{"id":611309,"date":"2023-12-05T00:00:00","date_gmt":"2023-12-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/05\/day-5-at-cop28\/"},"modified":"2023-12-05T00:00:00","modified_gmt":"2023-12-05T00:00:00","slug":"day-5-at-cop28","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/05\/day-5-at-cop28\/","title":{"rendered":"Day 5 at COP28"},"content":{"rendered":"

The few bits worth noting from day five of COP28. <\/strong>Among the sea of agreements and announcements made during the fifth day of the climate summit, a few caught our attention. <\/p>\n

#1- EGAS among 50 oil companies to sign decarbonization charter:<\/strong> State-owned Egyptian Oil and Gas Holding Company (EGAS) and 49 other oil and gas companies including Exxonmobil, Adnoc, and Saudi Aramco signed<\/a> the Oil and Gas Decarbonization Charter (OGDC) to accelerate the sector\u2019s journey to net-zero by 2050.<\/p>\n

The initiative from Saudi Arabia and the COP28<\/strong> presidency-led initiative sets a net zero by 2030 emissions target for the oil and gas industry<\/strong> in parallel with an emphasis on ramping up investment in renewables and other low-carbon technologies. While the targets stipulated in the charter are non-binding, the signatories \u2014 which make up over 40% of the oil sector worldwide \u2014 will be required to submit their decarbonization plans by 2050, Bloomberg<\/a> writes.<\/p>\n

Big oil is trying to pull its weight: <\/strong>Six major oil players, including BP, Eni, and Total Energies, each pledged USD 25 mn for a new fund that will help oil companies across developing countries bring down their methane emissions, Bloomberg<\/a> wrote. Chevron and Exxon Mobil didn\u2019t join in. <\/p>\n

#2- Apicorp gets a makeover: <\/strong>The Arab Petroleum Investments Corporation (Apicorp) has rebranded to The Arab Energy Fund and unveiled a new strategy that will see it invest up to USD 1 bn over the next five years to support energy transition in the MENA region, the fund said in a statement<\/a>.<\/p>\n

#3- Egypt to develop methane-reduction roadmap: <\/strong>Egypt wants to develop internal<\/a>methane regulations<\/a> for its oil and gas sector by the end of next year, as part of a wider methane emissions reduction roadmap<\/a> targeting the sector it will set up alongside the USTDA. Egypt has been part of the Global Methane Pledge \u2014 first proposed in 2021 to push down methane volumes by at least 30% by 2030 \u2014 for a year now. <\/p>\n

Want to go deeper on everything happening over there? <\/strong>Enterprise Climate has got your<\/a>back<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

News from EGAS, Apicorp, and the Oil Ministry<\/p>\n","protected":false},"author":1,"featured_media":611310,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10506],"tags":[403,6349,6517,7135,72,91],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-611309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cop-watch","tag-apicorp","tag-cop-watch","tag-cop28","tag-egas","tag-enterpriseam","tag-oil-and-gas","wpautop","entry"],"acf":{"mongo_id":"3a0fffcb-dde9-4dd3-a0ff-0c34424b2df7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/270.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Day 5 at COP28","related_issue":[611296],"teaser":"News from EGAS, Apicorp, and the Oil Ministry","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.c37013c0-c7db-47b5-b8d2-4b05cdba7780.mp3"},"yoast_head":"\nDay 5 at COP28 - 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We had said last month that EGAS was planning to issue global tenders for the West Mediterranean concession once Norwegian firm PGS releases the results of its seismic survey for the\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":577164,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/egypts-just-financing-guide-bidens-cop27-pledge-headline-the-news-from-sharm-this-weekend\/","url_meta":{"origin":611309,"position":2},"title":"Egypt\u2019s \u201cJust Financing\u201d guide + Biden\u2019s COP27 pledge headline the news from Sharm this weekend","author":"enterpriseam admin","date":"13 November 2022","format":false,"excerpt":"Egypt launches guide to \u201cJust Financing,\u201d to boost multi-stakeholder partnership and unlock private sector climate finance: The International Cooperation Ministry launched last week the Sharm El Sheikh Guidebook for Just Financing (pdf), in cooperation with a host of international development partners, according to a ministry statement. The guide was developed\u2026","rel":"","context":"In "COP WATCH"","block_context":{"text":"COP WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/cop-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/189.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598641,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/30\/egas-to-auction-up-to-11-gas-exploration-blocks-in-egypts-west-med-by-1q2020\/","url_meta":{"origin":611309,"position":3},"title":"EGAS to auction up to 11 gas exploration blocks in Egypt\u2019s West Med by 1Q2020","author":"enterpriseam admin","date":"30 May 2019","format":false,"excerpt":"EGAS plans fresh WestMed gas exploration tender: The Egyptian Natural Gas Holding Company (EGAS) plans to put some 11 natural gas exploration blocks in the western Mediterranean up for auction by 1Q2020, a source from the company told Al Shorouk. EGAS has finalized studies and seismic scans, and is waiting\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":596490,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/29\/cabinet-approves-17-oil-and-gas-ep-agreements-between-egypt-and-iocs\/","url_meta":{"origin":611309,"position":4},"title":"Cabinet approves 17 oil and gas E&P agreements between Egypt and IOCs","author":"enterpriseam admin","date":"29 August 2019","format":false,"excerpt":"CABINET WATCH- The Madbouly Cabinet approved yesterday 17 oil and gas exploration and production agreements EGPC, Ganope, and Egas signed with unnamed international companies, according to an official statement. The E&P agreements cover concessions in west Fayoum, north Beni Suef, the Gulf of Suez, and the Western Desert, among others.\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":595283,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/22\/egas-to-sign-7-new-gas-exploration-agreements-with-intl-companies-in-4q2019\/","url_meta":{"origin":611309,"position":5},"title":"EGAS to sign 7 new gas exploration agreements with int\u2019l companies in 4Q2019","author":"enterpriseam admin","date":"22 September 2019","format":false,"excerpt":"State-owned EGAS expects to sign seven new gas exploration agreements with international companies worth at least USD 712 mn during 4Q2019, Chairman Osama El Bakly said, according to a ministry statement (pdf). Companies will drill 23 exploratory wells under the terms of the agreement, he said, without naming the concessions\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/611309","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=611309"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/611309\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/611296"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/611310"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=611309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=611309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=611309"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=611309"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=611309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}