Latest news with #Atef
Zawya
18-04-2025
- Business
- Zawya
Chevron and other companies exit Egypt's Red Sea concessions, redirect resources
A number of multinational oil and gas companies including Chevron have exited their Red Sea oil and gas concession blocks after making no finds and have channelled their resources elsewhere in the country, the Egyptian petroleum ministry said. As part of its efforts to become an energy hub, Egypt awarded oil and gas exploration concessions in the Red Sea for the first time to Chevron, Shell and Abu Dhabi sovereign wealth fund Mubadala Investment Company in an international tender in 2019. "Companies have spent millions on their concessions within the agreed time frames," ministry spokesperson Moataz Atef told reporters on Thursday. He said: "One company spent $34 million on a contract that initially stipulated it will invest $10 million on exploration, but found no results," without naming said company. Chevron confirmed it has relinquished its operated 45% stake in Red Sea Block 1, located in the northern Red Sea. 'Chevron remains committed to working together with the government of Egypt and our partners to support the growth of Egypt's energy sector through our exploration programs in the Mediterranean,' spokesperson Sally Jones said in a statement on Friday. Chevron operates the block along with other shareholders including Australia's Woodside Energy. Shell operates Block 3 with others including Woodside Energy and QatarEnergy. Atef did not name the other companies that he said had relinquished their Red Sea blocks. Shell declined to comment. Mubadala, Woodside Energy and QatarEnergy were not immediately available for comment. The petroleum ministry spokesperson stressed his ministry still believed the concession areas could be fruitful. He said both Shell and Chevron had applied for new concessions in the Mediterranean Sea, reaffirming their commitment to Egypt's oil and gas sector, without giving further details. Chevron spokesperson Jones said it had interest in three other exploration blocks in Egypt, including two as an operator in the Mediterranean. In January 2024, Egypt's gas production was 4.6 billion cubic meters of gas. Despite pushing for further increases, production remained on a downward trend, recording 3.6 billion cubic meters in January 2025, data from the Joint Organisations Data Initiative show. Regarding energy supply, Atef sought to give assurances that Egypt would be able to meet rising electricity demand this summer. "By the summer, we will have three to four floating storage and regasification units to help stabilize the supply of natural gas," he said, adding that LNG shipments have been secured, while an emergency plan is in place to address any unexpected demand spikes. Last summer, Egypt faced power shortages exacerbated by high cooling demand. The country resorted to load-shedding and imports costing around $1.18 billion. (Reporting by Mohamed Ezz and Jaidaa Taha; Editing by Alison Williams)
Reuters
18-04-2025
- Business
- Reuters
Chevron and other companies exit Egypt's Red Sea concessions, redirect resources
CAIRO, April 18 (Reuters) - A number of multinational oil and gas companies including Chevron have exited their Red Sea oil and gas concession blocks after making no finds and have channelled their resources elsewhere in the country, the Egyptian petroleum ministry said. As part of its efforts to become an energy hub, Egypt awarded oil and gas exploration concessions in the Red Sea for the first time to Chevron, Shell and Abu Dhabi sovereign wealth fund Mubadala Investment Company in an international tender in 2019. "Companies have spent millions on their concessions within the agreed time frames," ministry spokesperson Moataz Atef told reporters on Thursday. He said: "One company spent $34 million on a contract that initially stipulated it will invest $10 million on exploration, but found no results," without naming said company. Chevron confirmed it has relinquished its operated 45% stake in Red Sea Block 1, located in the northern Red Sea. 'Chevron remains committed to working together with the government of Egypt and our partners to support the growth of Egypt's energy sector through our exploration programs in the Mediterranean,' spokesperson Sally Jones said in a statement on Friday. Chevron operates the block along with other shareholders including Australia's Woodside Energy. Shell operates Block 3 with others including Woodside Energy and QatarEnergy. Atef did not name the other companies that he said had relinquished their Red Sea blocks. Shell declined to comment. Mubadala, Woodside Energy and QatarEnergy were not immediately available for comment. The petroleum ministry spokesperson stressed his ministry still believed the concession areas could be fruitful. He said both Shell and Chevron had applied for new concessions in the Mediterranean Sea, reaffirming their commitment to Egypt's oil and gas sector, without giving further details. Chevron spokesperson Jones said it had interest in three other exploration blocks in Egypt, including two as an operator in the Mediterranean. In January 2024, Egypt's gas production was 4.6 billion cubic meters of gas. Despite pushing for further increases, production remained on a downward trend, recording 3.6 billion cubic meters in January 2025, data from the Joint Organisations Data Initiative show. Regarding energy supply, Atef sought to give assurances that Egypt would be able to meet rising electricity demand this summer. "By the summer, we will have three to four floating storage and regasification units to help stabilize the supply of natural gas," he said, adding that LNG shipments have been secured, while an emergency plan is in place to address any unexpected demand spikes. Last summer, Egypt faced power shortages exacerbated by high cooling demand. The country resorted to load-shedding and imports costing around $1.18 billion.
