Egypt

Egypt raises estimates for crude oil prices for FY2023/24

Published on : 2024-02-12

Egypt has raised its estimates for Brent crude oil price by 6.25% in the current fiscal year’s (FY) budget to $85 per barrel, as per the country’s economic indicators semi-annual report.

Earlier in December, it was reported that the government raised the petroleum products targeted subsidy by 9% for this FY to EGP 130 billion.

This came on the back of the devaluation of EGP against USD and its impact on monthly import costs.

ADES wins jackup drilling contract in Egypt

Saudi-listed ADES Holding Company said it has received a direct award of contract (DAC) from Suez Oil Company (SUCO) in Egypt for three jackup drilling rigs in the Gulf of Suez, which is expected to commence in the coming weeks.