According of a copy of Mohamed Barkino (OPEC Secretary)’s speech seen by Reuters, the current and future sanctions could cause more than 7 million barrels per day (bpd) loss of Russian oil and other liquids exports potentially.
Oman Oil Marketing Company (OOMCO) and Wakud International LLC (Wakud) have signed an agreement to introduce biodiesel blends in Oman.
Since the early 1960s, we have been a main player in the Gulf of Suez which continues to be a major oil production area.
Building on the success we have achieved over the last 5 decades, bp has decided to focus on gas, going forward, particularly in the Nile Delta Basin. It is a world-class gas basin with a lot of growth potential, and we have already invested billions of dollars there building an extensive gas infrastructure. Today, together with our partners, bp currently produces around 60% of Egypt’s gas through a joint venture with the Pharaonic Petroleum Company (PhPC) and Petrobel (IEOC JV) in the East Nile Delta as well as through the bp-operated West Nile Delta gas development.
Egypt is well-positioned to profit from the present energy crisis in Europe, given its increased natural gas finds, production, and LNG exports. From one perspective, Egypt might soon get to be a major energy exporter to the EU if it is able to considerably alleviate the European problem by selling LNG in large quantities to the EU. However, some experts feel that becoming a major LNG supplier to the EU is a long-term goal that will be determined by other variables rather than relieving the present situation. Thus, it is suggested that Egypt should embrace a simple strategy, maximising earnings from LNG exports to Europe, because the EU is already purchasing natural gas at higher spot rates.
The energy transition is becoming inevitable as the world moves towards cleaner energy to face climate change. In this regard, natural gas is one of the main players, and an important step in the energy transition path. The world has been seeing natural gas not only as cleaner fossil fuel with low-emission, but also as a cost effective one. However, in recent days the prices of different energy sources have been climbing after the Russian invasion of Ukraine. This change has raised the question of the economic feasibility of natural gas at the moment.
Pipe leaks in oil and gas have been and remain to be one of the most formidable threats to not only businesses, communities, and the natural environment, but to the well-being of the sector itself. Asset protection has become an essential component for the natural gas industry’s economic health, as pipelines and equipment are at the mercy of the elements.
Engineer Tarek El Molla, Minister of Petroleum and Mineral Resources received Frans Timmermans, Vice-President of the European Union Commission for the European Green Deal and the European Commissioner for Climate Action and his accompanying delegation.
Production is the main pillar of the company and the secret of its strength, as the amount of production during 2021 reached about 2.7 million tons, an increase of 12.5% over 2020.
Russian President, Vladimir Putin, signed a decree on television on March 31st, demanding natural gas to be paid in rubles, as Putin said that Russian gas buyers from "unfriendly" countries should pay in rubles from accounts in Russia starting from April 1st, or they would face the "consequences".
Despite Russia's war in Ukraine and the addition of new sanctions, Sokol crude shipments from the Far East have sold out for next month, proving that the pariah nation continues to find buyers.
