Latest news with #EGYPS2025
Egypt Today
06-03-2025
- Business
- Egypt Today
Egypt Accelerates Oil and Gas Investments, Saving $1.5 Billion in Imports
CAIRO – 6 March 2025: Minister of Petroleum and Mineral Resources, Karim Badawi, highlighted the government's proactive efforts over the past eight months to stimulate investment in the oil and gas sector. These initiatives have significantly expedited drilling and production operations, leading to a substantial reduction in import costs—saving Egypt $1.5 billion in just six months. During a meeting with members of the House of Representatives and the Senate, Badawi explained that these efforts have fueled exploration activities, resulting in major discoveries in the West Mediterranean and King Mariout regions. These findings align with Egypt's strategic objective of boosting domestic production and minimizing dependence on imports. The minister also emphasized the success of the Egypt International Energy Conference (EGYPS 2025), which has reinforced global interest in Egypt's energy sector. Numerous international companies have expressed optimism about investment opportunities in oil, gas, and renewable energy. Reaffirming Egypt's commitment to fostering a favorable investment climate, Badawi underscored the country's strong economic fundamentals and ongoing reforms that continue to enhance the attractiveness of its energy market. These efforts position Egypt as a key hub for strategic energy investments.
Daily News Egypt
26-02-2025
- Business
- Daily News Egypt
Egypt's Petroleum Minister announces Zohr field development resumption
Karim Badr, Egypt's Minister of Petroleum and Mineral Resources, has announced the resumption of development activities at the Zohr gas field following the arrival of the Saipem 10000 drillship in Egyptian waters at the end of January. After completing essential preparations, drilling of the first well in the new phase of the field's development project began in mid-February, in collaboration with Eni, Arcius, and Mubadala Rosneft. The initiative aims to enhance natural gas production rates and counteract the natural decline in well output. The announcement was made during the general assembly meeting of Petro Shorouk and Petrobel, where the planning budget for the fiscal year 2025/2026 was approved. Minister Badr expressed satisfaction with the continued developmental drilling activities at Zohr field, emphasizing the strong teamwork involved in restoring and increasing production levels. He underscored the project's significance for Egypt and its partners, highlighting the need for a structured action plan to optimize production and address natural declines in well productivity. Francesco Gaspardi, Director of Eni in Egypt, affirmed the company's commitment to supporting medium- and short-term efforts, identifying high-potential opportunities, and implementing plans to mitigate natural well declines. He expressed optimism regarding the success of upcoming drilling operations. Salma Al-Hajri, Regional Vice President of UAE-based Mubadala Energy, extended her congratulations on the success of the EGYPS 2025 conference, a key event uniting industry stakeholders. She expressed enthusiasm about the resumption of drilling at Zohr field and optimism for positive outcomes benefiting all involved parties. Nasser Saif Al-Yafie, CEO of Arcius Energy, highlighted the critical importance of resuming drilling activities and intensifying operations due to their strategic significance for both Egypt and its partners. He noted the positive indicators for successful drilling and production maintenance and outlined future plans for increasing output. He also commended Petrobel for its operational efficiency and safety measures. Alexander Kozyrev, Head of Exploration and Production at Russian Rosneft, praised the collaborative efforts of all partners in restarting drilling operations at Zohr field and expressed anticipation for increased production in the near future. Khaled Mowafy, Chairperson of Petrobel, detailed the drilling progress, explaining that following the Saipem 10000 drillship's arrival in late January and completion of preparatory work, the ship moved to Zohr field on February 15. The drilling phase involves redirecting three wells—Zohr 13, Zohr 6, and Zohr 9—using coiled tubing technology in deep waters for the first time worldwide. Mowafy also highlighted the achievement of five and a half million safe working hours. During the Petrobel assembly, Minister Badr stressed the urgency of accelerating the development of discovered resources and integrating them into Egypt's production strategy. He emphasized the necessity of deploying additional drilling rigs to intensify operations and leveraging artificial intelligence to identify reservoirs before initiating drilling. Badr reaffirmed Eni's role as a strategic partner in Egypt's petroleum sector, highlighting its track record of successful collaborations. He noted that Eni CEO Claudio Descalzi's participation in the EGYPS 2025 conference, along with his meeting with President Abdel Fattah Al-Sisi, underscored the strength of the partnership and signaled new investment and growth opportunities in Egypt's energy sector. Francesco Gaspardi emphasized the promising potential within Petrobel's concession areas, particularly in Abu Madi. He outlined Eni's intensified activities aimed at stabilizing and increasing production through the operation of six drilling rigs and an expansion of onshore drilling operations. He also stressed the importance of advanced reservoir studies in achieving targeted production goals and ensuring sustainable output. Wael Shaheen, Regional Vice President of BP in Egypt, lauded Petrobel's commitment to safety, energy efficiency, and emissions reduction, as well as the company's ongoing efforts to lower production costs. Khaled Mowafy disclosed that $320 million has been allocated for operational activities, including $122m dedicated to well maintenance to sustain production levels. A portion of the budget will also support the necessary upkeep of production platforms across all company sites. Looking ahead, Petrobel aims to achieve a daily production rate of 144,000 barrels of oil equivalent and 434 million cubic feet of gas in the 2025/2026 fiscal year. This ambitious target requires collective efforts and an intensified focus on expanding operational activities. The company also plans to produce 58,000 barrels of crude oil, 4,730 barrels per day of condensates, and 130 tonnes per day of LPG while striving to maintain cost efficiency at optimal levels.
