Egypt was once an exporter of oil and gas, but now it is struggling to meet its own energy needs.
The growth in energy consumption is a response to the country's economic expansion, industrialization, and change in the people's lifestyle.
Egyptian General Petroleum Corp. and Egyptian Natural Gas Holding Co. filed a request for arbitration against East Mediterranean Gas Co. over a deal to supply natural gas to Israel, EGPC's chairman said.
Egypt may gradually scrap subsidies on oil products by 2018, introducing coupons for gasoline and diesel as part of the phaseout, the independent newspaper Al Masry Al Youm reported, citing unidentified officials.
Egypt's petroleum ministry is struggling to keep its spending under tabs. Now overspending threatens one of the most important projects in the nation: the contract for natural gas.
El Paso Corp. (EP) , the pipeline company being bought by Kinder Morgan Inc. (KMI), has agreed to sell its oil and natural-gas fields in Egypt to an unidentified buyer, reducing its first-quarter results by about $62 million.
Saudi Arabian Oil Co. raised differentials used to determine official selling prices for June shipments from Egypt's Sidi Kerir port on the Mediterranean Sea, two people familiar with the pricing decision said.
International shareholders in East Mediterranean Gas (EMG), the company that oversaw the now defunct Egyptian-Israeli natural gas deal, said on Thursday they were suing the government of Egypt for violating three bilateral investment treaties.
Circle Oil Plc, the international oil and gas exploration, development and production company, is pleased to announce the following update regarding the Al Amir SE Field (''AASE'') and the Geyad field.
East Zeit Petroleum Company (Zeitco) has completed drilling a new oil-producing well in its concession area in the Gulf of Suez. The operation comes in fulfillment the company's development plan for the current fiscal year 2011-2012.