The Egyptian Ministry of Petroleum and Mineral Resources (MoPMR) signed a memorandum of understanding (MoU) with Dragon Oil on using advanced artificial intelligence (AI) applications in the management of petroleum reservoirs in the company's concession areas in the Gulf of Suez, which contributes to improving production efficiency and sustainability.
Dana Gas released its financial results for nine months ending 30 September 2024, reporting a decline in net profit of AED 410 million ($112 m), compared to AED 462 million ($126m) in 9M 2023, due to lower realized prices in condensate and LPG. Meanwhile, the company focused on driving cost and production optimization, especially in the KRI to offset the financial impact of these challenges.
The project aims to reduce carbon dioxide emissions by up to 400,000 tons annually, with an estimated investment cost of around $530 million.
The Ministry of Petroleum and Mineral Resources (MoPMR) achieved remarkable rates of responses to citizens’ complaints in terms of quantity and quality in dealing with and addressing the causes of complaints.
Minister of Petroleum and Mineral Resources Karim Badawi and First Undersecretary of the Ministry of Petroleum and Mineral Resources and Supervisor of Energy Efficiency and Climate Alaa El Batal held several meetings with executives from major global companies and international financing institutions
Badawi affirmed the strategic partnership with Halliburton extending for more than 50 years, highlighting the company's role in providing services and support of upstream activities in Egypt.
Badawi reviewed the Ministry's priorities and affirmed the importance of technology for increasing production.
The meeting reviewed means of future cooperation in increasing production, optimizing the leverage of the Egyptian Petroleum Sector assets and the current infrastructure to increase value added of energy resources.
Minister of Petroleum and Mineral Resources, Karim Badawi met with CEO of Dana Gas, Richard Hall during which they reviewed operations in the company’s concession areas in Nile Delta including Manzala, West Manzala, and West Qantara.
The meeting discussed working to increase investment and cooperation between the two countries during the coming period, whether in the field of research and production.
