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PetroMinute, Cairo (2025)

16/12/2024

( ) [ XRG, bp Deal to Establish New JV Operating in Egypt]

XRG and bp announced that they have reached financial close and completed formation of their new joint venture (JV) and international natural gas platform – Arcius Energy.

Arcius Energy, initially to operate in Egypt, includes interests assigned by bp across two development concessions, as well as exploration agreements.

Announced in February 2024, the JV is 51% owned by bp and 49% by XRG, ADNOC Group’s transformative energy investment company.

The new joint venture will combine the pair’s deep technical capabilities and proven development track records as it
aims to grow a highly competitive gas portfolio.

27/01/2024

( ) ll [ PETRONAS , Shell Win Big at Malaysian Offshore Exploration Bid Round]

PETRONAS awarded Production Sharing Contracts (PSCs) for six exploration blocks and one Discovered Resource Opportunities (DRO) cluster marketed under the Malaysia Bid Round 2023 (MBR 2023), expected to garner more than RM1.3 billion ($274.5 million) worth of capital investment to the country in the form of exploration activities.

The seven new PSCs were awarded to PETRONAS Carigali Sdn. Bhd. (PETRONAS Carigali), E&P Malaysia Venture Sdn. Bhd. (EPMV), Petroleum Sarawak Berhad (PSEP), SMJ ENERGY PRIVATE LIMITED, INPEX Corporation Malaysia E&P (INPEX), PT PERTAMINA EP Malaysia Eksplorasi Produksi (Pertamina), Jadestone Energy (PM) Inc., Sarawak Shell Bhd. (Shell), and E&P O&M Services Sdn. Bhd. (EPOMS).

“With these awards, all exploration blocks offshore Sarawak basin and Northwest Sabah basin have been fully licensed. Similarly in Peninsular Malaysia, we are pleased to see the ever-growing demand in its proven basins, which are supported by well-established and easily accessible infrastructure,” said Senior Vice President of Malaysia Petroleum Management (MPM), Datuk Bacho Pilong, who represented PETRONAS at the award ceremony held in Kuala Lumpur.

23/06/2023

( ) ll [Italian Oil Major Eni Buys Neptune Energy for $4.9bn]

Italy’s Eni has agreed to acquire private equity-backed Neptune Energy for $4.9bn in the largest cash deal in the European oil and gas sector for almost a decade. London-headquartered Neptune produces oil and gas from fields in eight countries, including the UK, Norway, Germany, Algeria, the Netherlands and Indonesia, where it already shares a licence with the Italian energy major.

Under the terms of the deal announced on Friday, Eni will acquire Neptune for $2.6bn, while Var Energi — Eni’s Norwegian listed subsidiary — will acquire the company’s operations in Norway for $2.3bn. Eni owns 63 per cent of Var Energi. The transaction is particularly significant given European oil majors such as Eni, BP and Shell have been more likely to sell oil and gas assets than to buy them since setting targets to cut carbon emissions and shift to greener forms of energy.

20/05/2023

( ) ll [El Sisi, Christmann Discuss Apache Corporation’s Activities in Egypt]

President Abdel Fattah El Sisi met with John Christmann, CEO of Apache, and the two vice presidents of the company, in the presence of Tarek El Molla, Minister of Petroleum and Mineral Resources.

The meeting followed up on the activities of the company in Egypt and its current programs, as well as its plans during the coming period to increase the volume of its work in the fields of research, exploration and production of oil and gas.

In this context, El Sisi appreciated the distinguished successes of the company in Egypt over the past 30 years, which made it the largest oil producer in the country. He highlighted Egypt’s keenness to provide the appropriate climate to attract and increase investments in all sectors, especially oil and gas.

For his part, Christmann appreciated the positive experience of cooperation with Egypt over the past decades, stressing that it represents a success story and a role model in the Middle East.

Apache’s CEO pointed out his company’s commitment to its firm partnership with Egypt, in light of the availability of many promising opportunities to achieve new discoveries, which encourages the company to strengthen its efforts to increase production rates during the coming period.

Christmann also presented the role played by the company to serve the Egyptian community in various fields, within the framework of its commitment to corporate social responsibility in this regard.

The meeting also touched on ways to enhance economic cooperation between Egypt and the United States, in light of the presidency of Christmann of the Egyptian-American Business Council, and the complex strategic partnership relations between the two countries.

