Italian energy company Eni has announced a 45% increase in its planned 2024 share buyback to EUR 1.6 billion ($1.71 billion) following a first-quarter net income that surpassed expectations. Although adjusted net profit declined by 46% to EUR 1.58 billion, it slightly exceeded the analyst consensus of 1.56 billion for the quarter, according to Reuters. The growth in hydrocarbon output by 5% year-on-year supported the company’s exploration and production segment, with the completion of the Neptune Energy acquisition playing a significant role. “The results put the company firmly on track to exc ..read more

Shell and TotalEnergies SE are in talks to acquire stakes in ADNOC’s liquefied natural gas (LNG) export project in UAE. According to Bloomberg, the two oil majors, as well as Japanese trading house Mitsui & Co., are looking for equity in the Ruwais facility, as well as contracts to purchase LNG from it. Bloomberg revealed that a final investment decision on this project is expected early next month. ADNOC doesn’t require investment from the energy companies to move the project forward and may decide not to sell equity. The Ruwais project, under ADNOC’s sole ownership, is poised to boost th ..read more

Within the framework of the Ministry of Petroleum and Mineral Resources’ (MoPMR) strategy for social responsibility, a new CT scan room equipped with a CT scan machine was opened for the main university hospital affiliated with the Faculty of Medicine at Alexandria University. The room was prepared in cooperation between the Alexandria National Refining and Petrochemicals Company (ANRPC), the Abu Qir Fertilizers Company (AFC), and the University in Alexandria Governorate. ANRPC was commissioned by the Supreme Committee for Social Responsibility in the Petroleum Sector to prepare a needs assess ..read more

The Cabinet Media Center released a report featuring infographics that showcase the unprecedented boom in Sinai, along with major development and reconstruction projects in cities along the Suez Canal. The report also highlights the benefits of the past decade’s security and development strategies. The report attributed the surge in support for the Sinai and cities along the Suez Canal by expanding the natural gas network. As the increase in the length of the implemented natural gas delivery lines reached 217.8%, reaching 3,226 kilometers in March 2024, compared to 1,015 kilometers in June 201 ..read more

Minister of Petroleum and Mineral Resources Tarek El Molla and Khaled Abdel Ghaffar, Minister of Health and Population, have witnessed the signing of two corporate social responsibility agreements, which demonstrate the petroleum sector’s significant role in supporting healthcare in the Matrouh and Port Said governorates in cooperation with Italian energy giant Eni. The first agreement signed between Eni and the Ministry of Health and Population and Matrouh Governorate aims to cooperate in implementing the community health project in the governorate. The second agreement aims to start construc ..read more

Minister of Petroleum and Mineral Resources Tarek El Molla has met with Adolfo Urso, Minister of Enterprises and Made in Italy, who is currently visiting Cairo at the head of a large delegation of leaders of Italian institutions, organizations and companies. During the meeting, discussions revolved around opportunities for cooperation between the two countries in the fields of oil and gas, mining, critical minerals, as well as new and renewable energy, alongside manufacturing associated with these sectors. El Molla highlighted the strong ties between the two countries and their peoples, especi ..read more

Falcon Oil and Gas Ltd. has announced that the Beetaloo Joint Venture (BJV) has signed a binding agreement for a long-term Gas Sales Agreement (GSA) with the Northern Territory Government. The agreement entails the supply of 14.6 PJ (13.8 BCF) annually from the proposed Shenandoah South Pilot Project for an initial nine-year period, extendable at the Buyer’s option for an additional six-and-a-half years. Gas will be delivery to the APA-owned Amadeus Gas Pipeline (AGP) on a take-or-pay basis at a competitive market price, with an escalation linked to 100% of the Consumer Price Index (CPI). The ..read more

Spanish gas grid operator Enagas has announced its first quarter results of 2024, recording net profit of €65.3 million ($69.56 million), a 20% rise from €54.6 million reported in the same period last year. This was mainly driven by the revenue generated by the El Musel liquefied natural gas (LNG) terminal and flat expenses. Last year, energy firm Endesa won a three-year contract for the El Musel plant’s logistic services – namely unloading, storage and reloading – after the plant had been mothballed since its completion. Meanwhile, with gas demand in the country down for two years in a row an ..read more

Prime Minister Mostafa Madbouly has met with Mohammed Saeed Al Dhanhani, Director of the Fujairah Emiri Diwan in the United Arab Emirates (UAE) to review future expansion plans in the Egyptian market in the field of oil and gas. At the beginning of the meeting, Madbouly expressed his appreciation for the depth of the distinguished bilateral relations between Egypt and the UAE, stressing the Egyptian government’s keenness to deepen cooperation with the UAE in various fields, especially in the field of economic cooperation, which has witnessed remarkable development recently. Meanwhile, Al Dhanh ..read more

Minister of Petroleum and Mineral Resources Tarek El Molla has met with Mohammed Saeed Al Dhanhani, Director of the Fujairah Emiri Diwan in the United Arab Emirates (UAE), and the accompanying delegation. The meeting witnessed the exchange of visions and ideas about possible cooperation opportunities in the field of trade, storage and circulation of petroleum products, where the two sides will study the model of cooperation in this regard through projects that are economically feasible and beneficial to both parties. Additionally, the meeting reviewed work to benefit from the oil potential in ..read more