Egypt has signed oil and gas exploration deals worth $187 million with several Western companies and a Tunisian firm, the petroleum ministry said. The agreements cover seven exploration areas. Germany's RWE won two exploration blocks in the Gulf of Suez, while Tunisia's HBSI, Canada's TransGlobe and Italy's Edison secured five blocks in Egypt's western desert.
Petroceltic International plc, the independent oil and gas exploration development and production company focused on the Middle East North Africa ("MENA"), the Mediterranean and the Black Sea regions is pleased to announce that a joint venture comprising Petroceltic and Edison International Spa ("Edison") was the successful bidder for the North Port Foad Block, in the Egyptian Natural Gas Holding Company 2013 International Bid Round.
Egypt's state oil company, EGPC, will buy 65 percent of its oil product import needs from the United Arab Emirates' ADNOC for one year after the government approved the deal.The agreement covers gasoline, diesel, and heavy fuel and liquefied petroleum gas (LPG) that is used in homes.
In the International Bid Round 2013, the Egyptian General Petroleum Corporation (EGPC) has awarded RWE Dea two new offshore concessions with operatorship. The concessions are located in the Gulf of Suez, where the company is producing oil as operator for more than 30 years. Dea will become operator of two new concessions in the Gulf of Suez. Dea will hold a share of 100% of the East Ras Fanar Offshore and 50% of the Northwest El Amal concession, with Edison International SpA holding the remaining 50%.
Egypt said it expected to receive around $425 million in funding from the Islamic Development Bank to develop an oil refinery in Assiut and an airport in the Red Sea resort of Sharm el-Sheikh. The first agreement is for $198 million earmarked for the refinery, a finance ministry statement said. A further $8.23 million will go towards the first phase of the Sharm el-Sheikh airport project, it said. Egypt has requested a further $223.2 million for the second phase of the project. The Islamic Development Bank is an international financial institution that funds development projects in Muslim countries and communities in accordance with Islamic law.
Egypt Awards New Exploration Blocks Deals Worth $187m
Petroceltic New Egyptian Exploration Licence Award
EGPC to Buy 65 Pct of its Oil Product Imports
RWE Dea Awarded Two New Concessions in Egypt
Egypt Expects $425 Mln from Islamic Development Bank
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