The Annual Offshore Oil & Gas Event
logo

The 25thBeijing International Offshore Oil & Gas Exhibition

ufi

BEIJING,CHINA

March 26-28,2025

LOCATION :Home> News > Industry News

Egypt dangles incentives to draw more oil, gas investors

Pubdate:2019-02-12 17:29 Source:liyanping Click:

CAIRO (Bloomberg) -- Egypt is finalizing details of a new type of oil and gas contract to attract even more foreign investment than the $10 billion already coming into its energy industry this year.

The contract will provide investors with incentives to explore for fossil fuels in undeveloped areas, Egypt’s oil minister Tarek El- Molla said in an interview. He didn’t provide details of the changes to the contract.

“We’re improving the cost-recovery process to be faster, less bureaucratic and more efficient,” El-Molla said. The government will launch a new bid round in the Red Sea this quarter, he said.

Egypt plans to award on Tuesday more than a dozen concessions to explore for oil and gas, El-Molla said during a conference in Cairo attended by Total SA CEO Patrick Pouyanne and BP Plc’s Bob Dudley.

The most populous Arab nation, wants to become a gas re-exporting hub on the doorstep of Europe, and the contract overhaul is part of a broader plan to liberalize its energy industry. Italian firm Eni SpA’s discovery of the giant offshore Zohr gas field in 2015 reignited waning investor interest in Egypt’s oil and gas industry, the country’s biggest single magnet for foreign direct investment.

Arrears

Officials told Bloomberg in October that the new oil and gas contract would allow investors to control their share of production rather than sell to the government at preset prices. The officials, who asked not to be identified because the discussions were private, said terms could be tweaked depending on the investment.

Egypt’s existing production-sharing agreements give investors about a third of a project’s output to help cover exploration and production costs. The rest is split with the government, which has the right to buy the producer’s entire share at the preset price.

International oil companies have long complained about the contracts. Egypt struggled before Zohr’s discovery to attract major new energy investments. Its current investment model drew greater scrutiny after 2011, when the country began to experience fuel shortages and power blackouts.

The government halted gas exports at the time, diverting the fuel for local use and stopping payments to investors for their share of output. Arrears to international oil and gas companies mounted, peaking at $6.2 billion in 2012, and stood at $1.2 billion in July.

LNG exports

Production from the Zohr field along with BP’s West Nile Delta project reversed the shortage. Output soared, allowing the government to end liquefied natural gas imports and resume exports. The country has conducted a test run on its gas pipeline to Jordan, and said it will supply Lebanon via a link that has been idle for years.

Egypt’s gas riches have transformed the LNG demand outlook in the Middle East. The region was a bright spot for LNG in 2015, driven by Egyptian imports. Now shipments have plummeted so much that it could take a decade for demand to recover.

Royal Dutch Shell Plc, which operates the country’s Idku LNG plant, can now restart regular output after being restricted to occasional cargoes over the past few years. The company will export 17 cargoes in 2019, El-Molla said.

While gas exports are rising, Egypt still has to import much of the oil products it needs for heating, transportation and power generation. The country is investing $9 billion to expand refining capacity and plans to stop fuel imports in about four year, El- Molla said. The Egyptian Refining Co.’s new $3.7 billion processing plant is part of that effort, and will begin operations by the middle of 2019, he said.

主站蜘蛛池模板: 欧美色欧美亚洲高清在线观看| A级国产乱理伦片| 菠萝蜜网站入口| 日本阿v视频高清在线中文| 国产孕妇孕交大片孕| 九九九九九九伊人| 高潮毛片无遮挡高清免费| 日韩在线视频不卡| 国产亚洲精品精品精品| 久久久久人妻一区精品色| 色屁屁www欧美激情在线观看| 日本三级韩国三级欧美三级| 国产chinese91在线| 中国日本欧美韩国18| 精品久久一区二区三区| 天天影视综合网| 亚洲欧美另类中文字幕| 探花视频在线看视频| 果冻传媒麻豆电影| 国产区综合另类亚洲欧美| 中文字幕无码不卡一区二区三区| 美女扒开大腿让男人桶| 女人张开腿让男人桶免费网站| 亚洲黄色小说网| 无遮挡1000部拍拍拍免费凤凰| 晚上差差差软件下载| 国产乱人伦av在线a| 一本大道香蕉在线高清视频| 特级毛片www| 国产精品国产三级在线专区| 九九热精品免费| 老师让我她我爽了好久网站 | 亚洲精品成人网站在线观看 | 妖精的尾巴国语版全集在线观看| 伊人热热久久原色播放www| 91w乳液78w78wyw5| 晚上睡不着来b站一次看过瘾| 国产va免费精品观看精品| www.尤物在线| 欧美婷婷六月丁香综合色| 国产凸凹视频一区二区|