Al-Sisi Issues New Decree for E&P Activities in Red Sea

Tuesday, 1st June 2021
by Editorial Team

MEDITERRANEAN SEA, ISRAEL – FEBRUARY 2013: In this handout image provided by Albatross, The Tamar drilling natural gas production platform is seen some 25 kilometers West of the Ashkelon shore in February 2013 in Israel. The offshore Tamar drilling site which was originally dispatched from a shipyard in Texas at the end of last year is due to start producing natural gas next week. Over the past few years Israel has suffered from a shortage in natural gas, but with the new platform that weighs 34,000 tons and will be mainly operated by Israelis, the US company Nobel Energy which owns a 36% stake in Tamar, hopes to change Israel’s energy situation as well as the economy as a whole. (Photo Photo by Albatross via Getty Images)

President Abdel Fattah Al-Sisi issued Law No. 160 of 2020 empowering the Minister of Petroleum and Mineral Resources, Tarek El Molla, to contract with international oil companies (IOCs) for exploration and production (E&P) activities in the Red Sea, Al-Ahram reported.

Accordingly, the minister will contract with Ganoub El Wadi Petroleum Holding Company (Ganope), Shell E&P B.V., and Mubadala Petroleum, and Tharwa Petroleum Company for E&P activities in Block 4 of the Red Sea.