Telecom Egypt says still eyeing regional deal Telecom Egypt, the largest Arab fixed-line phone operator by subscribers, was still looking to buy a telecom firm in the region to reduce dependence on its home market, its chairman said. The company, which faces market saturation in Egypt where it has a monopoly, said in August it could spend at least $1 billion on an acquisition in the Middle East or North Africa. We always have three preferences, the MENA (Middle East and North Africa) region, an existing operation rather than greenfield and an integrated fixed and mobile operation; this is the ideal target for us, Akil Beshir told reporters late on Sunday. Beshir said the company was underleveraged and could take advantage of lower asset prices during the global financial crisis. Obviously with the crisis it s a double-edged sword as from one point it makes more assets available at more attractive prices but at the same time you have to be careful about the future of any of those assets, he said. Beshir said it was too early to forecast revenue growth in 2009, but said the industry could be hit as tourism declines in Egypt. -Reuters Mobinil may cut dividends from profits Mobinil may pay out only 75 percent of its profits in the form of dividends this year. Because bank are not lending very freely, the company may need to use its own resources to cover some of its 2009 financing needs, chairman Alex Shalaby told Al-Alam Al-Youm. Alcotexa sells 50 T of cotton in a week The Alexandria Cotton Exporters Association (Alcotexa) said on Sunday it had committed to sell 50 tons of Giza 86 cotton in the week that ended on Feb 7. -Reuters BP putting pressure on suppliers, FT says Oil giant BP is arranging meetings with suppliers in the United States, Britain and other countries to push for cuts in costs to reflect the fall in the price of oil, the Financial Times reported on Monday. The British-based firm wants to drive down the cost of projects that are close to being given the go-ahead in areas including the Gulf of Mexico, Egypt and Angola, the newspaper reported. -Reuters BG, Petronas, Edison to invest $2.1 bln in Egypt British Gas, Malaysia s Petronas, and Italy s Edison will invest $2.1 bln in Egypt, reported Al-Ahram daily citing Petroleum Minister Sameh Fahmy. The funds will be used to drill new production wells and to implement projects for the development of natural gas fields in West Delta, Rosetta, Rashid and Edko in the Mediterranean deep water, Fahmy said. These fields currently cover 40 percent of Egypt s overall output, he added. -Neftegaz Dana sets production record, plans $347 million spend Dana Petroleum Plc has achieved record average oil and gas production of approximately 39,400 BOE/d delivered in 2008, a 29 percent increase over 2007. Dana achieved first oil production from the Grouse development in December 2008, and is currently producing from 31 oil and gas fields, spanning the UK, Egypt, Norway and the Netherlands. The company s proven and probable reserves increased to a new record high of 194 million BOE at end of 2008, representing a reserves replacement of approximately 300 percent. The company also acquired new acreage in the UK 25th and the Norwegian 2008 APA rounds, with a total of 37 blocks awarded. Dana s working interest production for 2009 expected to average between 37,000 and 41,000 BOE/d. The company currently is drilling or participating in eight exploration wells of a total of 17 wells scheduled for 2009 in the UK, Norway, Egypt and Morocco. Planned 2009 capital investment is approximately £235 million ($347 million) across existing fields and licenses. Dana Chief Executive Tom Cross said, Dana delivered record production in 2008 and also had an excellent year with the drillbit, adding record oil and gas reserves and replacing production by some 300 percent. The group is now producing from 31 oil and gas fields, progressing two new field developments which are due on-stream in 2009 and 2010, and working on a number of highly attractive potential development projects. 2009 will see the delivery of an extensive exploration program. A total of 17 wells are planned for this year, focused on the UK, Norway, Morocco and Egypt. "The company has a strong Balance Sheet, alongside a valuable portfolio of growth opportunities and is well positioned to deliver further commercial transactions. Dana has already secured rigs for the majority of the 17 further wells planned for 2009. Key wells to highlight during 2009 include the ongoing drilling of two wells in the Rinnes area; the Tornado and Anne Marie prospects West of Shetland; the Eitri and Trolla wells in Norway; the SE July well in the Gulf of Suez, Egypt; two wells in the prolific offshore Nile delta, Egypt; and the Taffejart prospect, onshore Morocco. Dana holds a 10 percent interest in the Fulla discovery announced last week by StatoilHydro. The well was drilled in the North Sea by Seadrill semisubmersible West Alpha. -Energy Current
