TransGlobe corporate production remains in line with 2022 annual guidance of 12.4-13.4 million barrels of oil equivalent per day (mboe/d). In Egypt, the company's output, before royalties and taxes, recorded from the beginning of 2022 to date (YTD) an average of 10,189 boe/d.
The Gazprom Management Committee noted the progress of additional gas infrastructure expansion in the constituent states of the Russian Federation throughout the year 2022, including efforts to bring pipeline gas to residents within localities currently covered by the gas grid free of cost for the population.
Aton Resources announced that it has drilled more zones of oxide mineralization at its Rodruin gold exploration project located at Abu Marawat Concession as part of the Phase 2 diamond drilling program.
In the presence of the presidents of Iran and Venezuela, SADRA (Iran Marine Industrial Company) handed over the second Aframax tanker built by the company.
In a meeting to follow up on the strategic plans for extracting phosphate ore, Prime Minister Mostafa Madbouly highlighted the need to maximize the added value of Egyptian phosphates in order to support the national economy and occupy a prominent position in the global phosphate market.
In the presence of Venice Mayor Luigi Brugnaro, Eni Energy Evolution Chief Operating Officer Giuseppe Ricci and Toyota Motor Italia CEO Luigi Ksawery Luca, Eni Energy Evolution inaugurated the new San Giuliano Enistation in Mestre, Venice. A hydrogen-powered refueling station has been opened to the public in an urban area of Italy for the first time.
As Europe scrambles to replace the gas coming from Russia, liquefied natural gas (LNG) comes into the spotlight as an energy source that can replace the millions of tonnes of gas it currently buys from its main provider, Russia. Natural gas is the second largest source of energy in the Europe, accounting for nearly 25% of its total consumption. The consequences of current events could cost Europe its valuable source of energy. This can explain the recent rush by European countries towards securing more shipments of LNG, while consolidating the proper infrastructure for receiving it. As of May 2022, 11 EU Member States were LNG importing countries, for a total regasification capacity of 160 billion cubic meters (bcm) per year.
As the relationship between global conflicts and economics increases in its complexity, currency has become just another one of many pieces to make that final checkmate move. In defiance of international sanctions, embattled Russian President Vladimir Putin declared that all “unfriendly” countries that have bought Russian energy supplies must fulfill their payments in roubles. This stood as a pressing challenge for the European Union, which gets an estimated 40% of its natural gas from Russia. Though several countries have asserted that the contract does not legally require them to pay using the Russian currency, they might not have any other option but to comply. While this request has received its fair share of criticism, it is a key decision that will force the energy market to support the value of the rouble in the face of tumultuous economic conditions.
Countries that have made a huge economic and scientific leap would not have taken a step towards prosperity and economic growth without legislation and laws that advance the wheel of development and preserve natural and human resources. Since the natural and political conditions change dramatically, quickly, and perhaps complicated from time to time, it was necessary to provide the needed flexibility for these legislations and laws in order to be suitable or compatible with the highly complicated global changes that occur and lead to negative economic effects on most people worldwide.
