Category: Egypt

By OGJ editors BP Egypt and its partners have committed to investing $240 million in two exploration blocks awarded by Egyptian Natural Gas Holding Co. (Egas) in its 2013 bid round ( OGJ Online, Sept. 25, 2014 ). Block 3, North El Mataria, which marks BP’s entry into the onshore Nile Delta, lies in the northeastern section of the Nile Delta cone, 57 km west of Port Said. BP will operate the block with 50% equity and Dana Gas of Abu Dhabi will hold the remainder ( OGJ Online, Sept. 30, 2014 ). BP holds 50% interest in the Denise-Karawan (Deka) natural gas development offshore the Nile Delta, which started production in August ( OGJ Online, Aug. 22, 2014 ). Block 8, Karawan Offshore, lies in the Mediterranean Sea on the northeastern part of Egypt’s economic waters. The block is 220 km northeast and 170 km the northwest of […]

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BP commits to spending lavishly on exploration and production in Egypt. UPI/Maryam Rahmanian BP said it committed to invest $240 million on developing two new exploration blocks near the Nile Delta and in the northwestern Egyptian waters of the Mediterranean Sea through a partnership with Emirati energy company Dana Gas. "Exploring the two blocks will require substantial investments to unlock their potential, and will be done as part of our commitment to meeting Egypt’s energy needs," Hesham Mekawi, regional president for BP, said in a statement. BP said it will spend at least six years on exploration and production in the area. BP’s announcement follows a downgrade from rival BG group , which said last month it expects its Egyptian gas production to decline. BG Group said its activities in Egypt accounted for 10 percent of its production and around 3 percent of its earnings during the third quarter. […]

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CAIRO — They have slaughtered hundreds of Egyptian soldiers and police officers, recruited experienced fighters and staged increasingly sophisticated raids from the Western desert to the Sinai Peninsula. They have beheaded informants and killed an American in a carjacking, say Western officials familiar with intelligence reports. On Monday, Egypt ’s most dangerous militant group, Ansar Beit al-Maqdis, also pledged obedience to the organization that calls itself the Islamic State, becoming its first significant international affiliate in the bet that the link will provide new money, weapons and recruits to battle the government in Cairo. The affiliation could pull the militant group away from its current, almost exclusive focus on attacking Egyptian military and security forces toward the Islamic State’s indiscriminate mass killings of civilians. The pledge alone could undermine the government’s efforts to win the trust of Western tourists, a vital source of hard currency. The decision injects the […]

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CAIRO — An Egyptian militant group that has waged a deadly campaign mostly against local security forces released an audio statement early Monday pledging its allegiance to the Islamic State, the extremist group fighting in Iraq and Syria. The statement, released on a Twitter account associated with the Egyptian group, Ansar Beit al-Maqdis, demonstrated the growing clout of the Islamic State, also known as ISIS or ISIL. The group has recruited jihadists from dozens of countries, including thousands of fighters from North Africa and the Persian Gulf. In the recording, which was said to come from Ansar Beit al-Maqdis’s information department, a man said the group promised to “obey” the leader of the Islamic State, Abu Bakr al-Baghdadi. (News reports from Iraq said Mr. Baghdadi was wounded in airstrikes over the weekend, but there was no definitive word on his status.) The confrontation between insurgents and the Egyptian government […]

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Islamist militants killed 31 Egyptian soldiers on Friday in two separate attacks in the northern Sinai Peninsula, the deadliest day in months in the volatile desert region. President Abdel Fattah al-Sisi summoned ministers and officials to an emergency meeting of his National Defence Council after the attacks. Egypt ’s armed forces were reportedly preparing for reprisals in response to the attacks. More On this topic Investors eye Egypt energy opportunities US seeks Egypt’s help to counter Isis Blast in central Cairo kills at least two Egypt swelters in nationwide power cut IN Middle Eastern Politics & Society Tunisia police kill six ahead of poll Tunisia poll takes place amid disillusionment Houthi expansion threatens Yemeni strait Turkey allows Kurds to relieve Kobani The first, a massive car bomb explosion at a checkpoint protected by armoured vehicles northwest of the town of Arish, killed 28 soldiers. The second, a drive-by shooting […]

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BG Group says Egyptian government paid off a portion of its lingering debt. UPI/Stephen Shaver LONDON, Oct. 6 (UPI) — After receiving $350 million from the Egyptian government, British energy company BG Group said Monday the balance stands at around $1.2 billion. BG Group said the Egyptian government paid down some of its debt as a result of raising funds specifically meant to address arrears in the oil and gas sector. "While the group has been impacted by the reduction of liquefied natural gas 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," it said in a statement. Egypt last year accounted for 18 percent of the natural gas production for BG Group, making the company one of the largest producers in the country. BG in January said the Egyptian government […]

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By Razak Musah Baba LONDON–BG Group PLC (BG.LN) has received a $350 million payment following the commitment from the Egyptian government to repay outstanding debts to the energy industry, the natural gas producer said Monday. BG said this reduces the company’s domestic receivables balance in Egypt to around $1.2 billion. "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," the company added. BG Group operates in Egypt through its wholly owned subsidiary BG Egypt. -Write to Razak Musah Baba at [email protected]; Twitter: @Raztweet

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