{"id":567393,"date":"2020-01-21T05:37:02","date_gmt":"2020-01-21T05:37:02","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/21\/egpc-signs-usd-450-mn-in-oil-and-gas-ep-agreements\/"},"modified":"2020-01-21T05:37:02","modified_gmt":"2020-01-21T05:37:02","slug":"egpc-signs-usd-450-mn-in-oil-and-gas-ep-agreements","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/21\/egpc-signs-usd-450-mn-in-oil-and-gas-ep-agreements\/","title":{"rendered":"EGPC signs USD 450 mn in oil and gas E&#038;P agreements"},"content":{"rendered":"<p><strong>EGPC signs USD 450 mn in oil and gas E&P agreements: <\/strong>The state-owned Egyptian General Petroleum Corporation (EGPC) yesterday signed nine oil and gas exploration and production agreements that will see companies invest at least USD 452 mn to drill 38 wells in concessions in the Mediterranean and Western Desert, <a href=\"http:\/\/facebook.com\/EgyptianCabinet\/posts\/1486616384850055?_rdc=1&_rdr\">the cabinet said in a statement<\/a>. The House of Representatives authorized the ministry <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/10\/egyptian-parliament-approves-nine-oil-and-gas-ep-agreements-8166\/\">last month<\/a> to sign off on the agreements, which also include signature grants worth USD 84 mn.<\/p>\n<p><strong>Who\u2019s working on the concessions?<\/strong> <strong>Shell<\/strong> has signed four agreements to drill 23 wells in the the Western Desert\u2019s East Horus, Abu Sennan, Western Fayoum, Badr-2 and Badr-17 concessions. The Dutch oil giant will invest at least USD 117 mn and receive USD 61 mn in additional grants to develop the fields. EGPC signed two agreements with <strong>Apache<\/strong>, which will invest at least USD 26.3 mn to drill 10 wells in the Western Desert\u2019s West Knaiss and West Kalabsha concessions, receiving USD 10 mn in grants. State-owned gas company EGAS signed two agreements with <strong>Shell<\/strong> and Malaysia\u2019s <strong>Petronas<\/strong> that will see at least USD 309 mn invested into drilling five wells in the Al Fanar and North Sidi Gaber concessions, with USD 13 mn in grants.<\/p>\n<p><strong>Changes to gas price from Mediterranean El Burg concessions: <\/strong>The government also signed an agreement with Shell and BP to change the price of gas pumped from the El Burg and North El Burg concessions in the Mediterranean. The statement did not disclose further information.<\/p>\n<p><strong>Will these concessions be operated under the new production sharing terms? <\/strong>It remains unclear whether the agreements will be subject to the friendlier oil and gas sharing terms rolled out by the ministry <a href=\"https:\/\/enterprise.press\/stories\/2018\/10\/18\/friendlier-terms-on-oil-and-gas-production-sharing-agreements-to-take-effect-in-1q2019\/\">earlier this year<\/a>. The new terms, which will be applied in a tender the South Valley Egyptian Petroleum Holding Company (Ganope) launched for 10 oil and gas exploration blocks off the Red Sea coast <a href=\"https:\/\/enterprise.press\/stories\/2019\/03\/11\/egypt-announces-red-sea-oil-and-gas-bid-rounds-for-10-offshore-blocks\/\">back in March<\/a>, give producers larger portions of output in a bid to cut the time it takes for them to hit profitability on any one concession, as well as raise the cost-recovery ceiling on contracts.<\/p>\n<p><strong>Looking ahead:<\/strong> EGPC plans to drill 40 new exploration and development wells with investments of EGP 2.6 bn, and bring its total production to about 106 bbl\/d in FY2020-2021, according to figures in the Oil Ministry\u2019s planning budget <a href=\"https:\/\/alborsaanews.com\/2020\/01\/19\/1286787\">picked up the local press.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>EGPC signs USD 450 mn in oil and gas E&#038;P agreements: The state-owned Egyptian General Petroleum Corporation (EGPC) yesterday signed nine oil and gas exploration and production agreements that will see companies invest at least USD 452 mn to drill 38 wells in concessions in the Mediterranean and Western Desert, the cabinet said in