Tarek El Molla, a seasoned leader in the Egyptian oil and gas industry, has served as the country’s Minister of Petroleum and Mineral Resources for nearly a decade. During his tenure, El Molla has overseen significant achievements in the oil, gas, and mineral resources sectors, positioning Egypt for a bright future in energy development.

Oil, Gas Journey

Former Minister of Petroleum and Mineral Resources, Tarek El Molla, held the ministerial position from September 2015 until June 2024. In 2016, during his first year as petroleum minister, the MoPMR developed a strategy to transform the oil and gas industry through the Modernization Program. This program aims to unlock the full potential of Egypt’s oil and gas value chain to drive sustainable economic development, achieve financial self-sufficiency, and establish Egypt as a leading regional hub for a modernized oil and gas industry.

2016 further witnessed the Supreme Council of Energy approving the integrated and sustainable energy strategy until 2035. Additionally, in the same year, President Abdel Fattah El-Sisi inaugurated the largest petrochemical complex in Egypt and the Middle East, “Ethydco Complex.”

In 2018, Egypt reached natural gas self-sufficiency at a production level of 6.8 billion cubic feet per day (bcf/d). Accordingly, in fiscal year (FY) 2021/22, Egypt’s natural gas output was 50% higher than production in FY 2014/15, before El Molla’s sector leadership. Meanwhile, Egypt ranked number 14th globally in natural gas production in 2020, compared to the 18th rank in 2015.

A year later, Egypt witnessed the opening of the sea dock of SUMED Company. The SUMED Sea Dock project, a global logistics center for trading petroleum products, is a crucial part of the Ministry of Petroleum and Mineral Resources’ strategy to transform Egypt into a regional hub for energy trade and circulation.

The MoPMR’s contribution to the country’s economy kept growing over the years in which El Molla was minister. In June 2020, the Ministry of Finance announced that the oil and gas sector recorded a surplus in favor of the state’s general budget of more than EGP 20 billion during the first nine months of the fiscal year, for the first time in years.

Moreover, Egypt has played a significant role in regional cooperation and integration. In 2018, Egypt introduced the initiative to establish the East Mediterranean Gas Forum (EMGF) to be a platform for structured dialogue on natural gas. In 2020, the founding countries of the EMGF signed the forum’s charter, according to which it became an international governmental organization in the Mediterranean region that contributes to developing cooperation in the field of natural gas and achieving optimal exploitation of its resources.

The year 2020 further witnessed El Molla inaugurating the National Advanced Transmission and Automation control center (NATA) after its development.

In 2021, the Egypt Upstream Gateway (EUG) emerged as a game-changer for investors. This innovative digital platform serves as a one-stop gateway to Egypt’s wealth of promising oil and gas investment opportunities.

Meanwhile, at the downstream level, El Molla participated in the 2021 ceremony for launching and delivering the first batch of new cars running on natural gas, part of the presidential initiative to replace and convert cars to use natural gas as fuel. Additionally, the same year marked the operation of the first mobile stations for fueling cars with compressed natural gas (CNG), an advanced solution introduced by the petroleum sector to enhance fueling services for natural gas vehicles.

In another significant move in 2021, El Molla inaugurated the remote monitoring and control system (SCADA System) for natural gas fueling stations operated by Gastec Company.

In 2022, for the first time in the history of climate summits and conferences, the Cop27 Climate Summit witnessed the historic participation of the oil and gas industry by organizing a day for decarbonization for the first time. The day was organized thanks to an initiative called for by the Egyptian MoPMR, led by El Molla, and approved by the presidency of the conference.

Meanwhile, in 2023, El Molla handed over the first two licenses in the field of international companies to provide fuel for ships in Egyptian ports to international companies, which supports Egypt’s role as a regional energy hub.

The year 2023 further witnessed the delivery of the first oil rig (made in Egypt), at the factory of the Egyptian Chinese Company for Manufacturing Drilling Rig in Ain Sokhna.

To support Egypt’s vision for becoming a regional energy trading hub, El Molla’s ministry focused on developing oil and gas ports and storage facilities. Ports capacity reached 76 million tons per year in 2021/till September 2022, a 70% increase compared to FY 2014/15, which recorded 45 million tons per year. Meanwhile, petroleum products storage facilities’ capacity grew by 130% reaching 2.5 million tons per year in 2021/till September 2022, compared to 1.1 million tons per year in 2013/15.

Brilliant Efforts in the Mineral Resources Industry

In the field of mining and mineral resources, El Molla also had notable imprint. In March 2018, the minister has put a vision and strategy to modernize the mining industry. This strategy consists of seven projects including the legislation reforms, regulating the financial system, restructuring, setting policies for investments attraction, building human capabilities, and communication and marketing.

Additionally, gold, and silver sales rebounded during his time as minister, as its sales value more than $700 million in fiscal year (FY) 2021/22 compared to over $500 million in FY 2014/15. Moreover, the amount of mining products and materials kept growing, recording a value of EGP 2.5 billion in 2020/21, an 80% increase from EGP 1.4 billion in FY 2016/17.

Also, during El Molla’s period, Eqat mine, the great commercial gold discovery was achieved in July 2020. The mine’s reserves estimated at more than 1 million ounces minimum with extraction rate of 95%. In addition, the first international gold bid round was launched in March 2020 during which 11 gold exploration contracts were signed between foreign and Egyptian companies in the eastern desert with total initial investments $60 million minimum.

Moreover, the first international bid round for various materials and minerals was initiated in November 2020 during his tenure and awarded to nine Egyptian companies. Another bid round for gold and minerals was launched in May 2022, with contracts awarded to four international and Egyptian companies. Furthermore, the financial system was revised, transitioning from dividends to a royalty system and free share model.

In 2022, the MOPMR organized the “Egypt Mining Forum” for the first time seeking to attract investments to this rich sector.

It was a remarkable journey for a dedicated and successful minister who cemented his place in the history of the petroleum and mineral resources industry, bringing not only glory to himself but also elevating the Egyptian petroleum sector.