{"id":685367,"date":"2026-02-19T00:00:00","date_gmt":"2026-02-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2026\/02\/19\/the-mediterranean-prepares-for-its-most-aggressive-drilling-cycle-yet\/"},"modified":"2026-03-11T10:13:38","modified_gmt":"2026-03-11T10:13:38","slug":"the-mediterranean-prepares-for-its-most-aggressive-drilling-cycle-yet","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/02\/19\/the-mediterranean-prepares-for-its-most-aggressive-drilling-cycle-yet\/","title":{"rendered":"The Mediterranean prepares for its most aggressive drilling cycle yet"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning \u2014 <\/strong><strong>but more importantly, kul sana wento taybeen.<\/strong> Kicking off today\u2019s issue is news that the Finance Ministry is readying a 49-reform tax package aimed at boosting the tax-to-GDP ratio to 16%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also catching our attention this morning is banks officially beginning carbon mapping<\/strong><strong> under CBE orders <\/strong>to tie future lending to climate compliance, a move essential for exporters to survive the EU\u2019s looming carbon barriers. Meanwhile, the state is successfully de-risking infrastructure debt by tapping China Exim Bank for a CNY-denominated loan for the LRT and DPI, and Alameda finalized the sector's largest-ever private equity transaction, providing the war chest for a regional expansion into the Gulf.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Our first issue this Ramadan also features the first in a special series of holy-month-themed <\/strong><strong>My Morning Routines. <\/strong>We\u2019re catching up with Red Bull Egypt General Manager Hesham Sewilam to see how the man behind the energy drink keeps his own wings flapping during the fast.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>So, when do we eat?<\/strong> Maghrib prayers are at 5:47pm in the capital, and you\u2019ll have until 5:03am tomorrow to hydrate and caffeinate ahead of fajr.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>***<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/omny.fm\/shows\/enterpriseam-egypt\" style=\"\" rel=\"noopener\">WISH THIS MORNING\u2019S ISSUE was a podcast? We\u2019ve got you. Tap or click here<\/a><\/strong> to listen to Morning Drive, a 10-minute version of today\u2019s issue crafted for you to enjoy with your morning coffee, while getting the kids ready for school, <strong>or while stomping around the house wondering where the [redacted] you left your [redacted] reading glasses.<\/strong><strong>***<\/strong><\/p>\n<p class=\"tag-border-left\">Watch this space<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>ENERGY \u2014 T<\/strong><strong>his year will see the largest gas<\/strong><strong> well-drilling <\/strong><strong>program ever conducted <\/strong><strong>in the <\/strong><strong>Mediterranean<\/strong>, executed in partnership with international oil companies, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/1483658297137919?ref=embed_post\" style=\"\" rel=\"noopener\">statement<\/a> from the Oil Ministry. Record drilling is already underway across multiple production areas to test new gas reservoirs, according to the statement, including Shell\u2019s West Mina gas field, which produces 160 mmcf\/d.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why this matters:<\/strong> Upstream activity is now the fastest lever the state has to stabilize supply, reduce the import bill, and lock in medium-term production. Against the backdrop of international energy players <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/02\/11\/gourmet-shares-hit-40-regulatory-limit-in-egx-debut\/\" style=\"\" rel=\"noopener\">warning<\/a> that old contracts don\u2019t add up, the Oil Ministry started tightening the screws on upstream timelines, with a new <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/02\/12\/majority-of-analysts-see-central-bank-accelerating-the-easing-cycle-today-as-monetary-policy-committee-meets\/\" style=\"\" rel=\"noopener\">use-it-or-lose-it<\/a> contracting framework set to streamline approvals and push domestic output.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PORTS <\/strong><strong>\u2014 Egypt\u2019s ports and customs outlets will operate all year round, <\/strong><strong>including on official holidays<\/strong>, as part of efforts to reduce total customs clearance time to just two days, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0DahRNSVhbZirfCpcjwmWdkHZ69Qn2okEzTGusCLBwYuogbErVGgRT43cZgjnNz3pl\" style=\"\" rel=\"noopener\">statement<\/a> from the Finance and Investment Ministries. The move aims to significantly lower storage costs and increase inventory turnover for manufacturers. Ports and customs outlets will only take breaks on a total of four days, coinciding with Eid El Fitr and Eid El Adha.