Tarek El Molla
The first project involves the construction of a 10-megawatt solar power generation station at the Assiut Oil Refining Company. Enppi and Petrojet, two subsidiaries of the petroleum sector specializing in engineering designs, general contracting, and construction, have been assigned to undertake this venture
El Molla outlined Egypt's revised goals for national emissions reduction contributions, aiming to expand the country’s use of green energy and achieve a 42% integration of renewable energy into the energy mix by 2035
The primary objective of the agreement is to establish a comprehensive framework for advancing collaboration in natural gas activities, while also fostering bilateral scientific, technical, and technological exchange
The program aims to boost its daily gas production by 30 million cubic, through drilling 11 development wells and three exploratory wells
Lotus Gold Corporation won two rounds of a gold exploration tender conducted by EMRA in 2020 and 2021 for exploration concessions
The agreement comes within the Ministry of Petroleum and Mineral Resources’ strategy to promote comprehensive cooperation between Egyptian petroleum companies and international organizations
With the objective of achieving optimal utilization of mining resources and attracting increased investments, the partnership emphasizes the adoption of modern scientific methods in research, evaluation, and exploration
He added that Egypt's current gas production rate is approximately 6 billion cubic feet per day, and the stability of these rates by the end of the current fiscal year is subject to companies' commitment to implementing field development and growth operations to achieve production targets.
This represents a significant boost from the previous estimates of $7.7 to $8 billion, as previously stated by El Molla.
The station will create 250 direct and indirect job opportunities and also supply 1,200 vehicles per day with natural gas.
The hedging contracts that were agreed to be executed ranged between 75 and 80 dollars per barrel, and about 35 percent of the total oil needs that we import from abroad each year, amounting to 100 million barrels, have been hedged, the source told Ashraq Bloomberg.
The petroleum minister said that the results of the international bidding to search for natural gas in 12 onshore and offshore areas in the Mediterranean and the Delta are being evaluated after it ended at the end of July.
Christmann added that his company looks forward to the government's support to continue implementing its expansions in the Egyptian market, and to sustain its extended partnership with Egypt.
El Molla highlighted Al-Hamra Petroleum port as a significant opportunity for the petroleum sector, with a strategic geographical advantage and skilled workforce that will support achieving returns
El Molla disclosed plans to initiate a series of tenders in the current quarter of the year, focusing on precious and base metals, phosphates, sulfur, and potash
The rig will be transferred to the Egyptian Drilling Company (EDC). Once it arrives at EDC, the rig will support the company’s fleet in the implementation of drilling and exploration programs in onshore areas
El Molla emphasized the Egypt-US partnership’s significance in terms of joint international initiatives to enhance cooperation and provide solutions and technology for methane reduction
CAPMAS reported that Egypt's trade deficit increased by 23.8 percent in April compared to April 2022.
The PetrolMin also underlined the committee's purpose of closely monitoring the flow of petroleum products distribution and trade
The new company will have an annual ammonia production capacity of 1200 tons per day, production of nitric acid with a capacity of 1830 tons per day, and production of ammonium nitrate with a capacity of 2400 tons per day.
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