Egypt to sell oil, gas exploration licenses in south

Energy Trade

Egypt said on Sunday it would sell oil and gas exploration and production rights in twelve areas around the country’s south.

State-owned Ganoub el-Wadi Petroleum Company (Ganope) said on its Web site companies could purchase information about the blocks, located in the Red Sea, Gulf of Suez, and the country’s eastern and western deserts, starting April 1. Bids should be submitted by mid-July, Mohamed Ezat Sakr, Ganope’s vice chairman for exploration and production, told Reuters. Prices for any gas discovered would be agreed between Ganope and the contractor after the discovery of the gas and based on market prices, Sakr said. "Our gas or oil prices are directly linked to the spot market price," Sakr said.  Egypt could sell further concessions in the north in two rounds this year, London-based MEED magazine reported this month.

Egyptian Oil Minister Sameh Fahmy has said the country plans to increase its oil output by 100,000 bpd to 800,000 bpd in 2008 by developing recent discoveries in the Gulf of Suez and the western desert. Production has declined from peak levels of close to one million barrel per day in the mid-1990s. Egypt has become a significant exporter of natural gas, both by pipeline through Jordan and in liquefied form by ship. (Reuters)

ADVERTISEMENT

Reforms to raise productivity would strengthen recovery - OE... Analysis

Reforms to raise productivity would strengthen recovery - OE...

Meeting called to address Pegasus spyware lacks quorum  Parliament

Meeting called to address Pegasus spyware lacks quorum 

Skanska commercial dev unit names new EVP of operations Hung... Appointments

Skanska commercial dev unit names new EVP of operations Hung...

Zsa Zsa Gabor's ashes buried in Budapest City

Zsa Zsa Gabor's ashes buried in Budapest

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.