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.
United States Energy Secretary Rick Perry said on Tuesday that a sanctions bill putting onerous restrictions on companies involved in the Nord Stream 2 project would come in the “not too distant future”.
Rare earths miner Lynas Corp (ASX: LYC) said Tuesday it intended to relocate its contentious processing plant from Malaysia to one of two preferred sites in Western Australia, where its Mt Weld mine is located.
Iran is due to offer 10,000 tons of light naphtha, 2,000 tons of heavy naphtha and large cargoes of petrochemical products to domestic buyers through its energy bourse on Sunday, in a direct sale to bypass the US unilateral sanctions.
Officials from Iran and the Czech Republic signed a memorandum of understanding (MoU) to strengthen economic cooperation in energy, auto-making and rail transport sectors.
Implementation of projects on energy consumption optimization has helped Mobarakeh Steel Company (MSC) bring down its water consumption to levels lower than the global average, said the senior manager of the MSC’s Department of Technical Services and Logistics.
Canada’s First Vanadium (TSX-V: FVAN) has published indicated mineral resources for its Nevada-based Carlin project, considered the largest, highest grade primary vanadium deposit in North America.