Latest news with #GPC
Zawya
5 days ago
- Business
- Zawya
Egypt announces new oil discovery in Abu Sennan brownfield
Arab Finance: The General Petroleum Co. (GPC) has announced a new oil discovery, GPR-1X, in the Abu Sennan brownfield in Egypt's Western Desert, as per a statement by the Ministry of Petroleum and Mineral Resources. This discovery marks a key success under the first axis of the ministry's strategy to increase local production and optimize brownfields' potential. Initial results from the newly drilled well indicate production rates of up to 1,400 barrels of crude oil per day and approximately one million cubic feet of natural gas per day from the Bahariya formation. It is also expected to add around 2 million recoverable barrels to reserves. Chairman of GPC Mohamed Abdel Maguid stated that the well's production station is currently undergoing testing. He also pointed to encouraging indications of further petroleum potential in the Abu Rawash G and B formations, based on electrical log data. This is the second discovery in the Abu Sennan area within the past three months, following a March 2025 find by the company using artificial intelligence (AI) technology under GPC. The latest results reaffirm the untapped potential of the Western Desert and highlight the role of advanced technology in unlocking value from aging oil fields. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
5 days ago
- Business
- Zawya
Egypt announces second oil discovery in 3 months at Abu Sannan, producing 1,400 bpd
Egypt - In line with the Ministry of Petroleum and Mineral Resources' strategy to boost domestic production and optimize output from mature fields, the General Petroleum Company (GPC) has announced a new oil discovery in the Abu Sannan area of Egypt's Western Desert. The well, designated GPR-1X, is located in the mature Abu Sannan fields and has demonstrated initial production rates of approximately 1,400 barrels of crude oil and 1 million cubic feet of gas per day from the Bahariya formation. The discovery also adds an estimated 2 million barrels of recoverable reserves. GPC Chairperson Mohamed Abdel Meguid confirmed that the well is currently undergoing production testing. He added that promising indicators were also identified in the Abu Roash G and B formations, based on electric log analysis. This marks the second oil discovery in Abu Sannan within three months. The previous discovery, announced in March, was enabled by artificial intelligence technologies developed in-house by GPC. The continued success in this mature basin highlights the Western Desert's ongoing potential and the transformative role of modern exploration technologies. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
Al-Ahram Weekly
5 days ago
- Business
- Al-Ahram Weekly
GPC announces new oil discovery in Egypt's Western Desert - Society
The General Petroleum Company (GPC) has announced a new oil discovery—GPR-1X—in the Abu Sennan fields of Egypt's Western Desert, the Ministry of Petroleum and Mineral Resources said Sunday. Initial tests show the well produces up to 1,400 barrels of crude oil and around 1 million cubic feet of gas per day from the Behaira layer. The discovery adds an estimated two million barrels of recoverable reserves. GPC Chairman Mohamed Abdel Meguid said the well is undergoing production testing and has shown promising hydrocarbon indicators. The discovery is the second in Abu Sennan in three months and aligns with the ministry's push to raise domestic output and boost production from mature fields. GPC credited artificial intelligence tools for aiding the find, highlighting the remaining potential in the Western Desert. Energy strain prompts urgent measures The announcement comes amid growing pressure on Egypt's energy sector, as regional tensions and falling gas supplies strain electricity production. Prime Minister Mostafa Madbouly said Saturday that recent Israeli strikes on Iran have disrupted natural gas flows. This has prompted Egypt to fast-track the deployment of two liquefied natural gas (LNG) regasification vessels by early July. Together with an existing unit, they will provide 2.25 billion cubic feet of gas daily. Madbouly said the government is working to prevent summer power cuts, doubling fuel oil reserves to secure generation capacity. Egypt's domestic gas production has dropped to 4.1 billion cubic feet per day, while demand now exceeds 6 billion. The electricity sector alone consumes nearly 60 percent of that supply. At the same time, Israeli gas exports to Egypt have fallen by one billion cubic feet per day, leaving just 800 million cubic feet flowing during the summer. According to Reuters, Egypt may need to spend up to $3 billion on LNG shipments to maintain current power generation levels. Follow us on: Facebook Instagram Whatsapp Short link:
NZ Herald
7 days ago
- Automotive
- NZ Herald
Repco NZ pays $123m dividend to US owner, defies economic funk with big profits
