Business - Energy

Eni announces 'significant' gas discovery in Egyptian waters

The global energy company Eni announced on Sunday that it has made a “significant” gas discovery at the Nargis-1 exploration well in the Nargis Offshore Area Concession in the Eastern Mediterranean.

Europe will return to Russian gas, says Qatar energy boss

European countries will eventually resume higher imports of Russian gas, Qatar's energy minister and gas company CEO predicted on Saturday, warning that market volatility could last for years.

ExxonMobil secures exploration rights in two offshore blocks in Egypt's outer Nile Delta

ExxonMobil, a US multinational oil and gas corporation, announced on Tuesday that it has obtained exploration rights to two offshore blocks in Egypt's outer Nile Delta, further strengthening its exploration portfolio in Egypt and the East Mediterranean.

Egypt to host sixth edition of EGYPS on energy security and climate action

Cairo is set to host the sixth edition of the Egypt Petroleum Show (EGYPS) from 13 to 15 February at the Egypt International Exhibition Centre. The event will focus on energy security and climate action through collaborative industry efforts.

Madrid wants electricity price cap extended to end 2024

Spain's government said Monday that it would ask the EU to extend a cap on electricity prices until the end of 2024, while awaiting an overhaul of the bloc's power market rules.

Egypt, Greece mull naming int'l consultant for joint power linkage project - minister

Electricity Minister Mohamed Shaker said on Sunday coordination is under way with the Greek side to agree on the international consultancy office that will conduct the technical and economic feasibility study of the power connection project between the two countries.

Egypt ready to fulfill Sudan electricity needs: Egyptian ambassador

With a large surplus of electrical energy produced in the past eight years, Egypt is perfectly willing to supply Sudan with electricity to meet its energy needs, Egyptian Ambassador in Khartoum Hany Salah said.

Oil prices dive, Europe gas price hits lowest level since 2021

Global oil prices plunged Wednesday over China demand concerns and European gas prices sank to their lowest levels since November 2021 as mild winter weather reduced demand.

Oil facilities in Yemen change hands in $21.6 million deal

A global energy company Tuesday acquired oil producing facilities in war-torn Yemen from another international firm. The move comes as the country's Houthi rebels have repeatedly targeted terminals and tankers in efforts to stop their rivals from exporting oil.

1st tanker carrying LNG from US arrives in Germany

The first regular shipment of liquefied natural gas from the United States arrived in Germany on Tuesday, part of a wide-reaching effort to help the country replace energy supplies it previously received from Russia.

Russian gas exports outside former Soviet states fell 45.5% in 2022: Gazprom

Russian gas exports to countries outside a group of former Soviet republics plunged by 45.5 percent in 2022, figures from gas giant Gazprom showed on Monday.

Finland gets floating LNG terminal to replace Russian gas

Finland's first floating liquefied natural gas terminal was moored Wednesday at the southern port of Inkoo where it will supply gas to the Nordic country that was cut off from Russian gas imports earlier this year amid the war in Ukraine.

Russia to ban oil exports to countries with price cap from February

Russia issued a decree Tuesday to ban oil sales to countries and companies that comply with a price cap agreed by Western countries in response to Moscow's offensive in Ukraine.

Egypt to launch new international tender to explore for gas, oil in Mediterranean, Nile Delta

Minister of Petroleum and Mineral resources Tarek El-Molla said Tuesday that Egypt plans to hold a fresh international tender for natural gas and crude oil exploration in 12 new blocks in the Mediterranean and Nile Delta regions.

INTERVIEW: Humanising energy vision best way for societies to thrive through global crises: World Energy Council CEO

Angela Wilkinson, secretary general and CEO at the World Energy Council, spoke to Ahram Online about the recent developments in the energy market, what can be expected after COP27 and why humans must be placed at the forefront of any plans to address ongoing energy crises.

Brussels approves German state takeover of gas giant Uniper

The European Commission on Tuesday conditionally approved the nationalisation of troubled German gas giant Uniper after it was pushed to the brink of collapse following Russia's invasion of Ukraine.

EU cuts gas consumption by 20% over past four months

EU countries have cut the amount of natural gas they consume by 20 percent over the past four months as they adapt to an energy crunch, the bloc's statistics agency said Tuesday.

EU reaches gas price cap agreement at 180 euros/MWh

EU energy ministers on Monday overcame months of wrangling to agree a price cap for natural gas in the bloc of 180 euros per megawatt hour, effective from mid-February.

INTERVIEW: Green Climate Fund contributes $300 mln to Egypt, co-develops first climate investment plan

Egypt has received a total financing of about $300 million from the Green Climate Fund (GCF), the world’s largest climate fund, mandated to support developing countries realise their ambitions towards mitigating and adapting to climate change.

Negotiations underway to export 3,000 megawatts of Egyptian electricity to Europe: Minister

Egypt’s Minister of Electricity and Renewable Energy Mohamed Shaker said on Monday negotiations are underway with three major global entities to export 3,000 megawatts of power to the European power grid through a submarine electrical line to Cyprus and Greece.

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