a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":567394,"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":[8572],"tags":[4427,4433,4430,4429,196,4426,72,3603,7092,4424,1553,4434,4425,219,594,2380,90,4432,4431,4428],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-567393","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-abu-senan","tag-al-fanar-concession-area","tag-badr-17","tag-badr-2","tag-bp","tag-east-horus","tag-enterpriseam","tag-ganope","tag-mediterranean","tag-ministry-of-petroleum","tag-mubadala","tag-north-sidi-gaber-marine-concession-area","tag-petroleum-authority","tag-saudi-arabia","tag-shell","tag-speed-round","tag-uae","tag-west-kalabsha","tag-west-knaiss","tag-western-fayoum","wpautop","entry"],"acf":{"mongo_id":"a15d1e88-c557-4195-98d8-6bb32f29cafb","is_powered_by":true,"section_story_id":"b76f4e40-96de-4115-9c51-34c2a8378c0d","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/1\/664.jpg","photo_position":"above","related_issue":[567371],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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These include a USD 20 mn oil and gas exploration agreement with our friends at Apex International in the West Badr El Din concession\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":625790,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/08\/15\/eni-signs-concession-agreement-to-begin-exploration-at-offshore-noor-gas-field\/","url_meta":{"origin":567393,"position":1},"title":"Eni signs concession agreement to begin exploration at offshore Noor gas field","author":"enterpriseam admin","date":"15 August 2018","format":false,"excerpt":"Eni signs concession agreement to begin exploration at offshore Noor gas field: Eni announced yesterday signing a new concession agreement with the Egyptian government to begin exploration activities at the offshore Noor gas field in the East Mediterranean, the company said in a statement (pdf). The USD 105 mn agreement\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":643111,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/30\/egypt-signs-oil-and-gas-agreements-with-shell-apex\/","url_meta":{"origin":567393,"position":2},"title":"Egypt signs oil and gas agreements with Shell, Apex","author":"enterpriseam admin","date":"30 August 2017","format":false,"excerpt":"Apex International, Royal Dutch Shell sign USD 81 mn in exploration agreements: The Oil Ministry signed three oil and gas exploration agreements for 16 new fields in the Western Desert worth at least USD 81.4 mn with Royal Dutch Shell and Apex International Energy, according to Reuters. The ministry said\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"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":567393,"position":3},"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 &quot;Speed Round&quot;","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":[]},{"id":626833,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/12\/oil-ministry-signs-three-new-oil-and-gas-exploration-agreements-in-gulf-of-suez-and-north-sinai\/","url_meta":{"origin":567393,"position":4},"title":"Oil Ministry signs three new oil and gas exploration agreements in Gulf of Suez and North Sinai","author":"enterpriseam admin","date":"12 July 2018","format":false,"excerpt":"Oil Ministry inks three new agreements for oil and gas exploration in North Sinai and the Gulf of Suez. The first agreement, between GHP Exploration Corp. and the South Valley Petroleum Holding Company, will see the company drill four new wells at a cost of about USD 6 mn at\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":575201,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/06\/apache-could-spend-usd-900-mn-at-its-concessions-in-egypts-western-desert\/","url_meta":{"origin":567393,"position":5},"title":"Apache could spend USD 900 mn at its concessions in Egypt\u2019s Western Desert","author":"enterpriseam admin","date":"6 October 2020","format":false,"excerpt":"INVESTMENT WATCH- US oil and gas producer Apache could spend as much as USD 900 mn at its Western Desert oil concessions this fiscal year if oil prices mount a recovery, Al Mal reports, citing a senior official at the Egyptian General Petroleum Corporation (EGPC). The company spent some USD\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/567393","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=567393"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/567393\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/567371"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/567394"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=567393"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=567393"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=567393"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=567393"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=567393"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}