Energy Egypt awards exploration rights for offshore blocks to ExxonMobil By Pramod Kumar January 11, 2023, 5:35 AM Reuters/Lucy Nicholson The Q4 outlook on demand is quite healthy said Vitol Bahrain's managing director Kieran Gallagher US oil and gas major ExxonMobil has obtained exploration rights to two offshore blocks in Egypt’s outer Nile Delta, Ahram Online reported, citing a company statement. The two blocks – Masry and Cairo – stretch over 11,000sq km, with exploration expected to start in 2023 after the government grants its final approval. “The addition of these blocks will further strengthen ExxonMobil’s exploration portfolio in Egypt and the East Mediterranean,” ExxonMobil vice president of global exploration John Ardill said. The offshore blocks will be run and supervised by the upstream subsidiary ExxonMobil Egypt Limited, with 100 percent interest. In December, Egypt’s minister of petroleum and mineral resources Tarek El-Molla announced plans to hold a fresh international tender for natural gas and crude oil exploration in 12 new blocks in the Mediterranean and Nile Delta regions. Egypt inked three agreements in September to look for oil and gas reserves in the Red Sea region with major international companies, Egypt Today reported, citing El-Molla.
Mining Ma’aden signs $1bn contracts to develop industrial cities Saudi mineral giant Ma’aden has signed three contracts worth a combined $922 million with foreign companies to develop a third phosphate fertiliser project. The majority state-owned Saudi mining company announced the agreements in a note to the Saudi bourse on Thursday, coinciding with the final day of the Future Minerals Forum in Riyadh. Ma’aden is […] 10 hours ago
Tax $660m a year ‘sin tax’ target set by Kuwait Kuwait hopes to raise 200 million dinars ($660 million) a year through a “sin tax” on unhealthy products as part of tax reforms proposed by the International Monetary Fund, the country’s finance minister said on Wednesday. Noora Al-Fassam told the official Kuwaiti news agency that her ministry was working on a new law for a […] 11 hours ago
Transport Tenders issued for high speed Abu Dhabi-Dubai rail link Tenders have been issued for the design and construction of central components in a high-speed rail link between Abu Dhabi and Dubai. Etihad Rail, the national rail company of the UAE, has sent out tenders for designing and constructing civil works and station packages for the line connecting the two cities as part of the […] 12 hours ago
EXCLUSIVE Aviation Wizz Air increases flights from UAE to Israel after ceasefire The budget carrier Wizz Air is increasing the number of flights between Abu Dhabi and Tel Aviv after the ceasefire agreement between Israel and Hamas. The airline had previously scaled back its Tel Aviv-Abu Dhabi service to four flights a week because of the conflict, down from its pre-crisis schedule of two flights a day. […] 12 hours ago
