To complaints that Egypt is losing $ 13 million a day on natural gas exports to Israel, Petroleum Minister Abdallah Ghorab responded: There is no global gas price.
The Egyptian Natural Gas Holding Co. (EGAS) signed an agreement allowing it to increase the price of natural gas sold to Union Fenosa SA, to reflect soaring global crude prices, according to an official for the Egyptian company.
''Saudi Arabia must stop digging for oil in the Red Sea until impact assessments on marine life have been made,'' diving and environment officials say.
Wadi El Sahl Petroleum Company (WASPETCO) gained the approval of the Egyptian General Petroleum Corporation (EGPC) to go through with its current fiscal plan of the year 2010-2011 in the area of Hurghada.
Pharaonic Petroleum Company is preparing to drill an exploratory well in its concession area of Port Said during the middle of the current year of 2011, according to the company's drilling plan.
Abu Qir Petroleum Company is currently preparing to finalize the second stage of North Abu Qir-3 field (NAQP_II) in the company acquisition area in the Mediterranean Sea.
Tanmia Petroleum Company is currently working on expanding its operations in the petroleum services sector, especially in the early production process and also the its constant eager to provide latest rigs for the Egyptian market.
Egypt has a great potential for exporting gas and could increase its production up to 27.66 percent over the next 10 years, said a report by the Business Monitor International.