Egypt will boost its contracted purchases of natural gas from Israel’s Leviathan field under a new agreement starting next year, deepening the country’s dependence on imports of the fuel for the long haul.
Begonia-2 is expected to produce 141,583 cubic metres (5 mcf) of gas per day and is the first of 11 wells planned in a USD 100 million programme to boost company reserves and gas output in Egypt. The well is located in the New El Manzala concession and operated by El Wastani Petroleum Company, a joint venture between Dana Gas and the Egyptian Natural Gas Holding Company.
The Egyptian Natural Gas Holding Company (EGAS) has awarded six offshore and onshore exploration blocks in a bid to attract new investments and ramp up hydrocarbons production, Egypt’s Ministry of Petroleum and Mineral Resources announced on Wednesday.
Cheiron Petroleum Corporation was awarded the North Sitra and East Sidi Barani blocks and will drill four exploration wells. Apache Corporation received West Kanayis-K to support ongoing developments in the Western Desert. Pharos Energy secured South Abu Sennan, committing to three wells. IPR Energy Group will drill three wells at South Wadi El Rayan. A consortium of NPC and GHP will target mature fields G and HNW, planning seven wells to boost production.
Egypt’s energy sector is experiencing a new wave of optimism as the country steps up efforts to attract foreign investment in its oil and gas industry.
Under the deals, production from the Cronos gas field, off Cyprus’s southwest coast, and Aphrodite, located to the southeast, will be transported to Egyptian liquefaction facilities at Idku and Damietta before being exported as liquefied natural gas. The signing of the memorandum of understanding was overseen by Egyptian President Abdel-Fattah El-Sisi and Cypriot President Nikos Christodoulides at a gas conference in Cairo.
Bluewater, a specialist energy private equity firm, has signed a purchase agreement to sell Apex International Energy, an independent E&P company focused on the prolific Egyptian upstream market.
United Energy (MENA) Limited, a wholly-owned subsidiary of Chinese independent United Energy Group (UEG), has acquired the upstream oil and gas assets held by US independent Apex International Energy in Egypt, UEG announced on Friday.
The government of Egypt has signed deals with Shell and TotalEnergies for the delivery of 60 LNG cargoes at a cost of around USD 3 billion, Reuters reported on Friday.
The discovery in the country’s northern Mediterranean waters was announced by Egyptian Prime Minister Mostafa Madbouly, who was quoted by news outlet Caliber.