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Oil & Gas

Israel gas explorer shares sink as Egypt find dims outlook

Shares of the natural-gas exploring units of Delek Group Ltd. plunged the most in 14 years in high volume on concern the discovery of the Mediterranean’s largest field off the coast of Egypt will curtail their exports. Delek Drilling LP and Avner Oil Exploration LLP, partners in the Leviathan field, declined the most since 2001 in above- average trading volumes at the close in Tel Aviv after Eni SpA discovered the “super giant” field that it says may hold 30 trillion cubic feet of gas, enough to contribute to Egyptian supply for decades. Delek Group dropped 12 percent, the biggest loss since Dec. 23. Ratio Oil Exploration 1992 LP fell 23 percent. The companies are jointly drilling Leviathan, Israel’s largest offshore field, with Houston-based Noble Energy Inc.

Other News

Islamic State group in Egypt alleged to have killed Croatian oil worker

It is the first such killing of a foreign captive in Egypt since the extremists set up a branch here. The killing of the 30-year-old oil and gas sector surveyor likely will rattle companies with expatriate workers in Egypt and cast a cloud over President Abdel-Fattah el-Sissi’s attempts to boost international investment to revive the economy, battered by years of turmoil. The still image, shared by IS sympathisers on social media, appeared to show the body of Tomislav Salopek, a married, father of two, wearing a beige jumpsuit looking like the one he had worn in a previous video. A black flag used by IS and a knife were planted in the sand next to him.

Oil & Gas

Rockhopper strikes deal for Beach Energy assets in Egypt

Rockhopper Exploration has agreed on an asset purchase deal with Beach Energy that will give it a number of assets in Egypt in a $22million deal. The move will see the company gain a 22% interest in the Abu Sennan concession and a 25% interest in the El Qa’a Plain concession. Rockhopper said the headline consideration for the deal is $22million payable to Beach Energy through a combination of cash and the issue of the Rockhopper consideration shares.

Oil & Gas

Eni discovers up to 15 bln cubic metres of gas in Nile Delta

Italy's Eni has discovered gas reserves of up to 15 billion cubic metres in Egypt's Nile Delta region, with production set to start in two months, the Egyptian oil ministry said on Monday. The discovery was made in Western Abu Madi, 120 km northeast of Alexandria, where Eni holds 75 percent of exploration rights through an Egyptian subsidiary, with Britain's BP holding a 25 percent stake. Eni made the discovery at a depth of 3,600 metres and initial estimates point towards reserves of up to 15 billion cubic metres of natural gas and natural gas condensate, an Egyptian oil ministry statement quoted the company as saying.

Oil & Gas

Egypt signs energy import deals with Russia’s Rosneft

Egypt and Russia's top oil producer Rosneft have signed two initial deals for the supply of petroleum products and liquefied natural gas to Cairo, the two sides said on Tuesday. The oil ministry said in a statement the deals include the supply of benzine and bitumen, as well as 24 LNG cargoes for state gas company EGAS over two years starting from the fourth quarter of 2015.

Oil & Gas

Egypt raises gas price paid to Italy’s Eni and Edison

Egypt has raised the prices it pays Eni and Edison for the natural gas they produce in the country, an official with state-owned gas company EGAS said on Sunday. The agreements mark the latest move by Egyptian authorities to improve terms for foreign oil and gas businesses in the hope that more competitive pricing will encourage investment in the energy-hungry country.

Middle East

Egypt to pay its $3.1 billion debt to foreign oil and gas companies a year late

Egypt aims to pay its $3.1 billion debt to international oil and gas companies a year later than previously indicated, according to the Egyptian oil ministry. The ministry said: "All current operational payments hae been made on time and are on track to repay any remaining arrears before mid-2016." It is expected that the debt will be repaid by the middle of 2016, a year ahead of the previously indicated mid-2015.

Oil & Gas

Eni makes oil discovery in Egypt

Italian company Eni has made a new oil and gas discovery in Egypt. The company said the exploration well, located in the Melehia licence, was drilled to a depth of 4,175metres. It met a 20metre net mineralized accumulation of light oil in the Lower Cretaceous age of the Alam El Bueib formation.


Eni signs concession agreement for Egyptian block

Eni has signed a new concession agreement to operate in the South West Melehia block in the Western Desert of Egypt. It follows the Egyptian General Petroleum Corporation’s (EGPC) 2013 international competitive bid round. The company said the new acquisition adds to the list of exploration successes achieved in the area over the past two years.

Oil & Gas

SacOil begins Lagia field development

SacOil Holdings has started the first phase of its field development operations at its Lagia oil field in Sinai. The company has contracted Schlumberger through its subsidiary Mena International Petroleum Egypt to conduct the initial phase of development. It includes the hydraulic stimulation of the Lagia 6, 7, 8, 9 and 10 wells specifically targeting the intersected productive productive Nukhul geological formation.


BG boosted by Egypt payment

Oil and gas exploration firm BG Group received a boost today as it revealed the Egyptian government had paid it £225 million as the state seeks to repay outstanding debts to the energy industry. The group also said it was “working with the government on resolving the outstanding receivable balance” of £592 million. It comes after a year in which Reading-based BG has been dragged down by problems in Egypt as well as the tumbling oil price, and been hit by controversy over pay plans for its new chief executive.

Oil & Gas

BP to invest in new Egyptian licences

BP Egypt and its partners plan to invest $240million in a pair of blocks just awarded as a result of the 2013 EGAS (Egyptian Natural Gas Holding) round. The oil major said the programme will include 3D seismic and three exploration wells in each of the onshore and offshore blocks in phases lasting between six to eight years. The first block, the North El Mataria, is BP’s first entry into the Onshore Nile Delta.