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.