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Automatic fuel pricing to start in April with Octane 95

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File – Minister of Petroleum and Mineral Resources Tarek al-Mulla

CAIRO – 7 January 2018: Minister of Petroleum and Mineral Resources Tarek al-Mulla told Reuters on Monday that automatic fuel pricing will start in April to be applicable on Octane 95 only.

The minister said that the price is expected to either remain the same or change by 10 percent up or down.

Mulla added that an ad hoc committee will be formed in the first quarter of 2019 to determine and follow up on the automatic pricing mechanism, and to review the fuel price formula to be used in the mechanism.

In June, Octane 95 prices went up from LE 6.6 ($ 0.37) per liter to LE 7.7, while 92 octane gasoline prices amounted to LE 6.75 instead of LE 5 per liter. Prices of Octane 80’s liter increased to LE 5.5 instead of LE 3.65.

The price of diesel became LE 5.5 a liter instead of LE 3.65, while the price of natural gas used for vehicles rose to LE 2.75 per cubic meter instead of LE 2.

The price of the cooking gas cylinder rose to LE 50 instead of LE 30 and the commercial gas cylinder’s prices surged to LE 100 instead of LE 60.

Egypt embarked on a bold economic reform program that included the introduction of taxes, such as the value-added tax (VAT), and cutting energy subsidies, with the aim of trimming the budget deficit.

The country has floated its currency in November 2016 before it clinched a $12 billion loan from the International Monetary Fund (IMF).

The IMF loan helped the state’s foreign reserves to rebound by receiving the first three tranches of the loan with a total value of $6.08 billion.

– EGYPT TODAY

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Shell, Partners Sign 300 Million Cubic Feet Gas FID

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The Shell Petroleum Development Company of Nigeria Limited (SPDC) and its joint venture partners signed a Final Investment Decision agreement for a 300 million cubic feet of gas on Wednesday in Abuja at a ceremony witnessed by the Managing Director of Total Exploration and Production Nigeria Limited, Mr. Nicholas Terraz and the Managing Director of Nigeria Agip Oil Company Limited, Mr. Lorenzo Fiorillo.

SPDC had announced taking FID last December on the Assa North Gas Development Project which is one of the Seven Critical Gas Development Projects of the Federal Government. The project, located in south-eastern Imo State, aims to position Nigeria as a regional hub for gas-based industries while complementing Federal Government’s aspiration for gas sufficiency for domestic consumption, power generation, and gas-based ammonia and urea fertilizers for farmers.

At peak production, the project is expected to produce 300 million standard cubic feet of gas per day and will be treated at SPDC JV’s Gas Processing Facility and distributed through the Obiafu-Obrikom-Oben pipeline network.

Speaking at the FID agreement-signing ceremony, Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Dr. Maikanti Baru, described the project a major investment towards fulfilling the domestic gas aspiration of the Federal Government, adding that the corporation was excited at the progress with the project and would provide the needed support to ensure first gas production as soon as possible.

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Baru, who was represented by NNPC Chief Operating Officer Upstream, Mallam Rabiu Bello, said, “The NNPC Project Management Board would work hard to ensure progress having provided the necessary approvals and enablers,” adding on successful completion, the project would translate into huge social-economic benefit to Nigerians.

Also speaking, Managing Director of SPDC and Country Chair, Shell Companies in Nigeria, Mr. Osagie Okunbor, described the progress with the FID as good news for the SPDC JV and Nigeria for the accelerated growth of the domestic market and optimisation of SPDC’s onshore footprints.

Okunbor said, “The project is key to driving the Federal Government of Nigeria’s ambition of marching away from a mono-economy through diverse industrial growth. It is premier amongst the Seven Critical Gas Projects initiative led by the Ministry of Petroleum and the Nigerian National Petroleum Corporation (NNPC). Their integrated focus, support and drive were instrumental to this investment decision.

“SPDC JV would continue to explore other areas of support for the expansion of domestic gas supply and continue to make investments under the right conditions.”

SPDC had earlier signed a Global Memorandum of Understanding with the clusters of host communities of the Assa North project for community development projects in addition to some other community initiatives already executed by the company ahead of construction work.

SPDC is the operator of a Joint Venture involving NNPC, which holds 55%; Shell 30%; Total Exploration and Production Nigeria Limited (TEPNG)10%; and Nigeria Agip Oil Company Limited (NAOC) 5%.

– SPDC

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Oil and Gas

Total’s South Africa gas discovery first step towards exploiting the country’s full hydrocarbons potential

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SA Energy Minister Jeff Radebe. Image: African Energy Chamber

The discovery, which will help open a new hydrocarbons province in South Africa, could prove the presence of billions of barrels of oil equivalent in South African waters

JOHANNESBURG, South Africa, February 7, 2019/ — Gas discovery in the offshore Outeniqua Basin speaks to South Africa’s hidden oil & gas potential; gives an opportunity for a meaningful dialogue on attractive legislation and local content development.

The African Energy Chamber (AEC) (EnergyChamber.org) welcomes the recent gas condensate discovery by Total in Block 11B/12B, 175km off the southern coast of South Africa. This is a great first step for the country which still relies on imports of oil and gas despite the great reserves believed to be in its soil and waters.

The discovery, which will help open a new hydrocarbons province in South Africa, could prove the presence of billions of barrels of oil equivalent in South African waters, which will undoubtedly change the course of the country’s economy and help reduce dependency on imports.

“The oil industry hopes this will be a catalyst and encouragement for all policy makers to work on an enabling business environment for exploration and drilling activities in South Africa,” declared NJ Ayuk, Executive Chairman at the Chamber.

“We believe South Africa holds the potential for many more such discoveries, and the time has come to have a meaningful conversation on local content development so the development of the industry benefits all South African workers and contractors across the value-chain and creates jobs for the communities.”

The gas discovery is a timely one as the South African government is currently working on a new legislation separating oil and gas from traditional minerals, and has released last year a new Integrated Resource Plan (IRP 2018) which ambitions to install an additional 8,100MW of gas-to-power capacity in South Africa by 2030.

It further echoes increased engagement of the South African government with the African and global oil industry. Since being appointed Energy Minister in 2018, Jeff Radebe has been leading a strong South African outreach to oil markets in Africa like Nigeria, Equatorial Guinea, Angola, South Sudan, many middle eastern producers and attending meetings of the Organization of Petroleum Exporting Countries (OPEC) in Vienna and seeking deals for state-owned South African companies such as the Central Energy Fund and PetroSA.

“Oil companies want to see leadership and sound governance wherever they invest,” added NJ Ayuk. “With South Africa demonstrating a commitment to reforms and the creation of an enabling environment for business, the oil industry is confident that the country can attract the investment needed.”

Distributed by APO Group on behalf of African Energy Chamber.

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Egypt, Lebanon in talks over petroleum, gas cooperation

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Natural gas pipelines – Reuters

CAIRO: 31 January 2019: Petroleum Minister Tarek el Molla discussed on Thursday with his Lebanese counterpart Cesar Abi Khalil ways of boosting bilateral cooperation in the petroleum and gas domains.

In a statement, Molla reiterated distinguished relations binding Egypt with Lebanon, expressing Egypt’s readiness to offer all forms of assistance to Lebanon in the petroleum and gas domains.

Molla said talks tackled regional cooperation in the natural gas domain and Egypt’s role in the eastern Mediterranean gas forum, that was held in January.

Talks also tackled the possibility of training Lebanese cadres in Egyptian training centers.

The Lebanese minister expressed his country’s desire that Egypt would resume pumping natural gas to Lebanon as part of the 2009 contract signed between the two sides.

– EGYPT TODAY

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