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Tuesday, 13 February 2018

Egypt is stepping up its drive to land energy investment in the Gulf of Suez, new 95 octane petrol rolling out

Egypt is stepping up its drive to land energy investment in the Gulf of Suez, Oil Minister Tarek El Molla said yesterday. The minister announced an agreement with an international company to conduct a seismic survey of the Gulf of Suez to attract exploration investment in the area, but “did not name the company or give any details on the agreement,” Reuters notes. He added that Egypt is developing a new online database in cooperation with oil and gas majors to log geological and seismic data on Egypt in a bid to promote Egypt’s fields to foreign investments, Youm7 reports.

(That last bit is a play on the trend in the wider industry of making more data available to oil and gas majors, as the Financial Times notes in its Big Read: Drillers turn to big data in the hunt for more, cheaper oil.)

New and improved 95 octane formulation hits the market: Speaking at the launch of the EGYPS Petroleum Show 2018, El Molla said that the ministry has introduced a higher-quality formulation of 95 octane fuel to the market that is more compatible with newer car engines. The minister confirmed that the fuel will be sold at the same price of EGP 6.60 per liter through Exxon Mobil and Total gas stations as a first stage. He added that work is underway to improve the quality of fuel products in cooperation with global oil products marketers.

How many shipments does Egypt have to import before it ends LNG tenders? “Very few,” El Molla said without specifying how many LNG shipments the country has to go before tenders grind to a halt, according to Reuters. Observes expect that will be by the end of the year at the latest. The minister added that Egypt’s current gas production stands at 5.5 bcf/d.

We’re already a regional energy hub? Also speaking at the conference was OPEC Secretary General Mohammed Barkindo, who said that Egypt has become a regional energy hub, according to Al Shorouk.

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