The dividend payment is a culmination of those profits as well as a boost last year from the sale and leaseback of GPC's New Zealand distribution center in Wiri, Auckland that resulted in a financial gain of $21.98m. Repco is one of only a few retailers to escape the downturn in consumer spending and while sales declined by around $10m last year, the company has seen consistent growth since GPC bought the business in 2013. GPC NZ now contributes around 15% of sales for the group in Australasia, which in turn contributes 10% of net sales by region for the US parent company. The New Zealand entity recorded total assets of $702.7m at December 31 and net equity of $225.67m. Aside from retail and trade business Repco, it also has Napa, which sells more specialist trade products, and Motion, which includes belts, bearings and fluids for industrial users. In May 2023, GPC bought the remaining 70% it didn't own of SAS Autoparts (Shock Absorber Services), which has 19 locations throughout New Zealand. The total cash consideration for that deal was $31.58m, valuing the business at just over $45m. A year earlier, GPC bought certain assets of Century Distributors and BGH Group to extend its customer base. The company has recently undertaken a refreshment plan, investing in new infrastructure and customer satisfaction. 'We have had an in-depth review of customer needs now and into the future and how we service them,' GPC NZ executive general manager Jonathon Maddren told the Herald in an interview for the Deloitte Top 200 awards in December. The firm was a finalist in the most improved category. Jonathon Maddren. 'We shared our plan with our teams to reinvigorate the business. It's not that we lost focus; we had to move with the times,' Maddren said. He noted that the make-up of the vehicles on the road has changed with the advent of hybrids and EVs and the different technology involved. 'We've been training staff and even customers to meet the (new) product requirements.' Repco's main competitor SuperCheap Auto is also recording steady profits, with a trend for increased DIY car maintenance during economic downturn. SuperCheap is owned by ASX-listed Super Retail Group, which also owns outdoor apparel and gear retailer Macpac. Accounts recently filed for the 2024 financial year showed revenue of $197.27m, up from $191.67m in 2023. Net profit was $7.64m, down slightly from $7.89m in 2023 but above the $6.62m reported for 2022. SuperCheap opened its first seven stores in New Zealand in November 2023 and currently has more than 40 stores trading nationwide, according to its website. Repco has 148 stores in New Zealand. Photo / Bay of Plenty Times Repco dates back to 1922 when it was founded by Geoff Russell in Melbourne. In the 1980s, the business expanded into New Zealand and became popular with car enthusiasts and DIY customers. Having been listed on the ASX since 1937, the company was eventually purchased by Pacific Dunlop in 1988. Three years later a buyout group led by Macquarie Bank bought the company before selling out in a public float worth A$442m and relisting on both the ASX and NZX in 2003. In 2006, private equity funds advised by CCMP Capital Asia acquired Repco for A$1.75 ($1.98) per share, valuing the company around A$800m. In 2013, Genuine Parts Company acquired the business, helping Repco expand and take advantage of the US company's global supply chain. Genuine Parts, established in 1928 and listed on the New York Stock Exchange, reported sales of $US23.5 billion in 2024, up 1.7% on the previous year, with net earnings of $US904m. The company has 10,700 locations in 17 countries and employs more than 60,000 people. Duncan Bridgeman is managing editor of NZME Business, including the Business Herald and BusinessDesk.
Forbes
10-06-2025
- Health
- Forbes
Charlotte Metcalfe Pursues Olympics After Daunting Brain Injury
Charlotte Metcalfe overcame a brain injury that coincided with her silver medal lift at last fall's ... More World Championships. Her ultimate goal is the 2028 Olympics. Charlotte Metcalfe says that when she first got into competitive weightlifting, she was given some advice by her coaches. They told her, "Remove all emotional attachment to pain." 'That tells you everything I think you need to know about the sport,' Metcalfe joked. The 21-year-old English powerlifter took that advice, along with other bits of weightlifting wisdom on everything from nutrition to the intensity and consistency of her workouts last year, as she prepared for the Global Powerlifting Committee (GPC) World Championships in Slovakia. Little did Metcalfe know that she wasn't just powering through pain, but had something else going on in her body. Alongside the usual burn and muscle ache after her daily routine of squats and deadlifts, Metcalfe said she felt unusual symptoms and some fatigue that just didn't feel right. Just a month before Slovakia, Metcalfe hit her head on a barbell at her local gym, initially thinking her injury was nothing to worry about. 'Weightlifting is definitely taxing,' Metcalfe said, over our recent Zoom interview. 