UOG Commences Production from ASD-2 in Abu Sennan
Egypt Oil & Gas News
by Fatma Ahmed
2y ago
United Oil & Gas has announced that it started production from the ASD-2 well at an initial rate of c. 2,100 barrels of oil equivalent per day (boe/d) gross and c.462 boe/d net, according to a press release. The company said that this production rate came above the pre-drill expectations, adding that it took just six days from well completion to production and revenue generation for United. It noted that it will start drilling the second well in its 2022 drilling program, ASV-1X, during the upcoming days. “A rig has been mobilized to drill the second well in the 2022 drilling program,” the ..read more
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Canada Promises to Support Halting Russian Oil Use
Egypt Oil & Gas News
by Sarah Samir
2y ago
Canada, the world’s fourth biggest oil producer, pledges to export an additional 200,000 barrels of oil as well as 100,000 barrels of natural gas, the country’s Natural Resources Minister Jonathan Wilkinson told BBC.   Wilkinson stated that several countries are committed “to help in terms of displacing Russian oil and gas”.   The minister’s remarks came after requests from Canada’s allies at a ministerial meeting at the International Energy Agency (IEA) in Paris, which aims to accelerate the transition to clean energy.   “We expect that by the end of the year we will be fully u ..read more
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Sinopec Halts Project in Russia
Egypt Oil & Gas News
by Sarah Samir
2y ago
China’s Sinopec suspended discussions for a gas marketing venture and petrochemical investment in Russia, sources told Reuters. This comes as a response to the government’s call for caution as sanctions could be implemented due to the Russian invasion of Ukraine. Sinopec’s decision halted investments worth half a billion dollars in a gas chemical plant as well as a venture that aims to market Russian natural gas to China. Since Russia invaded Ukraine, three Chinese state energy giants, China National Offshore Oil Corp (CNOOC), China National Petroleum Corp (CNPC), and Sinopec, have been evalua ..read more
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Oil Prices Drop as Shanghai Goes into Lockdown
Egypt Oil & Gas News
by Sarah Samir
2y ago
Global oil prices decreased as China implemented a lockdown in Shanghai, which is considered a major manufacturing and financial hub, BBC reported. Brent crude prices fell by over $4.50 per barrel as the lockdown instigated fears of falling oil demand. The futures contract for Brent crude decreased by 4% reaching $115.80 per barrel. Moreover, the Shanghai Composite stock index dropped in early trade before it regained most losses later on. However, oil prices are still 80% higher than the prices of 2021, as the Russian-Ukrainian crisis drove the prices up ..read more
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Al Sisi Follows up on Petroleum Sector’s Activities
Egypt Oil & Gas News
by Fatma Ahmed
2y ago
The President Abdel Fattah Al-Sisi has urged the government to acquire the optimal economic benefit from Egypt’s resources of oil and natural gas, as well as the completion of various industrial projects in the petroleum sector with the goal of reducing imports and providing high-quality petroleum products. This is in addition to maximizing the added value of raw materials of petroleum and meeting the needs of the local market in various cities and governorates nationwide, a  press release issued by the Ministry of Petroleum and Mineral Resources stated. This came during his meeting with ..read more
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Sianco Announces Revenues of EGP 1.8B in 2021
Egypt Oil & Gas News
by Sarah Samir
2y ago
Egyptian Company for Appliances Maintenance & Technical Services (Sianco) held the general assembly meeting to review its business results for the year 2021, in the presence of Magdy Galal, Chairman of the Egyptian Natural Gas Holding Company (EGAS), Alaa El Batal, the Egyptian General Petroleum Corporation (EGPC)’s Chairman, as well as Vice-Presidents of EGPC, EGAS, representatives of capital and the Central Auditing Organization (CAO). Sianco Chairman Yasser Abu Al-Ela explained that the financial indicators showed that the company had achieved distinguished and unprecedented results, as ..read more
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Macron Denies Russian Demand to Pay for Russian Gas in Roubles
Egypt Oil & Gas News
by Fatma Ahmed
2y ago
French President Emmanuel Macron stated there are no reasons to give in to President Vladimir Putin’s demands to pay for Russian gas in roubles, Reuters reported. “All the texts that have been signed are clear. This is forbidden,” Macron stated at a news conference after a European Union summit in Brussels. “European firms that buy gas and which are operating on European territory have to do so in euros. Therefore, it is not possible today to do what is being demanded, it is not contractual,” added Macron. Earlier, Putin demanded that Russia must be paid in roubles for gas sold to “unfriendly ..read more
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Madbouly Monitors COP27 Preparations
Egypt Oil & Gas News
by Sarah Samir
2y ago
Prime Minister Mostafa Madbouly chaired the meeting of the Higher Committee concerned with preparing for Egypt’s hosting of COP 27 to discuss the progress of the ministries’ efforts in preparing for the conference, which is scheduled to be held next November in Sharm El-Sheikh. The meeting was attended by Mohamed Shaker, Minister of Electricity and Renewable Energy; Sameh Shoukry, Minister of Foreign Affairs; Tarek El Molla, Minister of Petroleum and Mineral Resources; Hala El Said, Minister of Planning and Economic Development; Rania Al Mashat, Minister of International Cooperation; Moha ..read more
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ExxonMobil Intensely Working Through Options for Exiting Russian Venture
Egypt Oil & Gas News
by Fatma Ahmed
2y ago
ExxonMobil is currently working through options on how to proceed to withdraw from its Russian venture, the company’s Senior Vice President Neil Chapman told Reuters. “We are working through these options now, aggressively working through these options,” Chapman said on the sidelines of the Doha Forum in Qatar. He added that there is currently no set timeline for the process ..read more
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PETRONAS, Waygate Cooperate on Commercializing Robotic Inspection Solutions
Egypt Oil & Gas News
by Fatma Ahmed
2y ago
PETRONAS  has  announced  that its technology subsidiary, PETRONAS Technology Ventures Sdn Bhd (PTVSB), has cooperated in partnership with Waygate Technologies Robotics AG (WTR) to commercialize a jointly developed robotic inspection device and widen its utilization in the oil and gas industry. The device is able to improve the management of data and inspect the restricted or hard-to-reach spaces in oil and gas facilities either onshore or offshore. This cutting-edge technology includes additional ultrasonic and eddy current inspection capabilities as well as a cleaning tool. Th ..read more
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