Egyptian Oil Minister Tarek El Molla has signed three offshore oil and gas exploration and production deals worth a total of at least $220 million with France's Total, Britain's BP and Italian oil major ENI's Egyptian subsidiary IEOC, the ministry said on Wednesday.
The deals include drilling for six wells and a signing bonus of $9 million, the ministry said in a statement, and are the result of a tender called by Egyptian state gas board EGAS. They are all in exploration blocks in the Egyptian Mediterranean Sea, Reuters reported. Egypt has gone from exporting energy to being a net importer as domestic output has failed to keep pace with rising demand. Saudi Arabia informed Egypt last month that shipments of oil products expected under a $23 billion aid deal had been halted indefinitely. The oil sector in Egypt has signed 73 oil and gas exploration deals with international oil companies in the past three years worth at least $15 billion.
Iranian Deputy Energy Minister Seyed Mohammad Sadeqzadeh announced on Tuesday the country's plans to install thousands of small solar power plants in areas which suffer drought.
An Iranian energy official highlighted a rapid growth in the number of renewable energy plants across the country, saying more and more capital is being funneled into the industry.
As per the recent press release, Tata Steel has launched its best-in-class Tata Tiscon SD (Super Ductile) rebar in the southern markets and the new rebar will replace the current product, Tiscon 500D.
Iranian Energy Minister Reza Ardakanian stressed that Iran and Russia that are both facing Washington’s sanctions have a lot of common views and mutual understanding.
Despite waivers the US government granted to eight countries after imposing sanctions on Iran’s oil exports, the country’s crude sales will fluctuate between 1.1and 1.3 million barrels per day for the rest of the year, president of SVB Energy International in Washington, DC said.
Turkey’s foreign minister objected to the Trump administration’s demand that it slash imports of Iranian petroleum products in six months, arguing that the time frame is too tight given his country’s reliance on its neighbor for energy supplies.