Carlyle to Establish Mediterranean-Focused Oil and Gas Company with Former BP CEO Tony Hayward
Carlyle, a prominent private equity fund, is set to establish a new Mediterranean-focused oil and gas company under the leadership of former BP CEO, Tony Hayward. This strategic move aims to tap into the growing eastern Mediterranean gas market driven by rising demand in Egypt and Europe. The new company, backed by Carlyle International Energy Partners, plans to produce 47,000 barrels of oil per day across Egypt, Italy, and Croatia with ambitions for further growth through asset upgrades and acquisitions. Energean, known for gas production offshore Israel, looks to expand its reach to Europe, the Middle East, and Africa. The deal has boosted investor confidence with Energean’s stock rising by 2.7% post-announcement.
ADES Group Secures New Drilling Contract in Egypt’s Gulf of Suez
ADES Holding Company, a subsidiary of the Saudi Arabia-based ADES Group, secures a new drilling contract in Egypt’s Gulf of Suez with Suez Oil Company (SUCO) valued at SAR 161 million. The contract reflects ADES’ continued expansion in the region, with recent contracts in Qatar and Thailand. CEO Dr. Mohamed Farouk expresses excitement over the partnership with SUCO and highlights the company’s agility in redeploying rigs in Saudi Arabia. The contract in Egypt includes a higher daily rate, showcasing ADES’ success in the competitive jack-up rig market.
Egyptian Inflation Accelerates Unexpectedly
Egyptian inflation unexpectedly accelerated in February, reaching a record high in consumer prices. The inflation spike was driven by soaring food and beverage prices, leading to a significant interest rate hike. This comes after the much-anticipated flotation of the pound and a new $8 billion deal with the IMF. President Abdel-Fattah El-Sisi cited national security and economic organization as reasons for the currency move, which was also supported by a $35 billion investment deal with the UAE.
Jurgen Klopp Clarifies Mohamed Salah’s Return to Liverpool from Africa Cup of Nations
Jurgen Klopp has clarified Mohamed Salah’s return to Liverpool from the Africa Cup of Nations, addressing concerns about the forward’s loyalty to Egypt. Salah came back to Liverpool for an ‘intensive rehabilitation programme’ after sustaining a muscle injury during Egypt’s…