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 March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Fincantieri Offshore Chooses AVEVA Software

One of the world’s largest shipbuilders uses AVEVA software to design next-generation drillship. Fincantieri Offshore has signed a contract with AVEVA to implement

Norway's Oil Sector May Face More Project Cuts, Delays

More oil and gas projects in Norway could be put on hold because of rising costs, adding to a growing list of developments that have been delayed or called off,

Diamond Offshore profit falls as rig demand softens

Diamond Offshore Drilling Inc, one of the world's top five offshore rig contractors, reported a 17 percent drop in quarterly profit as demand fell for rigs used in deep water drilling.

Tanker Trends

Knightsbridge, Frontline to Form US Capesize Company

Knightsbridge Tankers Limited and Frontline 2012 Ltd. have announced an agreement to combine Frontline 2012's remaining fleet of 25 fuel efficient vessels with Knightsbridge.

Petroecuador Tenders to Buy High Octane Naphtha

State-run Petroecuador has launched two tenders to buy a total of 22 cargoes, 240,000 barrels each, of high octane naphtha RON 87 and 93 for delivery starting on May 21-23,

Fredriksen Joins Rival for New Capesize Firm

Shipping tycoon John Fredriksen is joining one of its shipping firms with rival Knighsbridge Tankers Ltd to create the largest U.S. listed Capesize firm, which

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators
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: 0.1450 sec (7 req/sec)