• 3 minutes Will Iron-Air batteries REALLY change things?
  • 7 minutes Natural gas mobility for heavy duty trucks
  • 11 minutes NordStream2
  • 19 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 hours Evergrande is going Belly Up.
  • 3 hours World’s Biggest Battery In California Overheats, Shuts Down
  • 16 hours U.S. Presidential Elections Status - Electoral Votes
  • 7 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 10 hours Poland Expands LNG Powered Trucking and Fueling Stations
  • 1 day And now, hybrid electric locomotives...
  • 16 hours Ozone layer destruction driving global warming
  • 1 day The unexpected loss of output from wind turbines compels UK to turn to an alternative; It's not what you think!
  • 15 hours The coming Cyber Attack
  • 15 hours Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?
  • 18 hours 'Get A Loan,' Commerce Chief Tells Unpaid Federal Workers
  • 2 days The Painful Death of Coal
Editorial Dept

Editorial Dept

More Info

Breathing Life into Egypt’s Dying Energy Sector

When Egyptian strongman Hosni Mubarak was taken down in the 2011 revolution, the energy sector went with him. Since then, it has been a long stream of bad news for the sector and its foreign investors, most of whom had to withdraw non-essential personnel in the violent aftermath of the 2 July 2013 coup that overthrew yet another leader, the Muslim Brotherhood’s Mohamed Morsi.

Now, with the energy sector pretty much out of control, domestic demand on the rise with shortfalls threatening further stability, foreign reserves plummeting and $6 billion in arrears owned to foreign investors, the interim military-backed government is trying to put things right—sort of.

Late October and early November have seen some indications of compromise over the energy sector, but not nearly enough. Domestic production was largely halted with the Arab Spring, and while the government is hoping for a revival it is limiting the playing field to the onshore ventures because there’s no incentive for investors to hit the gas-rich ultra-deep.

Onshore, the interim government has signed nine new oil and gas exploration deals representing new investment of $470 million that should see the drilling of 15 new wells in the Gulf of Suez, the chaotic Sinai and the eastern (Nubian) and western deserts.

The contracts, the first such since 2010, went to Shell, BICO, Greystone, Petzed and the Egyptian General Petroleum Corporation (EGPC).

Then, during the first…




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News