• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 2 hours Biden admits he has been tested for Cognitive Decline several times. Didn't show any proof of test results.
  • 33 mins During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 5 hours Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 16 hours Apology Accepted!
  • 47 mins Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 3 hours The Political Genius of Donald Trump
  • 18 hours U.S. natural gas at major disadvantage in Europe and China.
  • 19 hours Biden came out of his basement today (Thursday) and said , "we have 120 Million deaths from Covid 19.
  • 2 hours Why Oil could hit $100
  • 19 hours Putin Paid Militants to Kill US Troops
  • 24 hours Per most popular Indian websites it was Indian troops not Chinese troops breach of LAC that caused the clashes. If you know any Indian media that claim to the contrary please provide the link
  • 24 hours The world is headed for big problems - interview with very smart economist
  • 1 day CoVid in Spain, 9 months before China
Saudi Arabia Eyes Total Dominance In Oil And Gas

Saudi Arabia Eyes Total Dominance In Oil And Gas

Saudi Arabia’s Energy Minister Prince…

Supermajors Are Flocking To This Booming Oil Frontier

Supermajors Are Flocking To This Booming Oil Frontier

Supermajors are flocking to this…

Egypt Ordered To Pay $2B To JV Over Natural Gas Row

A World Bank arbitration body has ruled that Egypt must pay US$2 billion to a Spanish-Italian joint venture in a dispute over halted natural gas supplies in the early 2010s, the company Union Fenosa Gas (UFG) said in a statement.

Union Fenosa Gas, a joint venture of Spain’s Naturgy and Italy’s Eni, operates the Damietta liquefied natural gas (LNG) plant in Egypt. The company took the country to court in 2014 to claim compensation and hold Egypt accountable for the interruption of gas supplies to the Damietta facilities, after Egypt suspended supplies to the plant, as it was facing domestic energy shortages in the chaos after the Arab Spring.

Egypt will likely pay that US$2-billion settlement not in cash, but in the form of resumption of gas supplies to the Damietta plant, the Financial Times reported, quoting sources familiar with the issue.

The settlement of the dispute could pave the way to speedier resumption of Egypt’s LNG exports, according to FT.

“UFG expresses its great satisfaction with the outcome of the award since it reinforces its confidence in the final resolution of this long dispute and allows the company to reaffirm its commitment to Egypt and its willingness to continue its operations in the country generating wealth, welfare and social development,” the JV said in the statement.

Related: India Allows State Refiners To Import Iranian Oil In Iran-Owned Tankers

Following the start-up of the giant gas field Zohr, Egypt became an important player in the Mediterranean. Zohr, discovered by Eni in 2015, plays a key role in helping Egypt to avoid the need to import LNG, according to the Italian oil and gas major.

In June, Egypt issued what is likely to be its last LNG import tender, and could begin exports early in 2019, Egypt’s Petroleum Minister Tarek El-Molla told Bloomberg at the time. The June tender was for Egypt’s third-quarter gas needs, and it might not need to import LNG for the fourth quarter and onwards, the minister said.

Meanwhile, the Zohr operator and largest gas producer in Egypt, Eni, said last week that it had made an onshore gas discovery in Egypt’s Western Desert that could raise production in the Western Desert Basin.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News