{"id":623318,"date":"2018-10-28T03:50:36","date_gmt":"2018-10-28T03:50:36","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/28\/new-and-friendlier-mineral-resources-act-to-be-introduced-to-egypts-house-of-representatives-in-three-months\/"},"modified":"2018-10-28T03:50:36","modified_gmt":"2018-10-28T03:50:36","slug":"new-and-friendlier-mineral-resources-act-to-be-introduced-to-egypts-house-of-representatives-in-three-months","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/28\/new-and-friendlier-mineral-resources-act-to-be-introduced-to-egypts-house-of-representatives-in-three-months\/","title":{"rendered":"New and \u201cfriendlier\u201d Mineral Resources Act to be introduced to Egypt\u2019s House of Representatives in three months"},"content":{"rendered":"

<\/a> ** #4 LEGISLATION WATCH- New and \u201cfriendlier\u201d Mineral Resources Act to be introduced to the House in three months:<\/strong> The Madbouly cabinet will present amendments to the Mineral Resources Act to the House of Representatives within three months to make the industry more attractive to investors, Oil Minister Tarek El Molla said on Thursday. \u201cWe have engaged with everybody so that I think in the coming two or three months maximum we will be able to have a fresh, new-look, appealing law,\u201d El Molla noted, according to Reuters<\/a>.<\/p>\n

Is the mining industry finally getting its wish?<\/strong> The mining industry believes<\/a> that the reforms will see Egypt scrap the current oil-and-gas-style production sharing agreement and move to a tax, rent and royalty model \u2014 and eliminate the requirement of a 50:50 JV with EMRA. The move has long been called for by industry players (cf: Aton Resources\u2019 Mark Campbell in an exclusive piece for Enterprise last year: Egypt\u2019s golden opportunity: Mining for the 21st Century<\/a>). The bill is also expected to allow exploration companies to acquire exploration ground without first obtaining exploration licenses.<\/p>\n

Business-friendly policies for energy as well:<\/strong> The move comes as the Oil Ministry is reportedly planning to roll out new production sharing contracts with friendlier terms for international oil companies in the first quarter of 2019, after it concludes its next tender for Red Sea exploration blocks at the end of this year. The new framework would see companies \u201cbear the cost of exploration and production in return for a share of the output,\u201d which will vary from one concession to the other, based on the cost of investment, ministry sources told Bloomberg<\/a> earlier this month.<\/p>\n

The private sector is taking notice:<\/strong> Egypt\u2019s new oil and gas sector policies received praise from Apache Egypt General Manager David Chi on Thursday during a visit of US corporations organized by our friends at AmCham, according to Al Shorouk<\/a>. He credited the private sector-friendly policies with making it attractive to foreign investors, saying that \u201cnow was the time to invest in Egypt\u2019s oil and gas sector.\u201d BP CEO Bob Dudley told Reuters on Thursday<\/a> that BP was also looking to grow in Egypt where it is developing the West Nile Delta project. BP had pledged<\/a> USD 2 bn in new investments in 2019.<\/p>\n

That said, BP will not raise its stake in Zohr for \u201ccapital employment reasons,\u201d Dudley said. <\/strong>The option for BP to acquire a larger stake in Zohr has expired. BP already owns a 10% stake in Zohr. BP and Eni are planning to begin joint exploration in Libya in 1Q2019, Dudley said.<\/p>\n","protected":false},"excerpt":{"rendered":"

