Karim Badawi, Minister of Petroleum and Mineral Resources, said in a statement on Saturday that the decline comes as part of preparations to fully settle outstanding dues and reach zero arrears by the end of next month.
In a statement released on Saturday, the ministry said that Karim Badawi, Minister of Petroleum and Mineral Resources, inspected the EDC-56 drilling rig, which carried out drilling operations in the West Abu Madi area of Kafr El-Sheikh Governorate, approximately 3 kilometers offshore in shallow waters at a depth of about 10 meters.
Madbouly chaired a meeting on Tuesday to review the vision and strategy of the Ministry of Petroleum and Mineral Resources regarding the offering of several sector companies on the Egyptian Exchange.
He added that coordination is underway to settle all remaining duesby June 30, emphasizing that this progress reflects a restoration of partners’ confidence and encourages them to inject further investments.
The extension enables the full economic development of the petroleum and natural gas potential within the concession area.
