Latest news with #KarimBadawi
See - Sada Elbalad
18 hours ago
- Business
- See - Sada Elbalad
Egyptian Minister of Petroleum on two-day official visit to Cyprus
SEENEWS Stock Watch The Minister of Petroleum and Mineral Resources of the Arab Republic of Egypt, Karim Badawi, is paying a two-day visit to Cyprus on July 23 and 24, at the invitation of the Minister of Energy, George Papanastasiou. According to a Ministry of Energy press release, the visit is taking place within the framework of the agreed cooperation between the two Ministries for the close progress monitoring of the deposits development project in block 6 of the EEZ of the Republic of Cyprus, following the signing of the Host Government Agreement (HGA) in Egypt on February 17, 2025. As stated, Badawi is accompanied in Cyprus by a delegation from the Egyptian Ministry of Petroleum and the Egyptian Natural Gas Authority (EGAS). It is noted that during his visit to Cyprus, the Egyptian Minister of Petroleum will also meet with the President of the Republic, Nikos Christodoulides, to discuss the progress of the development of both the "Kronos" and "Aphrodite" fields. It is added that immediately after the meeting with the President of the Republic, the two Ministers and technical teams will meet with representatives of ENI and TotalEnergies to be briefed on the progress of technical and commercial consultations for the development of "Kronos". StockWatch in your inbox! Subscribe to our newsletter now and stay tuned for the most important updates. Write your email Submit The Minister of Energy will also have a separate meeting with senior executives of TotalEnergies to review the progress of the company's research program in the EEZ of the Republic of Cyprus, specifically with the Senior Vice President for the Middle East and North Africa, Julien Pouget, and the Vice President for North Africa, Jean Jeylet, the statement concludes. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks
Al-Ahram Weekly
a day ago
- Business
- Al-Ahram Weekly
Emirati Dana Gas launches $100 mln investment programme to boost Egypt gas production - Energy
UAE's Dana Gas, the Middle East's largest regional private sector natural gas company, has launched a $100 million investment programme in Egypt's onshore Nile Delta to expand domestic gas production, increase reserves, and support the country's growing energy demand, according to a statement the company shared with Ahram Online. The two-year programme includes drilling 11 appraisal and exploration wells, as well as recompleting existing ones. It is expected to add approximately 80 billion cubic feet (bcf) of recoverable gas reserves and significantly enhance the company's long-term production profile in Egypt. The investment plan has already yielded early success, with the completion of the Begonia-2 appraisal well in the New El-Manzala concession. Begonia-2, operated by the company's joint venture with the Egyptian government, Wastani Petroleum Company (WASCO), has confirmed initial reserves of 9 bcf of gas and is set to deliver 5 million standard cubic feet daily (mmscfd) in additional output. It is the first well to be drilled under the programme, signalling the start of intensified exploration and development activity in the area. In parallel, Dana Gas has initiated recompletion work on the Balsam-3 well, redeploying the EGYPTCO rig to tap previously unproduced geological layers. Once completed, the well is expected to add 4 billion cubic feet (bcf) in reserves and an additional 3 million standard cubic feet per day (mmscfd) in production. Its recompletion is anticipated to mitigate exploration risks and further strengthen gas output from existing assets. 'This $100 million programme marks a strategic milestone for Dana Gas in Egypt. The drilling success at Begonia-2 and the start of work on Balsam-3 are just the beginning. With improved fiscal terms under our new concession consolidation agreement with EGAS, we are now well-positioned to unlock more value from our Egyptian portfolio,' said CEO of Dana Gas Richard Hall. 'Our continued investment reflects our long-standing commitment to Egypt and to supporting its energy security agenda. Timely and consistent payments from our partners remain critical to the success of this programme and to ensuring its sustained momentum,' he added. Drilling is being carried out using the EDC-54 rig, with the following well scheduled to spud in August. The company also plans to re-enter other wells during the programme's timeframe to maximize recovery from existing assets. Earlier in July, Minister of Petroleum and Mineral Resources Karim Badawi visited the Begonia-2 site to observe the commencement of operations and review project progress. His visit aligns with the government's broader strategy to enhance natural gas production through upstream investment incentives and regional collaboration. Dana Gas has operated in Egypt for over a decade and remains one of the country's key private sector contributors to gas production. The company's total proven and probable (2P) reserves exceed one billion barrels of oil equivalent (BOE), with an average daily production of 55,000 BOE in 2024. Its regional presence spans Egypt, the Kurdistan Region of Iraq (KRI), and the UAE. As Egypt continues to navigate growing energy demands amid fluctuating domestic gas production, the government is intensifying efforts to reinforce its energy security through a combination of infrastructure upgrades and fiscal commitments. Last week during a press conference, Prime Minister Mostafa Madbouly announced the full integration of all Floating Storage Regasification Units (FSRUs) into the national gas network. Currently, three FSRUs are stationed in Ain Sokhna, positioned to serve as emergency backups in the event of disruptions to the country's conventional gas supply. While the units have not yet been activated at full capacity, Madbouly emphasized their role as a strategic reserve to ensure uninterrupted access to natural gas, particularly during peak summer consumption periods. Furthermore, two more FSRUs are expected to arrive soon: one set to be deployed at Alexandria Port and the other at Jordan's Aqaba Port. These deployments are part of Egypt's broader contingency plan to secure its energy system against potential shortfalls during high-demand months. The government is also making headway in addressing long-standing financial liabilities in the energy sector. In this respect, Madbouly said Egypt has recently repaid more than $1 billion in overdue payments to foreign oil and gas partners. While acknowledging that a significant backlog remains, he reaffirmed Egypt's renewed commitment to settling monthly invoices regularly, thereby gradually reducing its accumulated energy debt. By the end of 2025, an additional $1.4 billion in payments is scheduled to be made, as part of a strategy to restore investor confidence and support future investment in the country's energy production. Follow us on: Facebook Instagram Whatsapp Short link:
