Egypt Key Projects and Business Highlights
The first half 2013 appears as a contrasted period for the oil & gas and petrochemical sector in Egypt with major companies such as Apache, BG Group (BG), BP, Dana Petroleum (Dana), Eni, ExxonMobil, Shell or Vega Petroleum Ltd (Vega) confirming their interest for this country and performing successful discoveries offshore and onshore.
This positive momentum was supported in June 2013 by major changes with a new Chairman, Mr. Tarek El Barkatawy, appointed at the head of the national Egyptian General Petroleum Company (EGPC) in May and with an extensive reshuffle of the Egyptian sector positioning new Chairmans at the head of:
– Gas Affairs at the Ministry of Petroleum
– Belayim Petroleum Company (Petrobel)
– Esh El Mallaha Petroleum Company
– Gulf of Suez Petroleum Company (GUPCO)
– Mansoura Petroleum Company (Mansoura)
– PetroGulf Company, Suez Oil Company (SOCO)
The purpose of all these changes is to speed up the development of the oil and gas sector in partnership with foreign regional and global companies.
In the current turmoil context, some operating companies have sent warnings about risks of withdrawing from Egyptian interests, but so far the majority of them have confirmed their willingness to maintain their operations.
Toyo Engineering to build largest Polyethylene plant
The local Egyptian Ethylene and Derivatives Company (Ethydco) selected Toyo Engineering Company (Toyo) from Japan and the Egyptian Engineering for the Petroleum and Process Industries (ENPPI) company to build the largest polyethylene plant in Egypt.
Egypt to revive refining and petrochemicals projects
The major international oil companies such as BP and Shell decided to extend their exploration and production programs in Egypt in order to secure a long term and sustainable supply in oil and gas to any downstream scheme.
After the North El Burg discoveries, BP and its partner the local International Egypt Oil Company (IEOC)have decided to accelerate the development of their exploration program in the West Nile Delta.
BP hits gas in Egypt Nile Delta Block North El Burg
BP and International Egyptian Oil Company (IEOC), the local operating company of Eni Egypt, confirmed two news gas discoveries, Taurt North and Seth South, in its offshore concession of the North El Burg, in the Nile Delta, Egypt.
These findings follow 50 years of BP’s exploration and production in Egypt supported by more than $17 billion of capital expenditure making BP the biggest oil and gas producer in Egypt in partnership with the national oil company (NOC) Egyptian General Petroleum Corporation (EGPC).
Shell and EGPC extend Western Desert development