Latest news with #GeneralPetroleumCompany
Al-Ahram Weekly
15 hours ago
- Business
- Al-Ahram Weekly
GPC announces new oil discovery in Egypt's Western Desert - Society
The General Petroleum Company (GPC) has announced a new oil discovery—GPR-1X—in the Abu Sennan fields of Egypt's Western Desert, the Ministry of Petroleum and Mineral Resources said Sunday. Initial tests show the well produces up to 1,400 barrels of crude oil and around 1 million cubic feet of gas per day from the Behaira layer. The discovery adds an estimated two million barrels of recoverable reserves. GPC Chairman Mohamed Abdel Meguid said the well is undergoing production testing and has shown promising hydrocarbon indicators. The discovery is the second in Abu Sennan in three months and aligns with the ministry's push to raise domestic output and boost production from mature fields. GPC credited artificial intelligence tools for aiding the find, highlighting the remaining potential in the Western Desert. Energy strain prompts urgent measures The announcement comes amid growing pressure on Egypt's energy sector, as regional tensions and falling gas supplies strain electricity production. Prime Minister Mostafa Madbouly said Saturday that recent Israeli strikes on Iran have disrupted natural gas flows. This has prompted Egypt to fast-track the deployment of two liquefied natural gas (LNG) regasification vessels by early July. Together with an existing unit, they will provide 2.25 billion cubic feet of gas daily. Madbouly said the government is working to prevent summer power cuts, doubling fuel oil reserves to secure generation capacity. Egypt's domestic gas production has dropped to 4.1 billion cubic feet per day, while demand now exceeds 6 billion. The electricity sector alone consumes nearly 60 percent of that supply. At the same time, Israeli gas exports to Egypt have fallen by one billion cubic feet per day, leaving just 800 million cubic feet flowing during the summer. According to Reuters, Egypt may need to spend up to $3 billion on LNG shipments to maintain current power generation levels. Follow us on: Facebook Instagram Whatsapp Short link:
Asharq Al-Awsat
20-04-2025
- Business
- Asharq Al-Awsat
Egypt Launches Intensive Program to Drill 75 Oil Wells in Eastern Desert
Egypt's Ministry of Petroleum announced the launch of an intensive drilling campaign in the Gulf of Gharib fields, located in the Eastern Desert, as part of its strategy to boost domestic oil production and reduce reliance on imports. According to a statement on Saturday, the General Petroleum Company (GPC), a state-owned enterprise, has begun operating the first of three modern rigs—each with a capacity of 1,000 horsepower. The rigs are expected to significantly enhance drilling efficiency and reduce operational costs. The ministry stated that GPC aims to drill 75 new oil wells over the next 12 months, with the goal of adding 7,500 barrels per day (bpd) to current output and raising total production from the Gharib fields to 9,000 bpd. Mohamed Abdel Meguid, Chairman of GPC, noted in a report to the Ministry of Petroleum and the Egyptian General Petroleum Corporation that the new rigs offer faster drilling speeds, high operational efficiency, and greater mobility between sites. This, he said, would enable the company to implement its drilling plans at lower costs and higher efficiency. The drilling campaign aligns with the ministry's broader strategy to maximize the value of national resources, support state-owned companies, and enhance energy security through increased local production. Separately, the ministry also announced three new oil and gas discoveries in the Western Desert, achieved by Khalda Petroleum Company in partnership with Apache. The discoveries are expected to yield approximately 12 million barrels of oil equivalent, with 4 million barrels recoverable. Initial tests showed daily production rates of 2,750 barrels of oil and condensates, along with 20 million cubic feet of natural gas. The volume of associated gas is currently under evaluation. These results reflect the positive impact of recent pricing reforms that incentivize gas development. Without these adjustments, the ministry said, gas production from Khalda could have declined to 380 million cubic feet per day. Instead, output is expected to rise to 500 million cubic feet. In addition, Minister of Petroleum Karim Badawi met with senior executives from BP to discuss ongoing investments and recent discoveries in the Mediterranean. The two sides pledged to accelerate development of the North King Mariut and Fayoum-5 discoveries and expand cooperation under their long-standing partnership. Badawi stressed Egypt's commitment to fostering a supportive investment climate in oil and gas, while also expanding renewable energy to enhance energy security and economic growth.
