Oil and Gas
QatarEnergy has entered into an agreement with Chevron to acquire a 23 percent working interest in the concession agreement for Egypt’s offshore North El-Dabaa (H4) Block
Minister of Petroleum, Karim Badawi, stated that these MoUs are designed to attract investments through the Egypt Exploration and Production Gateway, promoting available opportunities in the sector.
Despite these increases, the state continues to subsidize butane, with actual costs estimated at LE 200 for household cylinders and LE 450 for commercial use
Badawi also emphasized that these efforts are pivotal to Egypt's sustainable development strategy, reflecting a proactive stance on climate action and energy transition
The approval of these agreements is expected to contribute to Egypt's efforts to increase its oil and gas reserves and production and to meet the growing demand for energy in the country
The first project involves the construction of a 10-megawatt solar power generation station at the Assiut Oil Refining Company. Enppi and Petrojet, two subsidiaries of the petroleum sector specializing in engineering designs, general contracting, and construction, have been assigned to undertake this venture
Production from the Nargis1 field is set to commence in the first half of 2025, with an initial phase expected to yield 600 million cubic feet.
The investment will be injected into Egypt's energy sector over a period of three to four years, as confirmed by the BP spokesperson in a statement to Bloomberg.
Minister of Petroleum and Mineral Resources, Tarek El Molla, stated that the petroleum sector, in collaboration with its global partners, is working to boost production rates and increase oil and gas reserves.
As one of the few countries to do so, Egypt engages directly in the oil derivatives market to lock in supplies, wrote Bloomberg
The company expects to close the transaction by the end of 2023.
The hedging contracts that were agreed to be executed ranged between 75 and 80 dollars per barrel, and about 35 percent of the total oil needs that we import from abroad each year, amounting to 100 million barrels, have been hedged, the source told Ashraq Bloomberg.
The petroleum minister said that the results of the international bidding to search for natural gas in 12 onshore and offshore areas in the Mediterranean and the Delta are being evaluated after it ended at the end of July.
El Molla highlighted Al-Hamra Petroleum port as a significant opportunity for the petroleum sector, with a strategic geographical advantage and skilled workforce that will support achieving returns
El Molla disclosed plans to initiate a series of tenders in the current quarter of the year, focusing on precious and base metals, phosphates, sulfur, and potash
The rig will be transferred to the Egyptian Drilling Company (EDC). Once it arrives at EDC, the rig will support the company’s fleet in the implementation of drilling and exploration programs in onshore areas
El Molla emphasized the Egypt-US partnership’s significance in terms of joint international initiatives to enhance cooperation and provide solutions and technology for methane reduction
In an official statement, the ministry highlighted the implementation of projects in Alexandria, Assiut, and Suez, with an estimated investment of $7.50 billion
The PetrolMin also underlined the committee's purpose of closely monitoring the flow of petroleum products distribution and trade
According to the document, Egypt's oil exports reached $18.2 billion in 2022, a significant rise from $12.9 billion in 2021
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