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.
Canada's New Energy Metals (TSXV: ENRG) announced that it entered into a letter of intent with certain arm’s length vendors to be granted the exclusive right and option to acquire an initial 70% royalty-free interest in and to certain exploration and exploitation mineral concessions known as the “Exploradora North project.”
Iran’s domestic coal consumption revolves around 2 million tons per year, 1.5 million tons of which are supplied by domestic production while the remaining 500,000 tons are imported.
The world’s appetite for natural gas grew at the fastest pace since 2010 last year, but that blockbuster growth is shifting into lower gear, according to the International Energy Agency.
Two 2 million barrels of natural gas condensate is on offer at discounted prices in the international ring of the Iran Energy Exchange today (Monday).
Russia’s average daily oil output in May fell below its OPEC+ target for the first time this year after buyers refused to take exports via Druzhba, the nation’s key pipeline to Europe, because of contamination.
Gas and coal prices are plunging in Europe, hurt by the relentless threat of ever-cheaper clean energy that’s gaining market share and pushing out the fossil fuels in the process.