** #4 LEGISLATION WATCH- New and \u201cfriendlier\u201d Mineral Resources Act to be introduced to the House in three months: The Madbouly cabinet will present amendments to the Mineral Resources Act to the House of Representatives within three months to make the industry more attractive to investors, Oil Minister Tarek El Molla said on Thursday. \u201cWe […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[915,196,93,72,274,125,180,3688,373,91,371,2380,195,4396],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-623318","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-apache","tag-bp","tag-energy","tag-enterpriseam","tag-house-of-representatives","tag-investment-watch","tag-legislation","tag-mineral-resources-act","tag-mining","tag-oil-and-gas","tag-oil-ministry","tag-speed-round","tag-tarek-el-molla","tag-zohr-field","wpautop","entry"],"acf":{"mongo_id":"979a4f2d-48df-4736-90dc-0fc4274813ef","order":"0","is_powered_by":true,"section_story_id":"4f29c25f-313e-4472-8571-911bccd5aeb6","story_type":"1","photo_url":"","photo_position":"above","related_issue":[623309],"teaser":"","voice_url":""},"yoast_head":"\nNew and \u201cfriendlier\u201d Mineral Resources Act to be introduced to Egypt\u2019s House of Representatives in three months - 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El Molla reiterated that the amendments were made primarily to draw investments in the flagging\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/627.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621229,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/04\/mineral-resources-act-will-focus-on-value-added-minerals\/","url_meta":{"origin":623318,"position":1},"title":"Mineral Resources Act will focus on \u201cvalue-added\u201d minerals","author":"enterpriseam admin","date":"4 November 2018","format":false,"excerpt":"LEGISLATION WATCH- Mineral Resources Act will focus on \u201cvalue-added\u201d minerals: The amendments to the Mineral Resources Act reflects a desire by the government to focus on resources that can be refined, used for industry or move up the value chain, Oil Minister Tarek El Molla said on Thursday. Speaking at\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":604469,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/04\/emra-to-hand-over-gold-exploration-concessions-after-mineral-resources-act-is-amended\/","url_meta":{"origin":623318,"position":2},"title":"EMRA to hand over gold exploration concessions after Mineral Resources Act is amended","author":"enterpriseam admin","date":"4 December 2018","format":false,"excerpt":"EMRA to hand over concessions from 2017 gold tender after Mineral Resources Act is amended: The Egyptian Mineral Resources Authority is holding off on handing over the five concessions awarded in its 2017 gold exploration tender until after the amendments to the Mineral Resources Act are finalized and passed, an\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":621450,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/08\/egypt-cabinet-approves-amendments-to-mineral-resources-act\/","url_meta":{"origin":623318,"position":3},"title":"Egypt Cabinet approves amendments to Mineral Resources Act","author":"enterpriseam admin","date":"8 November 2018","format":false,"excerpt":"CABINET WATCH- Madbouly Cabinet approves amendments to Mineral Resources Act: The Madbouly Cabinet approved on Wednesday long-awaited amendments to the Mineral Resources Act that aim to attract significant foreign interest in the nation\u2019s mining sector, according to a statement from the Madbouly Cabinet. While the statement includes no details on\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":647530,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/14\/emras-gold-exploration-tender-results-within-a-week-minister-tarek-el-molla\/","url_meta":{"origin":623318,"position":4},"title":"EMRA\u2019s gold exploration tender results within a week -Minister Tarek El Molla","author":"enterpriseam admin","date":"14 May 2017","format":false,"excerpt":"Tarek El Molla on gold exploration, de-regulation of the natural gas industry and the coming swing in priorities toward oil: Petroleum and Mineral Resources Minister Tarek El Molla spoke at an AmCham luncheon we attended on Thursday. We learned that the gold exploration tender results will be out within a\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":576362,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/22\/11-companies-awarded-82-gold-exploration-blocks-in-govt-tender\/","url_meta":{"origin":623318,"position":5},"title":"11 companies awarded 82 gold exploration blocks in gov\u2019t tender","author":"enterpriseam admin","date":"22 November 2020","format":false,"excerpt":"The results of Egypt\u2019s latest gold + mineral exploration auction are here: Eleven mining companies have been awarded 82 gold exploration blocks in the Eastern Desert under an Oil Ministry tender launched earlier this year, Minister Tarek El Molla said in a statement on Thursday. 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