Latest news with #MinistryofPetroleum
Saba Yemen
4 hours ago
- Business
- Saba Yemen
Egypt Increases Gas Production by 60 Million Cubic Feet Daily After Successful Drilling in Zohr Field
Cairo – Saba: Egypt's Ministry of Petroleum announced on Friday the successful completion of drilling operations at Well 6 in the Zohr field, operated by Italy's Eni, boosting production by 60 million cubic feet of gas per day. The ministry stated in a release: "Continuing the positive results of the first axis of our petroleum and mineral resources strategy aimed at increasing domestic production and meeting national energy needs, following the return of the Saipem 10000 offshore drilling rig to Zohr field in January 2025 to resume development drilling, the rig has now successfully completed sidetrack drilling operations at Zohr 6". The new production adds approximately 60 million cubic feet of natural gas daily to current output levels, significantly supporting the country's gas supply system. The ministry added: "After this successful operation, the drilling rig will proceed to its next scheduled task – commencing operations at Zohr 13, which engineering studies indicate could contribute an additional 55 million cubic feet of gas daily, further strengthening domestic production capabilities Whatsapp Telegram Email Print
Al-Ahram Weekly
9 hours ago
- Business
- Al-Ahram Weekly
Zohr gas field output increases after well redrilling - Energy
Egypt's Zohr gas field has increased its natural gas output by 60 million cubic feet per day following the successful redrilling of the Zohr-6 well, the Ministry of Petroleum and Mineral Resources announced on Friday. The redrilling was carried out using the deepwater drilling rig "Saipem 10000," after it returned to the Zohr gas field in January to resume operations per the approved development plan. Following the completion of Zohr-6, the rig carried out its scheduled tasks. It began drilling at the "Zohr-13" well, which engineering studies estimate will add 55 million cubic feet of gas per day. The drilling operations mark a significant step toward strengthening the natural gas supply system. They will further enhance domestic production levels and confirm earlier predictions by the Ministry of Petroleum. Furthermore, these efforts align with the ministry's strategy to boost domestic production, ensure energy availability, and provide petroleum products to various sectors while meeting citizens' needs. In a statement, the ministry further highlighted its successful partnership with Italian company Eni, operator of the Zohr Field, resulting in the implementation of previously agreed development plans. It highlighted the Egyptian government's full support of its operations to encourage investment in the petroleum sector, maximise domestic output, and ensure energy security and resource sustainability. Follow us on: Facebook Instagram Whatsapp Short link:
Al-Ahram Weekly
a day ago
- Business
- Al-Ahram Weekly
Fertiliser manufacturers stay positive - Economy - Al-Ahram Weekly
Fertiliser companies are considering the use of oxygen in combustion processes to reduce gas consumption, in addition to increasing reliance on carbon dioxide recovery for use in ammonia production, Khaled Abul-Makarem, chairman of the Chemicals and Fertilisers Export Council (CEC), told Al-Ahram Weekly. The move follows the Ministry of Petroleum's announcement that it is activating its emergency supply plan after the suspension of gas imports from the east of the Mediterranean. Natural gas is a raw material in the production of nitrogen fertilisers, accounting for more than 70 per cent of inputs, according to Abul-Makarem. Egypt imports around 800 million to one billion cubic feet of gas daily from Israel's Tamar and Leviathan fields under a 15-year agreement to help cover its gas deficit of 3.5 billion cubic feet. The two Israeli fields suspended production for a few hours after the beginning of the reciprocal attacks between Iran and Israel. Egypt's fertiliser factories are currently operating at partial capacity depending on the amount of gas available to each plant and leading them to schedule production more carefully and minimise waste, Abul-Makarem explained. There is ongoing communication with the Ministry of Petroleum to ensure the delivery of the minimum supply required for production, he added. On Saturday, Prime Minister Mustafa Madbouli said that this year Egypt will host three floating storage regasification units (FSRUs) for liquefied natural gas (LNG). He emphasised that this is not a result of the recent Iranian-Israeli conflict but rather the outcome of efforts that began more than six months ago, according to a cabinet statement. Following last summer's supply crisis, promises were made to develop a comprehensive five-year solution. In June 2024, the country's fertiliser factories faced gas shortages that led companies like Abu Qir Fertilisers to shut down its three plants due to shortages in the natural gas supply. Madbouli confirmed that by July this year Egypt will have three LNG regasification vessels injecting gas into the national grid to meet the country's needs and not only to handle high summer consumption but also to support industrial demand. He added that LNG regasification is a transitional solution. As Egyptian gas production stabilises and increases, the government plans to gradually phase out dependence on regasification vessels, he said. The government had responded to the recent crisis more effectively due to lessons learned over previous months, Abul-Makarem said. Local consumption of fertilisers ranges between five to six million tons annually, he added. Domestic factories meet most of the local demand, especially for nitrogen fertilisers, and there is only minimal reliance on importing certain compound and potash fertilisers that are not produced locally, he added. About 35 per cent of fertiliser production is consumed domestically and the rest is exported, Abul-Makarem said. France, Italy, and Spain are among the main European importers of Egyptian fertilisers. In Africa, the key markets include Kenya, Sudan, and Ethiopia. In Asia, Egypt exports to India, Bangladesh, and Turkey, while Brazil and Mexico are the primary markets in Latin America. If fertiliser prices rise in the local market, this will increase the cost