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Al-Ahram Weekly
a day ago
- Business
- Al-Ahram Weekly
Egypt's gas deal with Israel extension of 2019 agreement: Petroleum ministry - Economy
Egypt has not signed a new agreement to import gas from Israel, Moataz Atef, a spokesman for the Ministry of Petroleum and Mineral Resources, said, noting that the deal is an extension of an existing agreement from 2019. Atef said the extension is part of a two-pronged strategy to boost domestic gas and petroleum production while diversifying energy sources to strengthen Egypt's role as a regional energy hub. His comments were the first official response since Israeli firm NewMed Energy announced what it called a 'landmark deal' on Thursday. The consortium said the agreement would export 130 billion cubic metres of gas to Egypt through 2040, valued at an estimated $35 billion. Atef stressed the figure was not final, citing a flexible pricing formula tied to market conditions. The extended contract, he said, would guarantee a stable supply and support Egypt's energy security during 'a period of rapid geopolitical change.' 'It is in our best interest. If we need the gas, that's fine; if not, that's also fine,' he said. 'The priority is strategic insurance.' He noted Egypt had also signed a gas export agreement with Cyprus in February 2025 and was pursuing other eastern Mediterranean deals, aiming to balance domestic needs with surplus for export. The extension was signed with Blue Ocean Energy, which buys gas from Israel's Leviathan reservoir for Egypt. Gas from Leviathan began flowing to Egypt shortly after production started in January 2020, and under the new terms, is expected to continue until 2040 or until contracted volumes are met. Follow us on: Facebook Instagram Whatsapp Short link:


Egypt Independent
2 days ago
- Business
- Egypt Independent
No new natural gas agreement with Israel, says Egypt's Ministry of Petroleum
The Egyptian Ministry of Petroleum and Mineral Resources said that recent reports regarding the signing of a new gas supply agreement between Egypt and Israel are inaccurate. The ministry stated that this is an amendment to a previous agreement signed in 2019, and not a new deal as claimed. NewMed, a partner in Israel's Leviathan natural gas field, announced the signing of the largest export agreement in Israel's history, providing Egypt with gas worth up to US$35 billion. The Ministry's official spokesperson, Moataz Atef, explained, during a phone call with Sada al-Balad TV channel on Friday that the primary goal of this amendment is to maximize the use of energy sources and diversify them. Amending this agreement with Israel falls under a comprehensive vision aimed at ensuring Egypt's energy security until 2040, he explained, as the state is also working on long-term contracts for strategic guarantee of supply, and the figure being circulated is not final. Atef added that Egypt is striving to become a regional energy hub in the Middle East. Egypt has signed several agreements with various countries such as Cyprus over the past few years, he said, to supply natural gas, achieving the desired balance between domestic consumption and exporting the surplus to foreign markets. Atef emphasized that the state is moving according to a strategic plan to secure its long-term natural gas needs. Edited translation from Al-Masry Al-Youm


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.