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Schlumberger’s Board of Directors have appointed Olivier Le Peuch as the company’s new CEO and member of the Schlumberger Board, starting from August 1, the company said in a statement.

The current non-independent director, Mark G. Papa, will become non-executive Chairman of the Board, while Peter Currie will continue to serve as the Board’s Lead Independent Director.

Le Peuch will succeed Paal Kibsgaard, who will step down after more than 22 years of service to the company, including eight years as CEO and four years as Chairman, and will hand the position to Le Peuch on the same day.

“Olivier possesses the Company’s values, an in-depth knowledge of our business, and a proven industry track record—all together, he is ideally suited to lead Schlumberger into the next chapter of our history,” Kibsgaard commented.

Le Peuch has held various experience in global management under his belt, including the positions of Executive Vice President, Reservoir & Infrastructure; President of the Cameron product lines; President of Schlumberger Completions; and Vice President of Engineering, Manufacturing and Sustaining.

 

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Minister of Petroleum and Mineral Resources, Tarek El Molla, has announced new changes in the oil and gas sector’s leaders, according to Al Masry Al Youm.

El Molla has decided to assign Eng. Mohamed Hassan Badran as the new Deputy CEO at the Egyptian General Petroleum Corporation (EGPC), as well as a member of EGPC’s Executive Council.

Moreover, the minister has assigned Eng. Nabil Salah Nassar as the new Chairman and Managing Director of Suez Oil Company (SUCO).

It is worth noting that Badran and Nassar are supposed to take the lead in their new positions starting from July 31,2019.

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NSCO Investments has completed the development of the first well in a North Sinai offshore natural gas concession, according to a statement to the Egyptian Exchange (EGX).

NSCO Investments, a subsidiary of the Egyptian Kuwaiti Holding company (EKH), drilled the first well in the Kamos area at a depth of 1,698 meters with a cost of around $15 million.

Production began at the well at a rate of 25 million standard cubic feet per day (mscf/d), which raised the company’s entire production capacity to 40 mscf/d. The well is expected to generate revenues of more than EGP 500 million over the next two years.

The second well in Kamos concession, drilled at 2,664 meters, is expected to begin production during Q3 2019.

Seismic surveys previously showed around 2.352 trillion cubic feet (tcf) of natural gas and 112 million barrels of condensates in reserves in the concession.

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The Iraqi Ministry of Oil announced that it will invest in associated gas after signing a memorandum of understanding (MoU) with Honeywell for gas processing from the Artawi southern oilfield, Asharq Al-Awsat reported.

The project’s 36-month first phase targets a capacity of 300 million standard cubic feet per day (mscf/d), as the ministry plans to invest in gas from many fields, as an important step to enhance production and resource utilization, and providing sufficient supplies of dry gas, according to Iraq’s Minister of Oil, Thamir Al-Ghadhban.

The project is expected to later be developed to include five large oilfields, namely Majnoon, West Qurna, Luhaise, Tuba, and Saba, according to the ministry spokesman Assem Jihad.

“Companies like Honeywell are working hard to help the development of new long-term investments, including the Artawi gas project, which aims to strengthen the Iraqi economy by increasing local capacity to produce energy through modern technologies, while providing thousands of job opportunities and reducing pollution,” said the US Ambassador in Baghdad, Matthew Toler.

Ghadhban revealed in May that Iraq has a strategy to deal with a potential shortage in natural gas supplies from Iran due to US sanctions.

Iraq depends heavily on importing gas from Iran to generate power and meet the increased demand on electricity, especially during summer.

 

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Damietta Port Authority (DPA) Chairman Tariq Shaheen has discussed investment opportunities with a delegation from ExxonMobil, Al Borsa reported.

ExxonMobil is reportedly considering to establish a logistics center in the port, which enjoys a strategic location near Egypt’s recent offshore natural gas discoveries in the East Mediterranean, as well as a strong infrastructure.

The DPA chairman emphasized his readiness to offer all the available facilities to carry out this kind of projects, especially with multiple international companies operating in Mediterranean fields.

The ExxonMobil delegation visited the port to review its location and facilities.

It was announced during the 2019 Egypt Petroleum Show (EGYPS) that ExxonMobil was awarded its first contract for natural gas exploration in Egypt, which also marked the company’s return to upstream operations, after a period of exclusively working in downstream.