'Each lift that you do temporarily increases intracranial pressure.' But Metcalfe said that weightlifting, just like bodybuilding and martial arts, present 'so many risks' that athletes sometimes can become desensitized. The symptoms came at different times after hitting her head, but eventually got worse. Soon enough, the pain became unbearable. Metcalfe explained that while training further, her spatial awareness started to become 'awful.' And despite experiencing recurring headaches and bouts of fatigue, she chose to compete and flew out to the continent anyway. There, on the first weekend of October, Metcalfe went on to win a silver medal at the GPC World Championships. As it turned out, the English powerlifter suffered a brain injury just weeks before that major competition. Unaware of her condition, Metcalfe had suffered a potentially deadly subarachnoid haemorrhage, or bleeding on and around her brain. 'It was a matter of risk, but does the risk outweigh the opportunities?' she said she thought at the time. Now, looking back, she feels that her decision to try to ignore her headache was a misstep. In March 2025, during an interview with the Manchester Evening News, Metcalfe went so far as to call her choice to compete 'a mistake that almost killed me.' The remedy for her brain injury entailed spending an initial 16 hours in a hospital for standard neurological tests. Thereafter, she was sent home to rest, spending the next two weeks in bed before having a follow-up brain scan. Another thing that may have led to her brain injury, she said, is the fact that over the years she had eight prior concussions. She felt that they were definitely a factor. 'Typically, when injured, I adapt,' Metcae added. 'I train around it, shift focus, and keep going. If it's upper, I train lower. But the brain injury stopped everything.' Despite her efforts to continue training and reclaim some normalcy, Metcalfe said that a terrifying episode after a 573-pound leg press forced her to stop. And when she could not lift, Metcalfe explained, 'For the first time, I felt like an athlete without a sport.' At the World Championships, Metcalfe saw a competitor achieve a 100kg deadlift and decided to push herself beyond her normal limits. Drained and in pain, and again feeling a fatigue like she'd never felt before, Metcalfe pulled off a personal best of 112.5 kg and won the silver medal in the 2024 World Championships. Metcalfe poses with her silver medal after the 2024 GPC Weightlifting World Championships in Trnava, ... More Slovakia. Despite her risky gambit, Metcalfe, who is studying to be an attorney at the University of Law in Manchester, England, admits that her sport has helped her through some of the most difficult times of her life. 'I always loved combat sports, mixed martial arts like Muay Thai, and my weightlifting came from that," Metcalfe explained. "But as a sport, weightlifting forces you to be present. It was a very grounded move for me.' Once she began a lifting routine for strength and personal fitness, she quickly moved to powerlifting at the end of 2023. Metcalfe said she took up Olympic-style lifting the following summer, and in the mix soon established an impressive set of personal bests, and others started to take notice. 'One of the guys at my gym asked me if I had ever considered competing. Up to then, I hadn't really thought about it.' Acknowledging the risks she took last fall, Metcalfe said she hopes others will be more cautious and urges young athletes to take head injuries seriously. Now, several months after her second-place finish and dealing with post-concussion syndrome, Metcalfe explained that she's altered her weightlifting and fitness routines, as well as her self-care and nutrition. As a law student, Metcalfe is set to finish law school in 2026 and find gainful employment as a barrister, a role akin to a litigation attorney, as it's called in the U.S. After being 'called to the bar,' Metcalfe plans to start her work immediately. 'I'll be 24 for (the 2028 Olympics in) L.A. Typically, weightlifters can be in their prime into their late twenties and thirties. I'll plan to be doing full-time law, and full-time weightlifting,' Metcalfe said, 'for the next five to eight years.' And yet, Metcalfe has another big goal on the horizon: making Great Britain's 2028 Olympic team. She said that to prepare for the Olympic trials, she will shift her focus from powerlifting, which emphasizes maximal strength in the squats and deadlifts, to Olympic-style weightlifting, which focuses on explosive power, speed, and technical skill, primarily through two main lifts: the snatch and the clean and jerk. Along the way, Metcalfe plans to vie for a spot in the upcoming Commonwealth Games, which take place next year, from July 23 to August 2, 2026. Fellow Team GB powerlifter, Roza De Oliveira, who competed alongside Metcalfe at last fall's World Championships, thinks his teammate has what it takes to compete at the highest level. De Oliveira says Metcalfe possesses the right skillset for the Commonwealth Games and the Olympics, and describes her in the following way: 'Truly believes in her own capabilities and will never second-guess herself in the process. Always consistent in her character. Filled with confidence.' 'It's not just the discipline or integrity,' De Oliveira concludes, 'but (her) refusing to compromise on who she is, no matter how hard it gets.'
