Egyptian Oil Minister Tarek El Molla has signed three offshore oil and gas exploration and production deals worth a total of at least $220 million with France's Total, Britain's BP and Italian oil major ENI's Egyptian subsidiary IEOC, the ministry said on Wednesday.
The deals include drilling for six wells and a signing bonus of $9 million, the ministry said in a statement, and are the result of a tender called by Egyptian state gas board EGAS. They are all in exploration blocks in the Egyptian Mediterranean Sea, Reuters reported. Egypt has gone from exporting energy to being a net importer as domestic output has failed to keep pace with rising demand. Saudi Arabia informed Egypt last month that shipments of oil products expected under a $23 billion aid deal had been halted indefinitely. The oil sector in Egypt has signed 73 oil and gas exploration deals with international oil companies in the past three years worth at least $15 billion.
Two one-million-barrel cargoes of Iranian oil will arrive in South Korea’s port of Incheon in the space of a week in January to end the 4-month long hiatus in the flow of fuel from the energy giant to the world’s fifth-largest oil buyer.
An Iranian deputy health minister announced that the country will inaugurate a nuclear emergency medical center in the southern port city of Bushehr in the first half of the next Iranian year, which will begin on March 21.
Suncor Energy (TSX:SU), Canada's largest oil and gas producer by market cap, said Monday it expected overall production to increase by about 13% in the fourth quarter of 2018, thanks to higher output from its majority-owned Syncrude oil sands project in northern Alberta.
North China's Hebei province reduced its crude steel capacity by 12.29mn t/yr in 2018, exceeding its target of 12mn t/yr set earlier in the year.
A host of Slovakian business activists visiting Tehran, in a meeting with Deputy Chairman of the Iranian Parliament’s Energy Commission Hossein Amiri Khamkani, reassured that they are resolute to strengthen cooperation on renewable energies.
Iranian Energy Minister Reza Ardakanian, in a meeting with Afghanistan's Deputy Minister of Energy and Water Khan Mohammad Takal, exchanged views on ways to bolster bilateral cooperation in the water and energy sectors.