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.
Peru’s Minister of Energy and Mines, Francisco Ísmodes, and the Vice-Minister of Territorial Governance, Raúl Molina, held a meeting this weekend with the Cusco Regional Governor, Jean Paul Benavente, where they addressed the situation regarding a blockade affecting Las Bambas copper mine.
Opec and its non-Opec partners still have plenty of work to do to rebalance global oil markets, and may need to extend their production restraint agreement to the end of 2019, UAE oil minister Suhail al-Mazrouei says.
It’s not a great time to be a coal miner, but there’s never been a better time for their shareholders.
The interim agreement on the formation of a free trade zone between Eurasian Economic Union and Iran has taken Tehran to a new level of regional economic cooperation and links Iran's economy with other states, a senior Iranian energy official says.
Germany produced 10.3 million tons of oil and 26.1 billion cubic meters of gas in 2018, both down 3% year-on-year, industry association BVEG data showed on Tuesday.
Iranian President Hassan Rouhani told a meeting of high-ranking delegations of Iran and Iraq in Baghdad that Tehran is ready to increase the volume of its energy exports to Iraq.