oil
This comes as part of a consortium partnership with a leading local Exploration and Production (E&P) player to operate and enhance production in key oil brownfields in Egypt.
Furthermore, these draft laws include authorization for the Minister of Petroleum and Mineral Resources to contract with the EGPC and HBS International Egypt Limited. The aim is to amend the commitment agreement for oil exploitation in the southwestern El Alamein region in the Western Desert.
Foreign investments in the sector reached $5.6 billion in 2022/2023, compared to $4.7 billion in prior year.
Minister of Petroleum and Mineral Resources, Tarek El Molla, stated that the petroleum sector, in collaboration with its global partners, is working to boost production rates and increase oil and gas reserves.
The Egyptian government highlighted Monday that LE1.2 trillion had been invested in the oil and gas sector between 2014 and 2023.
As one of the few countries to do so, Egypt engages directly in the oil derivatives market to lock in supplies, wrote Bloomberg
The company expects to close the transaction by the end of 2023.
GAFI will make it mandatory for the 2,400 oil companies operating in Egypt's investment and free zones to deliver their waste to Petrotrade.
Chairman of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba held a meeting Wednesday with the representatives of Mytilineos Holdings.
This came in Madbouli’s speech during President Abdel Fattah El-Sisi's visit, Sunday, to line up the equipment participating in the implementation of the state's plan for the development and reconstruction of Sinai.
The agreements include an agreement for the Egyptian General Petroleum Co (EGPC) with Egyptian National Petroleum for Exploration and Development Company (ENPEDCO) to search in the south of Ras Qattara in the Western Desert.
He added that the plan also includes approving the development of oil factories, which are being offered, noting that Egypt's reserves of oils are sufficient for 4.9 months.
The government is looking to expand the production of crude oil locally by increasing the cultivation of oil crops, by providing the required seeds, as well as encouraging contract farming with the aim of providing products to citizens.
The Egypt Petroleum Show (EGYPS) 2023 is held under the auspices of His Excellency President Abdel Fattah El Sisi and with the support of the Ministry of Petroleum & Mineral Resources from 13-15 February 2023.
The summit is attended by more than 33 heads of state and government, as well as 80 representatives of regional and international organizations.
The program shed light on the ministry’s efforts to cut harmful greenhouse gas emissions and develop plans on facing the negative impacts of the climate changes.
The meeting was held on the sidelines of the 2022 UN Climate Change Conference, COP27, currently held in Egypt’s Red Sea resort city of Sharm El-Sheikh.
The Central Agency for Public Mobilization and Statistics (CAPMAS) released a statement Tuesday detailing the exports, whose value declined in May 2022.
The new expansions of the port aim to increase the storage capacity by adding four storage tanks with a capacity of 630,000 barrels of crude each, to reach a storage capacity of 5.3 million barrels.
These arrangements have been made in order to resume production operations, NOC added.
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