Expanded Egyptian Investment Plans to Demarcate Western Maritime Borders with Libya

Egyptian President Sisi chairs a meeting in Cairo to discuss energy exploration plans in the Mediterranean. (Egyptian Presidency)
Egyptian President Sisi chairs a meeting in Cairo to discuss energy exploration plans in the Mediterranean. (Egyptian Presidency)
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Expanded Egyptian Investment Plans to Demarcate Western Maritime Borders with Libya

Egyptian President Sisi chairs a meeting in Cairo to discuss energy exploration plans in the Mediterranean. (Egyptian Presidency)
Egyptian President Sisi chairs a meeting in Cairo to discuss energy exploration plans in the Mediterranean. (Egyptian Presidency)

Egyptian President Abdel Fattah al-Sisi discussed on Thursday “current and future investment plans for research and exploration in the eastern and western regions of the Mediterranean” as part of efforts to demarcate the marine borders with Libya.

Petroleum and Mineral Resources Minister Tarik Al Mulla stressed that all “activities carried out by Egypt are in accordance with the principles and customs of international law and UN conventions.”

The reviewed plans cover the period until 2025.

About a week ago, Sisi issued a decision for demarcating the country’s western maritime borders with Libya.

The move drew protests from the Foreign Ministry of Libya's Tripoli-based Government of National Unity over the weekend.

Sis’s meeting, which included Mulla and Prime Minister Mostafa Madbouly, tackled state efforts following natural gas and oil research and exploration, said Presidency Spokesman Bassam Rady.

“Sisi ordered intensifying research efforts and expanding new exploration areas in order to achieve the optimal economic and developmental utilization of Egypt’s resources,” revealed Rady.

For his part, Mulla also reviewed the current and future investment plans in terms of gas exploration until 2025 in the eastern and western regions of the Mediterranean.

Major international energy companies are part of these plans with a total investment of about $2.1 billion, said a presidential statement.

According to preliminary results, it is expected that exploration efforts will result in promising discoveries that will support the national economy and consolidate Egypt's position as a regional hub for energy production and trading.

Thursday's meeting also discussed the development of the Soda Ash project in the industrial zone in New Alamein City, which is being implemented in partnership between the state and the private sector with a total investment of about $500 million.



Drone Attack Halts Oil Output at Sarsang Field in Iraqi Kurdistan

An oil field in Dibis area on the outskirts of Kirkuk, Iraq (File Photo: Reuters)
An oil field in Dibis area on the outskirts of Kirkuk, Iraq (File Photo: Reuters)
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Drone Attack Halts Oil Output at Sarsang Field in Iraqi Kurdistan

An oil field in Dibis area on the outskirts of Kirkuk, Iraq (File Photo: Reuters)
An oil field in Dibis area on the outskirts of Kirkuk, Iraq (File Photo: Reuters)

A drone attack halted production at the Sarsang oilfield in Iraq’s Kurdistan region on Tuesday only hours before its US operator signed a deal to develop another field.

The Sarsang field is operated by HKN Energy, a privately held US oil and gas company active in Iraq’s Kurdistan region and owned by Hillwood Energy, part of the Hillwood group founded by Ross Perot Jr.

Two hours after the morning attack, HKN Vice President Matthew Zais was in Baghdad with Oil Minister Hayan Abdel-Ghani to sign a preliminary agreement to develop the Himreen oilfield in northern Iraq, the oil ministry said, Reuters reported.

The signing ceremony was also attended by US Ambassador Steven Fagin, whose embassy condemned the drone attacks on oil infrastructure in the Kurdistan region and urged the Iraqi government to investigate and hold those responsible accountable.

Washington said such attacks undermine Iraq’s sovereignty and efforts to attract foreign investment.

Production at the Sarsang field was halted as a precautionary measure after an explosion, two engineers told Reuters.

Kurdistan regional authorities confirmed that the blast was from a drone attack.

No group has claimed responsibility for the attack, but Iraqi Kurdistan security sources said that initial investigations suggested that the drone came from areas under the control of Iran-backed militias.

Heavy plumes of smoke were seen rising from the Sarsang field in the Dohuk region of northern Iraq, said one oil engineer at the field.

Field operator HKN said that the halt to production was to allow firefighters to extinguish the fire, later adding that emergency response teams contained the damage.

There were no casualties, Iraqi Kurdistan's ministry of natural resources and HKN said.

The incident is under investigation and a full assessment of the damage has been initiated, the company said without providing further detail on the cause of the explosion.

On Monday two drones fell on the Khurmala oilfield near Erbil in Iraqi Kurdistan, damaging the water pipes at the field.