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The Ministry of Petroleum is planning to pump around 6.39 billion cubic feet per day (bcf/d) of natural gas to fulfill the average market’s demand during the current year, a source to Alborsanews.

The domestic consumption surplus of the natural gas pumped will be exported through Idku and Damietta liquefaction plants.

The average gas consumption is increasing each year and is expected to reach 9 bcf/d by fiscal year (FY) 2020/2021 as a result of the natural gas surplus in most activities, the source said.

The source added that the current investments will add around 1.15 bcf to the current production which is estimated at 6.8 bcf.

The average surplus after fulfilling the local market’s demand is 1.56 bcf/d after binding the second phase of North Alexandria and increasing Zohr’s fields production that made Egypt’s natural gas production raise to 7.95 bcf/d during the current fiscal year.

The second phase of Zohr’s gas field is expected to raise its production from 2.3 bcf to 2.95 bcf.

 

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The Ministry of Electricity expects the power grid link with Sudan to begin operations by the end of 2019, Mubasher reported.

Egypt has completed preparations for the electrical interconnection project with Sudan through the implementation of the needed infrastructure projects, according to the ministry spokesman Ayman Hamza.

The project’s cost is estimated at $56 million (EGP 928.4 million).

It should be noted that the delay in operating the project was due to political instability in Sudan, despite the completion of equipment and infrastructure works since February.

The two countries signed an agreement to link their power grids back in April 2018.

Egypt has an ambitious plan to be a regional energy hub and the center of electrical interconnection projects between Africa and Europe. The Egyptian Electricity Transmission Company (EETC) signed in May a framework agreement with Euro Africa Interconnector Company to connect the power grids of Egypt, Cyprus, and Greece, through Crete, by a 2,000-megawatt (MW) electricity interconnector.

Euro Africa Interconnector prepared a feasibility study for the first phase of connecting 1,000 MW between the three countries.

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The Egypt Oil & Gas (EOG) Technical Committee held a meeting on July 17 at Sky Resort to celebrate the huge success of the blood donation campaign, in addition to the completion of a White Paper for Improving Brownfield Performance, Egypt Oil & Gas reports.

Committee Chairman Thomas Maher and Co-Chairman Mohamed Fouad accredited the efforts of MOP representatives Maha F. Attia and Enas Shabana, along with EOG CSR Subcommittee and Brownfield Subcommittee by giving them certificates of appreciation.

This comes as the sector’s first nationwide blood donation campaign, under the patronage of the Minister of Petroleum and Mineral Resources, H.E Eng. Tarek El Molla, has witnessed remarkable participation, with 4,426 donors lining up in 78 company premises and 13 fields across nine governorates.

The Technical Committee also announced that the White Paper was finally completed and would be presented to the Ministry of Petroleum soon.

The designated White Paper would be presented to the Ministry of Petroleum, with a number of strategic solutions that would enhance brownfield performance in Egypt.

 

 

 

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The Abu Dhabi National Oil Company (ADNOC) is planning an overhaul for its trading operations through the launch of a regional oil benchmark similar to Brent and the West Texas Intermediate (WTI), Reuters first reported.

ADNOC is currently selling oil based on a retroactive pricing system, but it could soon launch full in-house trading for refined products and crude to trade freely on the open market to be more adaptive to market changes, as part of wider sector reforms.

In January, the Emirati company signed agreements worth $5.8 billion with Italy’s Eni and Austria’s OMV for oil refining and a new trading venture to sell refined products. ADNOC is also building oil storage under the mountains of Fujairah, which is expected to be completed next year.

The UAE is planning to boost oil output to 4 million barrels per day (b/d) by 2020, with most of this production expected to come from ADNOC.

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Prime Minister Mostafa Madbouly held a meeting today to discuss the financial issues and resolve any disputes between the Ministries of Electricity, Petroleum and Finance, according to a statement by the Cabinet.

Madbouly stressed that the meeting comes within the framework of the government’s efforts to resolve the historical issues that have long burdened the public finances and caused confusion in the budgets of the three ministries.

According to the official spokesman of the Cabinet, Nader Saad, Madbouly reviewed the debts of the ministries towards one another in order to reach a final settlement on this issue. Madbouly will also hold a meeting with the ministers every two weeks to follow up on the progress in this regard.

Saad added that the government has recently succeeded in resolving one of the most complex issues related to the financial complications on insurance funds and pensions. The government is determined to find a quick, sustainable and efficient solution to the financial interrelations between the ministries.

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