oil

Egypt's Petroleum Ministry: NGVs halve fuel costs

Sat, 01 Aug 2020 - 09:39 GMT

The Petroleum Ministry said that converting petrol-fuelled cars to run on natural gas reduces fuel costs by nearly 50%.

Petroleum ministry: EGPC's crude oil production hits record, exceeding 62,000 bpd

Thu, 30 Jul 2020 - 10:32 GMT

The ministry said that this high record in production reflected the success in implementing the integrated work program in the various oilfields of the company in the Eastern and Western Desert areas, the Gulf of Suez and Sinai.

Ismailia pipeline blast: Investigations reveal excavation works at leak point

Thu, 16 Jul 2020 - 01:42 GMT

Excavation works were revealed at the leak point, which caused a huge explosion on Cairo-Ismailia Road this week, according to investigations by the Public Prosecution.

Libya's LNA says blockade on oil will continue

Sat, 11 Jul 2020 - 11:37 GMT

Khalifa Haftar's Libyan National Army (LNA) said on Saturday it would maintain a blockade on oil production and exports that the National Oil Corp (NOC) says has cost the country $6.5 billion in lost revenue.

Libyan National Oil Corporation lifts force majeure on all oil exports from Libya

Fri, 10 Jul 2020 - 12:29 GMT

The first vessel to load was announced as the Kriti Bastion from Es Sider oil port.

Petroleum min. reviews pace of work in new oil projects

Thu, 09 Jul 2020 - 02:38 GMT

The meeting took up the project of electronic boards that display gasoline and diesel prices for consumers at gas stations.

Investment costs of largest oil refining project in Upper Egypt estimated at $2.8B : Oil min.

Wed, 08 Jul 2020 - 11:20 GMT

The project comes to support efforts and developmental programs implemented in Upper Egypt, Molla said.

Oil Ministry: $2.8B value of investment costs of three refining projects

Wed, 24 Jun 2020 - 12:30 GMT

Molla said in a statement that they discussed three major oil refining projects in Alexandria, Assiut and Suez at an investment cost of about $2.8 billion.

Petroleum minister: 12 new investment agreements worth $1B

Sun, 21 Jun 2020 - 12:20 GMT

The agreements are to be referred to the parliament for further discussions on required legal measures pertaining to bringing them into action.

Egypt announces new oil discovery in south of Suez Gulf producing 2K b/d

Thu, 18 Jun 2020 - 11:46 GMT

The new discovery comes with an initial production rate of 2,000 barrels per day of crude oil, and it is estimated that there are about 70 million barrels of recoverable crude oil.

Egypt's Parliament may summon FM over kidnap, torture of expats in Libya

Wed, 17 Jun 2020 - 02:03 GMT

A parliamentarian questions the reasons behind not kicking out the ambassador of the Tripoli-based interim government in Cairo.

Ministry reveals projects accomplished in Egypt's natural gas sector over 10 months

Sat, 23 May 2020 - 12:40 GMT

The Ministry of Petroleum released a report indicating the projects accomplished in the natural gas sector from July 2019 until April 2020.

Egypt multiplies crude oil imports in January, February

Tue, 19 May 2020 - 01:18 GMT

In light of the decline of oil prices, Egypt increased its crude oil imports in the first two months of 2020.

Oil prices slide on demand concerns, US-China trade tension

Mon, 04 May 2020 - 12:43 GMT

US West Texas Intermediate (WTI) crude futures fell as low as $18.10 a barrel earlier in the session and were down $1.14, or 5.8 percent, at $18.64 at 0506 GMT.

Oil, environment Mins discuss environmental coordination efforts with oil companies in Suez, Red Sea

Tue, 28 Apr 2020 - 11:29 GMT

They both agreed on continuous coordination between the officials of both ministries on reform plans for the public interest.

Oil ministry: Gas supplied to 110 tourist facilities in Sharm

Sat, 25 Apr 2020 - 11:19 GMT

The Ministry of Petroleum announced on Saturday that natural gas is being supplied to 110 tourist facilities in Sharm El Sheikh at investments worth EGP 250 million.

U.S. oil benchmark below zero for first time in history

Mon, 20 Apr 2020 - 07:39 GMT

Upon this data, the US crude oil has recorded its deepest decline since 1983.

U.S. crude futures plunge to lowest on record on scant storage, weak demand

Mon, 20 Apr 2020 - 06:40 GMT

The May U.S. WTI contract fell $15.91, or 87.1%, to $2.36 a barrel at 1:25 p.m (1725 GMT) after touching an all-time low of $2.26. Brent LCOc1 was down $1.76, or 6.3%, to $26.32 a barrel.

Egypt participates in G-20 ministerial meeting

Fri, 10 Apr 2020 - 09:18 GMT

The participants discussed cutting down oil output at the world level to restore stability of the international oil market.

Brent crude could plunge to ‘single-digit lows’: Fitch warns

Mon, 06 Apr 2020 - 12:45 GMT

The Organization of the Petroleum Exporting Countries and its allies are expected to meet on Thursday — a delay from Monday — in an attempt to agree on production cuts.

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