{"id":600842,"date":"2019-02-12T03:42:48","date_gmt":"2019-02-12T03:42:48","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/12\/bp-brings-giza-and-fayoum-gas-fields-online\/"},"modified":"2019-02-12T03:42:48","modified_gmt":"2019-02-12T03:42:48","slug":"bp-brings-giza-and-fayoum-gas-fields-online","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/12\/bp-brings-giza-and-fayoum-gas-fields-online\/","title":{"rendered":"BP brings Giza and Fayoum gas fields online"},"content":{"rendered":"

<\/a> New, investor-friendly production-sharing agreements are in the spotlight as gov\u2019t pushes Egypt as a regional energy hub. <\/b>The three-day Egypt Petroleum Show<\/a>, which got underway yesterday, is best thought of as the physical embodiment of the Sisi administration\u2019s strategy to position Egypt as the premier eastern Mediterranean energy hub. Domestic and international media offered wall-to-wall coverage.<\/p>\n

If you read nothing else, read this <\/b>from Reuters<\/a>: \u201cEgypt\u2019s gas output will get a boost this year as the country\u2019s huge Zohr field nears peak production and with USD 1.8 bn in investment from BP, officials said on Monday, as Egypt returns to export markets and positions itself as a regional hub.\u201d Egypt is leveraging its \u201cstrategic location and well-developed infrastructure to become a key international trading and distribution center for gas, a potentially remarkable turnaround for a country that spent about USD 3 bn on annual liquefied natural gas (LNG) imports as recently as 2016.\u201d<\/p>\n

Digging into the highlights from yesterday:<\/p>\n

Egypt is \u201cfinalizing details\u201d of investor-friendly production-sharing contracts<\/b>, Oil Minister Tarek El Molla told Bloomberg<\/a>. The contracts will be used to offer incentivize for oil companies to drill in underdeveloped areas. \u201cWe\u2019re improving the cost-recovery process to be faster, less bureaucratic and more efficient,\u201d the minister said, stopping short of providing details of how the contracts will be changed. Background: <\/b>Ministry sources said in October<\/a> that the new contract model will pass all exploration and production (E&P) costs to the private sector. Investing companies would receive a greater share of the output in return, as well as the freedom to sell it at their discretion. The current system<\/a> gives producers one-third of the output to cover E&P costs and the remainder is split with the government, which has the right to company\u2019s entire share at preset prices.<\/p>\n

Qalaa Holdings\u2019 USD 4.3 bn refinery will begin operations by the middle of 2019<\/b>, the minister told the business information service.<\/p>\n

BP brings Giza and Fayoum gas fields online:<\/b> BP has begun gas production from Giza and Fayoum fields at an initial rate of 400 million cubic feet per day (mcf\/d), the company said in a statement<\/a>. Output from the two fields is expected to rise to 700 mcf\/d in April this year. Giza and Fayoum comprise the second phase of the field operator BP\u2019s three-stage West Nile Delta project. Production should begin late this year at the project\u2019s Raven field, bringing \u201ccombined production from all three phases of the West Nile Delta project \u2026 to almost 1.4 bcf\/d, equivalent to about 20% of Egypt\u2019s current gas production. All the gas produced will be fed into the national gas grid,\u201d BP noted.<\/p>\n

BP will commit about USD 1.8 bn to Egypt this year<\/b>, CEO Bob Dudley said<\/a> and has shown a \u201cdeep deep commitment to Egypt\u201d by investing more here in each of the last two years<\/a> than in any other country in which it operates.<\/p>\n

Production at Zohr, the supergiant gas field, should ramp up to near peak in 2019:<\/b> The flagship gas asset is expected to produce about 3 bcf\/d by 2019-end from 2.1 bcf\/d currently, El Molla said during the conference<\/a>. The country\u2019s natural gas production should reach 7 bcf\/d by April, El Molla said<\/a>.<\/p>\n

Total is considering investing in Egypt\u2019s downstream petchem sector <\/b>after having acquired a stake in Idku, one of two liquefaction plants in Egypt,CEO Patrick Pouyanne said, according to Reuters<\/a>.<\/p>\n

Eni and its partners are looking to spin up the country\u2019s other idle liquefaction plant <\/b>this year. \u201cThere is no date, however there is a strong interest for all involved parties in having Damietta restart as soon as possible,\u201d said Eni Chief Midstream Gas and Power Office Massimo Mantovani. Background: <\/b>Egypt is in talks with the Spanish-Italian JV to have the European outfit drop a USD 2 bn arbitration claim<\/a> over a supply disruption that forced it to mothball the plant.<\/p>\n

The Oil Ministry wants oil prices to return to the USD 60-70 bbl range<\/b>, El Molla said in a separate interview with CNBC<\/a>. \u201cIf prices of crude increase significantly we would start to see inflation and an exaggeration in the slowdown in consumption\u2026 If we see prices go down below a certain price, then we will see a slowdown in investments,\u201d he said during the conference.<\/p>\n

Energy sector key to attracting inflows, Madbouly says: <\/b>Egypt\u2019s energy sector are key to attracting more inflows,Prime Minister Mostafa Madbouly said during his speech<\/a>, noting the government\u2019s good track record of paying arrears to international companies and what he characterized as the country\u2019s improving investment climate. Total inflows of foreign currency to Egypt topped USD 163 bn over the past three years, Prime Minister Mostafa Madbouly said in a keynote address, according to Reuters\u2019 Arabic service<\/a>.<\/p>\n

Madbouly also held talks with the CEOs of BP, Total: <\/b>Madbouly sat down with Total and BP CEOs Patrick Pouyanne<\/a> and Bob Dudley<\/a>.<\/p>\n

