Latest news with #TarekElMolla
Russia Today
26-06-2025
- Business
- Russia Today
Russian oil giant to expand presence in Egypt
Russian oil company Lukoil has signed a new agreement with South Valley Egyptian Petroleum Holding Company (Ganope) to begin oil exploration in the Eastern Desert, Egypt's Ministry of Petroleum and Mineral Resources announced on Wednesday. The deal entails carrying out 3D seismic surveys across an area of 200 square kilometers and drilling six exploratory wells in the South Wadi El-Sahl, an area officials described as 'promising' thanks to its proximity to existing infrastructure and processing facilities. According to the ministry, the location is expected to lower development and operating costs. The agreement aligns with Egypt's strategic objective of maximizing domestic oil production and reducing the cost of petroleum products by intensifying exploration and drilling programs, according to the ministry Earlier this year, the Russian oil giant also won the right to work on the neighboring Wadi El-Sahl project, following parliamentary approval of a new agreement with Egyptian General Petroleum Corporation. Last March, a former Egyptian minister of petroleum and mineral resources, Tarek El Molla, noted that the Russian company was interested in expanding its footprint within the country's energy sector. 'They are good partners and they want to expand their business in Egypt, they are discussing new concession areas,' he said, as quoted by TASS. Lukoil has been operating in Egypt since 1995 and currently holds a 24% stake in the Meleiha project in the Western Desert, operated by Italy's ENI. The Russian company also owns a 50% stake in the West Esh El-Mallaha field in the Eastern Desert. The latest agreement is part of Lukoil's broader strategy to expand its presence across Africa. Last September, the company struck a deal with the Republic of Congo to deepen cooperation on oil and gas exploration.
Zawya
18-06-2025
- Business
- Zawya
Egypt's former-Minister of Petroleum joins Arican Energy Week 2025 amid exploration surge in North Africa
CAPE TOWN, South Africa,/ -- Tarek El Molla, Egypt's former-Minister of Petroleum and Mineral Resources, has joined the continent's premier energy event – African Energy Week (AEW): Invest in African as a speaker. Taking place on September 29-October 3 in Cape Town, the event unites international financiers and operators with African energy opportunities. El Molla's participation comes as Egypt advances a bold exploration and production agenda, providing the opportunity for new deals and collaborations. Egypt's oil and gas strategy is largely centered on its ambitions to scale-up international exports as the country seeks to leverage its strategic proximity to European markets. North Africa has long-been an important player in meeting European oil and gas demand, but as Egypt accelerates exploration and production through licensing opportunities and greater collaboration with international operators, the country is well-positioned to play an even greater role in global supply chains. At AEW: Invest in African Energies 2025, El Molla is expected to share insight into this strategy and how investing in Egyptian oil and gas will help support energy security in international markets. AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event. As one of Africa's biggest gas producers, Egypt has made a name for itself as a major gas exporter. Yet, the country has faced significant production declines since 2022, with gas output dropping 20% year-on-year, reaching 4.3 billion cubic feet in January 2025 – the lowest in eight years. To address this, the country is implementing a bold industry agenda aimed at mitigating declines and accelerating both greenfield and brownfield investments. Egypt's latest oil and gas licensing round – offering 13 offshore and onshore blocks across key regions in the Mediterranean Sea and Nile Delta – seeks to boost exploration and attract international investment. The licensing round will be finalized in the second half of the year, with plans to sign five new agreements and amend an existing one for exploration and production. Both international oil companies (IOC) and regional players are stepping-up their investments to support the country's oil and gas ambitions and generate greater returns from the industry. In May 2025, Russian energy firm Lukoil received parliamentary approval for two deals, including exploration and production rights in the South Wadi El-Sahl region of the Eastern Desert and similar operations in the neighboring Wadi El-Sahl area. ExxonMobil signed an MoU with the state-owned Egyptian Natural Gas Holding Company (EGAS) in April 2025, paving the way for a new operational framework in the Cairo and Masry offshore concession areas of the Mediterranean Sea, while also announcing plans to drill a new offshore gas exploration well in the North Marakia Offshore Concession. In 2025, Eni plans to drill two development wells at the Zohr gas field amid a $26 billion investment strategy planned for Egypt, Libya and Algeria. EGAS is also implementing a bold investment strategy. In the first half of FY 2024/2025, the company completed seven exploratory well and evaluation wells, as well as a 3D seismic survey program covering 2,100 km² in the western Mediterranean's King Ramses Block. The company also implemented five projects to develop gas fields during this period, placing eight new development wells on the map. Looking ahead, EGAS plans to conduct four exploratory wells in the second half of FY 2024/2025, with four more development projects set to be implemented along with 14 new development wells. In FY 2025/2026, the company is looking at drilling 17 exploratory and evaluation wells – primarily in the Delta and Mediterranean Sea – with a total investment of $434 million. A 4D seismic survey in the deep marine West Delta area and a 3D survey in the Zohr field area are also planned. These developments signal a strong commitment by upstream operators to unlock greater value from Egypt's oil and gas market, indicating the level of opportunity available across the country. With El Molla's participation at AEW: Invest in African Energies 2025, conference attendees will gain insight into the country's strategic industry plans. His participation will provide an overview into the country's investment opportunities – from upstream exploration and production to exports and downstream infrastructure – offering investors a unique opportunity to better-understand the market. 'Egypt is taking all the right steps to counteract production decline and revitalize its oil and gas industry. Through a strategic licensing round, strengthened IOC collaboration and a strong drive by state-owned entities to develop new fields, the country is well-positioned to boost oil and gas output,' states Tomás Gerbasio, VP Commercial and Strategic Engagement, African Energy Chamber. Distributed by APO Group on behalf of African Energy Chamber.
