Egypt is preparing a timetable for repaying arrears on debts it owes to foreign oil companies to encourage them to continue investing in the country, the Petroleum Ministry said on Sunday.
Apache Corporationand Sinopec International Petroleum Exploration and Production Corporation announced they have launched a global strategic partnership to pursue joint upstream oil and gas projects.
Dana Gas, the Middle East's leading regional private sector natural gas Company, announces that it has achieved gas production level in Egypt of 200 million standard cubic feet per day, the highest level for the company in the country in 2 years.
Egypt has appointed Tarek al-Molla as chairman of state-run Egyptian General Petroleum Corp (EGPC), the Oil Ministry said, a move that is likely to encourage foreign oil companies operating there.
International gas and oil producer BG Group Plc flagged its concerns about the impact of instability in Egypt as it reported a 3 percent fall in second quarter net profit.
Egypt has received six shipments of fuel from the UAE as part of the Gulf state's promised aid following the ouster of Islamist president Mohamed Morsi.
The Petroleum Ministry has conveyed to the Ministry of External Affairs that the Indian consortium comprising Gujarat State Petroleum Corporation (GSPC), Hindustan Petroleum Corporation Limited (HPCL) and Oil India Limited (OIL) has 'unanimously' decided not to sign the concession agreement for two offshore oil exploration blocks.