06/04/2023

( ) ll [El Sisi Discusses Energy Cooperation with Cypriot President]

Egyptian President Abdel Fattah El Sisi met with his new Cypriot counterpart Nikos Christodoulides at the Al-Ittihadiya Palace, according to the Egyptian Presidency’s spokesman.
The two leaders commended the ongoing development of Egyptian-Cypriot relations and the steady progress that has been made in cooperation at all levels, particularly in natural gas and electrical connectivity.

During the meeting, Christodoulides underlined the significance of choosing Cairo for his first foreign visit to the region since his election last February, reflecting the keenness to maintain the strategic nature of relations between the two countries at the official and grass-roots levels. In this regard, both leaders agreed on launching a joint business council between both sides.

10/03/2023

( ) ll [Egypt, Chevron Discuss Ways to Support E&P Cooperation]

On the sidelines of his participation in , Tarek El Molla, Minister of Petroleum and Mineral Resources, met with Mike Wirth, Chairman and CEO of Chevron, the ministry said in a statement.

The meeting discussed ways to support and increase joint cooperation between the two sides. The two leaders reviewed Chevron’s activities in the fields of research, exploration and production (E&P), and its plans to increase production in the company’s concession areas, as well as ways to support efforts to develop petroleum resources, marketing activities and increase oil exports.

During the meeting, El Molla and Wirth discussed ways of accelerating the development of new discoveries and the transfer of gas from the eastern Mediterranean fields to be re-exported to Europe through Egyptian liquefaction facilities.

24/02/2023

( ) ll [ Kuwait Energy Egypt Inks Concession Agreement for Borg Al Arab in the Western Desert]

Kuwait Energy Egypt and the EGPC Egyptian General Petroleum Corporation have signed a concession agreement to pump new investments in the developing and exploiting Borg Al Arab Area in the Western Desert.

The agreement was signed by CEO of EGPC, Alaa Al-Batal and President of Kuwait Energy Egypt, Kamel Al-Sawi, MiM, during Egypt Petroleum Show (EGYPS 2023) in the presence of the Minister of Petroleum and Mineral Resources, Tarek AL Molla and CEO of Kuwait Energy, Song Yu.

On this occasion, AL Sawi highlighted that “signing this agreement reflects Kuwait Energy Egypt’s commitment toward the development and explorations of the petroleum reserves in Egypt since inception of its operations which added value to the Egyptian economy guided by the Minister of Petroleum’s great vision to put the Egyptian oil and gas industry at the current international level”.

Kuwait Energy Egypt’s vision and strategy continues to be aligned with the Ministry of Petroleum and Mineral Resources’ modernization program with a focus on maximizing the value of Egypt’s natural resources and supporting a low carbon future.

01/02/2023

( ) ll [Stena Drilling Signs Contract with Shell to Drill 3 Wells Offshore Egypt]

NEW CONTRACT IN EGYPT FOR STENA FORTH: STENA DRILLING IS PLEASED TO ANNOUNCE THAT WE HAVE SIGNED A NEW CONTRACT WITH BG DELTA LIMITED & BG INTERNATIONAL LIMITED SUBSIDIARIES OF SHELL PLC (SHELL) FOR THE MOBILE OFFSHORE DRILLING UNIT (MODU) STENA FORTH.

The operations for Stena Forth in Egypt are due to commence in 2023 upon completion of existing contractual commitments. The Shell exploration project will entail 3 well drills in the Mediterranean. The project will require Managed Pressure Drilling (MPD) utilising the system owned and installed by Stena Drilling on the Stena Forth.

Stena Drilling is delighted to secure further work with Shell and looks forward to working with Shell to complete a safe, effective and efficient campaign.

30/01/2023

( ) ll [ QatarEnergy Joins TotalEnergies, Eni for Stake in Lebanon Gas Blocks]

QatarEnergy signed an agreement with TotalEnergies SE and Eni SpA to search for natural gas in Lebanese waters, including in a previously-contested area with Israel.

Under the exploration and production agreement, the state-run Qatari company will hold 30% in offshore blocks 9 and 4 and the French and Italian energy giants will now hold 35% each, caretaker Prime Minister Najib Mikati said in a statement.

The US brokered last year a historic accord that ended a dispute between long-time foes Lebanon and Israel over a potentially gas-rich area in the Mediterranean waters. Both countries had laid claim to an area covering 860 square kilometers (330 square miles).
Israel Approves Qatar Option to Join Lebanon Offshore Drilling
The pact allows international companies to begin exploring for natural gas in offshore Block 9, potentially leading to more energy exports to Europe in the coming years.

“Lebanon’s geographic location will allow it to play a vital role, along with friendly states in the region, to supply gas to Europe and it will encourage international companies to take part in the second licensing round,” Mikati said.

