2023-07-06 15:24:32
The Egyptian Minister of Petroleum, Tariq Al-Mulla, said that the Iqat gold mine reserves rose to 1.25 million ounces, and confirmed that commercial production from the mine had already begun.
Al-Mulla expected, in an interview with Sky News Arabia, that global partnerships in the mining sector would be announced this month, and said that the sector is already witnessing rapid growth with the participation of international companies, following the ministry completed reforms related to the sector and put forward several new bids.
With regard to the ministry’s efforts to benefit from digitization, Al-Mulla said that an electronic platform has been launched that provides the geological data required by investors, the reserves that have been discovered, and places that contain high potential for new discoveries, so that the platform links all activities of the energy sector, with the aim of accelerating decision-making related to exploration. and investment.
Companies can purchase data through the platform, and then submit bids offered by the ministry electronically.
Turning to the gas sector, which has witnessed remarkable activity in recent times, Tariq Al-Mulla said that the ministry launched a program in partnership with international companies to explore liquefied natural gas, with the aim of exploring 45 gas wells in two years, with expectations of discovering gas reserves of 6 trillion cubic feet.
Al-Mulla said that the ministry will start drilling for gas in late July in cooperation with Eni and BP, and will start drilling next year in the western region of the Mediterranean, with expectations of drilling 15 exploration wells for gas by the middle of next year.
The Egyptian Minister of Petroleum also confirmed that his country’s revenues from liquefied natural gas exceeded $7 billion, but he expected that the decline in global gas prices would affect the country’s revenues. Revenue increased by more than 50% this year
But the minister also stressed that this decline in revenues will also be offset by a decline in costs.
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