Egyptian General Petroleum Corporation
The Egyptian General Petroleum Corporation (EGPC) granted the contract through a six-month deferred payment arrangement.
The move was made as part of the second-day activities of the Egypt Petroleum Show (EGYPS 2020).
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.
The complex will come online in the first quarter of 2019 and the complex is expected to produce about 2.3 million tons of diesel oil annually.
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.
The first 2 million-barrel crude oil shipment coming from Iraq will arrive in Egypt’s capital of Cairo, on February 15.
"The agreements include drilling 17 new wells," Minister of Petroleum Tarek el-Molla announced.
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.
This pushed up the total quantities received from Iraq to 12 million barrels.
Under an agreement reached in April in Baghdad, 12 million barrels of oil shipments are to be delivered to Egypt from SOMO.
EGPC also paid $19.3 billion to the companies to purchase oil and repay loans.
The cabinet approved Wednesday assigning the development of the Suez Canal’s Ras Fanar region to the Egyptian General Petroleum Corporation.
The cabinet approved Wednesday assigning the development of the Suez Canal’s Ras Fanar region to the Egyptian General Petroleum Corporation.
EGPC will increase shares of fuel stations on highways by 20 percent.
Khalda invested $502 million, while Qarun invested $137 million over the previous fiscal years.
Contractor of Asyut-Sohag line, EGPC-affiliated Petrojet, was not able to conclude works on schedule due to repetitive protests of residents in the project’s site.
The bid areas are Wadi Dara and West Ghareb at 50 km and 20 km of space respectively.
10 facts one should know about Egypt’s major discovery.
The rate of consuming LPG reached 180,000 cylinders per day in July, down from 200,000 cylinders in June before the hike of their prices.
Egypt received to date three Iraqi crude shipments with a total volume of six million barrels.
