Dailynewsegypt

Tag: petroleum

  • PM Madbouly directs maximizing benefits from petroleum resources to boost national economy

    PM Madbouly directs maximizing benefits from petroleum resources to boost national economy

    Prime Minister Mostafa Madbouly held a meeting on Sunday to review key joint initiatives between the Ministry of Finance and the Ministry of Petroleum and Mineral Resources.

    According to Cabinet spokesperson Mohamed El-Homsany, the meeting focused on several crucial issues, including ongoing efforts to meet local demand for petroleum products through exploration and production activities. The discussions also centered on maximizing the benefits of petroleum resources to generate added value for the national economy, with an emphasis on policies to advance the mining sector and enhance its economic contribution.

    The meeting also addressed the renewable energy sector, which plays a pivotal role in the state’s sustainable and comprehensive development plan. The talks included coordination between relevant entities to ensure an optimal energy mix that fosters Egypt’s economic growth, leveraging the country’s strategic position for hydrogen production and energy trade.

    The meeting was attended by Minister of Finance Ahmed Kouchouk, Minister of Petroleum and Mineral Resources Karim Badawy, Deputy Minister of Finance for Financial Policies Yasser Sobhy, Assistant Minister of Finance Sherine El-Sharkawy, Deputy CEO of the Egyptian General Petroleum Corporation for Financial and Economic Affairs Amal Tantawy, Head of Infrastructure Budgets at the Ministry of Finance Ahmed Samir, and Head of Finance at the Ministry of Finance Magdy Mahfouz.

    Additionally, El-Homsany noted that the meeting’s agenda covered strategies to strengthen regional cooperation aimed at attracting investments to Egypt and the broader region. Efforts to create an investor-friendly environment while maintaining energy efficiency and reducing emissions were also discussed.

    Finally, the meeting reviewed the production rates of natural gas and crude oil, along with exploration and production plans in the Mediterranean Sea, underscoring the importance of these resources in driving Egypt’s energy and economic security.

     

  • Egyptian Petroleum Minister attends Berlin Energy Transition Dialogue

    Egyptian Petroleum Minister attends Berlin Energy Transition Dialogue

    Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, participated in the eleventh Berlin Energy Transition Dialogue on March 18 and 19, the Ministry of Petroleum and Mineral Resources said in a statement.

    Badawy attended the Dialogue at the invitation of the German Foreign Minister and the German Minister for Economic Affairs and Climate Action. The forum focuses on discussing the evolving energy landscape and the transition to clean and renewable energy sources. This year’s event centres on mobilising investments for energy transition and green growth in emerging and developing countries.

    During the Dialogue, Badawy presented Egypt’s comprehensive energy strategy, emphasising the importance of diversifying energy sources to ensure energy security, sustainability, and economic growth. He also highlighted the role of natural gas as the most suitable transitional fuel, with lower emissions.

    Regarding the expansion of renewable energy, Badawy said that Egypt aims to strengthen its position as a regional energy hub, leveraging its abundant resources of solar, wind, and other clean energy sources.

    He noted the successful completion of an integrated and sustainable energy strategy until 2040, which aims to increase the proportion of renewable energy in the Egyptian energy mix to 42% by 2030. This will be achieved through projects such as solar energy developments and wind power plants in the Gulf of Suez region.

    Badawy added that the Ministry of Petroleum and Mineral Resources is working with the Ministry of Electricity and Renewable Energy to develop an integrated energy efficiency strategy and launch a national programme encompassing various energy efficiency activities.

    He further stated that Egypt aims to become a regional centre for hydrogen trade and circulation, underpinned by an ambitious national strategy to attract investment and develop pioneering projects in hydrogen generation and production. This strategy has been followed by the approval of a new law offering tax and export incentives to attract investors in this sector.

    Badawy also stressed the importance of regional and international cooperation in expanding clean energy projects and building sustainable partnerships for a more prosperous energy future.

    The Berlin Energy Transition Dialogue, first launched in 2015, is an annual conference on energy transition. It is organised by the German Federal Foreign Office in cooperation with the German Renewable Energy Federation (BEE), the German Solar Association (BSW), and the German Energy Agency (dena). The Dialogue is attended by government representatives, global business leaders, scientists, and leaders of international organisations and non-governmental organisations.

     

  • Egypt’s Petroleum Minister explores stronger energy ties with UK’s Harbour Energy

    Egypt’s Petroleum Minister explores stronger energy ties with UK’s Harbour Energy

    On the sidelines of the CERAWeek Global Energy Conference in Houston, Texas, Minister of Petroleum and Mineral Resources Karim Badawi met with Harbour Energy CEO Linda Cook to discuss enhanced cooperation in exploration and drilling. The meeting also reviewed plans to boost natural gas production from the company’s concession areas in Egypt.

