Gas De France Acquires Stake in Block in Egypt

Monday, November 19, 2007
Gaz de France has acquired 45 percent stake in the Alam El Shawish West license in Egypt from Greek company Vegas Oil and Gas. The license is located at the Abu Gharadig Basin in the Western Desert, southwest of Alexandria. Several significant discoveries have already been made there and an exploration program has been under way. Oil production is expected to begin very shortly, followed by natural gas production in the years to come.

Vegas Oil and Gas will remain the operator for the license. The transaction is subject to approval by the Egyptian authorities. A company announcement said that through this acquisition, Gas De France will be able to increase its portfolio of reserves by at least 30 million of barrels of oil equivalent, according to preliminary estimates. This volume can eventually be much higher as new discoveries may be made in the region. This new acquisition confirms the Group’s involvement in the natural gas sector in Egypt, where significant oil and gas discoveries have been made in recent years. The Group has signed a 20-year LNG purchasing agreement with EGPC, EGAS, BG and Petronas, covering 4.8 billion cu.m of natural gas per year from the Idku liquefaction plant, east of Alexandria. Gaz de France also holds a 5% stake in the Idku liquefaction facility. Source: ANI

Maritime Reporter October 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


US Senators Introduce Bill to Limit Offshore Drilling

A group of U.S. Senators on the West Coast have introduced a bill Wednesday aiming to prohibit offshore drilling on the outer continental shelf of California, Oregon and Washington.

Danish-South Korean Co-operation Strengthened

The Danish-South Korean Green Growth Alliance met for roundtable talks yesterday. The Minister for Business and Growth's meeting with the South Korean Minister

Seadrill Hopes to See Market Turn in 2017

Offshore rig driller Seadrill is facing another two years in the doldrums but hopes the international rig market could turn around in 2017.   Rig rates have more

Tanker Trends

Creole Spirit Sets Sail for Sea Trials

Teekay’s first M-type, Electronically Controlled, Gas Injection (MEGI)-powered LNG vessel, Creole Spirit, has sailed out from the Daewoo Shipbuilding & Marine Engineering

House Passes Bill to Repeal US Oil Export Ban, Veto Looms

The U.S. House of Representatives passed a bill on Friday to overturn the 40-year-old ban on oil exports, but the measure did not get enough support to overturn any veto by President Barack Obama,

Commodity Surge Boosts World Equities; Dollar Falls

Major world stock markets were poised for their biggest weekly advance since 2011 on Friday, as greater investor appetite for riskier assets propelled gains in

Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Ship Electronics Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0997 sec (10 req/sec)