Egypt is implementing reform measures that stimulate foreign and Arab investments in the Egyptian oil and gas private sector, country’s Minister of Petroleum and Mineral Resources, Eng. Tarek El Molla said at the opening of the Euromoney Egypt Conference yesterday.
The minister further noted that Egypt will encourage research and exploration activities as an essential pillar of increasing oil and gas production. According to the minister, one of the priorities of Egypt’s petroleum sector is to promote scientific research and technology and to build young cadres.
Eng. Tarek El Molla, said that the of Petroleum sector in the country is currently implementing a new strategy, secure and increase energy supplies at affordable prices, to diversify energy resources and to achieve sustainability through sector management reforms.
Further, the minister pointed out that the energy sector in Egypt is facing many challenges, which resulted in the emergence of a gap between supply and demand due to the slowdown in investments in research and exploration and due to delayed implementation of a number of gas production projects. He added that Egypt has many of the ingredients that qualify the country to overcome these difficulties and achieve tremendous success.
Egypt’s strategy to work past the challenges revolves around several pillars: intensification of research and exploration for new discoveries to increase reserves and production of crude oil and natural gas, aiming at meeting domestic demand; attracting investments; and accelerating the payment of the rest of dues to foreign partners.
(Source: Ministry of Petroleum)