Zawya
a day ago
- Business
- Zawya
bp intends to expand investments in Egypt's oil sector
Arab Finance: British Petroleum (bp) is aiming to inject new investments in natural gas development and production activities in Egypt following its recent discoveries in the Mediterranean, according to a statement. Minister of Petroleum and Mineral Resources Karim Badawi met with bp's Executive Vice President for Gas and Low Carbon Energy Projects William Lynn discussed ways to accelerate joint projects in the oil sector during the coming period. During the meeting, Badawi emphasized the importance of the strategic partnership with bp, noting that they aim to increase domestic natural gas production, reduce the import bill, and encourage more new investments in the sector. Furthermore, the two officials addressed the company's upcoming plans for new exploration activities in its concession areas in the Mediterranean. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
a day ago
- Business
- Zawya
Egypt: El-Sisi reviews natural gas cooperation with Cyprus amid plans to bolster regional energy hub
Arab Finance: Egypt plans to reinforce cooperation with Cyprus to diversify natural gas supplies and activate the regional gas trading center strategy, Spokesman for the Presidency Mohamed El-Shennawy announced. The plans were addressed during President Abdel Fattah El-Sisi's meeting with Prime Minister Mostafa Madbouly and Minister of Petroleum and Mineral Resources Karim Badawi. El-Shennawy said the meeting reviewed efforts to achieve a breakthrough in the mining sector by transforming the Egyptian Mineral Resources Authority (EMRA) into an independent economic entity. This also includes signing mineral exploitation agreements with international companies, launching value-added mining industries, and integrating national capital into mineral manufacturing and extraction investments. On his part, Badawi reviewed the main axes of the ministry's strategy that focus on production and exploration activities, maximizing the use of petroleum resources through refining and petrochemical plants to maximize the mining sector's added value. The petroleum ministry also seeks to expand regional cooperation to attract investments to the oil and gas sectors while maintaining safety, energy efficiency, and reducing emissions. It continues working with the Ministry of Electricity and Renewable Energy to provide an energy mix that drives Egyptian economic growth and leverages the country's position in hydrogen production and energy trade. Highlighting the significant results achieved during the period from July 2024 to June 2025, Badawi outlined an increase in local oil and gas production. The minister plans to continue developing the gas sector's infrastructure through the introduction of floating storage and regasification units (FSRUs), which will increase regasification capacity from 1,000 to 2,250 million cubic feet per day. This ensures the flexibility and continuity of gas supplies to all sectors and can address any emergency interruptions in the supply mix. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
a day ago
- Business
- Zawya
Egyptian President urges accelerated oil, gas discoveries, lower import bill
Egyptian President Abdel Fattah Al-Sisi met on Tuesday with Prime Minister Mostafa Madbouly and Minister of Petroleum and Mineral Resources Karim Badawi to review recent developments in the petroleum and mining sectors, the presidency announced in a statement. Presidential spokesperson Mohamed El-Shennawy said the minister presented the ministry's current strategy, which focuses on boosting exploration and production, maximising value through refining and petrochemical industries, and launching a new phase in mining to deepen its economic contribution. The meeting reviewed government efforts to secure domestic energy needs, particularly for the electricity sector, alongside updates on exploration activities and newly added reserves. The minister reported significant achievements between July 2024 and June 2025, including a rise in domestic oil and gas output and successful measures to curb the natural decline in gas production. Discussions also addressed steps to reduce outstanding payments to foreign partners and the ministry's ongoing commitment to settle monthly dues, aimed at fostering greater investment and accelerating project timelines. Participants reviewed key infrastructure developments, notably the expansion of floating regasification unit capacity from 1,000 to 2,250 million cubic feet per day—strengthening supply security and emergency preparedness. The meeting also discussed cooperation with Cyprus to diversify gas imports and advance Egypt's vision to become a regional gas trading hub. On the mining front, officials outlined plans to transform the Mineral Resources Authority into a commercially active entity, sign agreements with leading international companies, and establish value-added industries driven by national investment. President Al-Sisi underscored the importance of sustaining an attractive investment environment, bolstering domestic oil and gas production to support national development, reduce the import bill, and ease pressures on citizens. He called for accelerating the connection of new discoveries to production, expanding exploration programmes, and offering additional incentives to spur growth in the petroleum and mineral resources sectors. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
