Monday Minutes: Economic Snapshot
A summary of last week’s major macroeconomic updates and indicators brought to you on one page for your convenience.
News / Egypt
Petroleum, Environment Ministers Discuss COP 27 Preparations
During the meeting, the two ministers reviewed the readiness of their ministries, in coordination with the Ministry of Foreign Affairs, to host Egypt’s World Climate Summit COP27 in Sharm El-Sheikh in November 2022, which is being well prepared through a higher committee for coordination between the various ministries and entities participating in the conference.
TransGlobe Finalizes Eastern Desert Agreement
The agreement merges the three producing concessions (West Gharib, West Bakr, and North West Gharib) which in December 2021 had an average production of 9,394 barrels of oil per day (bbl/d).
El Molla: Butane Consumption Drops to 3.6 MT in FY 2020/21
The significant drop in butane consumption from approximately 4.2 million tons (mt) in 2018 to 3.6 mt in 2020/21 was achieved thanks to the development of butane system and the expansion of projects to deliver natural gas to homes, Minister of Petroleum and Mineral Resources Tarek El Molla announced.
El Molla Chairs General Assemblies of Misr Petroleum, Cooperation Petroleum Companies
During the two assemblies, El Molla pointed out the importance of the oil sector's companies continuing their development and modernization plans in various aspects of petroleum activities. This development brought these ancient entities back on the right track and turned them into economic entities that efficiently manage their activities.
Pharos Energy Signs Third Amendment to El Fayum Concession
Pharos Energy signed the Third Amendment to the El Fayum Concession Agreement with Egypt’s  Minister of Petroleum and Mineral Resources Tarek El Molla and Egyptian General Petroleum Corporation (EGPC).
Egypt, Malaysia Discuss Future Energy Cooperation
Minister of Petroleum and Mineral Resources Tarek El Molla held a meeting with Malaysian Ambassador to Cairo Zamani bin Ismail to discuss opportunities for cooperation and joint investment in the oil and gas sector.
Egypt Signs Two E&P Agreements with $506 M in Investments
Minister of Petroleum and Mineral Resources, Tarek El Molla, signed two new agreements with TransGlobe and Pharos Energy to search for, develop and produce petroleum in several regions in the Eastern and Western Desert, with a total new minimum investment of $506 million, and a signature grant of $67 million to drill 12 wells.
El Molla Unleashes Cooperation Potentials with Port of Antwerp
Minister of Petroleum and Mineral Resources Tarek El Molla held talks with the Belgian ambassador in Cairo François Cornet d'Elzius, Port of Antwerp Managing Director Kristof Waterschoot, and his accompanying delegation.
Energean Awarded Exploration License in Western Desert
An international consortium led by Energean Egypt (50% operator and Croatia’s INA Nafta 50%) was awarded an exploration license for the East Bir El-Nus concession (Block-8), in the Western Desert of Egypt.
