{"id":632578,"date":"2018-02-14T04:15:34","date_gmt":"2018-02-14T04:15:34","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/14\/fdi-in-oil-and-gas-sector-has-hit-usd-10-bn-so-far-this-fiscal-year-el-molla-sounding-the-right-note-on-payments-to-iocs-but-what-about-mid-sized-players\/"},"modified":"2018-02-14T04:15:34","modified_gmt":"2018-02-14T04:15:34","slug":"fdi-in-oil-and-gas-sector-has-hit-usd-10-bn-so-far-this-fiscal-year-el-molla-sounding-the-right-note-on-payments-to-iocs-but-what-about-mid-sized-players","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/14\/fdi-in-oil-and-gas-sector-has-hit-usd-10-bn-so-far-this-fiscal-year-el-molla-sounding-the-right-note-on-payments-to-iocs-but-what-about-mid-sized-players\/","title":{"rendered":"FDI in oil and gas sector has hit USD 10 bn so far this fiscal year; El Molla sounding the right note on payments to IOCs, but what about mid-sized players?"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>FDI in oil and gas sector up to USD 10 bn this year:<\/strong> Investment by international oil companies reached USD 10 bn so far in FY2017-18, Oil Minister Tarek El Molla said in an <a href=\"https:\/\/alborsanews.com\/2018\/02\/13\/1084413\">interview with Al Borsa<\/a>. This will likely increase, as the ministry plans to issue exploration tenders, including in the East Mediterranean and in the Nile Delta region sometime in 2H2017-18, said El Molla. The ministry <strong>plans to float tenders in the West Mediterranean once seismic mapping of the area is complete<\/strong> and a marketing strategy for the field has been developed. He added that the Red Sea and South Egypt areas will also see tenders for the very first time once geological data has been collected.<\/p>\n<p><strong>El Molla once again reassured IOCs that Egypt is committed to paying its arrears<\/strong>, noting that they now stand at USD 2.3 bn since the last USD 2 bn payment was made in June 2017. He noted that these were lowest levels of IOC-debt since 2013. (The question remains, though: What about small- and mid-sized players, who have seen their receivables balloon at the same time as the global majors are being paid out?)<\/p>\n<p><strong>Pay attention, Israel and Jordan:<\/strong> \u201cOur first priority when Egypt begins exporting is to meet previous export commitments we have made and but were unable to meet over the past few years,\u201d said Tarek El Molla. The statement (toned down and buried as it is) likely carries significant implications for energy politics in our little neighborhood. Israel Electric <a href=\"https:\/\/www.reuters.com\/article\/us-iec-egypt-natgas-appeal\/egypt-to-appeal-1-76-billion-award-to-israel-in-gas-dispute-freeze-gas-import-talks-idUSKBN0TP0HL20151206\">won a USD 1.76 bn international arbitration award<\/a> against state petroleum companies EGPC and EGAS and pipeline operator EMG for halting gas supplies to Israel five years ago. The arbitration case remains a primary sticking point preventing exports from Israel\u2019s Leviathan gas field to Egypt. Prime Minister Sherif Ismail <a href=\"https:\/\/enterprise.press\/stories\/2016\/05\/08\/israel-to-submit-a-proposal-that-would-allow-gas-exports\/\">has said<\/a> there will be no open discussion of gas imports from Israel until the arbitration award is cleared. Egypt\u2019s gas contracts Jordan had also been severely disrupted back then on the back of attacks on Egypt\u2019s pipeline.<\/p>\n<p><strong>El Molla also signed contracts with Baker Hughes to set up an online platform to market Egypt\u2019s discoveries<\/strong>, <a href=\"http:\/\/www.almasryalyoum.com\/news\/details\/1258464\">AMAY reports<\/a>. The database is one of a series of tools <a href=\"https:\/\/enterprise.press\/stories\/2018\/02\/13\/egypt-is-stepping-up-its-drive-to-land-energy-investment-in-the-gulf-of-suez-new-95-octane-petrol-rolling-out\/\">announced by El Molla<\/a> on Monday which aim to spur further oil and gas investments.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FDI in oil and gas sector up to USD 10 bn this year: Investment by international oil companies reached USD 10 bn so far in FY2017-18, Oil Minister Tarek El Molla said in an interview with Al Borsa. This will likely increase, as the ministry plans to issue exploration tenders, including in the East Mediterranean [&hellip;]<\/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":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-632578","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"ec628764-7cc3-4c47-81f6-35b52d3a124a","order":"0","is_powered_by":true,"section_story_id":"3f1ca895-7c6d-4f68-bc26-5d9784dedd1c","story_type":"1","photo_url":"","photo_position":"above","related_issue":[632564],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>FDI in oil and gas sector has hit USD 10 bn so far this fiscal year; El Molla sounding the right note on payments to IOCs, but what about mid-sized players? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2018\/02\/14\/fdi-in-oil-and-gas-sector-has-hit-usd-10-bn-so-far-this-fiscal-year-el-molla-sounding-the-right-note-on-payments-to-iocs-but-what-about-mid-sized-players\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FDI in oil and gas sector has hit USD 10 bn so far this fiscal year; El Molla sounding the right note on payments to IOCs, but what about mid-sized players?