Middle-finger emoji to Turkey from Ali Abdel-Aal: <\/b>The Speaker of the House wasn\u2019t at the petroleum show, but in Nicosia for a meeting with his Greek and Cypriot counterparts \u2014 from whence he still managed to put points on the board as he \u201cappeared to push back Monday at Turkey's opposition to offshore drilling operations that Turkey isn't part of, saying cooperation between Egypt, Cyprus and Greece sent a message to any countries that tried to stop them,\u201d the Associated Press<\/a> reports.<\/p>\n

OPEC: Wallahi we\u2019re not a cartel. Begad. We promise: <\/b>Mohammad Barkindo, secretary-general of the group of oil exporters, said yesterday that his group isn\u2019t a \u201ccartel\u201d and isn\u2019t in the business of fixing oil prices. OPEC is rather working for the sake of market stability to help investors plan and ensure a stable supply of energy, he told Reuters on the sidelines of the forum<\/a>. The statement came as a US House of Representatives\u2019 committee gave a green light to a bill that could, if it becomes law, see OPEC face antitrust suits.<\/p>\n","protected":false},"excerpt":{"rendered":"

New, investor-friendly production-sharing agreements are in the spotlight as gov\u2019t pushes Egypt as a regional energy hub. The three-day Egypt Petroleum Show, which got underway yesterday, is best thought of as the physical embodiment of the Sisi administration\u2019s strategy to position Egypt as the premier eastern Mediterranean energy hub. Domestic and international media offered wall-to-wall […]<\/p>\n","protected":false},"author":1,"featured_media":600843,"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":[196,919,93,72,91,705,2380,1990],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-600842","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-bp","tag-egyps","tag-energy","tag-enterpriseam","tag-oil-and-gas","tag-petrochemicals","tag-speed-round","tag-totalenergies","wpautop","entry"],"acf":{"mongo_id":"bfe9a0b2-15c8-4422-a72b-c64c48f86b50","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/2\/1886.jpg","photo_position":"above","related_issue":[600837],"teaser":"","voice_url":""},"yoast_head":"\nBP brings Giza and Fayoum gas fields online - 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\/2019\/02\/12\/bp-brings-giza-and-fayoum-gas-fields-online\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BP brings Giza and Fayoum gas fields online\" \/>\n<meta property=\"og:description\" content=\"New, investor-friendly production-sharing agreements are in the spotlight as gov\u2019t pushes Egypt as a regional energy hub. 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The field, discovered in 2017, is expected to produce up to 50 mn cubic feet of gas per day, and\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":595180,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/18\/first-baltim-south-west-natural-gas-well-goes-online-with-100-mcf-d\/","url_meta":{"origin":600842,"position":1},"title":"First Baltim South West natural gas well goes online with 100 mcf\/d","author":"enterpriseam admin","date":"18 September 2019","format":false,"excerpt":"The first of six wells in BP and Eni\u2019s Baltim South West natural gas field has begun producing 100 mcf\/d, the Oil Ministry said in a statement. The field\u2019s total production is expected to reach 500 mcf\/d once the other five wells are completed by 2Q2020. Eni, which shares production\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571132,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/30\/regional-president-of-bp-north-africa-hesham-mekawi-resigns\/","url_meta":{"origin":600842,"position":2},"title":"Regional President of BP North Africa Hesham Mekawi resigns","author":"enterpriseam admin","date":"30 April 2020","format":false,"excerpt":"MOVES- BP North Africa Regional President Hesham Mekawi (LinkedIn) is stepping down from his position as of 1 July and will act as a senior advisor to the company for a six-month transition period thereafter, according to a release (pdf). The high-profile oil energy executive plans to retire after leaving\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":574131,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/31\/natural-gas-exports-more-than-double-in-2019-bp\/","url_meta":{"origin":600842,"position":3},"title":"Natural gas exports more than double in 2019 -BP","author":"enterpriseam admin","date":"31 August 2020","format":false,"excerpt":"Egypt had a good year in 2019 for natgas exports and renewables, according to BP: Egypt's natural gas exports more than doubled to 4.5 bn cbm in 2019, up from 2 bn cbm in 2018, BP said in its annual Statistical Review of World Energy (pdf). The report said that\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\/8\/255.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":635038,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/01\/31\/italy-could-become-europes-main-natural-gas-hub-an-exporter-for-the-first-time\/","url_meta":{"origin":600842,"position":4},"title":"Italy could become Europe\u2019s main natural gas hub, an exporter for the first time","author":"enterpriseam admin","date":"31 January 2018","format":false,"excerpt":"Relevant to Egypt\u2019s ambition as a regional gas and energy export hub: Italy is the new \u201ccenter of gravity in Europe\u2019s natural gas market\u201d and could soon find itself an exporter for the first time in its history, according to Bloomberg. The country\u2019s favorable geography makes it \u201cvery well positioned\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":593705,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/08\/united-oil-gas-acquisition-of-rockhopper-egypt-on-track-to-close-by-4q2019\/","url_meta":{"origin":600842,"position":5},"title":"United Oil & Gas\u2019 acquisition of Rockhopper Egypt on track to close by 4Q2019","author":"enterpriseam admin","date":"8 October 2019","format":false,"excerpt":"M&A WATCH- United Oil & Gas\u2019 acquisition of Rockhopper Egypt \u201cprogressing well\u201d: Rockhopper Exploration\u2019s sale of its Egypt business to Irish energy company United Oil & Gas is on track to be completed by the end of 4Q2019, Rockhopper said in a statement yesterday. Rockhopper and United had signed a\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\/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\/600842","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=600842"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/600842\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/600837"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/600843"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=600842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=600842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=600842"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=600842"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=600842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}