Methanex Egypt and the Suez Methanol Derivatives (SMD) Company signed an infrastructure development agreement for the supply of methanol from Methanex Egypt’s plant to the neighboring SMD project in Damietta. The agreement was signed by Methanex Egypt Managing Director Mohamed Shindy and SMD CEO & Chairman Hesham Selim, on April 13th, in the presence of ECHEM Chairman Ibrahim Mekky.
Minister of Petroleum and Mineral Resources Tarek El Molla highlighted the continuation of the ministry's strategy in supporting petroleum entities and achieving optimal utilization of all its expertise
To begin with, the oil and gas sector has advanced substantially over the past decade thanks to the implementation of new and innovative decarbonization strategies that have improved operations and explored previously unimaginable potential. Oil and gas research has undergone a rapid digital transition, and many businesses are now coming to recognize meaningful investment returns. Companies might anticipate even greater achievements in the future by keeping up with and improving their strategies and future plans. With that, it is important to ask: how can oil and gas firms go through a transition process in order to boost the oil and gas sector's operational effectiveness?
Being one of the hottest topics in any energy forum or think tank, operational efficiency is paramount for the success of any economy, especially in today’s atmosphere which values that endurance counts the most for survival. While economic experts may agree that optimizing operational efficiency is a must and main priority for policymakers, economic strategies and approaches may vary based on the general situation of a particular country or region. Nonetheless, there is a consensus that one of the most important strategies is taking measures to boost the role of information technology within the energy sector while opening the country up to investment by creating lucrative, attractive opportunities.
The petroleum industry is considered one of the modern industries in the Middle East and the oil-producing Arab countries, which means that the history of petroleum contracts is relatively recent. The first oil contract concluded in the Middle East was between the Iranian government and the English British Petroleum Company in 1901, being the first model of the contractual relationship between an oil-producing country and a foreign company specialized in the oil industry and affiliated with a consuming country.
The oil and gas sector has been implementing several operational efficiency practices to help Egypt achieve its sustainable development goals (SDGs). The Egyptian oil and gas sector, through the Modernization program, is set to ensure the operational efficiency of the upstream, midstream, and downstream sectors. This comes as the industry adopts digital transformation, and works on decarbonizing the oil and gas sector’s process, and petroleum products as well; while the Ministry of Petroleum and Mineral Resources (MoPMR) works on developing refineries and transportation.
Baker Hughes, one of the world’s largest oil field services companies, declared an order to be booked in the first quarter of 2023 with its partner QatarEnergy to provide two main refrigerant compressors (MRCs) for the North Field South (NFS) project, which will be executed by Qatargas.
Uber, bp declared a new global mobility partnership that would see the two businesses collaborate to assist Uber meet its goal of becoming a zero-emission transportation platform in the US, Canada, and Europe by 2030 and internationally by 2040.
bp and ADNOC made a non-binding offer to take NewMed Energy private through an acquisition of the free float and a partial acquisition of Delek’s stake, through this transaction bp and ADNOC will hold 50% of NewMed Energy.
Following the positive Final Investment Decision (FID), Baker Hughes, an energy technology company, has been awarded an order by Bechtel to supply two Main Refrigerant Compressors (MRCs) for Sempra Infrastructure’s Port Arthur LNG Phase 1 project in Jefferson County, Texas.
