oil

Petroleum ministry announces establishment of new oil area in Tibbin

Sun, 12 Jun 2022 - 03:29 GMT

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.

Egyptian oil companies to carry out new projects in Equatorial Guinea

Wed, 08 Jun 2022 - 03:32 GMT

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.

EU supports Egypt to become major hub of energy in Mediterranean, Middle East

Tue, 17 May 2022 - 02:05 GMT

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.

US calls for "immediate" end to Libya oil shutdowns

Sat, 30 Apr 2022 - 03:35 GMT

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.

Russian gov't obliges oil companies to sell more fuel at exchange auctions

Sat, 23 Apr 2022 - 12:18 GMT

"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.

Eni announces new discoveries in Egypt's Western Desert

Thu, 14 Apr 2022 - 12:16 GMT

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.

1 week after truce declaration: Yemeni president steps down, passes on duties to presidential council

Thu, 07 Apr 2022 - 11:19 GMT

The move follows an agreement among warring parties in Yemen to hold a two-month truce.

Will Libya meet Europe's gas needs instead of Russia?

Wed, 06 Apr 2022 - 02:03 GMT

Libya has the ninth largest known oil reserves in the world and the biggest oil reserves in Africa.

Egyptian president meets with Eni CEO to discuss joint projects

Thu, 31 Mar 2022 - 02:36 GMT

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.

Egypt imports 100M barrels of oil annually: PM

Thu, 24 Mar 2022 - 03:34 GMT

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.

Egypt's demarcation of border with Saudi Arabia attracted 3 companies to explore in Red Sea: Min.

Sun, 20 Mar 2022 - 03:24 GMT

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.

Cairo, Siemens probe investment opportunities in Egypt's oil, gas industry

Thu, 17 Mar 2022 - 02:55 GMT

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.

Egyptian billionaire Naguib Sawiris proposes 3 solutions to confront rise in oil, wheat prices

Mon, 07 Mar 2022 - 03:28 GMT

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.

Brent crude crosses $100/barrel 6 days after Russia attacked Ukraine

Tue, 01 Mar 2022 - 03:05 GMT

The Russian forces have continued their military operation on Ukrainian land since last Thursday, for the sixth consecutive day.

UAE Dragon Oil announces its 1st oil discovery in Egypt's Gulf of Suez

Wed, 16 Feb 2022 - 01:53 GMT

The new oil field is the first discovery by Dragon Oil since it became an active player in the petroleum sector in Egypt.

BAPETCO says it is pumping $28M worth of investment to up production 120% in 2022-2023

Mon, 07 Feb 2022 - 04:34 GMT

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.

BAPETCO says it is pumping $28M worth of investment to up production 120% in 2022-2023

Mon, 07 Feb 2022 - 04:34 GMT

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.

Fitch Solutions: Egypt's petrochemicals projects enhance Egypt's position as regional hub for oil, gas

Sun, 06 Feb 2022 - 01:49 GMT

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.

Deficit of $101M in Egypt's petroleum trade balance during 3 months

Thu, 03 Feb 2022 - 11:43 GMT

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.

Petroleum Ministry: Two new wells of Zohr gas field to start production within few months

Wed, 02 Feb 2022 - 12:02 GMT

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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