Egypt increases payments for natural gas
Egypt BG Egypt, the local subsidiary of the UK’s BG Group, is due to receive $3.95 per million British thermal units (Btu), up from an earlier rate of $2.65 per million Btu.
The low price Egypt pays for natural gas produced in the country has long been seen as a disincentive to increasing exploration and production, which is a top priority for the government due to rising demand and falling yields at existing fields.
Prices have not been adjusted across the board, but are being negotiated with individual companies. The Ministry of Petroleum announced on Monday that it had signed an agreement with Dea Egypt, the local subsidiary of the Hamburg-based Dea, to raise its rate from $2.50 per million Btu to $3.50.
Recent Posts
UK allows oil exploration in North Sea wind project zones
The UK's hydrocarbons regulator has awarded 31 new exploration licences in the country's North Sea waters, Reuters reported on Friday Read More
ExxonMobil closes acquisition of Pioneer, creating Permian powerhouse
ExxonMobil announced the closing of its USD 60-billion acquisition of Pioneer Natural Resources on Friday, a move that solidifies its… Read More
BP-Eni joint venture Azule Energy enters Namibia’s Orange Basin
BP-Eni joint venture Azule Energy has entered a strategic farm-in agreement with Rhino Resources in Namibia's offshore Orange Basin, the… Read More
Chariot starts gas drilling campaign in Morocco
Africa-focused energy group Chariot has spudded the RZK-1 exploration well on the Gaufrette prospect at the Loukos Onshore licence in… Read More
Touchstone acquires Trinidad E&P player Trinity
Touchstone Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal, the Canadian upstream player said on Wednesday Read More
ExxonMobil “optimistic and pushing forward” with Mozambique’s Rovuma LNG
ExxonMobil is "optimistic and pushing forward" with the Rovuma LNG project in Mozambique and eyes an FID by the year's… Read More