Egypt has launched a new bidding round for three offshore development blocks in the Gulf of Suez: North Shadwan-1, North Shadwan-2, and North Shadwan-3, with submissions open via the Egypt Upstream Gateway (EUG) until May 17.
As part of a strategic push to bolster domestic energy security, Karim Badawi, Minister of Petroleum and Mineral Resources, led a series of field tours to production sites in the Meleiha and Salam concessions, emphasizing the rapid integration of new wells into the national grid. Accompanied by senior sector officials, the Minister began the program at the Meleiha fields, operated by Agiba Petroleum Company. He was joined by executives from Italy’s Eni, a primary partner in the exploration, development, and production of hydrocarbons within the Meleiha concession.
Modern Gas, an Egyptian joint-stock company, recorded a net profit of EGP 209 million during fiscal year (FY) 2025, yielding a 49.6% year-on-year (YoY) growth rate, according to Wael Gowayed, the company’s Chairman. He reported the figures during the General Assembly convened via videoconference, noting that revenues reached EGP 4.169 billion, a 14% increase compared to 2024.
The Petroleum Arrows Company recorded a 27% year-on-year (YoY) increase in net profit during fiscal year (FY) 2025, driven by the transport of 4.7 billion liters of liquid petroleum products and 957,000 tons of butane gas. Mahmoud El-Kaffas, the company’s Chairman, reported these results during the General Assembly convened via videoconference to approve the year’s financial performance.
Karim Badawi, Minister of Petroleum and Mineral Resources (MoPMR), inaugurated the Petroleum Arabian Conference & Exhibition (PACE 2026) at the American University in Cairo (AUC). Held from April 16 to 18 in cooperation with the Society of Petroleum Engineers (SPE) Egypt, the event serves as the Middle East’s largest student technical gathering, aiming to bridge the gap between academic study and the labor market for petroleum engineering students.
The Egyptian Butane Gas Delivery and Distribution Company (Butagasco) distributed approximately 96 million liquefied petroleum gas (LPG) cylinders during fiscal year (FY) 2025, up from 94.5 million in 2024, bolstering the stability of the domestic market. Mahmoud Saleh, the company’s Chairman, reported the figures during the General Assembly convened via videoconference to approve the year’s financial results.
Cheiron announced the appointment of David Chi as Chief Executive Officer (CEO), effective April 19, 2026. Chi brings over 25 years of global experience in the oil and gas industry with a strong track record of leadership across complex, large-scale operations. Most recently, he served as Region Vice President, Vice President of Commercial, Government & Industries, and Vice President of Assets of Apache Corporation.
The Egyptian Cabinet approved a draft concession agreement for the exploration and exploitation of natural gas and crude oil in the Lotus offshore area in the Mediterranean Sea between the Egyptian government, the Egyptian Natural Gas Holding Company (EGAS), and Chevron Egypt Holdings Ltd. The agreement, involving the US-based Chevron, is part of broader legislative approval for two concessions that require a minimum investment of $85 million.
The Petroleum Trading Services Company (Petrotrade), a subsidiary of the Egyptian Natural Gas Holding Company (EGAS), recorded a 16% growth in natural gas consumption bill collections from major industrial consumers during fiscal year (FY) 2025 compared to the previous year. Wassem Wahdan, the company’s Chairman, reported the figures during the General Assembly convened to review 2025 fiscal results, noting that the company also finalized settlements for the electricity sector.
Town Gas recorded total revenues of approximately EGP 4.8 billion during fiscal year (FY) 2025, a 20% increase compared to EGP 4 billion the previous year. Mohamed Fathy, the company’s Chairman, reported these figures during the General Assembly convened to approve the financial results. The company yielded a net profit exceeding EGP 340 million, driven by an expansion in natural gas connection projects and the successful launch of its international operations in Romania.
