Author: Rigs & Barge World
Prime Minister Mostafa Madbouly said the upcoming increase in fuel prices, expected in October, may be the last major hike if current global price levels hold. He emphasized that even after this adjustment, the diesel subsidy will not be fully removed. Madbouly made these remarks during a dialogue with chief editors of various newspapers and news websites. For fiscal year (FY) 2025/26, the estimated fuel subsidy is about EGP 75,033 million, marking a 51.4% year-on-year (YoY) decrease as part of the fuel prices reform program, according to the Ministry of Finance. Reforming fuel prices was a key objective of Egypt’s…
Minister of Petroleum and Mineral Resources, Karim Badawi, inspected the interactive workshop for the third batch of the Petroleum Projects and Technical Consultations Company’s (Petrojet) “Believers Build Better Tomorrow” program. The visit aimed to follow up on the program’s progress, ensure smooth implementation, and reaffirm the ministry’s support for building leadership and management skills among project managers. Badawi praised Petrojet and its employees during the workshop, pointing out the effective role the company plays as a strong arm of the Egyptian petroleum sector in both execution and manufacturing. The workshop takes place on September 14-18 at the company’s headquarters, with…
Field engineers representing 15 companies operating in the Eastern Desert and the Gulf of Suez gathered at the Ras Shoukair base on September 9th and 10th to exchange best practices used in the area and share personal experiences in overcoming operational challenges on the ground. The gathering, hosted by Ras Shoukair base’s operator Gulf of Suez Petroleum Company (GUPCO), marked the first in a series of three technical workshops that are part of Egypt Oil & Gas Group’s 11th Convention, scheduled for November. The outcomes and insights from these workshops will be presented and discussed during the convention. The Egyptian…
“Egypt’s Oil and Gas production is back on Track, with the sector succeeding in overcoming the decline witnessed in recent years to start a phase of gradual production increases,” the Ministry of petroleum and Mineral Resources(MoPMR) said in a press release accompanied by infographics showing the main measures taken by the government to reach this point. Petroleum and Mineral Resources Minister Karim Badawi stated that the dedicated efforts of the petroleum sector and strategic partnerships were instrumental in achieving these results. He commended the international oil companies (IOCs) operating in Egypt for their commitment and continued support in achieving this…
The global average decline rate of oil and gas fields’ production has accelerated sharply, driven by increased dependence on shale and deepwater resources, according to a report released by the International Energy Agency (IEA). This decline has forced companies to put in far greater effort to sustain current production levels. The report showed that onshore supergiant oil fields in the Middle East see decline rates of under 2% annually, whereas smaller offshore fields in Europe lose over 15% of gas each year. Declines are even sharper for tight oil and shale gas, where production would drop by more than 35%…
Khalda Petroleum Company, a joint venture (JV) between Apache and the Egyptian General Petroleum Corporation (EGPC), made 23 oil discoveries, including West Faiops-1X and NUT S-1X, during fiscal year (FY) 2024/25. Moreover, the company exceeded its targets, with natural gas production reaching 514 million cubic feet per day (mmcf/d), according to Moataz Atef, Khalda’s Chairman and Managing Director. The company’s performance was announced during its general assembly meeting, which was chaired by Karim Badawi, Minister of Petroleum and Mineral Resources, to approve the company’s FY 2024/25 results. Atef highlighted progress in occupational safety and health, describing these achievements as the…
Egypt has reaffirmed its role as a regional anchor in the clean energy transition with the opening of the 2025 Cairo Regional Forum on Financing Renewables, Green Hydrogen and Green Ammonia, held at Nile University on September 17–18. The two-day event will convene government officials, financiers, developers, and industry leaders to address one of the region’s most pressing challenges: how to turn green hydrogen and ammonia plans into bankable projects. The forum includes sessions on project finance and bankability that will examine how economic zones, blended finance, and risk-sharing models can accelerate final investment decisions (FIDs). In addition, a dedicated…
The Egyptian General Petroleum Corporation (EGPC) signed 11 new agreements for oil and gas exploration and production, and 12 contracts for development and production projects during fiscal year (FY) 2024/25, said Salah Abdel Kerim, EGPC chairman. EGPC has also reported 49 new oil and gas discoveries, alongside implementing the drilling plans for 71 exploratory wells. This was announced during the general assembly chaired by Karim Badawi, Minister of Petroleum and Mineral Resources, to approve the company’s 2024/25 results. EGPC contributed to covering local consumption needs by supplying 83.6 million tons of petroleum products and natural gas, while local production exceeded…
The Pharaonic Petroleum Company (PhPC) recorded an average output of 76,100 barrels of oil equivalent per day (boe/d), exceeding its approved production plan by 119% for fiscal year (FY) 2024/2025, said chairman Hossam Zaki in the company’s general assembly meeting to review its key performance results. Zaki stated that the company increased production from the Atoll gas field offshore East Nile Delta region through maintenance and cleaning operations, which raised the operational efficiency of its production facilities to 99%. He added that the overall production cost per barrel of oil equivalent dropped by 25% below the planned level, and condensates…
A delegation, including big names in Egypt’s oil and gas industry, attended the first Baghdad International Energy Forum, held from September 6-7 under the theme “Towards Optimal Investment in Oil and Gas in Parallel with the Energy Transition.”The delegation, authorized by Karim Badawi, Minister of Petroleum and Mineral Resources, included Ehab Ragaee, First Undersecretary of the Ministry for Production; Salah Abdel Kerim, Chairman of the Egyptian General Petroleum Corporation (EGPC); and several other sector leaders. During the opening session, Ragaee participated in a panel discussion on national interests in the global energy system. He presented key features of Egypt’s national energy…