    Discussions highlighted Harbour Energy’s recent drilling successes in the Mediterranean, north of Alexandria, where it operates alongside BP, the main operator. Both sides stressed the importance of accelerating development operations for new discoveries, ensuring swift integration into existing infrastructure to optimize costs and expedite production. The meeting also reviewed ongoing efforts to expand gas production at the Raven Field, a key joint project with BP.

    Harbour Energy expressed a strong interest in deepening its investments in Egypt, aligning with the Ministry of Petroleum and Mineral Resources’ broader strategy to attract global energy partners. Minister Badawi reaffirmed the government’s commitment to fostering a supportive investment environment, streamlining procedures, and maximizing the country’s hydrocarbon potential through balanced, mutually beneficial partnerships. He also expressed his hope for Harbour Energy to expand its exploration and field development efforts in Egypt.

     

  • Egypt’s Petroleum Minister participates in global energy conference CERAWEEK in Houston

    Egypt’s Petroleum Minister participates in global energy conference CERAWEEK in Houston

    Karim Badawi, Egypt’s Minister of Petroleum and Mineral Resources, took part in the CERAWEEK global energy conference, held from 10 to 14 March, in Houston, Texas.

    Themed “Moving Forward: Energy Strategies in a Complex World,” this year’s event focuses on the challenges of ensuring energy security and supply, advancing the energy transition, and assessing the impact of global political trends and technological advancements on the sector.

    Badawi’s participation reflects Egypt’s ongoing efforts to strengthen strategic energy relations with the United States, enhance regional cooperation, and attract international investments across the entire oil and gas value chain.

    As a keynote speaker on the first day, Badawi joined a high-profile panel discussion titled “Energy Security Challenges: Today and Tomorrow.” He spoke alongside Dan Jorgensen, European Commissioner for Energy and Housing; Fatih Birol, Executive Director of the International Energy Agency; and Leila Benali, Morocco’s Minister of Energy Transition and Sustainable Development. The session, moderated by Carlos Pascual, Senior Vice President of S&P Global, explored strategies for addressing global energy security concerns.

    During his address, Badawi emphasized Egypt’s role as a regional energy hub, connecting the Middle East, Africa, and Europe. He outlined Egypt’s priorities in boosting oil and gas production, securing energy supplies, and accelerating exploration and development efforts through partnerships with international companies. He also highlighted the country’s recent economic reforms and new incentive packages aimed at creating a more attractive investment climate in the energy sector.

    Badawi discussed Egypt’s Integrated and Sustainable Energy Strategy, which focuses on achieving an optimal energy mix by expanding renewables while maintaining oil and gas as core energy sources for decades to come. He stressed the significance of regional cooperation and infrastructure sharing, ensuring energy security and competitive pricing.

    He also highlighted Egypt’s landmark energy agreement with Cyprus and the operators of the Aphrodite and Kronos fields, which allows for the development of Cypriot gas reserves using Egypt’s existing gas pipeline infrastructure and LNG export facilities. This agreement is expected to unlock new energy opportunities while serving the mutual interests of all parties. Additionally, he provided updates on electricity interconnection projects with Saudi Arabia and Greece and joint efforts to transport natural gas to European markets.

    Beyond oil and gas, Badawi highlighted Egypt’s mining sector reforms, which aim to increase its GDP contribution from 1% to 5-6% by capitalizing on the country’s vast mineral resources. He noted that modernization efforts in the sector are already yielding positive results, paving the way for further growth.

    The minister also underscored Egypt’s commitment to the energy transition, detailing various initiatives to reduce carbon emissions and expand clean energy projects. He emphasized the country’s focus on low-carbon hydrogen development, energy efficiency measures, and alternative energy solutions, reinforcing Egypt’s long-term sustainability goals.

    Badawi’s participation at CERAWEEK underscores Egypt’s growing influence in the global energy landscape, as the country continues to strengthen its regional and international partnerships while advancing its energy security and sustainability objectives.

     

  • Egypt unveils new oil, gas investment opportunities to boost production

    Egypt unveils new oil, gas investment opportunities to boost production

    Egypt’s Ministry of Petroleum and Mineral Resources has announced fresh investment opportunities aimed at enhancing exploration, production, and sustainability in the oil and gas sector. The ministry is offering access to seven undeveloped fields in the Mediterranean and six exploration areas in the Gulf of Suez and the Western Desert, reinforcing its commitment to increasing crude oil and gas output. These opportunities will be available through the Egypt Upstream Gateway (EUG), with the bidding process open for two months, closing on 4 May 2025.

