Page 6 - AfrOil Week 01 2023

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Egypt launches new tender for

Nile Delta, offshore Med sites

EGYPT EGYPT’S government has launched a new Gateway, offer potential investors quick access
international tender for oil and gas exploration to basic information about tenders, concessions
rights in the Nile Delta and offshore Mediterra- and technicalities, including co-ordinates of the
nean Sea, the Petroleum Ministry said. open blocks being offered, data room viewing,
The ministry is tendering 12 blocks, split seismic surveys, subsurface insights and data
evenly between onshore and offshore, and the packages. ™
deadline for offers in the bid round is set for
April 30, 2023.
It is launching the tender through Egyptian
Natural Gas Holding Co. (EGAS) with the aim
of attracting new foreign companies to operate
in Egypt on a production-sharing basis.
The Egyptian government is intensifying
efforts to exploit natural gas reserves in the
wake of strong demand from Europe following
Russia’s cutting off supplies to the continent in
retaliation for the imposition of sanctions for its
invasion of Ukraine.
This is the third tender to have been put for-
ward through Egypt’s digital portal for explora-
tion and production that was launched in early
2021. The portal, known as Egypt Upstream The round includes onshore and offshore blocks (Image: Egypt Upstream Gateway)

B Investments to sell 6.38% stake

in TotalEnergies filling stations

EGYPT B Investments, a subsidiary of Egypt-focused stake TEMA had on offer. The two had been in
private equity firm BPE Partners, has agreed to negotiations over the bid over the past few
sell its entire 6.38% stake in Total Energies Mar- months.
keting Egypt (TEME), the local retail filling sta- In 2013, B Investments acquired 7.97% of
tions arm of the French oil major TotalEnergies, TEME through a capital increase which sup-
to TotalEnergies Marketing Afrique (TEMA) ported the company to increase its retail gas sta-
for $27.6mn, the company said in a press release. tions in Egypt from 70 stations to 240 stations
This came alongside a separate BPE Part- by 2022. ™
ners-backed vehicle’s exit of another 9% stake
in TEME to TEMA for $39mn, thus handing
TEMA a consolidated 15.38% stake in TEME.
The TEME share purchase by TEMA is
meant to facilitate Abu Dhabi National Oil Co.
(ADNOC) in its bid to acquire 50% of TEME for
up to $203mn. TEMA, which holds the 84.6%
majority stake, would sell 34.6% to ADNOC,
which along with B Investments’ 6.38% stake
and the affiliated vehicle’s 9% would result in a
50:50 ownership between the two companies.
B Investments ultimately favoured an
exit, waiving its right of first refusal instead of
pre-empting ADNOC’s bid to buy the 34.6% ADNOC is now clear to acquire additional equity in TEME (File Photo)

P6 www. NEWSBASE .com Week 01 05•January•2023