{"id":657269,"date":"2024-12-17T00:00:00","date_gmt":"2024-12-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/17\/bp-and-shell-are-working-to-turn-the-tap-on-at-their-harmattan-field\/"},"modified":"2024-12-17T00:00:00","modified_gmt":"2024-12-17T00:00:00","slug":"bp-and-shell-are-working-to-turn-the-tap-on-at-their-harmattan-field","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/17\/bp-and-shell-are-working-to-turn-the-tap-on-at-their-harmattan-field\/","title":{"rendered":"BP and Shell are working to turn the tap on at their Harmattan field"},"content":{"rendered":"

Good afternoon, all, and happy hump day. <\/strong>The slew of news is holding up today, as we receive reports of USD multi-mn investments, political incidents, and a miraculously good TV adaptation of a book.<\/p>\n

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THE BIG STORY TODAY-<\/p>\n

BP and Shell to add 125 mn cbf of daily gas production in 2026 with USD 370<\/strong> mn project:<\/strong> The Egyptian Natural Gas Holding Company (EGAS) has signed an agreement with global energy giants BP and Shell to begin production from the offshore Harmattan gas field in the Mediterranean by 1Q 2026, Asharq Business<\/a> reports, citing an unnamed government official. Initial investments in the project\u2019s field operations are estimated to be around USD 370 bn.<\/p>\n

The in-the-works project will be a welcome help for the country\u2019s efforts to close the gap <\/strong>between local supply and demand<\/strong>, with the estimated 125 mn cubic feet (cbf) of daily production capacity set to help reduce the country\u2019s energy import bill \u2014 or at some point hopefully be turned towards export. While the country's daily demand stands at more than 6 bn cbf per day, current domestic daily production stands at 4.3 bn cbf, bolstered by 900 mn cbf of imports, a senior government source recently told<\/a> EnterpriseAM.<\/p>\n

The details:<\/strong> The project \u2014 which will be carried out by the Pharaonic Petroleum Company, a JV between BP and EGAS that operates in the area \u2014 will drill 3 wells in the area. There are also plans to construct an offshore platform and a 50 km-long gas pipeline to connect to an onshore processing station, the outlet\u2019s source added. Construction is planned to be finished by late 2025, with production pencilled in for the start of 2026.<\/p>\n

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THE BIG STORY ABROAD-<\/p>\n

The war in Ukraine is once again headlining the global press, with news that high-ranking <\/strong>Russian <\/strong>general<\/strong> Igor Kirillov was <\/strong>killed<\/strong> in a Moscow bombing<\/strong> reportedly perpetrated by Ukrainian intelligence. The attack came one day following Ukraine\u2019s allegation that Kirrilov \u2014 the head of Russia's Nuclear, Biological and Chemical Protection Troops \u2014 used banned chemical weapons in combat. Moscow has denied this claim. Ukrainian authorities are yet to officially claim responsibility for the bombing. (Financial Times<\/a> | BBC<\/a> | Reuters<\/a> | AP<\/a>)<\/p>\n

The world\u2019s business papers are also covering economic data out of Argentina showing <\/strong>the struggling country emerging out of recession<\/strong>, with GDP having grown 3.9% q-o-q in 3Q 2024 \u2014 when taking into account seasonal fluctuations \u2014 after having contracted for the three consecutive quarters. Despite the promising economic data, on an annual basis, growth is still down 2.1% and President Javier Milei\u2019s unorthodox economic policies have contributed to poverty rates passing the 50% mark as the country\u2019s poor feel the brunt of his mass public sector lay-offs and social spending cuts. (Financial Times<\/a> | Reuters<\/a> | Bloomberg<\/a>)<\/p>\n

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