    The new announcement follows the recent closure of bidding for 13 exploration areas and mature fields, which received multiple investment offers. These offers, currently under evaluation, are expected to bring in over $700m in investments, a figure that could double if commercial discoveries are made.

    To accelerate gas production in the Mediterranean, the ministry has grouped the seven undeveloped fields into two clusters. The first group includes the Aten, Merit, and Rahmat fields, while the second group comprises the Notus, Salamat, Satis, and Salmon fields. These fields offer significant investment potential, supporting Egypt’s efforts to meet rising energy demands. For the first time, the ministry is utilizing a cluster-based approach via the Egypt Upstream Gateway’s open investment map. This strategy aims to maximize investment returns, reduce production costs, and streamline development and production processes.

    Beyond the Mediterranean, six new exploration areas are being launched in the Western Desert and the Gulf of Suez. In the Western Desert, the available areas include North East Bir El-Nos, South Fayoum, and Wadi Sannur, while the Gulf of Suez offerings include East Geisum, East Gebel El-Zeit, and East Shadwan. These locations present promising prospects for oil and gas exploration, further expanding Egypt’s energy sector and driving economic growth.

    EUG serves as a key platform for investors, providing comprehensive geological and geophysical data, advanced analytical tools, and transparent access to investment opportunities. By leveraging this digital platform, the ministry aims to foster a competitive and investor-friendly environment, ensuring well-informed decision-making and sustained growth in the country’s oil and gas industry.

     

  • Egypt closes bidding on 13 oil, gas exploration areas, attracting $700m in investments

    Egypt closes bidding on 13 oil, gas exploration areas, attracting $700m in investments

    As part of its ongoing efforts to attract and expand investments in exploration, production, and development, the Ministry of Petroleum and Mineral Resources closed bidding for 13 exploration and production areas, with offers totaling more than $700m in expected investments. This amount could potentially double if new discoveries are made and developed.

    The bidding process focused on two key areas. The first involved four blocks in the Mediterranean, offered as part of the global bid round launched by the Egyptian Natural Gas Holding Company (EGAS) in August 2024. These blocks present significant opportunities for expanding natural gas exploration and production. The number of exploration areas in the Mediterranean will increase by 23% with the addition of these new blocks, marking a notable development as Egyptian company Cheiron enters Mediterranean exploration for the first time.

    The second area of focus included nine blocks onshore, comprising four located within mature fields operated by the Egyptian General Petroleum Corporation (EGPC) and the General Petroleum Company. These fields are targeted for redevelopment to enhance productivity and maximize resource utilization. Additionally, five exploration areas under EGPC and South Valley Egyptian Petroleum Holding Company (GANOPE) hold strong geological potential, supporting the expansion of exploration activities.

    Currently, 17 exploration blocks in the Mediterranean are operated by major international energy companies. Eni holds seven blocks, while ExxonMobil and Shell each operate three. Chevron and BP each control two, in collaboration with global partners such as Qatar Energy, Mubadala, ADNOC, Woodside, Energean, Harbour, and KUFPEC. The latest bidding round attracted considerable interest from both international and local investors, with new Egyptian entrants such as Nile Energy, Ezz Dekheila, and Fleet Oil & Gas, demonstrating growing confidence in Egypt’s petroleum sector.

    Exploration activity is expected to surge in the coming months with the injection of new investments, and in the event of commercial discoveries, total investments could double. The Ministry of Petroleum has committed to expediting the evaluation process, with EGAS and EGPC set to announce bid results within two months, while the General Petroleum Company will disclose its results within one month. This streamlined process ensures a continuous flow of investment and further strengthens Egypt’s energy sector.

    Looking ahead, the ministry is preparing to launch new investment opportunities, including additional exploration areas and mature fields, through the open acreage system. This approach provides companies with a flexible mechanism to participate in exploration and production activities, reinforcing Egypt’s position as a key player in the global energy market.

     

  • Egypt’s Petroleum Minister announces Zohr field development resumption

    Egypt’s Petroleum Minister announces Zohr field development resumption

    Karim Badr, Egypt’s Minister of Petroleum and Mineral Resources, has announced the resumption of development activities at the Zohr gas field following the arrival of the Saipem 10000 drillship in Egyptian waters at the end of January. After completing essential preparations, drilling of the first well in the new phase of the field’s development project began in mid-February, in collaboration with Eni, Arcius, and Mubadala Rosneft. The initiative aims to enhance natural gas production rates and counteract the natural decline in well output.

