Petroleum Ministry News

The prospect of the EU receiving more liquefied natural gas (LNG) from Egypt in the short and medium term looks unachievable due to tight gas balances and reduced imports from Israel, Oxford Institute of Energy Studies (OIES) said.Egypt shipped 80% of its liquefied natural gas (LNG) exports to Europe last year as the continent sought to replace Russian pipeline gas after Moscow's invasion of Ukraine. The European Union in June last year signed a framework deal between the bloc…

Egypt’s petroleum ministry has signed an agreement for UK Petroleum giant British Petroleum (BP) and UAE investment fund Mubadala to buy a 45 percent stake in the country's Noor offshore natural gas concesion in the Mediterannean from Italy’s Eni.In the concession, which is in participation with Egyptian Natural Gas Holding Company (EGAS), Eni as operator through its subsidiary, IEOC, now holds a 40 percent interest. The other partners in the concession are BP with 25 percent interest and Tharwa Petroleum Company with 15 percent interest.The transactions were approved during a ceremony in Sharm El Sheik by the Egyptian Government represented by the Egyptian Petroleum Minister, Eng. Tarek El Molla.

Egypt's petroleum minister said on Tuesday that a regasification vessel would leave Egypt by the end of the week, a day after Norway's Hoegh LNG said Egypt was to give up one of its two floating liquefied natural gas (LNG) terminals.The minister, Tarek El Molla, told Reuters the other vessel would stay behind as part of the petroleum ministry's strategy to maintain energy supplies for the country.Hoegh said Egypt Natural Gas Holding (EGAS), having decided to end its charter early…

Iran's tanker shipping company plans to expand cooperation with Norwegian suppliers of parts for oil tankers, Financial Tribune daily reported. National Iranian Tanker Company (NITC) head Sirous Kianersi quoted as saying that NITC has been in touch with Norwegian ship parts and equipment manufacturers in the last 20 years and we hope to keep up this collaboration. According to the report, the NITC plans to modernize its fleet of around 70 tankers, one of the largest in the world, under a five-year program, and Norwegian companies are "on the NITC's list" to help the company upgrade its large fleet. The cooperation is in line with the measures to comply with global environmental standards, Kianersi said at the Iran-Norway Bilateral Maritime Opportunities conference.

India is considering importing liquefied natural gas from Canada towards meeting its requirements, the petroleum ministry said. Petroleum Minister Dharmendra Pradhan met Canadian Natural Resources Minister Greg Rickford to discuss enhancing energy cooperation between the two countries, a statement said. Moving forward, Canada could potentially supply a significant amount of the 44 billion cubic metres of natural gas that India is forecasted to import annually by 2025. Two Indian companies are currently invested in projects in Canada being proposed by Pacific NorthWest LNG and A C LNG stands in the statement. The two Ministers discussed enhancing energy cooperation between the two countries in the areas of oil…

Venezuela's petroleum export basket dropped to $42.44 per barrel this week from $47.05 last week to reach a 5-1/2-year low, the Petroleum Ministry said on Friday. The South American OPEC member's basket, which includes crude oil and refined products, trades at a discount to other benchmarks because of its higher content of heavy oil. Venezuelan oil prices averaged $88.42 last year, down from $98.08 in 2013. The tumble in oil prices is a blow to Venezuela's finances as it struggles to cover arrears with companies, bond payments, arbitration awards, hefty social projects, and spending ahead of this year's parliamentary elections. Global oil markets resumed their slide on Friday, with Brent and U.S.

Brent crude oil steadied around $110 a barrel on Monday, resisting sharp declines in some other risk assets on news of further supply losses in Africa and expectations of revived oil demand growth. Libyan oil output plunged further over the weekend, falling to 230,000 barrels per day (bpd) on Sunday after a new protest shut the El Sharara field. Before nationwide protests started in the middle of last year, Libyan oil production was closer to 1.4 million bpd. "As long as the Libyan security situation is unstable, global oil prices will be buoyed," said Michael Poulsen, analyst at Danish consultancy Global Risk Management. Brent crude was up 15 cents at $110.00 a barrel by 1440 GMT, after settling higher for a second straight week. U.S.

According to a report on www.business-standard.com, the Petroleum Ministry in India is planning to offer up to 80 oil and gas blocks -- perhaps half of them offshore -- in another auction round this August under the New Exploration Licensing Policy (NELP). The report said that in the previous six rounds, 162 oil and gas blocks have been awarded.

With the UN referral issue creating uncertainty about India's future relations with Iran, the Petroleum Ministry is fairly assured of the supply of five-million-ton contracted liquefied natural gas (LNG) from Iran. According to the Hindu Business Line, the 5 mt per annum LNG deal was legally binding, which ends speculations that the $20 billion LNG deal with Iran may be in trouble. The ongoing negotiations with Iran are for the additional 2.5 mt per annum. The issue of pricing for the contracted 5 mt LNG was not discussed during the recent high-level meeting between the two countries in Tehran. Negotiations for an additional 2.5 mt per annum would be tough…