Latest news with #EGPC
Zawya
28-05-2025
- Business
- Zawya
Petroleum Minister inaugurates TAQA's new integrated operations center in Cairo
Egypt - Karim Badawi, Egypt's Minister of Petroleum and Mineral Resources, officially inaugurated the new integrated operations center for Saudi Arabian energy company TAQA, located in Cairo's Katameya district. The center will serve as a key hub for managing the company's activities in Egypt and the broader region, and is positioned to become a launchpad for TAQA's expansion across Africa. The initiative capitalizes on Egypt's strategic advantages — including its robust infrastructure, competitive logistics, and geographic location — to strengthen regional energy cooperation and attract international investment. TAQA, a leading provider of services to oil production sites and the wider energy sector, leverages innovation, technology, and sustainable practices to advance its mission. The inauguration ceremony was attended by senior energy officials, including Tamer Idris, Vice Chairperson for Production at the Egyptian General Petroleum Corporation (EGPC); Mohamed Radwan, Vice Chairperson of Ganoub El Wadi Holding Company (GANOPE) for Agreements and Exploration and Director of the Egypt Upstream Gateway (EUG); TAQA Chairperson Khaled Noah; Amir Nassim, Vice President of Operations; Hossam Abou Seif, Vice President for Africa and Iraq; and Moataz Serag, Egypt Country Director. Executives from production companies and international energy firms operating in Egypt were also present. During the opening, Minister Badawi reaffirmed the depth of historic ties between Egypt and Saudi Arabia, emphasizing the flourishing energy partnership between the two nations. He commended Saudi Minister of Energy Prince Abdulaziz bin Salman for his pivotal role in strengthening bilateral cooperation, highlighting his remarks at the recent Egypt Energy Show (EGYPES) as a testament to the strength of the relationship. Welcoming TAQA's expanded presence in Egypt, Badawi noted that the new center reflects the company's serious commitment to investing in and operating within the country. 'We are unlocking the full potential of Egypt's energy sector and the region,' he said. 'The ministry's six strategic pillars pave the way for broad cooperation with TAQA — from boosting production through advanced technologies and supporting mining, to renewable energy, emissions reduction, enhanced safety systems, and energy efficiency — all while bolstering regional collaboration with Saudi Arabia.' TAQA Chairperson Khaled Noah described the center as a milestone in the company's development and a model of successful partnership with Egypt. He emphasized TAQA's commitment to investing in the country's energy sector, especially in developing solutions to reduce carbon emissions — where Egypt is at the forefront of the company's initiatives. Noah praised Egypt's forward-looking energy strategy, highlighting TAQA's role in channeling investments, creating jobs, and providing advanced technological services to support the nation's energy goals. Attendees also received a comprehensive briefing on the center's capabilities, which include the use of advanced technologies in energy operations, equipment design and maintenance, and a specialized training facility to support workforce development. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
Zawya
26-05-2025
- Business
- Zawya
Egypt: Badawi inaugurates TAQA Gas' station in New Valley Governorate
Arab Finance: Minister of Petroleum and Mineral Karim Badawi has inaugurated the main gas station, operated by TAQA Gas, which supplies El Kharga City in the New Valley Governorate, according to a statement. It provides gas supplies through a permanent pressure reduction station, a vehicle fueling station, and a car conversion center to natural gas. This project reflects the strong collaboration between the Ministry of Petroleum and Mineral Resources, the Egyptian General Petroleum Corporation (EGPC), New Valley Governorate, and the private sector. Reda Abdel Rahman, Deputy Managing Director of TAQA Gas, highlighted that the main station capacity stands at 2,500 standard cubic meters per hour (SCm³/h), which can be extended to 5,000 SCm³/h. Abdel Rahman added that 270,000 meters of medium and low-pressure pipelines have already been installed and supplied with natural gas. He noted that the number of residential clients connected in Phase 1 reached 5,750, with 8,300 more targeted in Phase 2. Additionally, six municipal bakeries were converted in the first phase, with 24 more targeted in the second phase. Meanwhile, the number of vehicles converted to operate on gas reached 409. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
23-05-2025
- Business
- Zawya
Egypt: EGPC, Ieoc Exploration's daily production of petroleum liquids surpasses 110,000 barrels
Arab Finance: The Egyptian General Petroleum Corporation (EGPC) and Ieoc Exploration BV, an Eni affiliated company, announced a total daily production exceeding 110,000 barrels of petroleum liquids through their joint ventures, Belayim Petroleum Company (Petrobel) and Agiba Petroleum Company, as per a statement. Production from the Sinai concession area surpassed 60,000 barrels of oil daily, a level not reached since 2023. This milestone was mainly attributed to the successful startup of the West Ferran-2 well, with a potential daily output of nearly 4,000 barrels of oil. This is besides the positive results from recent onshore and offshore maintenance campaigns. Agiba Petroleum's concession areas in the Western Desert also contributed, with a daily production exceeding 30,000 barrels of oil. The recorded growth is backed by the startup of new wells such as Mel-123 and SMel-C4, along with successful maintenance operations and non-rig interventions at wells MWD-8 and Zahra-7. This contributed with an additional daily capacity of 4,000 barrels of oil, and associated gas production exceeding 5 million cubic feet on a daily basis. Meanwhile, Ieoc Exploration BV added around 20,000 barrels of liquids per day, bringing its total production to over 110,000 barrels of liquids daily. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
