oil
A statement issued by the ministry said the LE 1.8 billion project, called "Modern Area", would help pump crude oil from Ain Al Sukhna to Tibbin area from which it will be distributed to upper Egyptian governorates.
The meeting tackled procedures for activating the memorandum of understanding (MoU) that was signed with Petrojet to implement new petroleum projects in Equatorial Guinea, foremost of which a project to establish a new refinery.
European Union Ambassador to Cairo Christian Berger said Tuesday that the union supports Egypt to become a major hub of energy in the Middle East, North Africa, and Mediterranean.
The closure of several sites this month, including oilfields and export terminals, has seen Libya’s output halve to around 600,000 barrels per day, Al Arabiya reported.
"Oil companies will have to sell more fuel at exchange auctions," the Russian cabinet said in a statement carried by Sputnik News Agency on Saturday.
These new discoveries have already been connected and tied into production, in line with the Infrastructure-led exploration strategy, allowing to maximize exploration opportunities nearby existing infrastructures.
The move follows an agreement among warring parties in Yemen to hold a two-month truce.
Libya has the ninth largest known oil reserves in the world and the biggest oil reserves in Africa.
President Abdel Fatah al-Sisi received Thursday an Eni delegation led by CEO Claudio Descalizi in the presence of Minister of Petroleum and Mineral Resources Tarek al-Mulla.
Madbouli added that the cost of a barrel of oil was $60 a few months ago, and it has reached $120 now; due to the Russo-Ukrainian war.
He added that these developments came as a reflection of the success of the first phase of seismic search operations in the Red Sea, which were conducted using two-dimensional search technology over an area of 11,000 km.
During his meeting with CEO of Siemens Middle East Dietmar Siersdorfer, he pointed out to Egypt’s importance as a regional energy hub in the Eastern Mediterranean, underscoring the need to take advantage of its distinguished geographical location, especially during the current energy transition period.
Sawiris said, in a tweet via his twitter account, Monday, that there are measures that must be implemented quickly to confront the rise in oil and wheat prices and its impact on the economy.
The Russian forces have continued their military operation on Ukrainian land since last Thursday, for the sixth consecutive day.
The new oil field is the first discovery by Dragon Oil since it became an active player in the petroleum sector in Egypt.
The move can be achieved by digging five exploratory and developmental wells and completing six wells at a total cost of 28 million dollars, added Masoud during the General Assembly meeting of Western Desert Operating Petroleum Company (Wepco) to approve the budget of Wepco-run BAPETCO for the Fiscal Year 2022/2023, added the statement.
The move can be achieved by digging five exploratory and developmental wells and completing six wells at a total cost of 28 million dollars, added Masoud during the General Assembly meeting of Western Desert Operating Petroleum Company (Wepco) to approve the budget of Wepco-run BAPETCO for the Fiscal Year 2022/2023, added the statement.
In its report, Fitch said the production of Egypt's petrochemicals sector reached 3.34 million tons during the FY 2020/2021, noting that this sector has achieved a growth in revenues by 50 percent on yearly basis according to the latest data of the Egyptian Petroleum and Mineral Wealth Ministry.
The CBE attributed the deficit in Egypt's oil trade balance to the remarkable rise in international oil prices, in addition to the increase in imported quantities that exceeded the increase in exported quantities.
Zohr gas Field is Egypt’s main contributor to gas supply and is the biggest gas field in the Mediterranean, with an estimated production of 30 trillion cubic feet.
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