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** DID YOU KNOW that we cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a><\/strong><strong>, the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\" rel=\"noopener\">UAE<\/a><\/strong><strong> and the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/mena-india\/en\" style=\"\" rel=\"noopener\">MENA-India<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/mena-india\/en\" style=\"\" rel=\"noopener\">Corridor<\/a><\/strong><strong>?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** Were you forwarded this email?<\/strong> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Happening today<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>P<\/strong><strong>rime<\/strong> <strong>Minister<\/strong><strong> Moustafa Madbouly and Foreign Minister Badr <\/strong><strong>Abdelatty are in Washington for the inaugural meeting of the Board of Peace today<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid023sPaXPPoxQiqMrPCfB2NwgEmCa3r1dbArwMCyd3MWs3urY1R8xBWrfHRM7DpdTWWl\" style=\"\" rel=\"noopener\">cabinet statement<\/a>. The meeting is set to push for the implementation of the second phase of the Gaza ceasefire agreement and to raise money for reconstruction efforts.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a href=\"https:\/\/omny.fm\/shows\/enterpriseam-egypt\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/11\/780.jpg?ssl=1\"\/><\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">PSA-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About to jump on a flight in or out of Egypt? You\u2019ll still need to remember to bring a pen <\/strong>to fill out a landing card. Despite Civil Aviation Minister Sameh Elhefny <a target=\"_blank\" href=\"https:\/\/sis.gov.eg\/en\/media-center\/news\/egypt-airports-to-replace-paper-landing-cards-with-digital-system\/?utm_source=chatgpt.com\" style=\"\" rel=\"noopener\">announcing<\/a> early last month that the paper cards would be replaced by a digital system starting 1 February, several travelers have confirmed to EnterpriseAM that the old system is still in place.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- It\u2019s another coolish day in Cairo today<\/strong>, with a high of 21\u00b0C and a low of 12\u00b0C, according to our favorite weather app.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a tad cooler still in Alexandria<\/strong>, with a high of 20\u00b0C and a low of 11\u00b0C.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And over the weekend, <\/strong>expect to see temperatures staying around the low twenties and sunny skies.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">The big story abroad <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Don\u2019t hold y<\/strong><strong>our breath waiting for the Fed to continue its easing policy. <\/strong><a target=\"_blank\" href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/fomcminutes20260128.htm\" style=\"\" rel=\"noopener\">Minutes<\/a> from the Federal Reserve's January meeting showed that policymakers anticipated \u201cslower and more uneven than generally expected\u201d progress toward its inflation target of 2%. That said, Fed members indicated that keeping rates steady would \u201clikely be appropriate [\u2026] for some time as the committee carefully assesses incoming data.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The greenback was slightly <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/dollar-perks-up-fed-appears-no-rush-cut-rates-2026-02-19\/\" style=\"\" rel=\"noopener\">elevated by the news<\/a><\/strong><strong> in early trading<\/strong>, maintaining earlier gains against the JPY and the EUR.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- Social media giant Meta is in hot water<\/strong> after its CEO Mark Zuckerberg <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/0c6d8ff6-f207-431b-bfb9-1d8b42bb4b6d\" style=\"\" rel=\"noopener\">testified in<\/a><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/0c6d8ff6-f207-431b-bfb9-1d8b42bb4b6d\" style=\"\" rel=\"noopener\">court<\/a> that the company no longer seeks to maximize the time spent by users on its platforms and bars kids under 13 from logging on. The CEO\u2019s claims ran counter to internal emails and documents indicating otherwise.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning \u2014 but more importantly, kul sana wento taybeen. Kicking off today\u2019s issue is news that the Finance Ministry is readying a 49-reform tax package aimed at boosting the tax-to-GDP ratio to 16%. Also catching our attention this morning is banks officially beginning carbon mapping under CBE orders to tie future lending to climate [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":685368,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[7204],"tags":[93,72,91,371,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-685367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-energy","tag-enterpriseam","tag-oil-and-gas","tag-oil-ministry","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"5bc247d8-c537-4f75-a032-b83e97297378","order":"2","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2025\/11\/447.