Zawya
20-02-2025
- Business
- Zawya
Dragon Oil expands investments in Egypt
Karim Badawi, Egypt's Minister of Petroleum and Mineral Resources, emphasised his country's commitment to strengthening partnerships with UAE companies in the energy sector, praising Dragon Oil's investments and its role in supporting oil and gas production. His remarks came during a meeting with Ahmed Buti Al Muhairbi, Secretary-General of the Dubai Supreme Council of Energy and Board Member of Dragon Oil, after the Egypt Energy Show (EGYPS 2025). Al Muhairbi emphasised Dragon Oil's commitment to expanding its investments in Egypt, noting that the company has invested more than $500 million over the past five years, with plans to increase production in the Gulf of Suez region. Ali Rashid Al Jarwan, CEO of Dragon Oil, stressed the importance of adopting Artificial Intelligence (AI) solutions to enhance operational efficiency, while focusing on developing human resources to ensure sustainable development. Al Jarwan, during his meetings with Egyptian President Abdel Fattah El-Sisi, announced the company's achievements over the past five years, highlighting Dragon Oil's growth as a technology- and innovation-driven entity in the oil sector. He added that Dragon Oil successfully drilled 13 wells and carried out rapid intervention operations on 350 wells to maintain production levels. The company also signed an agreement with the Minister of Petroleum during ADIPEC 2024 last year, focusing on research and development for the 'Al Wasl' field, known as 'North Safa,' which contributed an additional 8,000 barrels per day to production. Al Jarwan further noted that the company's production has now reached 60,000 barrels per day. It has implemented AI technologies in two fields and is currently working to digitise all operational processes. He reaffirmed that Dragon Oil remains committed to its expansion strategy to support Egypt's energy sector and enhance production sustainability.
Hi Dubai
20-02-2025
- Business
- Hi Dubai
Egypt Strengthens Energy Ties with UAE's Dragon Oil
Egypt's Minister of Petroleum and Mineral Resources, Karim Badawi, reaffirmed the country's commitment to enhancing partnerships with UAE-based energy firms, highlighting Dragon Oil's pivotal role in boosting oil and gas production. Speaking after the Egypt Energy Show (EGYPS 2025), Badawi met with Ahmed Buti Al Muhairbi, Secretary-General of the Dubai Supreme Council of Energy and Dragon Oil Board Member, who reiterated the company's dedication to expanding investments in Egypt. Over the past five years, Dragon Oil has invested over $500 million, with plans to further increase production in the Gulf of Suez region. Ali Rashid Al Jarwan, CEO of Dragon Oil, underscored the importance of Artificial Intelligence (AI) in enhancing operational efficiency and emphasized the company's commitment to workforce development for long-term sustainability. During discussions with Egyptian President Abdel Fattah El-Sisi, Al Jarwan highlighted Dragon Oil's achievements, positioning it as a technology-driven entity in the oil sector. Dragon Oil has successfully drilled 13 wells and conducted rapid intervention operations on 350 wells to maintain production levels. The company's agreement with the Egyptian Ministry of Petroleum, signed during ADIPEC 2024, focused on research and development in the 'Al Wasl' field (North Safa), adding 8,000 barrels per day to production. Currently, Dragon Oil produces 60,000 barrels per day and has implemented AI technologies in two fields, with ongoing efforts to digitize all operations. Al Jarwan reaffirmed the company's commitment to expansion, aiming to support Egypt's energy sector and ensure production sustainability. News Source: Emirates News Agency
Egypt Independent
19-02-2025
- Business
- Egypt Independent
Electricity Min to MENA: 'EGYPES 2025' Promotes Egypt's Position In Energy Industry
Minister of Electricity and Renewable Energy Mahmoud Esmat said Egypt Energy Show (EGYPS 2025) conference and exhibition reflects Egypt's keenness on luring international investors and promoting its position in energy industry. In statements to MENA on Wednesday 19/2/2025 on the sidelines of the event the minister of electricity said, the conference is a good opportunity to shed light on Egypt's potentials in the oil and energy sectors. All the countries and investors interested in the sector of energy are taking part in the event, Esmat said. He referred to the distinguished participation of the Ministry of Electricity in the conference this year. Intensified meetings were held on the sidelines of the event at the level of the manufacturing companies in the fields of new and renewable energy, along with companies providing gas and mazut for the electricity sector, added the minister.
