{"id":651555,"date":"2017-02-15T04:06:17","date_gmt":"2017-02-15T04:06:17","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/15\/global-oil-majors-dish-out-love-for-egypt\/"},"modified":"2017-02-15T04:06:17","modified_gmt":"2017-02-15T04:06:17","slug":"global-oil-majors-dish-out-love-for-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/15\/global-oil-majors-dish-out-love-for-egypt\/","title":{"rendered":"Global oil majors dish out love for Egypt"},"content":{"rendered":"<p><a id=\"tldr-story-02\" class=\"content-anchor\"><\/a> <strong>Global oil majors dish out love for Egypt: <\/strong>The oil and gas industry has given us two of the best headlines to come out of Egypt in recent weeks: \u201c<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2017-02-14\/eni-to-start-gas-output-in-egypt-amid-10-billion-spending-plan\">Eni, BP Pouring More Investment Into Egypt Than Anywhere Else<\/a>\u201d (Bloomberg) and \u201c<a href=\"http:\/\/uk.reuters.com\/article\/uk-edison-egypt-gas-idUKKBN15T2EI\">Oil companies bullish on Egypt, eyeing more investment, discoveries<\/a>\u201d (Reuters). The occasion was the first day of the 2017 Egypt Petroleum Show (or EGYPS, as it\u2019s billing itself), which President Abdel Fattah El Sisi opened on Tuesday, <a href=\"http:\/\/www.almasryalyoum.com\/news\/details\/1089096\">AMAY<\/a> reports.<\/p>\n<p><strong>The Zohr gas field was naturally the buzzword of the day,<\/strong> with reports saying that the government has been pushing oil companies to expedite their work so <strong>production can begin by September 2017,<\/strong> Schlumberger Director Ayman Shabrawy <a href=\"http:\/\/www.almasryalyoum.com\/news\/details\/1089155\">said<\/a>. Eni\u2019s CEO Claudio Descalzi confirmed that work was on track and said his company plans to inject a further USD 10 bn in Egypt over the coming five years, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2017-02-14\/eni-to-start-gas-output-in-egypt-amid-10-billion-spending-plan\">Bloomberg<\/a> notes. Italy\u2019s Edison, which inked a USD 86 mn oil and gas exploration agreement with the government in January, also has expansion plans in Egypt, <a href=\"http:\/\/www.reuters.com\/article\/us-edison-egypt-gas-idUSKBN15T2F3\">Reuters<\/a>says, and intends to bring the third phase of the Abu Qir gas field online in 2Q17, pumping an additional 100 mcf\/d into the national grid, an unnamed company official tells <a href=\"http:\/\/www.alborsanews.com\/2017\/02\/14\/%D8%A5%D8%AF%D9%8A%D8%B3%D9%88%D9%86-%D9%84%D9%84%D8%B7%D8%A7%D9%82%D8%A9-%D8%AA%D8%AA%D9%88%D9%82%D8%B9-%D8%A8%D8%AF%D8%A1-%D8%A5%D9%86%D8%AA%D8%A7%D8%AC-%D8%AD%D9%82%D9%84-%D8%A3%D8%A8%D9%88\/\">Al Borsa<\/a>. <strong>BP, which has acquired a 10% stake in Zohr, will be investing \u201cmore money in Egypt than any country in the world\u201d<\/strong> in 2016-17, CEO Bub Dudley said, adding that \u201cwe have confidence in the government.\u201d<\/p>\n<p><strong>Sultan Al Jaber was back in Cairo praising the Ismail government\u2019s reforms and \u201cwise policies <\/strong>to encourage global investments in the sector, <a href=\"http:\/\/gate.ahram.org.eg\/News\/1391771.aspx\">Ahram Gate<\/a> says. (Readers will remember Al Jaber as head of Abu Dhabi\u2019s ADNOC as well as minister of state in the Emirates. In the latter capacity, he was effectively the UAE\u2019s \u201cminister responsible for Egypt\u201d in the run-up to the March 2015 EEDC.)<\/p>\n<p><strong>Oil Minister Tarek El Molla reassured investors that Egypt was committed to repaying arrears<\/strong> to international energy companies and is preparing a schedule that will be announced soon. Egypt had racked up some USD 3.6 bn in debts during its 2014 energy crisis and the government is reportedly gearing up to repay USD 500 mn-1 bn to IOCs including BP and Shell following \u201crepeated recommendations\u201d from Ittihadiya, <a href=\"http:\/\/www.almalnews.com\/Pages\/StoryDetails.aspx?ID=322523\">Al Mal<\/a> says. Egypt will be importing additional oil and gas requirements from neighboring countries including Kuwait and Iraq and is close to finalizing an agreement with Iraq to import 1 mn barrels of crude a month, according to <a href=\"http:\/\/in.reuters.com\/article\/egypt-oil-iraq-idINL8N1FZ6IX\">Reuters<\/a>.<\/p>\n<p><strong>Who didn\u2019t make an impact at the conference? <\/strong>Saudi Arabia. Shocking, we know.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global oil majors dish out love for Egypt: The oil and gas industry has given us two of the best headlines to come out of Egypt in recent weeks: \u201cEni, BP Pouring More Investment Into Egypt Than Anywhere Else\u201d (Bloomberg) and \u201cOil companies bullish on Egypt, eyeing more investment, discoveries\u201d (Reuters). The occasion was the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-651555","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"0bf58ed8-3c5e-465b-96b3-f9837a187632","order":"0","is_powered_by":true,"section_story_id":"684054f7-35c7-4a05-98a4-32f12659b3b3","story_type":"1","photo_url":"","photo_position":"above","related_issue":[651546],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Global oil majors dish out love for Egypt - 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\/2017\/02\/15\/global-oil-majors-dish-out-love-for-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Global oil majors dish out love for Egypt\" \/>\n<meta property=\"og:description\" content=\"Global oil majors dish out love for Egypt: The oil and gas industry has given us two of the best headlines to come out of Egypt in recent weeks: \u201cEni, BP Pouring More Investment Into Egypt Than Anywhere Else\u201d (Bloomberg) and \u201cOil companies bullish on Egypt, eyeing more investment, discoveries\u201d (Reuters). The occasion was the [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2017\/02\/15\/global-oil-majors-dish-out-love-for-egypt\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2017-02-15T04:06:17+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/02\/15\/global-oil-majors-dish-out-love-for-egypt\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/02\/15\/global-oil-majors-dish-out-love-for-egypt\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Global oil majors dish out love for Egypt\",\"datePublished\":\"2017-02-15T04:06:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/02\/15\/global-oil-majors-dish-out-love-for-egypt\/\"},\"wordCount\":433,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/02\/15\/global-oil-majors-dish-out-love-for-egypt\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2017\/02\/15\/global-oil-majors-dish-out-love-for-egypt\/\",\"name\":\"Global oil majors dish out love for Egypt - 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An unspecified number of companies will kick off the surveys as soon as the House of\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\/8\/143.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597772,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/05\/germanys-dea-and-wintershall-complete-merger-big-plans-to-egypt-oil-and-gas\/","url_meta":{"origin":651555,"position":1},"title":"Germany\u2019s DEA and Wintershall complete merger, big plans to Egypt oil and gas","author":"enterpriseam admin","date":"5 May 2019","format":false,"excerpt":"M&A WATCH- Germany\u2019s DEA and Wintershall become DEA Wintershall with big plans for Egypt oil and gas assets: Germany-based oil and gas majors Wintershall and DEA have completed their multi-bn merger, the new entity, Wintershall DEA, said in a press release. DEA owner LetterOne (the investment arm of Russian bn\u2019aire\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":564665,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/18\/esgs-truth-keeps-marching-on\/","url_meta":{"origin":651555,"position":2},"title":"ESG\u2019s truth keeps marching on..","author":"enterpriseam admin","date":"18 February 2021","format":false,"excerpt":"ESG investors vs Big Oil: As ESG investing continues to gain more prominence in board rooms across the world and driving up demand for green economy assets, oil majors have started to feel the pressure, with Total CEO Patrick Pouyann\u00e9 even sounding the alarm that maybe the world is adapting\u2026","rel":"","context":"In &quot;Green economy&quot;","block_context":{"text":"Green economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/green-economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/481.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":589549,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/05\/oil-majors-to-invest-usd-1-8-bn-here-by-2025-in-search-for-gas\/","url_meta":{"origin":651555,"position":3},"title":"Oil majors to invest USD 1.8 bn here by 2025 in search for gas","author":"enterpriseam admin","date":"5 July 2023","format":false,"excerpt":"Chevron, Eni, ExxonMobil, Shell, and BP will drill a total of 35 wells by 2025","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/101.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":604963,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/18\/foreign-oil-and-gas-companies-in-egypt-to-increase-investments-to-usd-11-bn\/","url_meta":{"origin":651555,"position":4},"title":"Foreign oil and gas companies in Egypt to increase investments to USD 11 bn","author":"enterpriseam admin","date":"18 December 2018","format":false,"excerpt":"INVESTMENT WATCH- Investment in Egypt by global oil majors is on track to rise c. 10% this fiscal year, unnamed industry sourcestold the local press. Total investment by global exploration and production companies should close the state\u2019s 2018-19 fiscal year at c. USD 11 bn against USD 10 bn a\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":590653,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/30\/egypts-oil-ministry-announces-names-of-red-sea-bid-bid-round-winners\/","url_meta":{"origin":651555,"position":5},"title":"Egypt\u2019s Oil Ministry announces names of Red Sea bid bid round winners:","author":"enterpriseam admin","date":"30 December 2019","format":false,"excerpt":"Oil Ministry announces Red Sea bid round results: The Oil Ministry has awarded oil and gas exploration concessions to each of Chevron, Shell, and the UAE\u2019s Mubadala in a bid round for blocks off the Red Sea coast, the ministry said in a statement (pdf). One block went to Chevron,\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\/651555","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=651555"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/651555\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/651546"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=651555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=651555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=651555"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=651555"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=651555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}