Latest news with #EgyptianGeneralPetroleumCorp
Bloomberg
16-05-2025
- Business
- Bloomberg
Egypt Pivots to Cheap Oil as Gas Proves Too Pricey for Power
Egypt is buying large amounts of oil to run its power plants as the high cost of natural gas redraws the Middle East country's purchases of energy feedstocks. State-owned Egyptian General Petroleum Corp. recently issued a tender for just under 2 million tons of fuel oil for delivery this month and next. The country prefers the product as a feedstock for power generation over comparatively expensive piped gas and liquefied natural gas, a person with direct knowledge of the matter said.
Zawya
17-03-2025
- Business
- Zawya
Capricorn Energy in talks with Egypt on gas concession agreements
Oil producer Capricorn Energy said on Friday it is in advanced talks with state-owned Egyptian General Petroleum Corp over terms for Western Desert gas concession agreements, which may lead to increased investment and production in the region. Capricorn started revamping its strategy to focus on its Egyptian assets last year. The company and its operating partner Cheiron Energy each hold a 50% participating interest in the Western Desert Egyptian concession agreements. In January, Capricorn said its ongoing negotiations to amend and extend terms of production sharing contracts in Egypt were progressing well. "An initial agreement has been reached with EGPC, which outlines terms to promote increased investment and production, including an improved gas price for incremental production and new discoveries alongside modernised commercial terms," Capricorn said in a statement.