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The Mediterranean prepares for its most aggressive drilling cycle yet","related_issue":[685365],"teaser":""},"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>The Mediterranean prepares for its most aggressive drilling cycle yet - 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\/2026\/02\/19\/the-mediterranean-prepares-for-its-most-aggressive-drilling-cycle-yet\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Mediterranean prepares for its most aggressive drilling cycle yet\" \/>\n<meta property=\"og:description\" content=\"Good morning \u2014 but more importantly, kul sana wento taybeen. Kicking off today\u2019s issue is news that the Finance Ministry is readying a 49-reform tax package aimed at boosting the tax-to-GDP ratio to 16%. 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Kicking off today\u2019s issue is news that the Finance Ministry is readying a 49-reform tax package aimed at boosting the tax-to-GDP ratio to 16%. Also catching our attention this morning is banks officially beginning carbon mapping under CBE orders to tie future lending to climate [&hellip;]","og_url":"https:\/\/enterpriseam.com\/egypt\/2026\/02\/19\/the-mediterranean-prepares-for-its-most-aggressive-drilling-cycle-yet\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2026-02-19T00:00:00+00:00","article_modified_time":"2026-03-11T10:13:38+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2025\/11\/447.jpg?fit=%2C&ssl=1","type":"","width":"","height":""},{"url":"https:\/\/ent.news\/2025\/11\/447.jpg","width":1,"height":1,"type":"image\/jpeg"}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2026\/02\/19\/the-mediterranean-prepares-for-its-most-aggressive-drilling-cycle-yet\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2026\/02\/19\/the-mediterranean-prepares-for-its-most-aggressive-drilling-cycle-yet\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"The Mediterranean prepares for its most aggressive drilling cycle yet","datePublished":"2026-02-19T00:00:00+00:00","dateModified":"2026-03-11T10:13:38+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2026\/02\/19\/the-mediterranean-prepares-for-its-most-aggressive-drilling-cycle-yet\/"},"wordCount":839,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2026\/02\/19\/the-mediterranean-prepares-for-its-most-aggressive-drilling-cycle-yet\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2025\/11\/447.jpg?fit=%2C&ssl=1","keywords":["energy","EnterpriseAM","oil and gas","Oil Ministry","What We're Tracking Today"],"articleSection":["What We're Tracking Today"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2026\/02\/19\/the-mediterranean-prepares-for-its-most-aggressive-drilling-cycle-yet\/","url":"https:\/\/enterpriseam.com\/egypt\/2026\/02\/19\/the-mediterranean-prepares-for-its-most-aggressive-drilling-cycle-yet\/","name":"The Mediterranean prepares for its most aggressive drilling cycle yet - 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Companies are to send their\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":650352,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/22\/650352\/","url_meta":{"origin":685367,"position":3},"title":"The Finance Ministry will issue\u2026","author":"enterpriseam admin","date":"22 March 2017","format":false,"excerpt":"The Finance Ministry will issue a directive on the tax treatment of FX costs within days , which would take into account the differences between official and parallel rates, Deputy Finance Minister Amr El Monayer says, according to Al Borsa.","rel":"","context":"In &quot;What We\u2019re Tracking This Week&quot;","block_context":{"text":"What We\u2019re Tracking This Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-this-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":562011,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/04\/this-morning-a-top-us-official-starts-a-regional-gerd-tour-a-six-day-heat-wave-starts-its-deadline-day-for-income-and-wages-taxes\/","url_meta":{"origin":685367,"position":4},"title":"THIS MORNING: A top US official starts a regional GERD tour, a six-day heat wave starts + it\u2019s deadline day for income and wages taxes","author":"enterpriseam admin","date":"4 May 2021","format":false,"excerpt":"Good morning, wonderful people, and welcome to a very short workweek. 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