Latest news with #MoatazAtef
Egypt Independent
12-05-2025
- Automotive
- Egypt Independent
Govt admits some samples of octane in Egypt failed to meet specified standards
The Ministry of Petroleum and Mineral Resources in Egypt announced the results of nationwide studies into complaints received from citizens regarding octane, along with additional measures approved by the ministry to ensure the product's compliance with standard specifications. In a statement, the ministry confirmed the detection of some non-compliant samples at gas stations. The ministry decided to disburse an amount equal to the approved invoice value to replace the fuel pump, with a maximum of LE 2,000, to those who filed complaints via the hotline 16528 or the government complaints system website. Citizens will be contacted successively by the ministry, the ministry added. The statement explained that compensation will only be provided if the complaint was filed between May 4-10, and the complaint relates to the same period. Documents proving the complainant's ownership of the vehicle be submitted, along with a certified invoice proving the replacement of the vehicle's fuel pump. A total of 870 complaints were recorded nationwide between May 4-9, regarding the quality of octane products offered in local markets. Up to 807 samples were analyzed from various governorates by teams from the Ministries of Petroleum, and Supply, as well as neutral analysis companies. It found that 802 samples met specifications and only five failed. The ministry said added that some necessary measures have been added regarding locally produced octane. These include not releasing any product from refineries for consumption until samples have been analyzed in two different laboratories and the results verified, instead of requiring analysis in a single laboratory. Issues not widespread The Ministry's official spokesperson, Moataz Atef, said that the Ministry of Petroleum has received several complaints regarding octane quality via its hotline. He noted that most of the complaints came from a single geographic area, and that gasoline fraud is not widespread but is instead limited to a number of cases in certain areas. The head of the Automobile and Spare Parts Dealers Association Osama Abul-Magd, noted that the automotive sector was not affected by the adulterated octane scandal, but that spare parts sales were. He referred to an increase in the import of fuel pumps, with sales up 15 percent over the past week. Edited translation from Al-Masry Al-Youm
Yahoo
21-04-2025
- Business
- Yahoo
Chevron and other oil firms exit Red Sea concessions, redirect efforts
Chevron, alongside other multinational oil and gas companies, has exited its Red Sea oil and gas concession blocks in Egypt after failing to make any discoveries. The Egyptian petroleum ministry confirmed that these companies are now redirecting their resources to other regions within the country, particularly the Mediterranean, reported Reuters. Egypt awarded its first oil and gas exploration concessions in the Red Sea to Chevron, Shell, and Mubadala Investment Company in 2019. Moataz Atef, spokesperson for the ministry said: "Companies have spent millions on their concessions within the agreed time frames.' He noted that one unnamed company invested $34m, exceeding its initial commitment of $10m, but did not achieve the desired results. Chevron has confirmed relinquishing its 45% stake in Red Sea Block 1 in the northern part of the Red Sea. The company operates the block with partners including Woodside Energy, while Shell operates Block 3 with Woodside Energy and QatarEnergy. Chevron spokesperson Sally Jones said: "Chevron remains committed to working with the government of Egypt and our partners to support the growth of Egypt's energy sector through our exploration programmes in the Mediterranean.' The ministry did not disclose the names of other companies that have exited the Red Sea blocks. Shell declined to comment, and Mubadala, Woodside Energy, and QatarEnergy were not immediately available for comment, the report said. Despite these exits, the ministry remains optimistic about the potential of the concession areas. Both Shell and Chevron have applied for new concessions in the Mediterranean Sea, reaffirming their commitment to Egypt's oil and gas sector. Chevron has expressed interest in three other exploration blocks in Egypt, including two as an operator in the Mediterranean. Egypt's gas production was 4.6 billion cubic metres (bcm) in January 2024 but declined to 3.6bcm by January 2025, according to data from the Joint Organisations Data Initiative. Atef assured that Egypt would meet rising electricity demand this summer, with plans for three to four floating storage and regasification units to stabilise natural gas supply. He added that LNG shipments were secured, and an emergency plan was developed to tackle unexpected demand increases. Last summer, Egypt faced power shortages due to high cooling demand, leading to load-shedding and imports costing around $1.18bn. The Egyptian Natural Gas Holding Company (EGAS) intends to execute seven gas development initiatives and introduce 24 new wells into the production landscape in the fiscal year 2025/26. "Chevron and other oil firms exit Red Sea concessions, redirect efforts" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Zawya
18-04-2025
- Business
- Zawya
Chevron and other companies exit Egypt's Red Sea concessions, redirect resources
