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ENERGY-
#1- Freshgas exploration in the Med: The government has awarded 11 concessionsto five international energy players to explore for natural gas in the western Mediterranean region, the Arab World Press reported, citing an unnamed industry source. The companies are BP, ExxonMobil, TotalEnergies, Chevron, and Shell, while Abu Dhabi’s sovereign wealth fund Mubadala will partake via an indirect agreement with one of the primary companies. Exploration is scheduled to start between the end of 2024 and the beginning of 2025.
#2- Shelf Drilling’s oil contract extended: Dubai-based offshore drilling contractor ShelfDrilling was awarded a USD 51 mn, two-year contract extension for an oil rig in the Gulf of Suez with Egypt’s Gemsa Petroleum, according to a statement (pdf) from Shelf. One year of the extension will be farmed out to Petrogulf Misr — a JV between the Egyptian General Petroleum Company, the Kuwait Foreign Petroleum Exploration Company, and Cheiron.
SOUND SMART- A farmout agreement allows a third party to acquire an interest in an oil or a gas asset for development and gets paid a sum of money or receives royalties for the work it performs in the asset.
REAL ESTATE-
Sabbour Consulting eyes big projects in KSA: Engineering consulting firm SabbourConsulting is studying four potential projects in Saudi Arabia, whose construction will cost nearly SAR 3 bn, the company’s CEO Omar Sabbour told Al Borsa. The projects include a residential compound for SAR 600 mn, residential towers for SAR 400 mn, a tourist resort for SAR 450 mn, and a residential project in the Neom development costing SAR 1.5 bn.
DEBT-
Banque Misr, Emirates NBD Egypt to fund a Sky Developments project: Sky Investments’ real estate arm Sky Developments has secured a nine-year syndicated loan of EGP 3.1 bn from Banque Misr and Emirates NBD Egypt to finance part of its New Cairo mixed-use development Park St. East, according to a statement (pdf). The development, set to be similar to its Sheikh Zayed Part St. project, will cost a total of EGP 4.2 bn.
