The Minister of Petroleum and Mineral Resources, Tarek El Molla, will officially inaugurate the 10th Mediterranean Offshore Conference and Exhibition (MOC 2019) on October 15, 2019, at Bibliotheca Alexandria Conference Center.

The Egyptian Ministry of Petroleum issued the reassignments for the heads of companies belonging to the petroleum sector, aiming to support the petroleum sites with the necessary leadership and competencies to achieve future goals as well as exchange experiences.

The Minister of Petroleum and Mineral Resources, Tarek El Molla, announced in an official report that the ministry plans to deliver natural gas to 1.2 million residential units during the current fiscal year (FY) 2019/20, adding that the plan witnessed a high implementation rate during the first quarter (Q1) with the support of a governmental initiative to deliver the natural gas to houses for EGP 30 per month over six years.

The Minister of Petroleum and Mineral Resources, Tarek El Molla, held a meeting with the heads of the leading firms in terms of crude oil production in the petroleum sector: Petrobel, Khalda, Qarun, Badr El-Din, Agiba, and GUPCO, in order to follow up the implementation of crude oil production plans during the current fiscal year (FY) 2019/20.

The Ministry of Petroleum decided to cut the output of Egypt’s natural gas to 6 billion cubic feet per day (bcf/d) from 7 bcf/d in the current period, due to a lower consumption rate in the domestic market and exports, according to a ministerial source reporting to Al Borsa newspaper.

El Sisi urged attracting more foreign investments in Petroleum and Mineral Resources fields.

The Egyptian government is willing to reduce the energy consumption to avoid increasing energy subsidies allocations to EGP100b in 2017 / 2018 budget.

The Ministry of Electricity has paid EGP20b of its debt to the Ministry of Petroleum and Mineral Resources.

The Iraqi Oil Marketing Company (SOMO) has signed a contract for oil exports with the Egyptian government.

The Egyptian refineries are operating at only 70% capacity due to shortages in inputs and a decrease in the efficiency of the refineries.