In the nation's effort to reduce the economic fallout of skyrocketing oil prices, Minister of Petroleum and Mineral Resources Tarek El Molla stressed the importance of increasing crude oil and natural gas production in a meeting to follow up on the sector's activities in this regard.
In its quarterly report, Dana Gas, the Middle East's largest natural gas company, announced that its net profit increased by 125% in Q1 2022, reaching $54 million or 2.8 fils per share, compared to $24 million or 1.26 fils per share in Q1 2021, which reflects strong business performance.
Egypt has signed a memorandum of understanding (MoU) with an alliance of TotalEnergies and Enara Capital company to establish new green ammonia project in the Suez Canal Economic Zone (SCZone) producing 300,000 tons of ammonia of clean energy.
Aton Resources has a released a follow up report on the latest development of its diamond drilling program at it advanced Rodruin gold exploration project located in Abu Marawat Concession in the Eastern desert.
Around 150 gas fueling stations are entering service, El Molla noted, adding that the spread of stations in various regions encourages and motivates citizens to use natural gas as a fuel for cars.
The Petroleum Pipelines Company (PPC) has assigned Petrosafe Company for supplying and installing lightning protection systems using “Early Streamer Emission” system at its site in Mostorod.
Apex International Energy (Apex) announced testing the Fajr-8 development well, located in Egypt's Western Desert in the South East Meleiha (SEM), at a daily rate of 2,440 barrels of oil negligible water.
The Egyptian Finance Ministry announced that the country has allocated EGP3.5 billion in its budget of the fiscal year (FY) 2022/23 to deliver natural gas to the households.
Qalaa Holdings announced strong revenue growth of 27% year-on-year (YoY), recording EGP 45.8 billion in 2021, through the strong performance of its subsidiaries, especially the Egyptian Refining Company (ERC) and TAQA Arabia.
The Minister of Petroleum and Mineral Resources Tarek El Molla confirmed that the petrochemical sector targets an ambitious vision aims to support the industry during the coming period as an added value industry which positively reflects on the Egyptian economy.
