million barrels per day in 2005 and lower U.S. imports of 10.1 million barrels per day to 6.8 million barrels per day. William Durbin, head of global markets at Wood Mackenzie said «By 2020, imports will meet 70% of the total Chinese demand for oil. On the other hand, will drop the needs of the United States imports oil production due to the arbitrator». Durbin added that this trend means that many of the traditional suppliers to the United States from the Organization of the Petroleum Exporting Countries (OPEC) will be forced to turn their attention to China.

Corporation News

ARAMCO: Madyan field will produce 75 million cubic feet of Gas per day

QARUN Petroleum contract on a drill equipment valued at $30 million

Saudi ARAMCO Chief Executive said that the project is expected to produce indebted to the gas field in the Red Sea 75 million cubic feet of gas per day, which will help to meet the growing domestic demand. Saudi Arabia , the largest oil exporter in the world is trying to enhance Gas production quickly to meet domestic demand for electricity, which is growing rapidly and feed the booming petrochemical industry. Khalid Al-Faleh said in a statement on the website of the Giant National Energy that owes field development go ahead as planned. He added that the Gas extracted from the field owes inject to Debaa province to feed new power plants intends to set up the Saudi Electricity Company and Saudi ARAMCO. He estimated field production, equivalent to 2.12 million cubic meters per day. It is expected to produce a debtor who discovered the field in the eighties about 4,500 barrels per day of condensate.

QARUN Petroleum Company started implementation of an intensive program of exploration and development of its concession area to compensate for attrition in the oilproducing wells concession areas and the Company contracted on a new drill for oil. Engineer Mohammed Moanes, president of the company that the device will begin in a number of drilling exploratory wells in Beni Suef area from October, explaining that the contract on the device extends until September of next year worth $30 million. He pointed out that the device will begin to work in parallel with another device is currently working with the consent of American APACHE Company to hire it earlier this year to hold a similar work to increase the company›s production of oil to pace the previous which amounted to 59 thousand and 600 barrels mid last year dropped now to 46 thousand barrels per day a result of the decline in natural wells while maintaining a reserve of 281 million barrels.

British Inquest buys Japanese partner stake in an Oil field in Egypt

An official source in the Egyptian General Petroleum Corporation, said that British Inquest Company, would buy Japanese partner›s share in the oil field in the Gulf of Suez, eastern Egypt. He added that the transaction is related to share Japanese Arabian Oil Company Holdings, in a field northwest of October in the Gulf of Suez. He said that the British company for the Japanese company will pay $30 million (210 million pounds) for the concession area, with an estimated share owned by the Japanese Arabian Oil Company in the franchise by about 50%, while the Egyptian General Petroleum Corporation owns the remaining stake. According to the General Authority for Petroleum, up reserves concession area by about 5 million barrels, and was scheduled to start production in 2012, but economic conditions related company Arabian Oil Japanese prevented the implementation of the agreement, and conducted international companies producing oil in Egypt review and assessment of their activities against the backdrop of instability Political security of the country. According to information published on the website of the Ministry of Petroleum and Mineral Resources of Egypt, the number of agreements Petroleum, which was signed or have been modified since 1981, and until 2011 was 346 agreement to search for oil and gas, while the total spent by companies in the field of research and exploration and development of about 38.5 billion dollars.

New Oil Discovery for Kuwait Energy in Egypt

Kuwait Energy is specialized in exploration for oil and gas, said that it made a new oil discovery in the Western Desert of Egypt can be pumped 3530 barrels per day. It explained in a statement that the location of the new discovery in Salmiya-2 well which is located in the concession area which the company operates, including in Abu Sanan Western Desert. Kuwait Energy as the main operator in the franchise Abu Sanan as a share of operating license franchise 50%. The remaining percentage back to British Petroleum Company increased by 22%, and Dover Investments Company by 28%. And the Egyptian General Petroleum is the main partner of the donor to a franchise license.

New Unit starts work to increase production of «Butane» and «Gasoline 92»

Ministry of Petroleum announced the running and processing unit «NAFTA» for by hydrogen related to Alexandria National Refining and Petrochemical Company (ANRPC) on the first of September which increases the production of butane and gasoline 92. A statement of the ministry said that the project is working capacity of 400 thousand tons per year of naphtha to produce high-quality products, including 210 thousand tons per year of gasoline 92 and 11 thousand tons of butane and 175 thousand tons per year of naphtha heavy investments of 407 million pounds and is financed entirely local, contributing with the company «ANRPC «The number of national banks.

«British Gas» Pumps additional Investments in its projects in Egypt

Taher Abd Al-Raheem President of the Egyptian Holding Company for Natural Gas «EGAS», announced that British Gas Company sent two letters to Al-Borulus Company to claim tender to hire a new digger to expedite the completion of the implementation of the project development wells stage «The Ninth - A» to produce about 450 million cubic feet of gas daily during the summer. Abd Al- Raheem added that the company also demanded the tender for the purchase of equipment for the long-term phase «The Ninth-B» $300 million, for the completion of the project scheduled to start production by 2015 to produce 400 million cubic feet of gas per day. He pointed out that he had received confirmation from the Chairman of British Gas in Egypt, Arshad Sophie, stating that the company continues to pump investments and implementation of development projects wells in the region, and that the company›s production of gas at the highest levels amounts to about 1.5 billion cubic feet of gas per day, representing 30 % of Egypt›s total production of Natural Gas.