A number of multinational oil and gas companies including Chevron have exited their Red Sea oil and gas concession blocks after making no finds and have channelled their resources elsewhere in the country, the Egyptian petroleum ministry said. As part of its efforts to become an energy hub, Egypt awarded oil and gas exploration concessions in the Red Sea for the first time to Chevron, Shell and Abu Dhabi sovereign wealth fund Mubadala Investment Company in an international tender in 2019. "Companies have spent millions on their concessions within the agreed time frames," ministry spokesperson Moataz Atef told reporters on Thursday. He said: "One company spent $34 million on a contract that initially stipulated it will invest $10 million on exploration, but found no results," without naming said company. Chevron confirmed it has relinquished its operated 45% stake in Red Sea Block 1, located in the northern Red Sea. 'Chevron remains committed to working together with the government of Egypt and our partners to support the growth of Egypt's energy sector through our exploration programs in the Mediterranean,' spokesperson Sally Jones said in a statement on Friday. Chevron operates the block along with other shareholders including Australia's Woodside Energy. Shell operates Block 3 with others including Woodside Energy and QatarEnergy. Atef did not name the other companies that he said had relinquished their Red Sea blocks. Shell declined to comment. Mubadala, Woodside Energy and QatarEnergy were not immediately available for comment. The petroleum ministry spokesperson stressed his ministry still believed the concession areas could be fruitful. He said both Shell and Chevron had applied for new concessions in the Mediterranean Sea, reaffirming their commitment to Egypt's oil and gas sector, without giving further details. Chevron spokesperson Jones said it had interest in three other exploration blocks in Egypt, including two as an operator in the Mediterranean. In January 2024, Egypt's gas production was 4.6 billion cubic meters of gas. Despite pushing for further increases, production remained on a downward trend, recording 3.6 billion cubic meters in January 2025, data from the Joint Organisations Data Initiative show. Regarding energy supply, Atef sought to give assurances that Egypt would be able to meet rising electricity demand this summer. "By the summer, we will have three to four floating storage and regasification units to help stabilize the supply of natural gas," he said, adding that LNG shipments have been secured, while an emergency plan is in place to address any unexpected demand spikes. Last summer, Egypt faced power shortages exacerbated by high cooling demand. The country resorted to load-shedding and imports costing around $1.18 billion. (Reporting by Mohamed Ezz and Jaidaa Taha; Editing by Alison Williams)
Reuters
18-04-2025
- Business
- Reuters
Chevron and other companies exit Egypt's Red Sea concessions, redirect resources
CAIRO, April 18 (Reuters) - A number of multinational oil and gas companies including Chevron have exited their Red Sea oil and gas concession blocks after making no finds and have channelled their resources elsewhere in the country, the Egyptian petroleum ministry said. As part of its efforts to become an energy hub, Egypt awarded oil and gas exploration concessions in the Red Sea for the first time to Chevron, Shell and Abu Dhabi sovereign wealth fund Mubadala Investment Company in an international tender in 2019. "Companies have spent millions on their concessions within the agreed time frames," ministry spokesperson Moataz Atef told reporters on Thursday. He said: "One company spent $34 million on a contract that initially stipulated it will invest $10 million on exploration, but found no results," without naming said company. Chevron confirmed it has relinquished its operated 45% stake in Red Sea Block 1, located in the northern Red Sea. 'Chevron remains committed to working together with the government of Egypt and our partners to support the growth of Egypt's energy sector through our exploration programs in the Mediterranean,' spokesperson Sally Jones said in a statement on Friday. Chevron operates the block along with other shareholders including Australia's Woodside Energy. Shell operates Block 3 with others including Woodside Energy and QatarEnergy. Atef did not name the other companies that he said had relinquished their Red Sea blocks. Shell declined to comment. Mubadala, Woodside Energy and QatarEnergy were not immediately available for comment. The petroleum ministry spokesperson stressed his ministry still believed the concession areas could be fruitful. He said both Shell and Chevron had applied for new concessions in the Mediterranean Sea, reaffirming their commitment to Egypt's oil and gas sector, without giving further details. Chevron spokesperson Jones said it had interest in three other exploration blocks in Egypt, including two as an operator in the Mediterranean. In January 2024, Egypt's gas production was 4.6 billion cubic meters of gas. Despite pushing for further increases, production remained on a downward trend, recording 3.6 billion cubic meters in January 2025, data from the Joint Organisations Data Initiative show. Regarding energy supply, Atef sought to give assurances that Egypt would be able to meet rising electricity demand this summer. "By the summer, we will have three to four floating storage and regasification units to help stabilize the supply of natural gas," he said, adding that LNG shipments have been secured, while an emergency plan is in place to address any unexpected demand spikes. Last summer, Egypt faced power shortages exacerbated by high cooling demand. The country resorted to load-shedding and imports costing around $1.18 billion.
