Egypt replaces heads of EGPC, EGAS state oil and gas companies
Egyptian Oil Minister Tarek el-Molla has replaced the heads of state oil company EGPC and state gas company EGAS, the Ministry of Petroleum said in a statement on Tuesday. Abed Ezz el-Regal will replace Tarek al-Hadidi, appointed in April 2016, as head of EGPC while Osama Al Bakly will take over from Mohamed al-Masry as […]
Eni Exploration Chief: There could be another "Zohr-like" discovery in region
The discovery of a huge natural gas deposit in Egyptian waters has boosted hopes of other such finds in the eastern Mediterranean that could help meet Europe’s energy needs, a senior official with Italian oil and gas company Eni said Tuesday. Eni SpA Chief Exploration Officer Luca Bertelli said his company’s “milestone” discovery of Zohr, […]
PAS to invest $80 million in 2017 on fleet modernization
Company revenues amounted to $170m in 2016, profits to $42m. Petroleum Air Services (PAS) intends to invest $80m throughout 2017 to replace old aircrafts and modernise its fleet. Vice president of the company, Hany Abdoun, said that PAS is building the basic infrastructure for a new operations headquarters in El Gameel airport in Port Said, […]
El Molla meets BP’s CEO for Exploration & Production
Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources received Mr. Bernard Looney, BP’s Chief Executive Officer for Upstream during his visit to Egypt, in the presence of Eng. Hesham Mekawi, BP’s Regional President, North Africa. The Minister pointed out that they discussed status of the company’s current upstream projects as well as development […]
Dana Gas provides market update on its Egyptian drilling program
Dana Gas, the Middle East’s leading regional private sector natural gas company, provides a market update on its BP-operated Mocha-1 well, drilled in the El Matariya (Block 3) onshore concession in Egypt. The Mocha-1 exploration well on Block 3 has been completed. The well reached the top of the targeted Oligocene at a depth of […]
Infographic: Into the Depths – How deep do we need to go for oil? (Fuel Fighter)
Have you ever wondered how far down companies have to drill for oil? It’s quite staggering! Over the years, companies have had to go further and further into the earth in order to find Earth’s remaining oil and today we are deeper than ever. In this piece, we’ll be looking at the Z-44 Chayvo Well, […]
Africa Finance Corporation invests $25 million in Egypt's Carbon Holdings
Africa Finance Corporation (AFC), a leading pan-African multilateral development finance institution and project developer, has announced it is to invest US$25 million in Egyptian petrochemicals company Carbon Holdings Ltd. Carbon Holdings primarily operates in the Suez Special Economic Zone. As well as exporting raw materials and end products, the company aims to develop an integrated […]
Siemens Megaproject: “First Fire” in Egypt – An achievement driven by cooperation and people
The Egypt Megaproject has reached a major milestone on time, even achieving a surplus of 10 percent (or 400 megawatts) over the promised generation capacity to be available within 18 months of the signing of the contract: The first twelve SGT5-8000H gas turbines located at the combined cycle power plants in Beni Suef, Burullus and New […]
Rosneft buys Egyptian Ras Gharib crude for first time in tender
The trading arm of Russia’s state oil firm Rosneft bought three cargoes of Egypt’s heavy sour Ras Gharib grade, the first time the company has bought Egyptian crude, trading sources familiar with the matter said. Geneva-based Rosneft Trading won the cargoes loading in April, May and June via a sell tender by Egypt’s state owned […]