Latest news with #WesternDesert
Zawya
a day ago
- Business
- Zawya
Egypt: Madbouly says 2 Western Desert oil fields to start production in July
Arab Finance: Prime Minister Mostafa Madbouly announced that two new oil fields in Egypt's Western Desert will begin production next month, contributing to increased domestic output, as per a statement. During the weekly press conference, Madbouly said Egypt has managed to secure alternatives to gas imports by utilizing three LNG regasification vessels located domestically. One is already operational, while the other two are expected to enter service by the end of this month. These additions will fully meet the needs of the electricity and industrial sectors, he said. He also acknowledged that some factories had been temporarily shut down as a precaution. The Prime Minister added that if further early solutions become available, the resumption of gas supplies to the affected factories may occur earlier than planned. Turning to economic matters, Madbouly emphasized that the Egyptian economy remains stable, with all factories operating at full capacity and production inputs available. Madbouly confirmed the formation of a crisis committee to monitor the repercussions of the Iranian-Israeli conflict on Egypt, warning against any attempts to fabricate domestic crises and emphasizing the state's readiness to confront any developments with firmness. Madbouly said the committee was instructed to develop detailed scenarios, including worst-case responses, to secure Egypt's basic needs. He emphasized the state's strategic reserves of basic food commodities now exceed six monthsو the longest coverage period ever achieved. He also announced that the supreme committee for market regulation and price monitoring will convene tomorrow, stressing there is no justification for any price hikes or instability in local markets. The Prime Minister affirmed that there are no internal crises in any state sector, nor any delays or rejections of requests for dollar credits needed for production inputs. Moreover, he reiterated Egypt's longstanding stance that stability in the region hinges on a just solution to the Palestinian cause. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
a day ago
- Business
- Zawya
Egypt PM warns of higher oil prices from regional war after first Crisis Committee meeting
Egypt's Prime Minister Mostafa Madbouly on Wednesday warned that a continuation of the current regional conflict could lead to higher petroleum prices and potential shortages, after chairing the first meeting of a newly formed 'Crisis Committee' to manage the fallout. The committee was established to monitor the repercussions of the military escalation between Israel and Iran. Madbouly stated he had directed ministers to prepare for various scenarios to handle the consequences. 'The continuation of the current war could lead to a rise in petroleum prices, and there could even be a crisis in their availability,' Madbouly said in a press conference following the meeting. 'If the current crisis continues, it could drag the region into a regional war.' He added: 'We have no choice but to work on all scenarios, and I pray to God there are no worse scenarios.' While addressing the external threats, Madbouly also sought to reassure the public about the domestic economic situation, stating that strategic commodity reserves were secure and that the government was working to ensure market stability. 'Things are stable, and we will stand against any attempt to create a crisis out of nothing,' he said, adding that strategic goods were at their 'highest levels of security.' On the energy front, he announced that two new petroleum fields in the Western Desert are set to come into service next month, which will help boost local production. He acknowledged that temporary measures had been taken to reduce pressure on the national gas system, including briefly halting operations at some gas-powered factories. He said the government was in communication with these factories to mitigate the effects and offer compensatory incentives. Madbouly assured the public that the gas issue would be fully resolved before the end of the current month with the arrival of new regasification vessels. 'The solutions we are working on will secure the state from any future stoppage in supplies,' he said. Regarding electricity, Madbouly stated that there was no load shedding 'at this stage,' but he noted that power cuts due to transformer failures could occur as summer temperatures rise. The first meeting of the 'Crisis Committee' was attended by a host of senior officials, including the ministers of industry, finance, planning, electricity, petroleum, and foreign affairs, as well as the central bank governor and representatives from the ministries of defence and interior, general intelligence, and the administrative control authority. The prime minister's office said the committee was formed to monitor developments 'on a moment-by-moment basis' and to deal with any emerging situations. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
Zawya
4 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
4 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. (
Zawya
23-05-2025
- Business
- Zawya
Egypt: EGPC, Ieoc Exploration's daily production of petroleum liquids surpasses 110,000 barrels
Arab Finance: The Egyptian General Petroleum Corporation (EGPC) and Ieoc Exploration BV, an Eni affiliated company, announced a total daily production exceeding 110,000 barrels of petroleum liquids through their joint ventures, Belayim Petroleum Company (Petrobel) and Agiba Petroleum Company, as per a statement. Production from the Sinai concession area surpassed 60,000 barrels of oil daily, a level not reached since 2023. This milestone was mainly attributed to the successful startup of the West Ferran-2 well, with a potential daily output of nearly 4,000 barrels of oil. This is besides the positive results from recent onshore and offshore maintenance campaigns. Agiba Petroleum's concession areas in the Western Desert also contributed, with a daily production exceeding 30,000 barrels of oil. The recorded growth is backed by the startup of new wells such as Mel-123 and SMel-C4, along with successful maintenance operations and non-rig interventions at wells MWD-8 and Zahra-7. This contributed with an additional daily capacity of 4,000 barrels of oil, and associated gas production exceeding 5 million cubic feet on a daily basis. Meanwhile, Ieoc Exploration BV added around 20,000 barrels of liquids per day, bringing its total production to over 110,000 barrels of liquids daily. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
