The Caretaker Minister of Energy and Water, Raymond Ghajar, stated that the consortium made up of Total, Eni and Novatech Companies, is continuing its oil activities in Lebanon under the leadership of the operating company, Total, especially in implementing the amended law 160/2020 (suspension of deadlines) with the first exploration period being extended in Blocks 4 and 9 of Lebanese territorial waters until August 13, 2022.

The Minister of Petroleum and Mineral Resources, Tarek El Molla, has signed 9 new agreements worth more than $1 billion for drilling 17 new exploration wells to search for petroleum and natural gas in Mediterranean, and the Red Sea with six international and Egyptian companies.

The petroleum sector’s investment rate over the past six years has surpassed EGP 1.2 trillion in addition to attracting about 90% of foreign investment to Egypt.

Cooperation between countries is a must to overcome the Covid-19 pandemic and its repercussions on the energy future to secure energy needs, Tarek El Molla, Minister of Petroleum and Mineral Resources, stated during the Abu Dhabi International Petroleum Exhibition Conference (ADIPEC).

The Minister of Petroleum and Mineral Resources, Tarek El Molla, shared the petroleum sector’s achievements  and challenges in the past period stating that “the oil and gas sector has been moving forward with all its activities and plans steadily despite the volatile circumstances which have proven the efficiency and sustainability of the sector’s strategic plans and bold reforms.” This came during a British Egyptian Business Association’s (BEBA) Egypt’s Green Economy webinar under the title “Future of Oil and Gas: Challenges and Opportunities,” which was held on November 9.

The Minister of Petroleum and Mineral Resources, Tarek El Molla, referred to the Egypt Upstream Gateway (EUG) and how it will reflect positively on the exploration and production (E&P) investments in Egypt.

The Norwegian Ministry of Petroleum and Energy has received a large number of applications from 33 oil companies in the licensing round Awards in Predefined Areas (APA) 2020.

The Minister of Planning and Economic Development, Hala Al Saeed said that they will invest EGP 60.6 billion in updating the petroleum and mineral resources sector during the fiscal year 2021/2020 representing 8.2% form the total investments.

The Prime Minister, Mostafa Madbouly, reviewed with the Minister of Petroleum and Mineral Resources, Tarek El Molla,a number of  the ministry's files  including  strategic petroleum reserves and the ongoing projects.

Minister of Petroleum and Mineral Resources Tarek El Molla stated that the prices of oil per barrel during the current year could reach between $40-50.