of food production, in addition to directly affecting agricultural and food industries tied to crop production, Abul-Makarem warned. He added that rising prices will also increase the pressure on the government to subsidise fertiliser prices or reallocate export priorities to serve the local market. He said that the current gas crisis has opened the door to a black market for fertilisers, with some traders exploiting the situation by stockpiling them and inflating prices. However, the government is working to counter these illegal practices, he added. He explained that exporters are now negotiating with clients to reschedule delivery dates and reprioritise production for stable, long-term markets, while also negotiating with shipping and insurance companies to reduce the impact of rising costs. He added that if gas supplies return to normal, the factories will work to compensate for the recent shortages by aiming to match or exceed last year's export revenues, which reached about $3 billion. Sherif Al-Gabali, chairman of the Chamber of Chemical Industries at the Federation of Egyptian Industries, told the Weekly that factories will benefit from the current halt by conducting maintenance on their production lines. He explained that the crisis mainly affects nitrogen fertiliser production, which is produced by around six factories. Al-Gabali anticipates that natural gas levels will return to normal next month, which will restore production to its normal levels and positively impact the Egyptian economy. * A version of this article appears in print in the 26 June, 2025 edition of Al-Ahram Weekly Follow us on: Facebook Instagram Whatsapp Short link:
Egypt Today
3 days ago
- Business
- Egypt Today
Egypt Expands Energy Investment Horizons with $245M in New Gas Exploration Deals
CAIRO – 25 June 2025: In a major step to attract foreign investment and strengthen its energy sector, the Egyptian Natural Gas Holding Company (EGAS) has awarded six new exploration blocks to leading international companies, according to the Ministry of Petroleum. The awarded concessions—four offshore in the Mediterranean Sea and two onshore in the Nile Delta and North Sinai—are expected to generate $245 million in new investments and lead to the drilling of at least 13 exploratory wells. The offshore blocks, offered through Egypt's 2024 global bid round on the Egypt Upstream Gateway (EUG), were allocated as follows: North Sidi Barrani Offshore & North West Atoll Offshore: Awarded to a consortium of Chevron Egypt and BG (Shell), with each block slated for two wells. North Ras El-Tin Offshore: Granted to IEOC Production (Eni), which will drill three wells. East Alexandria Offshore: Assigned to Cheiron Egypt, also planning three wells. Onshore, two blocks were awarded: North Tanta (Nile Delta): Awarded to IPR, with two wells planned. Al-Fayrouz (North Sinai): Given to Brenco, which will carry out 3D seismic surveys and drill one well. These developments underscore Egypt's continued push to diversify its energy sources and enhance exploration activity. Additional offshore exploration opportunities in the Mediterranean are still open for bidding through the EUG, with submissions closing on July 2, 2025. Results will be announced following bid evaluation. In parallel, Egypt's natural gas supply chain is facing short-term disruptions. A government official confirmed to Al Arabiya that the resumption of gas supplies to factories has been delayed by another week, due to halted imports from Israel. Current Israeli gas flows to Egypt have dropped to 40–50 million cubic feet per day, significantly below the 650 million initially expected earlier in the week.
India.com
3 days ago
- Business
- India.com
Not Saudi Arabia, US, India imports most oil from THIS country, offered most help during the Iran-Israel Conflict, the name is…
Fuel at petrol pump New Delhi: The Narendra Modi government used to import barely 0.50 percent of its oil from Russia before February 2022. However, the quantity rose significantly in 2025 to 30–35 percent. According to the officials from the Ministry of Petroleum, Russia has now established itself as one of India's key oil suppliers. According to the reports, the current situation is likely to persist in the coming days as well. Over the past three years—whether during the Syria conflict, the Gaza conflict, or the ongoing Iran-Israel tensions—India has not faced any difficulty in sourcing oil from Russia. In view of the rising global uncertainties, the Indian government will continue to pursue the policy of maximizing oil purchases from Russia. Both public and private oil companies in India are actively engaging with Russian suppliers to increase oil procurement. Government Oil Companies Preparing Reports According to the reports, a team comprising officials from the Prime Minister's Office, the Ministry of Finance, the Ministry of Commerce, and the Ministry of Petroleum is assessing the current status of petroleum products in the country, the state of oil imports, and the availability of domestic reserves. It is important to note that the crude oil situation in the global market is being reviewed at a high level within the government. The government oil companies are also reportedly preparing daily reports. There are indications that, given the ongoing volatility in international crude oil prices, India is in talks to purchase more oil from Latin American and African countries. Buying More Oil from Other Countries The Hardeep Singh Puri-led Petroleum Ministry has stated that India aims to not only purchase crude oil on a large scale from countries like Russia and the United States but also increase imports from nations such as Nigeria, Mexico, Angola, and Guyana. Given the situation in the Middle East, supplies from Iraq, Saudi Arabia, and the UAE may be affected to some extent. India, currently, sources roughly 35% of its crude oil from Russia, 19% from Iraq, 14% from Saudi Arabia, 10% from the UAE, and 5% from the United States. India's concerns increase In the year 2025, India became the third-largest oil-importing country in the world as it purchased 5.1 million barrels of oil daily. India imports nearly 86 percent of its crude oil requirements from abroad. Because of this, any global issue related to crude oil prices or supply leads to increased concern for India.