Zawya
27-02-2025
- Business
- Zawya
Egypt closes bidding on 13 oil, gas exploration areas, attracting $700mln in investments
Egypt - As part of its ongoing efforts to attract and expand investments in exploration, production, and development, the Ministry of Petroleum and Mineral Resources closed bidding for 13 exploration and production areas, with offers totaling more than $700m in expected investments. This amount could potentially double if new discoveries are made and developed. The bidding process focused on two key areas. The first involved four blocks in the Mediterranean, offered as part of the global bid round launched by the Egyptian Natural Gas Holding Company (EGAS) in August 2024. These blocks present significant opportunities for expanding natural gas exploration and production. The number of exploration areas in the Mediterranean will increase by 23% with the addition of these new blocks, marking a notable development as Egyptian company Cheiron enters Mediterranean exploration for the first time. The second area of focus included nine blocks onshore, comprising four located within mature fields operated by the Egyptian General Petroleum Corporation (EGPC) and the General Petroleum Company. These fields are targeted for redevelopment to enhance productivity and maximize resource utilization. Additionally, five exploration areas under EGPC and South Valley Egyptian Petroleum Holding Company (GANOPE) hold strong geological potential, supporting the expansion of exploration activities. Currently, 17 exploration blocks in the Mediterranean are operated by major international energy companies. Eni holds seven blocks, while ExxonMobil and Shell each operate three. Chevron and BP each control two, in collaboration with global partners such as Qatar Energy, Mubadala, ADNOC, Woodside, Energean, Harbour, and KUFPEC. The latest bidding round attracted considerable interest from both international and local investors, with new Egyptian entrants such as Nile Energy, Ezz Dekheila, and Fleet Oil & Gas, demonstrating growing confidence in Egypt's petroleum sector. Exploration activity is expected to surge in the coming months with the injection of new investments, and in the event of commercial discoveries, total investments could double. The Ministry of Petroleum has committed to expediting the evaluation process, with EGAS and EGPC set to announce bid results within two months, while the General Petroleum Company will disclose its results within one month. This streamlined process ensures a continuous flow of investment and further strengthens Egypt's energy sector. Looking ahead, the ministry is preparing to launch new investment opportunities, including additional exploration areas and mature fields, through the open acreage system. This approach provides companies with a flexible mechanism to participate in exploration and production activities, reinforcing Egypt's position as a key player in the global energy market.
Daily News Egypt
27-02-2025
- Business
- Daily News Egypt
Egypt closes bidding on 13 oil, gas exploration areas, attracting $700m in investments
As part of its ongoing efforts to attract and expand investments in exploration, production, and development, the Ministry of Petroleum and Mineral Resources closed bidding for 13 exploration and production areas, with offers totaling more than $700m in expected investments. This amount could potentially double if new discoveries are made and developed. The bidding process focused on two key areas. The first involved four blocks in the Mediterranean, offered as part of the global bid round launched by the Egyptian Natural Gas Holding Company (EGAS) in August 2024. These blocks present significant opportunities for expanding natural gas exploration and production. The number of exploration areas in the Mediterranean will increase by 23% with the addition of these new blocks, marking a notable development as Egyptian company Cheiron enters Mediterranean exploration for the first time. The second area of focus included nine blocks onshore, comprising four located within mature fields operated by the Egyptian General Petroleum Corporation (EGPC) and the General Petroleum Company. These fields are targeted for redevelopment to enhance productivity and maximize resource utilization. Additionally, five exploration areas under EGPC and South Valley Egyptian Petroleum Holding Company (GANOPE) hold strong geological potential, supporting the expansion of exploration activities. Currently, 17 exploration blocks in the Mediterranean are operated by major international energy companies. Eni holds seven blocks, while ExxonMobil and Shell each operate three. Chevron and BP each control two, in collaboration with global partners such as Qatar Energy, Mubadala, ADNOC, Woodside, Energean, Harbour, and KUFPEC. The latest bidding round attracted considerable interest from both international and local investors, with new Egyptian entrants such as Nile Energy, Ezz Dekheila, and Fleet Oil & Gas, demonstrating growing confidence in Egypt's petroleum sector. Exploration activity is expected to surge in the coming months with the injection of new investments, and in the event of commercial discoveries, total investments could double. The Ministry of Petroleum has committed to expediting the evaluation process, with EGAS and EGPC set to announce bid results within two months, while the General Petroleum Company will disclose its results within one month. This streamlined process ensures a continuous flow of investment and further strengthens Egypt's energy sector. Looking ahead, the ministry is preparing to launch new investment opportunities, including additional exploration areas and mature fields, through the open acreage system. This approach provides companies with a flexible mechanism to participate in exploration and production activities, reinforcing Egypt's position as a key player in the global energy market.