\" \/>\n<meta property=\"og:description\" content=\"FDI in oil and gas sector up to USD 10 bn this year: Investment by international oil companies reached USD 10 bn so far in FY2017-18, Oil Minister Tarek El Molla said in an interview with Al Borsa. This will likely increase, as the ministry plans to issue exploration tenders, including in the East Mediterranean [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/02\/14\/fdi-in-oil-and-gas-sector-has-hit-usd-10-bn-so-far-this-fiscal-year-el-molla-sounding-the-right-note-on-payments-to-iocs-but-what-about-mid-sized-players\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-02-14T04:15:34+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/02\/14\/fdi-in-oil-and-gas-sector-has-hit-usd-10-bn-so-far-this-fiscal-year-el-molla-sounding-the-right-note-on-payments-to-iocs-but-what-about-mid-sized-players\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/02\/14\/fdi-in-oil-and-gas-sector-has-hit-usd-10-bn-so-far-this-fiscal-year-el-molla-sounding-the-right-note-on-payments-to-iocs-but-what-about-mid-sized-players\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"FDI in oil and gas sector has hit USD 10 bn so far this fiscal year; El Molla sounding the right note on payments to IOCs, but what about mid-sized players?\",\"datePublished\":\"2018-02-14T04:15:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/02\/14\/fdi-in-oil-and-gas-sector-has-hit-usd-10-bn-so-far-this-fiscal-year-el-molla-sounding-the-right-note-on-payments-to-iocs-but-what-about-mid-sized-players\/\"},\"wordCount\":412,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/02\/14\/fdi-in-oil-and-gas-sector-has-hit-usd-10-bn-so-far-this-fiscal-year-el-molla-sounding-the-right-note-on-payments-to-iocs-but-what-about-mid-sized-players\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/02\/14\/fdi-in-oil-and-gas-sector-has-hit-usd-10-bn-so-far-this-fiscal-year-el-molla-sounding-the-right-note-on-payments-to-iocs-but-what-about-mid-sized-players\/\",\"name\":\"FDI in oil and gas sector has hit USD 10 bn so far this fiscal year; El Molla sounding the right note on payments to IOCs, but what about mid-sized players? 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Arrears had fallen to USD 2.3 bn, the lowest it\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":650358,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/22\/usd-30-bn-to-be-invested-in-three-gas-fields-in-the-next-four-years\/","url_meta":{"origin":632578,"position":2},"title":"USD 30 bn to be invested in three gas fields in the next four years","author":"enterpriseam admin","date":"22 March 2017","format":false,"excerpt":"Investments worth over USD 30 bn will be spent in Zohr, North Alexandria, and Atoll gas fields in the next four years, Oil Minister Tarek El Molla said, according to Al Masry Al Youm. El Molla also said the government has managed to reduce IOC receivables by half in 2016\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":630346,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/18\/possible-eu-agreement-next-shell-resumes-eastmed-ops-and-more-from-med-offshore-conference\/","url_meta":{"origin":632578,"position":3},"title":"Possible EU agreement next? Shell resumes EastMed ops and more from Med Offshore Conference","author":"enterpriseam admin","date":"18 April 2018","format":false,"excerpt":"Is this it? Are we going to be the energy export hub to the EU next week? Egypt is expected to sign a new oil and gas agreement with the EU next week, Oil Minister Tarek El Molla said yesterday, without providing further details. While he framed the announcement as\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":549439,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/18\/egypt-wants-usd-7-7-8-bn-oil-gas-fdi-this-fiscal-year\/","url_meta":{"origin":632578,"position":4},"title":"Egypt wants USD 7.7-8 bn oil + gas FDI this fiscal year","author":"enterpriseam admin","date":"18 September 2022","format":false,"excerpt":"Egypt wants to attract USD 7.7-8 bn in foreign investment into the oil and gas sector in the current fiscal year, Oil Minister Tarek El Molla told Bloomberg Asharq. This would raise the proportion of foreign investment in the sector to 40% from 35%, the minister said. Foreign companies invested\u2026","rel":"","context":"In &quot;Investment Watch&quot;","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/252.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":625891,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/08\/26\/apache-plans-to-raise-egypt-investments-to-usd-1-bn-a-year\/","url_meta":{"origin":632578,"position":5},"title":"Apache plans to raise Egypt investments to USD 1 bn a year","author":"enterpriseam admin","date":"26 August 2018","format":false,"excerpt":"INVESTMENT WATCH- Apache plans to boost its investment in Egypt to an annual USD 1 bn, CEO John Christmann is reported to have said last week at a meeting with Oil Minister Tarek El Molla, according to a ministry statement carried by Al Mal. Apache is already eyeing new opportunities\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/632578","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=632578"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/632578\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/632564"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=632578"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=632578"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=632578"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=632578"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=632578"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}