    The announcement was made during the general assembly meeting of Petro Shorouk and Petrobel, where the planning budget for the fiscal year 2025/2026 was approved. Minister Badr expressed satisfaction with the continued developmental drilling activities at Zohr field, emphasizing the strong teamwork involved in restoring and increasing production levels. He underscored the project’s significance for Egypt and its partners, highlighting the need for a structured action plan to optimize production and address natural declines in well productivity.

    Francesco Gaspardi, Director of Eni in Egypt, affirmed the company’s commitment to supporting medium- and short-term efforts, identifying high-potential opportunities, and implementing plans to mitigate natural well declines. He expressed optimism regarding the success of upcoming drilling operations.

    Salma Al-Hajri, Regional Vice President of UAE-based Mubadala Energy, extended her congratulations on the success of the EGYPS 2025 conference, a key event uniting industry stakeholders. She expressed enthusiasm about the resumption of drilling at Zohr field and optimism for positive outcomes benefiting all involved parties.

    Nasser Saif Al-Yafie, CEO of Arcius Energy, highlighted the critical importance of resuming drilling activities and intensifying operations due to their strategic significance for both Egypt and its partners. He noted the positive indicators for successful drilling and production maintenance and outlined future plans for increasing output. He also commended Petrobel for its operational efficiency and safety measures.

    Alexander Kozyrev, Head of Exploration and Production at Russian Rosneft, praised the collaborative efforts of all partners in restarting drilling operations at Zohr field and expressed anticipation for increased production in the near future.

    Khaled Mowafy, Chairperson of Petrobel, detailed the drilling progress, explaining that following the Saipem 10000 drillship’s arrival in late January and completion of preparatory work, the ship moved to Zohr field on February 15. The drilling phase involves redirecting three wells—Zohr 13, Zohr 6, and Zohr 9—using coiled tubing technology in deep waters for the first time worldwide. Mowafy also highlighted the achievement of five and a half million safe working hours.

    During the Petrobel assembly, Minister Badr stressed the urgency of accelerating the development of discovered resources and integrating them into Egypt’s production strategy. He emphasized the necessity of deploying additional drilling rigs to intensify operations and leveraging artificial intelligence to identify reservoirs before initiating drilling.

    Badr reaffirmed Eni’s role as a strategic partner in Egypt’s petroleum sector, highlighting its track record of successful collaborations. He noted that Eni CEO Claudio Descalzi’s participation in the EGYPS 2025 conference, along with his meeting with President Abdel Fattah Al-Sisi, underscored the strength of the partnership and signaled new investment and growth opportunities in Egypt’s energy sector.

    Francesco Gaspardi emphasized the promising potential within Petrobel’s concession areas, particularly in Abu Madi. He outlined Eni’s intensified activities aimed at stabilizing and increasing production through the operation of six drilling rigs and an expansion of onshore drilling operations. He also stressed the importance of advanced reservoir studies in achieving targeted production goals and ensuring sustainable output.

    Wael Shaheen, Regional Vice President of BP in Egypt, lauded Petrobel’s commitment to safety, energy efficiency, and emissions reduction, as well as the company’s ongoing efforts to lower production costs.

    Khaled Mowafy disclosed that $320 million has been allocated for operational activities, including $122m dedicated to well maintenance to sustain production levels. A portion of the budget will also support the necessary upkeep of production platforms across all company sites.

    Looking ahead, Petrobel aims to achieve a daily production rate of 144,000 barrels of oil equivalent and 434 million cubic feet of gas in the 2025/2026 fiscal year. This ambitious target requires collective efforts and an intensified focus on expanding operational activities. The company also plans to produce 58,000 barrels of crude oil, 4,730 barrels per day of condensates, and 130 tonnes per day of LPG while striving to maintain cost efficiency at optimal levels.

     

  • Spain’s Técnicas Reunidas explores investment in Egypt’s petroleum sector

    Spain’s Técnicas Reunidas explores investment in Egypt’s petroleum sector

    Egypt’s Minister of Investment and Foreign Trade Hassan El-Khatib met with a delegation from Técnicas Reunidas, a Spanish company specializing in engineering and infrastructure construction for the oil, gas, and petrochemical industries, to discuss potential investments in Egypt’s energy sector. The meeting, held during El-Khatib’s visit to Spain, focused on the company’s activities, proposed projects, and expansion plans in the Egyptian market.

    El-Khatib emphasized Egypt’s abundant resources and investment opportunities in the energy sector, reaffirming the ministry’s commitment to facilitating the company’s entry and expansion in the country. He noted that Técnicas Reunidas is particularly interested in investing in the manufacturing of boilers for the petroleum sector and has requested the allocation of a berth at one of Egypt’s ports under the free zone system for the assembly of stations used in the petroleum, petrochemical, electricity, and energy industries.

