• Crude Oil (WTI) 79.10 USD/bbl +0.06%
  • Crude Oil (Brent) 85.53 USD/bbl +1.12%
  • NYMEX Natural Gas 2.71 USD/MMBtu -6.10%
  • OPEC Basket Price 81.95 USD/bbl +2.00%

ExxonMobil Sets Historic Record for Western Oil Industry in 2022

Exxon Mobil Corp, which earned roughly $6.3 million per hour in 2018, reported a $56 billion net profit for 2022, breaking both a company record and achieving a historic high for the Western oil industry, Reuters reported.


Damietta Liquefaction Plant Exports 500th LNG Shipment

The Damietta Natural Gas Liquefaction Plant has succeeded in producing and exporting the 500th cargo of liquefied natural gas (LNG) since it started operating in 2005, after an eight-year hiatus before starting again in February 2021, the Ministry of Petroleum and Mineral Resources said in a statement.


Aton Releases Final Results of Phase 2 Diamond Drilling Program in Rodruin

Aton Resources company has announced the final results of the Phase 2 diamond drilling program at its advanced Rodruin gold exploration project, located in Abu Marawat Concession in the Eastern Desert of Egypt.

General Assemblies

El Molla Approves Agiba, Pharaonic Petroleum Budget Plans for FY 2023/24

Minister of Petroleum and Mineral Resources Tarek El Molla has chaired the general assemblies of Agiba Petroleum Company and Pharaonic Petroleum Company to approve their budget plans for fiscal year (FY) 2022/23 and the recommended budget for FY 2023/24.


ExxonMobil Signs MoU with SFSD to Join the Bab Amal Program

ExxonMobil Egypt announced that it has signed a memorandum of understanding (MoU) with the Sawiris Foundation for Social Development (SFSD) to join its program “Bab Amal”, implemented by the Giving Without Limits Association in Assiut, aiming to empower participating families from the most deprived villages.


Aramco Signs Agreements Worth $7.2B at 7th Iktva Forum

At the 7th In-Kingdom Total Value Add (iktva) Forum and Exhibition, Aramco inked more than 100 agreements and memorandums of understanding (MoUs) worth over $7.2 billion to support the development of a varied, sustainable, and globally competitive industrial environment. In 2022, the programme included 63% local content, up from 35% in 2015 when iktva was first introduced.  


El Molla Receives Australia's New Ambassador to Boost Bilateral Energy, Mining Cooperation

Minister of Petroleum and Mineral Resources Tarek El Molla has received Australia's new ambassador to Egypt Axel Wabenhorst in a meeting during which they explored opportunities to enhance cooperation and investments in mining, natural gas, and green energies.


GUPCO to Invest $588M to Enhance Production Efficiency During FY 2023/24

Chairman of Gulf of Suez Petroleum Company's (GUPCO) Salah Abdel Kareem stated that his company has a plan to invest $588 million during the fiscal year (FY) 2023/24 to enhance petroleum production rates to reach 70,000 barrels per day (bbl/d).



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