Latest news with #EGPC
Zawya
a day ago
- Business
- Zawya
Egypt: Badawi reviews Agiba Petroleum's production performance, plans
Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi has reviewed Agiba Petroleum Company's plans and latest developments in oil and gas exploration and production, according to a statement. Badawi met with the company's leadership and officials from IEOC Production, a subsidiary of Italy's Eni in Egypt. Salah Abdel Karim, CEO of the Egyptian General Petroleum Corporation (EGPC), and Moataz Atef, the ministry's official spokesperson, attended the meeting. This falls within the ministry's first strategic pillar to expand local production and lower import costs, in addition to securing petroleum products for citizens at the lowest possible cost. On his part, Abdel Karim stated that EGPC plans to cooperate with its partners to boost Agiba's production capabilities. This will be achieved by increasing the number of drilling rigs, reducing the cost per barrel, and exploiting the available production facilities of sister companies in the Western Desert region. Meanwhile, Tharwat El-Gendy, Chairman of Agiba Petroleum, outlined the company's performance results for the period from July 2024 to June 2025. El-Gendy revealed that the company's daily production hit its highest levels last May, recording 44,196 barrels of oil equivalent per day. Agiba plans to maintain an average daily production of 30,000 barrels of oil equivalent during the fiscal year (FY) 2025/2026, added El-Gendy. The chairman also noted that the company implemented several key projects, including the establishment of a water treatment plant with a daily capacity of 45,000 barrels. The company also developed a fire-fighting system and a lightning protection system while renovating gas meters at the Meleiha plant. Further expansion projects are underway, including the establishment of a new gas processing plant with a capacity of 100 million cubic feet per day and a crude oil pipeline to Hamra Port. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
a day ago
- Business
- Zawya
Egypt: Agiba Petroleum unveils Arcadia West discovery in Western Desert
Arab Finance: Agiba Petroleum Company, a joint venture (JV) between the Egyptian General Petroleum Corporation (EGPC) and Italy's Eni, discovered a new field of Arcadia West in the Western Desert, according to a statement. The new field was immediately placed into the company's production map. This aligns with the ministry's first strategic pillar, which aims to increase oil and gas production and reduce import costs. Drilling operations in the Arcadia-28 well led to the discovery of a high-quality reservoir, yielding an initial production rate of 2,500 barrels of oil equivalent per day. The Arcadia West discovery marks a milestone for the company's ambitious strategy to expand exploration near existing production areas. It doubles the chances of replicating this successful model. The discovery follows the company's discovery of the Iris field last March, which holds a production capacity of 7,500 barrels of oil equivalent per day. Supported by a 3D seismic survey, this discovery reflects the successful integration of the latest geoscience technologies with operational expertise. Earlier on June 30th, Minister of Petroleum and Mineral Resources Karim Badawi reviewed Agiba Petroleum's plans and latest developments in oil and gas exploration and production.
Zawya
3 days ago
- Business
- Zawya
Egyptian Tax Authority applies amendments to VAT
Arab Finance: The Egyptian Tax Authority (ETA) applied amendments to the value-added tax (VAT) to expand the tax base, which will reinforce the funding of human development programs, according to a statement. The authority indicated that these amendments will not affect the exemptions granted for food commodities, health, and education services, and will not change the general tax rate. Contracting activities will be subject to the general tax rate, instead of a 5% schedule tax, while allowing the deduction of taxes paid on production inputs. This could contribute to lowering contracting costs and encouraging compliance with the tax system. Shops and administrative units in non-commercial locations will continue to be exempt from the tax, while their counterparts in malls and commercial centers will be subject to a 1% tax on the sales or rental value, to achieve equal tax treatment. The amendments also included imposing a 10% schedule tax on crude oil, without affecting the prices of local petroleum products, given that the Egyptian General Petroleum Corporation (EGPC) is the sole purchaser and will absorb the increase within its costs. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
3 days ago
- Business
- Zawya
Egypt: Badawi inspects SCADA system for butane gas monitoring at Petrogas
Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi has inspected the butane gas circulation monitoring project, which uses the supervisory control and data acquisition (SCADA) system, at Petroleum Gas Company (Petrogas), according to a statement. The inspection tour comes after the system's full rollout across all company sites nationwide. During his visit, Badawi stressed the importance of implementing the SCADA system for butane gas, depicting it as a strategic and vital commodity that citizens use in their daily lives. The minister also highlighted the need to coordinate with relevant authorities to ensure that butane cylinders reach citizens at approved standard weights. Both the Ministry of Petroleum and the Egyptian General Petroleum Corporation (EGPC) stand ready to provide all necessary support to advance the sustainable development of the butane circulation and distribution network, ensuring safe and reliable delivery to citizens. Mohamed Ibrahim Farhat, Chairman of Petrogas, noted that the SCADA project enables real-time tracking of butane stock levels across all company locations nationwide, linking them directly to the petroleum products transportation and circulation monitoring center at EGPC. The SCADA system deploys the latest digital transformation technologies to monitor distributed quantities and streamline workflows across the sector, added Farhat. He also outlined the company's digital transformation roadmap for butane systems extending through 2028. The roadmap includes major projects, such as the tank gauging system for measuring butane stock in storage tanks, a fleet monitoring and management system for tanker trucks, and a data management system for butane cylinder filling equipment.. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
CairoScene
20-06-2025
- Business
- CairoScene
EGPC & Petrobel Begin Production at Zohr 6 Gas Field
The Egyptian General Petroleum Corporation and Petrobel have started production at the Zohr 6 field, targeting 40–50 million cubic feet of gas per day to help stabilise Egypt's energy supply. Jun 20, 2025 The Egyptian General Petroleum Corporation (EGPC) and Petrobel have begun natural gas production from the Zohr 6 field in the Mediterranean Sea, with initial output estimated between 40 and 50 million cubic feet per day starting in June. The new production comes as part of a broader strategy to increase domestic gas supply and reduce reliance on imports, particularly for electricity generation and industrial Zohr 6 field was prepared for operation following the arrival of a drilling vessel in January and the completion of key water leakage mitigation procedures, including chemical injection and well isolation measures designed to ensure production remains central to Egypt's long-term energy strategy. Since the start of its development with Italian energy giant Eni, the field has attracted total investments of approximately USD 39 billion, with USD 13.5 billion specifically allocated to field development. Current production from the Zohr field ranges between 1.1 and 1.2 billion cubic feet per day, accounting for around 30% of Egypt's total natural gas launch of Zohr 6 aligns with ongoing offshore exploration and drilling activity in the Mediterranean. Between July 2024 and May 2025, eight new wells were drilled and another eight evaluated across various offshore blocks. Five new gas discoveries were made during the current fiscal year, which are expected to feed into Egypt's medium-term energy declining output from mature fields has prompted Egypt to import around 1.6 billion cubic feet of gas per day through LNG shipments and regional pipelines, currently meeting 25 to 30% of the country's overall gas demand. The new output from Zohr 6 is part of efforts to reduce that reliance and stabilise domestic energy availability.