    The discussions also covered the company’s investment plans in green energy, hydrogen, and green ammonia. The Técnicas Reunidas delegation highlighted the company’s expertise in designing and constructing power plants, petrochemical facilities, and natural gas processing plants. They also underscored their focus on advancing hydrogen production technologies and biofuels, signalling a strong interest in Egypt’s growing clean energy sector.

    With Egypt positioning itself as a key hub for energy and industrial development, the collaboration with Técnicas Reunidas could pave the way for significant advancements in both traditional and renewable energy industries.

     

  • Egypt prioritises summer energy needs, efficiency improvements

    Egypt prioritises summer energy needs, efficiency improvements

    Egyptian Prime Minister Mostafa Madbouly is overseeing efforts to secure the country’s energy needs for the upcoming summer and improve the efficiency of electricity consumption.

    During a meeting held Monday, Madbouly reviewed progress with Minister of Electricity and Renewable Energy Mahmoud Essmat, Minister of Petroleum and Mineral Resources Karim Badawi, and Sherine El-Sharkawy, First Assistant Minister of Finance for Economic Affairs.

    Madbouly emphasised the government’s commitment to monitoring projects implemented by the Ministry of Electricity and Renewable Energy to integrate more renewable energy projects into the national electricity grid.

    This is aimed at meeting Egypt’s energy requirements. He also stressed the importance of monitoring progress on the electricity interconnection project currently underway with Saudi Arabia, as part of strengthening cooperation between the two countries in all fields, particularly the energy sector.

    Madbouly explained that the government’s efforts are aimed at ensuring readiness to meet any additional burdens expected on the national electricity grid during the coming summer months.

    Essmat presented the ministry’s efforts to monitor the phases of the electricity interconnection project with Saudi Arabia. He also outlined the coordination with the Ministry of Petroleum and Mineral Resources to secure the necessary fuel for power plants while expanding the use of clean energy.

    Furthermore, Essmat presented opportunities to improve electrical energy efficiency, including effective solutions to rationalise electricity consumption and reduce pressure on the national grid.

    This also included potential incentives to support investment and encourage the private sector to expand into clean energy projects, along with the necessary legislation to ensure resource sustainability and enhance energy efficiency. These measures align with Egypt’s international commitments to environmental protection and emissions reduction.

    Badawi discussed the ministry’s efforts to increase natural gas production to meet the fuel needs of power plants. He also detailed steps to provide liquefied natural gas (LNG) to meet Egypt’s natural gas requirements for various uses during the coming summer. Badawi affirmed effective coordination with the Ministry of Electricity to maximise the efficiency of power plants.

  • Egypt’s Petroleum Minister, Saudi Al-Qahtani discuss boosting cooperation in mining sector

    Egypt’s Petroleum Minister, Saudi Al-Qahtani discuss boosting cooperation in mining sector

    Karim Badawi, Egypt’s Minister of Petroleum and Mineral Resources, met with Tariq Al-Qahtani, Chairperson of Abdul Hadi Al-Qahtani Group, on the sidelines of the Iktifaa’ Conference and Exhibition in Saudi Arabia. The meeting, attended by Moataz Atef, Undersecretary of the Ministry for the Affairs of the Minister’s Office, and the Ministry’s official spokesperson, was part of ongoing discussions aimed at enhancing cooperation between the two parties.

    The two sides underscored the importance of strengthening collaboration in the rapidly growing mining sector in Egypt. They also explored opportunities to deepen partnerships with Egyptian companies in the energy sector, focusing on boosting investment and expanding market access across Africa.

    Egypt’s Petroleum Minister, Saudi Al-Qahtani discuss boosting cooperation in mining sector

    Following the discussions, two framework agreements were signed to formalize the cooperation between Al-Qahtani Group and key Egyptian energy and petroleum companies: Tanmia Petroleum Company, Engineering Company for Petroleum and Petrochemical Industries (Enppi), and Petroleum Projects and Technical Consultations Company (Petrojet).

    The first agreement was signed by Mustafa Amin Amer, Chairman of Tanmia Petroleum Company, while the second was signed by Walid Lotfy, Chairman of Petrojet, and Wael Lotfy, Chairman of Enppi. Abdul Hadi Tariq Al-Qahtani, Chairman of PWS, signed both agreements on behalf of his company. The agreements aim to establish strategic alliances and foster commercial cooperation across the Middle East and Africa. They will focus on developing engineering, procurement, and construction projects in oil, gas, petrochemicals, infrastructure, and other industries.