A discovery would primarily help fuel power plants that run on natural gas in Lebanon, which has suffered from chronic power rationing for decades.

The TotalEnergies-led consortium, which included Eni and Novatek PJSC, won a bid to explore in the two blocks in late 2017. The group began drilling in Block 4 in 2020 but disappointing results halted further development. Russia’s Novatek withdrew last year from the exploration efforts.

A discovery would be welcome economic news for Lebanon, which is in a deepening financial crisis. It may also provide additional resources for Israel as it would be entitled to payments if hydrocarbons are produced from the prospect.

Gas production has started at the Karish field on the Israeli side of the border, field developer Energean has said.

Lebanon delayed the closing date for its second licensing round for the rest of its offshore blocks to June 30.

30/12/2022

( ) ll [Eni Makes a New Gas Discovery by Vår Energi in Norway’s Barents Sea]

Vår Energi, a publicly traded firm with Eni as a major shareholder, has declared a new gas discovery in the Barents Sea, Norway. The discovery has the potential to add to the future Barents Sea gas supply and is preliminary estimated to have 9–21 billion cubic meters of recoverable gas resources (57–132 million barrels of oil equivalent).

The first exploration well to be drilled under the license PL229E is the 7122/9-1 T2 well (Lupa). It is around 27 km north-east of the Vr Energi-run Goliat field and 85 km north-west of Hammerfest. With the drilling rig Transocean Enablers, it was drilled in 403 metres of water.

In the Triassic-aged Havert formation’s targeted sandstones, the well discovered a 55 meters-high gas column. Both data collection and sampling have been done in great detail.
In the PL229E license, Vr Energi and partner AkerBP each own a 50% share.

One of the top independent upstream oil and gas companies on the Norwegian continental shelf is Vr Energi, which Eni owns a 63% stake in (NCS).It has an extensive and well-diversified portfolio of assets, including active development projects and a successful history of exploration. 36 fields producing a net 246,000 boe per day in 2021 are owned by Vr Energi.

16/12/2022

( ) ll [ aramco, TotalEnergies to Build $11 Billion Saudi Petrochemical Project]

Saudi Aramco and TotalEnergies SE took a final investment decision on an $11 billion petrochemical project in Saudi Arabia, betting that demand for materials to make plastics will continue to climb.

The world’s largest oil-exporting nation is seeking alternative outlets for its vast supply of crude as countries gradually shift to cleaner energy. Aramco can add value to its sales by using the oil to make the building blocks for an enormous array of consumer items such as cars, computers and mobile phones.

The petrochemical project will be located alongside the partners’ Satorp refining complex at Jubail on the Persian Gulf coast. The so-called Amiral facility will include a 1.65 million-ton ethylene plant and is set to start operations in 2027, according to a joint statement. Aramco and Total will together invest about $4 billion of the total and begin construction next year.

Saudi Arabia is looking to transform about 4 million barrels of crude a day into chemicals.

“We aim to expand the value chain by producing advanced chemicals more efficiently than ever before, accelerating industrial progress in the kingdom,” Aramco’s Chief Executive Officer Amin Nasser said in the statement.

Aramco also last week reached an initial agreement with China’s Sinopec to build a similar facility at a joint refinery on the western Red Sea coast. The companies run a 400,000-barrel-a-day refinery at Yanbu, similar in size as the joint-venture plant with Total, on the opposite coast.

02/12/2022

( ) ll [ bp Awarded Two Exploration Blocks in the Mediterranean Sea Offshore Egypt ]

bp announced that it has been awarded two exploration blocks in the Mediterranean Sea, offshore Egypt by Egyptian Natural Gas Holding Company (EGAS).

1) The Northwest Abu Qir Offshore Area, in which BP is operator and holds 82.75% and Wintershall Dea holds 17.25%, is located west of the recently awarded North King Mariout block (BP 100%) and north of the Raven field. It covers an area of approximately 1038 km2 with water depths ranging between 600 metres and 1600 metres.

2) The Bellatrix-Seti East block, in which BP and Eni, the operator, each hold a 50% share, is located west of the Atoll field and North Tabya blocks. It covers an area of approximately 3440 km2 with water depths ranging between 100 metres and 1200 metres.

In addition to the two new blocks, previously in 2022, BP was also awarded: the King Mariout Offshore Area (100% BP), the North El Fayrouz offshore area (50% BP and 50% Eni, the operator) and the North El Tabya area extension (100% BP).

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