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Egypt Oil and Gas Market Update Oct 2013

Oil and Gas Market Update for covering entire month of September 2013

  • BP makes Egypt gas discovery ‐ UK oil company BP makes find at deep water East Nile Delta
  • RWE Dea launches gas production in Egypt ‐ Germany’s RWE Dea has announced its first
    production of natural gas from the Disouq concession in Egypt’s Nile Delta.
  • Apache and Sinopec in $3.1bn Egypt asset deal ‐ Apache Corporation and Sinopec International
    Petroleum Exploration and Production Corporation (SIPC) have entered into a US$3.1 billion agreement
    for the sale of a 33 per cent minority share of the US company’s Egyptian upstream business. The deal
    comes as part of a global strategic partnership between Apache and SIPC, the international arm of
    China’s Sinopec, to jointly pursue global upstream oil and gas projects. This is Sinopec’s first entrance in
    Egypt’s upstream sector.
  • Egypt and Kurdistan owe more to Dana Gas, company says ‐ In Egypt, $290 million of invoices
    have not been paid, $210 million of which is overdue.

Egypt Oil and Gas News

Updates from July, 2013

• Dana Gas has announced that it has discovered gas at an onshore test well on the West El Manzala concession in the Nile Delta, Egypt – The Begonia-1 discovery well encountered 15 metres of net pay in a good quality sandstone reservoir of the Lower Abu Madi Formation. On test, the formation produced 266,178 standard cubic metres of gas with 133 barrel condensate.

• Global oil prices of both Brent and WTI indices have remained above US$100 per barrel on the back of Egypt’s political tensions.
• Egypt’s oil sector projects face ongoing uncertainty – Egypt remains a short-term project risk despite Mohamed Mursi’s removal.