📋 Tender Overview
On the sidelines of his participation in the activities of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2024), Eng. Karim Badawi, Minister of Petroleum and Mineral Resources, held a discussion session with Patrick Pouyanne, CEO of TotalEnergies.
The meeting witnessed a review of the progress of the work and the company's targeted investment plans during the coming period in the activities of exploration, drilling and production of oil and gas, ways to improve and increase production rates in the company's Bashrush development area, the position of Total Energies' contribution to the gas liquefaction station in Idku, as well as the position of Total's expansion in the activity of marketing and supplying aviation fuel.
The meeting also touched on the company's desire to obtain new exploration areas in the Mediterranean Sea in light of the new global bid for 2024 announced by the Egyptian Natural Gas Holding Company (EGAS) to search for natural gas and crude oil. In this context, Eng. Karim Badawy stated that it is planned during the ADIPEC exhibition and conference to launch a policy paper to stimulate investment in the oil and gas sector in Egypt with the aim of promoting various investment opportunities in the oil, gas, refining and petrochemical sectors.
For his part, the CEO of TotalEnergies reviewed the position 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 meeting also touched on the company’s dues payment situation, especially in light of the new incentive package recently launched by the Ministry of Petroleum and Mineral Resources, which includes new mechanisms whose implementation is linked to achieving an increase in production over current rates, which is reflected in allocating a portion of the revenues resulting from the increase in the current production level to pay part of the partners’ dues.
For his part, Eng. Karim Badawi pointed out that the Ministry of Petroleum and Mineral Resources has succeeded during the past few months in implementing some new mechanisms regarding the payment of partners’ dues, including maintaining the regularity of fixed payments in a way that ensures the continuity and sustainability of payment.
The two sides also discussed the latest developments regarding the position of the commercial structure for the development of the Cypriot Korones field, which is planned to be developed equally between Total and Eni, and ways to link the field to Egyptian facilities in a way that achieves the common interests of the Cypriot and Egyptian sides and the companies participating in the development of the field.
The meeting was attended by Eng. Moataz Atef, Undersecretary of the Ministry of Petroleum and Mineral Resources for the Technical Office and Official Spokesperson, and Sara Salem, General Manager of Public Relations.
