The Arab International Bank (AIB) has sealed a loan agreement with the Egyptian Natural Gas Holding Company (EGAS) to finance the company’s plan to install two natural gas supply lines in the distance from Taba to Sharm El-Sheikh and Shokair to Hurghada with total investments of $90 million.
Shell Egypt today announced four discoveries in its Western Desert acreages of Badr El-Din (BED) development leases and West Sitra Concession. The Badr El-Din leases are operated by Bapetco - Shell Egypt’s Joint Venture with the Egyptian General Petroleum Corporation (EGPC), while the West Sitra Concession is operated by Shell Egypt.
Arsenal Energy Inc. announce that it, along with partners, has finalized a contract for a drilling rig (ECDC #2) that is scheduled to commence drilling operations on Arsenal’s 5.625 million acre Nuqra concession in Egypt in mid-February 2007.
Apache Corporation announced that its Syrah 5X appraisal well in Egypt's Western Desert test-flowed 47.6 million cubic feet (MMcf) of natural gas per day from the Jurassic Lower Safa sand, extending the Syrah Field -- located on the company's Khalda Concession -- to the northwest. The discovery well, the Syrah 1X, tested 46.5 MMcf per day from a correlative zone in March 2005.
Turkish protests against a joint oil and gas exploration deal between Egypt, Lebanon, and Cyprus in the Mediterranean waters surrounding the island nation drew further criticism from Nicosia Wednesday.
BP Egypt announced today that it has drilled a successful well, Giza North-1, in the North Alexandria concession held by BP, RWE Dea and EGPC/EGAS. The well encountered a significant gas accumulation as part of a large channel complex.