Business - Energy

Apache to invest $3.5 bln for exploration works in Egypt's Western Desert: Petroleum Ministry

Petroleum Minister Tarek El Molla and Chief Executive Officer (CEO) of the Egyptian General Petroleum Corporation (EGPC) Abed Ezz El Regal and Vice President of US Apache Corporation David Chi signed an agreement whereby the US company will invest dlrs 3.5 billion on exploration, development and production of gas and oil from concession areas in Egypt's Western Desert.

In Photos: Egypt aims to join ranks of developed states in electric power and renewable energy production: Sisi

President Abdel Fattah El-Sisi said on Monday that Egypt aims to join the ranks of developed states in the production of electric power and renewable energy as well as electricity linkage projects with neighboring countries.

Egypt, Italy's Eni sign $1 billion agreement for oil exploration in Gulf of Suez and Nile Delta

The Egyptian General Petroleum Corporation (EGPC) has signed an agreement with the Italian giant energy group Eni for oil exploration and exploitation in the Gulf of Suez and Nile Delta regions worth $1 billion, Egypt's Ministry of Petroleum and Mineral Resources announced on Friday.

Oil prices sink 5% on Omicron demand fears

World oil prices fell by more than five percent on Monday, as energy demand fears grew over the fast-spreading Omicron coronavirus variant. In morning deals, Brent North Sea crude tumbled 5.1 percent to $69.79 per barrel and New York's West Texas Intermediate oil lost 5.7 percent to $66.84.

Egypt is key LNG supplier to Turkey in 2021: S&P

Egypt is a key supplier of liquefied natural gas (LNG) to the Turkish market, with seven cargoes shipped in the fourth quarter of 2021, Standard and Poor’s (S&P) Global said.

ExxonMobil, Qatar sign Cyprus gas deal despite Turkey opposition

US giant ExxonMobil and Qatar Energy signed a contract Friday for oil and gas exploration and production-sharing off the divided island of Cyprus despite Turkey's opposition to the deal. Cypriot Energy Minister Natasa Pilides, Varnavas Theodosiou, CEO of ExxonMobil Cyprus, and Ali al-Mana, director of Qatar Energy's International Upstream and Exploration, signed the contract in Nicosia.

Al-Ahram to launch 5th edition of annual energy conference on 20 December

Al-Ahram Foundation is scheduled to launch the 5th edition of its annual energy conference on 20 December under the patronage of Prime Minister Mostafa Madbouly.

Egypt raises prices of butane gas cylinders for first time in 2 years

Egypt has raised prices of butane gas cylinders for the first time in two years by around 7.7 percent for commercial and domestic uses starting Saturday.

OPEC+ meets Thursday under pressure from Biden and Omicron

OPEC+ oil producers meet Thursday under pressure from US President Joe Biden, who has opened up his country's taps hoping to bring down crude prices, and a new Covid-19 variant that has complicated the equation.

Egypt, Greece sign MOU to foster natural gas cooperation

Minister of Petroleum and Mineral Resources Tarek El-Molla signed on Thursday a memorandum of understanding with Greek Minister for the Environment and Energy Konstantinos Skrekas to foster bilateral cooperation in the natural gas field.

Egypt, Israel sign MOU to increase gas supplies

Egypt and Israel signed on Thursday a Memorandum of Understanding (MoU) to increase natural gas supplies from Israel to Egypt for re-export, Egypt’s Ministry of Petroleum announced in a statement.

World investing $1.5 tln to reach net zero emissions, needs $5 tln to attain it by 2030: GMIS2021

The current total investments to achieve net zero emissions globally amount to $1.5 trillion, while $5 trillion is needed to reach this goal by 2030, according to Katarina Uherova Hasbani, Partner and Global Director of Strategy and Advisory at the British engineering and advisory firm AESG.

US to release 50 million barrels of oil to ease energy costs

The White House on Tuesday said it had ordered 50 million barrels of oil released from the strategic reserve to bring down energy costs, in coordination with other countries including China.

Egypt prioritises projects localising green hydrogen production: PM Madbouly

Egypt prioritises projects localising the producion of green hydrogen, especially after the selection of Sharm El-Sheikh to host the UN Climate Change Conference in 2022 (COP27), Prime Minister Mostafa Madbouy said in a meeting on Thursday.

EBRD considering $100 mln loan to accelerate climate action in Egypt

The European Bank for Reconstruction and Development (EBRD) considers extending $100 million to Egypt’s national bank Banque Misr for the sake of accelerating climate action efforts in the country.

INTERVIEW: Egypt positioned to be major regional energy hub: Eaton managing director

Egypt hosted the 30th edition of Energy Egypt – formerly known as ELECTRIX – which brings together energy producers and suppliers to showcase new technologies, innovative solutions, and potentials in the Egyptian market for energy sector investors.

Egypt considers applying automatic pricing mechanism to natural gas: Petroleum minister

The Egyptian government is currently considering applying an automatic pricing mechanism similar to the one being used for fuel pricing on natural gas in the domestic market, Minister of Petroleum and Mineral Resources Tarek El-Molla announced on Sunday.

Global energy prices to ease by 2022: Moody’s

Global energy prices are expected to soften in 2022 as the current market dislocation issues are predicted to be resolved soon, Moody’s said on Monday.

Eni make three discoveries in Egypt's western desert amounting to 50 mln barrel of oil equivalent

Italian energy group Eni made three oil and gas discoveries in Egypt's western desert with reserves amounting to about 50 million barrels of oil equivalent, Egypt's Petroleum Ministry announced on Tuesday.

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