Al Etihad
19-03-2025
- General
- Al Etihad
Humanitarian journey continues as Sheikh Zayed's legacy inspires Emirati community: ERC
20 Mar 2025 00:12 AMEINAH ALZEYOUDI (ABU DHABI)Every year on Zayed Humanitarian Day, the UAE and its institutions renew their pledge to bring help to the needy and the vulnerable. True to the legacy of the UAE's Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan, the Emirates Red Crescent Authority (ERC) has been creating hope and touching millions of lives around the world. Until March 2025, more than 393 million people in 153 countries have benefitted from the authority's humanitarian and development projects, according to the Emirates Red Crescent's Development and International Cooperation Sector Achievements Report."The UAE offers all forms of support to people on all fronts, without any discrimination based on religion, race, or culture, confirming to all communities that the humanity of the Founding Father, Sheikh Zayed, will remain deeply rooted among all people across the continents of the world," said Dr. Mohammed Salem Al Junaibi, Director of the Emirates Red Crescent Centre in ERC attributes much of its humanitarian initiatives' success to its volunteers."The Emirates Red Crescent Authority is proud of the efforts of volunteers and their effective role in enhancing programmes and initiatives," said Shimaa Atef, Senior Web Editor at the ERC."Over the past years , volunteers have represented the authority's soft humanitarian power. They have been contributing and donating to all aspects of charitable and humanitarian activity," Atef said. This year, several initiatives are lined up, including iftar for the people of Gaza and Zakat Al-Fitr during the holy month of Ramadan."We also have initiatives that coincide with the Year of Community in the UAE, under the banner 'Hand in Hand', to enhance effective contributions to community service, volunteering, and implementing influential initiatives that consolidate the culture of shared responsibility," Atef Zayed Humanitarian Day, the ERC honours "the noble values that Sheikh Zayed instilled in the hearts of the Emirati people"."[This occasion] embodies the vision of the late Sheikh Zayed bin Sultan Al Nahyan in promoting giving and humanity. The Emirates Red Crescent's message on this day highlights ... the UAE's pioneering role in global humanitarian efforts and the importance of fostering a culture of giving and volunteering within society. It also honours the tireless efforts of humanitarian workers and launches unique initiatives that reflect Emirati generosity," Atef UAE has strengthened its humanitarian efforts and development initiatives around the world, thanks to the support of its wise leadership. "The celebration of Zayed Humanitarian Day affirms the continuation of the humanitarian journey in its highest forms and the cohesion of the Emirati community, along with its heritage and principles, which were inspired by the late Sheikh Zayed bin Sultan Al Nahyan," Al Junaibi said.
Saba Yemen
09-03-2025
- Business
- Saba Yemen
Inauguration of sixth festival for productive families in Dhamar
Dhamar-Saba: The Undersecretary of Dhamar Governorate, Ali Atef, inaugurated on Sunday the sixth festival for productive families, organized by the branch of the National Committee for Women, with the support of the Small and Micro Enterprise Development and Zakat Authority, and will continue until the end of Ramadan. The festival includes handicrafts, food products, clothing, perfumes, and leather, in coordination with the Bureau of Economy and Industry and the Tax Authority. Undersecretary Atef stressed the importance of the festival in supporting productive families, promoting local production, and providing permanent sources of income, pointing to its role in reducing unemployment, achieving economic empowerment, and promoting a culture of buying local products. In turn, the head of the branch of the National Committee for Women, Dr. Ashwaq Al-Mahdi, explained that the festival aims to market local products, provide job opportunities, and support the national economy, stressing that encouraging local production contributes to achieving self-sufficiency and reducing imports. She praised the official support for the festival, stressing the importance of strengthening economic initiatives and enabling productive families to compete in the markets. Whatsapp Telegram Email Print
Saba Yemen
26-02-2025
- Politics
- Saba Yemen
Sa'ada bids farewell to media office director Issa Atef
Sa'ada - Saba: The funeral of Issa Yahya Atef, Director of the Media Office in Sa'ada province, was held on Wednesday, following his passing after a life dedicated to media service. During the funeral, Sa'ada governor Mohammed Awad praised the virtues of the late Issa Atef, highlighting his significant contributions to media coverage of local authority activities, executive offices, and institutions in the province. He also recognized Atef's prominent media presence during religious and national events. Mohammed al-Emad, Secretary-General of the Local Council, expressed his condolences to Atef's family and the local authority, noting Atef's dedicated service and unwavering commitment to delivering the "jihadist media message" until his passing. Media professionals in Sa'ada expressed their deep sorrow, recognizing Atef as a media reference and a loss to the media community in the province and Yemen. They praised his distinguished qualities, morals, humility, and dedication to his work. Mourners extended their condolences to Atef's family, tribe, loved ones, and the media community, praying for Allah's mercy and solace for his family. The funeral ceremony took place after prayers at Imam Al-Hadi Mosque in Sa'ada City, followed by burial in his hometown in al-Mehader area of Sahar district, attended by a large official and public gathering. Whatsapp Telegram Email Print more of (Local)
