Minister of Petroleum and Mineral Resources Karim Badawi announced plans to launch a policy paper at ADIPEC 2024 to stimulate investment in Egypt’s oil and gas sector. The initiative aims to promote investment opportunities across the oil, gas, refining, and petrochemical sectors.
The announcement came during Badawi’s meeting with Patrick Pouyanné, CEO of TotalEnergies, on the sidelines of ADIPEC, where Pouyanné outlined the company’s upcoming exploration and production (E&P) plans.
The meeting also witnessed a presentation about Total Energies’ investment progress and its efforts for improving and increasing the production rates in Bashrush Gas Field.
Additionally, they discussed the status of the company’s contribution to Idku Liquefaction Plant and its expansion in the field of jet fuel supply and marketing.
Moreover, the meeting touched on the company’s desire to obtain new exploration areas in the Mediterranean in light of the new international bid round 2024 announced by the Egyptian Natural Gas Holding Company (EGAS) for oil and gas exploration.
For his part, the CEO of TotalEnergies reviewed the situation of the partnership that TotalEnergies recently concluded with the UAE’s ADNOC in Egypt with the aim of expanding the production, distribution and export of lubricants and petroleum products in Egypt and Africa.
The parties discussed the company’s arrears payment situation, especially in light of the new incentive package recently launched by the Ministry of Petroleum and Mineral Resources (MoPMR). The Minister pointed out that the MoPMR has succeeded during the past few months in implementing some new mechanisms regarding the payment of partners’ arrears, including maintaining the regularity of fixed payments to ensure the continuity and sustainability of payment.
Furthermore, the two sides discussed the latest developments of the commercial structure for the development of the Cypriot Cronos field, which is planned to be developed equally between TotalEnergies and Eni, and how to link the field to the Egyptian facilities in a way that achieves the common interests of the Cypriot and Egyptian sides and the companies participating in the field development .