Zawya
18-06-2025
- Business
- Zawya
Egypt's Former-Minister of Petroleum Joins African Energy Week (AEW) 2025 Amid Exploration Surge in North Africa
Tarek El Molla, Egypt's former-Minister of Petroleum and Mineral Resources, has joined the continent's premier energy event – African Energy Week (AEW): Invest in African as a speaker. Taking place on September 29-October 3 in Cape Town, the event unites international financiers and operators with African energy opportunities. El Molla's participation comes as Egypt advances a bold exploration and production agenda, providing the opportunity for new deals and collaborations. Egypt's oil and gas strategy is largely centered on its ambitions to scale-up international exports as the country seeks to leverage its strategic proximity to European markets. North Africa has long-been an important player in meeting European oil and gas demand, but as Egypt accelerates exploration and production through licensing opportunities and greater collaboration with international operators, the country is well-positioned to play an even greater role in global supply chains. At AEW: Invest in African Energies 2025, El Molla is expected to share insight into this strategy and how investing in Egyptian oil and gas will help support energy security in international markets. AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event. As one of Africa's biggest gas producers, Egypt has made a name for itself as a major gas exporter. Yet, the country has faced significant production declines since 2022, with gas output dropping 20% year-on-year, reaching 4.3 billion cubic feet in January 2025 – the lowest in eight years. To address this, the country is implementing a bold industry agenda aimed at mitigating declines and accelerating both greenfield and brownfield investments. Egypt's latest oil and gas licensing round – offering 13 offshore and onshore blocks across key regions in the Mediterranean Sea and Nile Delta – seeks to boost exploration and attract international investment. The licensing round will be finalized in the second half of the year, with plans to sign five new agreements and amend an existing one for exploration and production. Both international oil companies (IOC) and regional players are stepping-up their investments to support the country's oil and gas ambitions and generate greater returns from the industry. In May 2025, Russian energy firm Lukoil received parliamentary approval for two deals, including exploration and production rights in the South Wadi El-Sahl region of the Eastern Desert and similar operations in the neighboring Wadi El-Sahl area. ExxonMobil signed an MoU with the state-owned Egyptian Natural Gas Holding Company (EGAS) in April 2025, paving the way for a new operational framework in the Cairo and Masry offshore concession areas of the Mediterranean Sea, while also announcing plans to drill a new offshore gas exploration well in the North Marakia Offshore Concession. In 2025, Eni plans to drill two development wells at the Zohr gas field amid a $26 billion investment strategy planned for Egypt, Libya and Algeria. EGAS is also implementing a bold investment strategy. In the first half of FY 2024/2025, the company completed seven exploratory well and evaluation wells, as well as a 3D seismic survey program covering 2,100 km² in the western Mediterranean's King Ramses Block. The company also implemented five projects to develop gas fields during this period, placing eight new development wells on the map. Looking ahead, EGAS plans to conduct four exploratory wells in the second half of FY 2024/2025, with four more development projects set to be implemented along with 14 new development wells. In FY 2025/2026, the company is looking at drilling 17 exploratory and evaluation wells – primarily in the Delta and Mediterranean Sea – with a total investment of $434 million. A 4D seismic survey in the deep marine West Delta area and a 3D survey in the Zohr field area are also planned. These developments signal a strong commitment by upstream operators to unlock greater value from Egypt's oil and gas market, indicating the level of opportunity available across the country. With El Molla's participation at AEW: Invest in African Energies 2025, conference attendees will gain insight into the country's strategic industry plans. His participation will provide an overview into the country's investment opportunities – from upstream exploration and production to exports and downstream infrastructure – offering investors a unique opportunity to better-understand the market. 'Egypt is taking all the right steps to counteract production decline and revitalize its oil and gas industry. Through a strategic licensing round, strengthened IOC collaboration and a strong drive by state-owned entities to develop new fields, the country is well-positioned to boost oil and gas output,' states Tomás Gerbasio, VP Commercial and Strategic Engagement, African Energy Chamber. Distributed by APO Group on behalf of African Energy Chamber.
Saba Yemen
11-02-2025
- Business
- Saba Yemen
Egypt grants Russian company petroleum concession in strategic area
Cairo - Saba: Egyptian media revealed, on Monday, that Egypt has agreed to grant a Russian company a petroleum concession in a strategic area, after the latter submitted an offer of more than $20 million. The Egyptian newspaper "Al Mal" quoted unnamed senior sources as saying in statements that the Egyptian government, represented by the Ministry of Petroleum and the South Valley Holding Company, granted the Russian company "Lukoil" the rights to exploit the "South Valley Al-Sahel" petroleum concession, west of the Gulf of Suez, by direct order. The mechanism of the direct order differs from the traditional bidding system, which allows companies to submit comprehensive offers to obtain specific concession areas, which are evaluated by the competent authorities, for acceptance or rejection. According to reports, the Russian company "Lukoil" submitted an offer to the Egyptian government that includes pumping investments worth a minimum of $22.5 million, with its commitment to drill 6 exploratory wells distributed over two periods of research and exploration. The agreement came after a meeting between the Egyptian Minister of Petroleum, Tarek El Molla, and the Vice President of the Russian company "Lukoil", Ivan Romanovsky. It is noteworthy that the Russian company "Lukoil" concession areas in Egypt include several sites, including the Maliha area in the Western Desert, where it owns a 24% stake in partnership with the Italian company "Eni", as well as the West Esh El Malaha area and its extensions in partnership with the Egyptian company "Tharwa Petroleum" with a percentage of 50% for each party.
