EGPC, BP Sign $46M Gulf of Suez E&P Deal
The Egyptian General Petroleum Corporation (EGPC) and BP have signed a $46 million oil and gas exploration and production (E&P) deal for the Eastern Ramadan area in the Gulf of Suez.
News / Egypt
Monday Minute: Economic Snapshot
A summary of the week’s important macroeconomic updates and indicators brought to you on one page for your convenience.
Sisi: Egypt to Achieve Natural Gas Self-Sufficiency by 2020
President Abdel Fattah El-Sisi affirmed on July 29 that Egypt would achieve natural gas self-sufficiency and a surplus by June 30, 2020.
Egypt Close to Settling Foreign Petroleum Debts
Egypt is edging closer to repaying its debts to foreign petroleum companies after paying $1.2 billion to International Oil Companies (IOCs) operating in Egypt with plans to repay the remaining $1.2 billion owed before the end of 2019.
Energy Recovery Awarded $3.3 million for Egypt Desalination Project
Energy Recovery Inc. announced a $3.3 million order to supply its PX Pressure Exchanger for a water desalination project in Egypt, expected to ship in Q4 2018.
Egypt’s Budget Deficit Falls to 9.8% in FY 2017/18
The Egyptian budget deficit for fiscal year (FY) 2017/18 was 9.8% of gross domestic product (GDP), a decrease from 10.9% the previous year, achieving a primary fiscal surplus for the first time in 15 years, deputy finance minister Ahmed Kouchouk stated on July 26.
Zohr Gas Field Capacity to Reach 2 bcf/d by September
The production capacity of Zohr gas field, which currently stands at 1.6 billion cubic feet per day (bcf/d), is slated to reach 2 bcf/d by September, according to operator Eni.
Egypt’s Monthly Gas Production Increases by 500,000 Tons in May
Egypt's monthly gas production increased by 500,000 tons in May 2018.
Egypt to Purchase Insurance Against Oil Price Fluctuations
The Egyptian cabinet has announced that the country will purchase insurance contracts from international financial institutions to hedge against fluctuating global oil prices.
Egypt to Resume Gas Exports to Jordan in 2019
Egypt will resume gas exports to Jordan on January 1, 2019 with a flow of 1 million cubic meters per day.
