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Brent rise will not affect Egypt, thanks to hedging mechanism: Source
Egypt’s gas production increase to 7.2bn scf/day, $5bn investments to raise fuel storage capacity
Minister of Petroleum and Mineral Resources, Tarek El Molla stated that the first agreement is signed between the Egyptian General Petroleum Corporation and International Egyptian Oil Company (IEOC) for oil and gas exploration in the south-eastern Siwa concession area in the Western Desert, with a minimum investment of about $17m, allocating about $1.2m to drill four new wells.
Brent rate increased by 1.5% on Friday after OPEC’s agreement to further reduce production
Brent increased by $0.75 to $61.57, WTI up by $0.65 to $56.75
The great Italian writer Lampedusa has his central character Prince Tancredi articulate the most profound statement about conservative politics ever made: “If we want things to stay as they are,” he tells his uncle, “things will have to change.”
The company intends to progress in maritime tenders to expand its business, says source
Quantities include the foreign partner’s share at an average price of $55 a barrel, say government sources
Decline in global demand for oil threatens to OPEC’s plans to cut production, says Youssef
The Iranian government vows to take a ‘proper response’
SAR 61.4bn, estimated size of relevant entertainment market in the Kingdom by 2030, says Colliers
A government source told Daily News Egypt that the government has fixed the prices of petroleum products, in parallel with fixing the value of hedging against price fluctuations, which protects the state budget from bearing any additional burdens.
Refining 3.6m tonnes of crude oil, gas production increases to 51.1m tonnes, says source
Market to face oil glut in coming period, prices to fall under $60: Source
The ministry of petroleum said in a statement that the remaining five wells in the field will be developed during the second quarter of next year.
UK, Germany agree on need for international response to Saudi attack: UK PM’s spokesperson
Movement said Saudi Arabia should stop its “aggression, blockade on Yemen”
Iraqi government dismissed media reports about use of its territory in attack
Iranian ambassador to UK summoned by UK Foreign Secretary
Oil price fell below $60 a barrel, contrary to expectations, according to industry source
Moreover, he said that the average daily production of the company during the year reached 31,700 barrels of oil per day, while the company’s total investment amounted to about $182m.
Foreign companies pump 94.3% of investments, state-owned companies represent 5.7%
Egypt, South Sudan own 90% of oil production in Nile Basin
The facilities attacked included a refinery and oil storage, Al Masirah said, citing a military spokesman. It did not say when the attack took place.
Overall, firms are generally positive regarding future condition of economy, says David Owen
Decline in oil prices to reduce fuel subsidies to 10% in Q1 of FY 2019/20
Pompeo says he is confident that US could build maritime coalition in Gulf
El Sharara oil field is located at the south-western Murzuq Desert.
Renewal of hedging contracts every 3 months with review of oil value in markets: Source
Price recovery backed by supply tightening, future disruptions due to Gulf tensions, says IHS Markit