15-05-2025
- Business
- Zawya
Egyptian Cabinet greenlights 5 petroleum projects worth $221.2mln
Arab Finance: The Egyptian Cabinet has approved petroleum commitment agreements for five projects, signed between the Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC), and several international companies, as per a statement. The agreements include a minimum investment of nearly $221.23 million, non-refundable grants of $31.5 million, in addition to drilling at least 24 wells. The deals were inked for exploration and exploitation of oil in the Northwest El-Maghara area in the Western Desert, East Al Hamd in the Gulf of Suez, and East Gemsa in the Gulf of Suez. They also cover the natural gas and crude oil exploration in the offshore North Damietta Marine area in the Mediterranean Sea. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Argaam
06-05-2025
- Business
- Argaam
ADES backlog at SAR 26.9B, revenue likely to grow in 2025: CEO
ADES Holding Co. 's CEO Mohamed Abdul Khaleq stated that the group's backlog totaled SAR 26.9 billion on March 31, 2025, with added projects reaching SAR 148 million. In an interview with Argaam, he indicated that the added backlog includes two contracts in Nigeria for the Admarine 504 and 501 rigs, following their transfer from Saudi Arabia. He also noted that the company concluded new contracts worth SAR 2.08 billion after the end of the first quarter, including renewals in Egypt with the Egyptian General Petroleum Corporation (EGPC), a contract renewal for a jack-up offshore platform in Saudi Arabia, and a long-term contract for the Admarine 511 platform in Brazil. Commenting on Q1 performance, the CEO said that the pace of operating results remains strong, backed by increasing contributions from India, Southeast Asia, and Algeria, as well as stable performance in Egypt, where ADES is implementing a production model for obsolete fields. The top executive also highlighted that the margin stability reflects the strong performance before interest, taxes, depreciation, and amortization, despite the increase in depreciation and interest expenses to revenue. Furthermore, the revenues generated from outside the Kingdom accounted for 38.9% of topline during the first quarter, in line with ADES's global expansion strategy, he noted. Below are the details of the group's revenue by geographical region (SAR mln) Country Q1 2025 Q1 2024 Change Saudi Arabia 898.8 1105.8 (18.7%) Southeast Asia 137.5 - - Egypt 136.9 117.5 16.6 % Kuwait 109.6 152.0 (27.9%) Qatar 74.0 87.2 (15.1%) India 61.1 39.8 53.6% Algeria and Tunisia 52.1 29.7 75.4% Total 1470.1 1532.1 (4.0 %) ADES continues to leverage its flexible operating model, diversified regional and global presence, and significant financial flexibility, supporting its future outlook for continued growth by expanding into existing and new markets, said the top executive. As for capital expenditures, the CEO said that the group has allocated recurring capital expenditures for 2025 ranging between SAR 500-600 million, focused on the maintenance of operating platforms, adding that these expenses are a natural part of the business cycle and do not affect the company's ability to generate free cash flow. 'ADES was able to distribute dividends representing 60% of its H2 2024 profits, amounting to SAR 242 million, in addition to previous dividends of the same proportion,' said Abdul Khaleq. He also noted that ADES recently increased its syndicated credit facility by $3 billion, thus strengthening its financial position and its readiness to seize merger and acquisition opportunities when they arise. Concerning the outlook for the oil market, he stated that management believes that long-term fundamental supply and demand factors will continue to give an edge to the company's high-performance, in-demand fleet, especially given the high pace of bidding activity in key markets across Southeast Asia, the Middle East, and West Africa. ADES currently leads the global offshore jack-up rig sector, while also having a strong presence in the onshore drilling sector, operating 91 rigs across 12 countries, he noted. 'This achievement and expansion are not limited to numbers, but is driven by a disciplined and flexible approach, a business model that is resilient to market cycles, and equipped for growth,' said the CEO. He added that the company, upon entering new markets and continuing to improve its fleet, has been able to meet emerging challenges with remarkable resilience, paving the way for a future of sustainable growth and industry leadership. The top executive also expects demand for jack-up rigs to increase amid tight supply, resulting in commercial utilization rates in the global jack-up rig market remaining stable at around 90% during the period from 2025 to 2030. Historically, oil production levels have not been affected by oil price fluctuations, which provides a clear view of the drilling sector's performance in the medium to long term, given that drilling activity is not directly affected by oil prices but rather depends primarily on production levels, according to the top executive. Regarding his expectations for 2025, the CEO stated that the group expects a gradual improvement in revenues by the fourth quarter of 2025, with the completion of the rig commissioning process and the contribution of all contracted rigs. He expects Q1 2025 results to be the lowest of the year due to the scheduled requalification and rig transfer operations that were expected to occur during the previous period. Abdul Khaleq also confirmed the company's announced financial estimates for 2025, with EBITDA to range between SAR 3.28 -3.39 billion, with growth of 8-12% year-on-year, backed by improved rig operations, higher rig utilization rates, and the group's growing regional presence.
