THE IRVING, Texas-based, company currently has no upstream operations in Egypt. Egypt has recently ramped up efforts to attract foreign investment in its oil sector to boost its struggling economy. Picture: BLOOMBERG/MICHAEL NAGLE
THE IRVING, Texas-based, company currently has no upstream operations in Egypt. Egypt has recently ramped up efforts to attract foreign investment in its oil sector to boost its struggling economy. Picture: BLOOMBERG/MICHAEL NAGLE

Exxon eyes Egypt

ExxonMobil is considering a foray into Egypt offshore oil and gas, seeking to replicate rivals’ success in the country and boost its reserves, officials and industry sources said. Officials from the world’s largest listed oil producer recently held talks with Egypt’s petroleum ministry to discuss investments in oil and gas production, known as upstream operations, said petroleum minister Tarek El Molla — Reuters

Rio Tinto cuts capital spending forecast for 2017

Anglo-Australian miner Rio Tinto Ltd said it expects capital expenditure of less than $4.5bn in 2017, down from an earlier forecast of $5bn, as it focuses on delivering better returns to shareholders. Rio maintained its capital spending forecast for 2018 at around $5.5bn.

The company also said that it will deliver additional free cash flow of $1.5bn/year from 2021, following on from its drive to boost free cash flow by $5bn over 2017 to 2021  Reuters

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