{"id":542887,"date":"2022-01-23T04:02:37","date_gmt":"2022-01-23T04:02:37","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/23\/more-oil-investment-from-transglobe-pharos\/"},"modified":"2022-01-23T04:02:37","modified_gmt":"2022-01-23T04:02:37","slug":"more-oil-investment-from-transglobe-pharos","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/23\/more-oil-investment-from-transglobe-pharos\/","title":{"rendered":"More oil investment from Transglobe + Pharos"},"content":{"rendered":"

Transglobe, Pharos Energy sign USD 506 mn oil E&P agreements:<\/strong> The Oil Ministry signed oil exploration and production agreements with Canada\u2019s Transglobe and London-based Pharos Energy that will see them spend a combined minimum of USD 506 mn, in addition to a USD 67 mn signing bonus, according to a ministry statement<\/a> on Thursday. The two companies will drill a total of 12 new wells under the agreements, the statement says.<\/p>\n

The agreements include a 3.5-year extension to Pharos Energy\u2019s exploration license in the El Fayum concession<\/strong> in the Western Desert, according to a company statement<\/a>. The extension agreement includes \u201can additional obligation on [the] contractor to drill two exploration wells and acquire a 3D seismic survey in the northern area of the license.\u201d<\/p>\n

What\u2019s in it for each side:<\/strong> The extension agreement will raise the London-based company\u2019s cost recovery percentage, allowing it to use 40% of gross revenues from all its current and future Egyptian concessions to recover costs, up from 30% previously. At the same time, Pharos will \u201cwaive its rights to recover a portion of the past costs pool (USD 115 mn).\u201d The company will also cut its excess cost recovery petroleum share in half to 7.5%.<\/p>\n

Refresher:<\/strong> The signing of the agreement was a key precondition for Pharos\u2019 planned sale<\/a> of a 55% working interest in each of its El Fayum and North Beni Suef concessions to IPR Energy Group subsidiary IPR Lake Qarun. The c. USD 63.4 mn transaction is expected to be completed during 1Q2022, Pharos said when it announced the agreement last year.<\/p>\n

Transglobe, meanwhile, signed a new agreement that will consolidate its three existing concession agreements<\/strong> in the Eastern Desert (West Gharib, West Bakr, and North West Gharib), according to the ministry.<\/p>\n

The agreement will see the Canadian firm spend some USD 200 mn here over the next fifteen years<\/strong>, according to a company statement<\/a>. The amount includes a minimum USD 50 mn the company committed to spending \u201cover each five-year period for the 15 years of the primary term,\u201d as well as an annual USD 10 mn payment each year for the next five years.<\/p>\n","protected":false},"excerpt":{"rendered":"

Transglobe, Pharos Energy sign USD 506 mn oil E&P agreements: The Oil Ministry signed oil exploration and production agreements with Canada\u2019s Transglobe and London-based Pharos Energy that will see them spend a combined minimum of USD 506 mn, in addition to a USD 67 mn signing bonus, according to a ministry statement on Thursday. The […]<\/p>\n","protected":false},"author":1,"featured_media":542888,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7207],"tags":[372,93,72,523,522],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-542887","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-eastern-desert","tag-energy","tag-enterpriseam","tag-pharos-energy","tag-transglobe","wpautop","entry"],"acf":{"mongo_id":"7395b7af-9ef2-41d2-a01b-dd5fda097b17","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/1\/271.jpg","photo_position":"above","related_issue":[542878],"teaser":"","voice_url":""},"yoast_head":"\nMore oil investment from Transglobe + Pharos - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/23\/more-oil-investment-from-transglobe-pharos\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"More oil investment from Transglobe + Pharos\" \/>\n<meta property=\"og:description\" content=\"Transglobe, Pharos Energy sign USD 506 mn oil E&P agreements: The Oil Ministry signed oil exploration and production agreements with Canada\u2019s Transglobe and London-based Pharos Energy that will see them spend a combined minimum of USD 506 mn, in addition to a USD 67 mn signing bonus, according to a ministry statement on Thursday. 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Pharos plans to spend USD 45 mn,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/155.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542974,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/26\/new-oil-gas-exploration-bid-round-coming-soon\/","url_meta":{"origin":542887,"position":1},"title":"New oil + gas exploration bid round coming soon","author":"enterpriseam admin","date":"26 January 2022","format":false,"excerpt":"New oil and gas exploration rights will be up for grabs in 1H2022. The government plans to launch a new global tender for oil and gas exploration before June, Bloomberg Asharq reported Oil Minister Tarek El Molla as saying during a press conference yesterday. No further details were disclosed on\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/343.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542945,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/25\/govt-targets-usd-7-bn-oil-fdi-in-2022-2023\/","url_meta":{"origin":542887,"position":2},"title":"Gov\u2019t targets USD 7 bn oil FDI in 2022-2023","author":"enterpriseam admin","date":"25 January 2022","format":false,"excerpt":"The Oil Ministry wants to attract USD 7 bn of foreign direct investment (FDI) into the oil and gas sector in FY 2022-2023, Reuters reported Oil Minister Tarek El Molla as telling Sky News Arabia TV yesterday.Oil + gas accounts for almost half of Egypt\u2019s FDI: At least, it did\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/325.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":623283,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/25\/transglobe-begins-drilling-new-well-at-western-desert-concession\/","url_meta":{"origin":542887,"position":3},"title":"TransGlobe begins drilling new well at Western Desert concession","author":"enterpriseam admin","date":"25 October 2018","format":false,"excerpt":"TransGlobe Energy announced yesterday that it began drilling for oil at its SGZ 6X exploration well in the South Ghazalat concession in the Western Desert. The company also said that it successfully began production from two wells in West Bakr in the Eastern Desert, with output from each well currently\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":594791,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/08\/enpedco-egpc-ink-agreements-for-western-desert-oil-and-gas-exploration\/","url_meta":{"origin":542887,"position":4},"title":"ENPEDCo, EGPC ink agreements for Western Desert oil and gas exploration","author":"enterpriseam admin","date":"8 September 2019","format":false,"excerpt":"The Egyptian National Petroleum for Exploration and Development Company (ENPEDCo) and the EGPC signed two agreements to explore oil and gas in the Western Desert last week, the Oil Ministry said in a statement (pdf). The companies intend to invest at least USD 4 mn to drill four exploratory wells\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":592108,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/26\/egypt-signs-usd-155-worth-of-oil-and-gas-agreements\/","url_meta":{"origin":542887,"position":5},"title":"Egypt signs USD 155-worth of oil and gas agreements","author":"enterpriseam admin","date":"26 December 2019","format":false,"excerpt":"Egypt signs USD 155 mn-worth of oil and gas agreements: The Egyptian General Petroleum Company (EGPC) and Ganope have signed four oil and gas exploration and production agreements that will see companies invest at least USD 155 mn to develop concessions in the Gulf of Suez, Nile Valley, and the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/172.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/542887","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=542887"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/542887\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/542878"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/542888"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=542887"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=542887"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=542887"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=542887"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=542887"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}