petroleum
Egyptian Minister of Petroleum and Mineral Resources Eng. Karim Badawi held an expanded meeting with the executive leadership of the Egyptian Mineral Resources Authority.
This came during his participation in the Hamburg Sustainability Conference in the German city of Hamburg.
The repayment schedule will follow a prearranged agreement between the government and its international partners
That is in tandem with the suspension of gas exports.
Its reserves were estimated at 30 trillion cubic feet, which made it the biggest gas field in the Mediterranean.
El Molla further disclosed that the project aims to boost the production of petroleum products by augmenting the current refining capacity from 100,000 to 160,000 barrels per day.
The first phase of early production in the 'North Safa' field was executed by an Egyptian consortium, comprising "Eni, Petrojet, and Marine Petroleum Services."
In the research and exploration plan until 2030, the petroleum sector aims to drill 110 exploratory gas wells with investments amounting to about 4.8 billion dollars.
Minister of Petroleum and Mineral Resources, Engineer Tarek El Molla, held discussion sessions with both CEOs of British Petroleum (BP) and Eni, where he tackled ways of enhancing collaboration in both meetings.
The company expects to close the transaction by the end of 2023.
The Egyptian state continues its major successes and achievements in the gas and oil file, and this comes at a time when Egypt is seeking to increase its reserves of gas, the demand for which has recently grown, in addition to the efforts of many European countries to secure alternative sources away from Russian supplies.
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.
The allocated investment show an increase of about 20 percent compared to the expected investments of the sector in the previous year, which recorded 84.2 billion pounds.
This comes within the framework of the vision to achieve optimal economic benefit from natural and mineral resources, while the following is the most important information related to the project:
The meeting reviewed the Plan and Budget Assembly of WEPCO and Badr Petroleum Company for the fiscal year 2023/2024.
EGYPS 2023 brings an expanded agenda across its conferences with focused programmes covering Strategic, Technical, Finance and Investment in Energy, Equality in Energy, and Sustainability in Energy topics.
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.
Egypt signed three agreements to search for petroleum in the Red Sea region with major international companies, and seismic research is currently being completed in preparation for the start of drilling operations.
The development and management of primary energy resources is one of the most important pillars of sustainable development in Egypt.
The government aims to increase production for the petroleum and mineral resources sector at current prices from 671.5 billion pounds in the previous year to about 790.9 billion pounds.
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