Latest news with #EasternDesert
Russia Today
26-06-2025
- Business
- Russia Today
Russian oil giant to expand presence in Egypt
Russian oil company Lukoil has signed a new agreement with South Valley Egyptian Petroleum Holding Company (Ganope) to begin oil exploration in the Eastern Desert, Egypt's Ministry of Petroleum and Mineral Resources announced on Wednesday. The deal entails carrying out 3D seismic surveys across an area of 200 square kilometers and drilling six exploratory wells in the South Wadi El-Sahl, an area officials described as 'promising' thanks to its proximity to existing infrastructure and processing facilities. According to the ministry, the location is expected to lower development and operating costs. The agreement aligns with Egypt's strategic objective of maximizing domestic oil production and reducing the cost of petroleum products by intensifying exploration and drilling programs, according to the ministry Earlier this year, the Russian oil giant also won the right to work on the neighboring Wadi El-Sahl project, following parliamentary approval of a new agreement with Egyptian General Petroleum Corporation. Last March, a former Egyptian minister of petroleum and mineral resources, Tarek El Molla, noted that the Russian company was interested in expanding its footprint within the country's energy sector. 'They are good partners and they want to expand their business in Egypt, they are discussing new concession areas,' he said, as quoted by TASS. Lukoil has been operating in Egypt since 1995 and currently holds a 24% stake in the Meleiha project in the Western Desert, operated by Italy's ENI. The Russian company also owns a 50% stake in the West Esh El-Mallaha field in the Eastern Desert. The latest agreement is part of Lukoil's broader strategy to expand its presence across Africa. Last September, the company struck a deal with the Republic of Congo to deepen cooperation on oil and gas exploration.
Zawya
16-06-2025
- Business
- Zawya
Four companies win exploration rights for glass, kaolin sand in Egypt's Eastern Desert
Arab Finance: The Ministry of Petroleum and Mineral Resources has announced the results of public bid no. 1 of 2024 for the exploration of glass and kaolin sand in Egypt's Eastern Desert, awarding exploration rights to four companies across seven sectors, as per a statement. The bid attracted strong interest from the mining industry, with 20 companies, 19 of them are from the private sector, submitting a total of 38 offers. It included four blocks for glass sand and three for kaolin sand, reflecting growing investor confidence in Egypt's mining investment climate and the ministry's policies promoting transparency and fair competition. After reviewing the bids as per the approved technical and financial standards, the ministry awarded the blocks to the companies that submitted the most competitive offers. Arab Mines and Quarries Company was awarded Sector GS 1 for glass sand. Spillco Egypt Raw Materials Company secured exploration rights for Sectors GS 3 and GS 4, also for glass sand. Pacific Mining Company was awarded Sector KS 1 for kaolin sand, while International Petroleum Services Company (INCOM) won Sectors KS 2 and KS 3, also for kaolin sand. The ministry affirmed that the Egyptian Mineral Resources Authority strictly adhered to the legal procedures governing the bidding process, maintaining the highest standards of integrity and transparency. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
09-06-2025
- Business
- Zawya
Jordan pins hopes on desert gas field
Jordan is pinning high hopes on its key gas field in the eastern desert as it will slash gas imports by nearly 60 percent and provide sufficient supplies to its power sector. Risha field has just been expanded to produce nearly 62 million cubic feet per day (mcf/d) and the current five-year development plan will lift output to 418 mcf/d. Around 16-20 mcf/d of the produced gas is sold to local companies but the supplies are way below Jordan's growing gas needs, mainly for its power and industrial sector. The Jordan Strategy Forum (JSF), a key think-tank in the Arab country, said in a study last week that the field's output would peak in July 2030. 'By July 2030, Jordan will have enough natural gas to meet more than 60 percent of its total energy needs,' the study said. 'We also hope that the produced gas will be enough to fully cover the demand of the power sector.….Risha Field will also support efforts to convert several industrial facilities to be operated by gas,' it added. JSF said that if Risha field is efficiently managed when the expansion is completed, it will give a strong push to Jordan's economy by enhancing value-added exports, providing sustainable job opportunities, contributing to reducing the country's dependence on energy imports and ensuring the stability of energy supplies. 'This will also generate additional financial revenues for the state, supporting the implementation of development plans and expanding the production base.' Officials said early this year that Jordan has nearly completed a project to construct a gas treatment plant at Risha for use in local industries. The plan also includes the construction of a 320km pipeline to distribute gas for the domestic market from the field, which contains nearly 12 trillion cubic feet of gas reserves, of which around 4.6 trillion can be recovered. (Writing by Nadim Kawach; Editing by Anoop Menon) (
