Minister of Petroleum and Mineral Resources, Tarek El Molla, mourned with great sadness the late Honorable Abdel-Khaleq Ayad, Chairman of the Senate Energy Committee and former Chairman of the Egyptian General Petroleum Corporation (EGPC), who passed away today, May 2nd. The minister stated that the deceased was one of the pioneers in the Egyptian oil and gas sector and remained in the service of his country until the last moments of his life through his parliamentary position in the Senate. The Minister extends his sincere condolences and sincere sympathy to his family and relatives, asking G ..read more

APA Corporation has announced its first-quarter 2024 financial and operational results, reporting a net income attributable to common stock of $132 million, or $0.44 per diluted share, compared to $0.78 a year ago. APA reported adjusted earnings of $237 million, or $0.78 per diluted share, after accounting for comparable items. The company’s net cash in operating activities amounted to $368 million, and adjusted EBITDAX reached $1.24 billion. Additionally, the company returned $176 million to shareholders in the first quarter of 2024 through dividends and share buybacks and repurchased $100 mi ..read more

Lightsource bp, a British solar energy company, is gearing up to build a massive 560-megawatt solar park in central Greece. This €395 million project will be financed through loans from the European Union’s National Recovery and Resilience Plan Greece 2.0 and from Eurobank, according to Balkan Green Energy News. Lightsource bp is on track to develop Europe’s second-largest solar park in Enipeas, Greece. Expected for completion in 2026, the 560-megawatt project will be surpassed only by the recently crowned leader, the 605 MW Witznitz solar farm in eastern Germany. Notably, Enipeas represents L ..read more

Canada’s long-delayed Trans Mountain oil pipeline has commenced operations, after 12 years and a C$34 billion investment. Pipeline constraints have long been a challenge for Canadian oil producers, forcing them to sell their oil at a discount. However, with the Trans Mountain expansion project (TMX) now in operation, the flow of crude from landlocked Alberta to Canada’s Pacific coast will nearly triple to 890,000 barrels per day (bbl/d). For Canada, the world’s fourth-biggest oil producer, this additional pipeline capacity is set to boost crude prices, lift national gross domestic product, and ..read more

Hydrom, Oman’s green hydrogen orchestrator, has announced the signing of two green hydrogen projects in Dhofar, totaling a $11 billion investment. These agreements follow the successful second round of Hydrom auctions, positioning Oman to achieve a hydrogen production capacity of 1 to 1.5 million tons per year (mtpa) by 2030. “Oman is strategically located between two key green hydrogen demand centers in Europe and Asia. This, in addition to, our tier-1 infrastructure and logistics capabilities have enabled us to leverage our first mover advantage in the global hydrogen industry,” stated Eng ..read more

Abu Qir Fertilizers Company’s (AFC) Board of Directors has approved the financial statements for the financial period that has ended on March 31st, 2024. The company’ revealed in a document submitted to the Egyptian Stock Exchange (EGX) that its sales revenue declined by 18.8% year on year (YoY), reaching EGP 14.04 billion, compared to EGP 17.30 billion in the same period a year earlier. AFC’s net profit, after taxes, also decreased by 3.2%, recording EGP 12.14 billion, compared to EGP 12.45 billion during the previous year. The decline in AFC’s sales value was caused by the increase in the co ..read more

Iran’s Oil Minister Javad Owji has revealed plans to ramp up the country’s crude oil production by a 400,000 barrels per day (bbl/d). With the completion of various projects this year (April 20- March 19) Iran’s oil production will increase by 400,000 bbl/d, he stated on the sidelines of a signing ceremony on Tuesday for 16 gas field development projects involving petrochemical holdings and Iranian exploration and production companies. With investments exceeding $7 billion, these projects aim to bring over 130 million cubic meters of gas per day into operation, serving as a feedstock for Iran ..read more

Saudi Arabia and European Commission held meetings discussing a Saudi-EU energy cooperation memorandum of understanding (MoU), Offshore Energy reported. Saudi Minister of Energy, Abdulaziz bin Salman, and the European Commissioner for Energy, Kadri Simson, talked about cooperation in energy and clean technologies as a means to strengthen bilateral ties, support the objectives of the Paris Agreement, and implement the outcomes of the UAE Consensus from COP28. Saudi Arabia and the EU have renewed their commitment to working together, according to the European Commission. This collaboration focus ..read more

Under the high patronage of the Minister of Petroleum and Mineral Resources Tarek El Molla, Egypt Oil & Group has launched “Digital Transformation: Accelerating Efficiency in Oil & Gas Operations,” a two-day workshop aimed at exploring the potential of digital solutions in optimizing the performance of Egypt’s oil and gas industry. Technically prepared by the Egypt Oil & Gas Committee, the workshop hosted by Enppi comes as part of a sector-wide effort to build capacities and further examine the key gains that the digital transformation has to offer. Mohamed Fouad, the Founder and ..read more

The European Innovation Council (EIC) is showcasing leading renewable energy and energy efficiency companies at the European Sustainable Energy Week, which is planned to be hosted in June 2024, featuring presentations by their CEOs and other top leaders. The EIC spotlights innovative companies at the European Sustainable Energy Week. One session explores groundbreaking renewable solutions from rapidly scaling businesses. The other delves into the minds of efficiency experts who are reimagining how we use energy. Both sessions offer presentations, interactive Q&A, and a chance to connect wi ..read more