Zohr gas field discovery renews interest in the region.
With the recent establishment of the Egyptian Gas Regulator, Mediterranean Energy Regulators (MEDREG) met in Cairo recently where they discussed the independence of regulators, their financial autonomy and gas market models, MEDREG said in a press release.
MEDREG is the Association of Mediterranean Energy Regulators, which brings together 25 regulators from 21 countries, spanning the EU, the Balkans and North Africa.
In a workshop hosted by the Egyptian Gas Holding Company EGAS, the EU Delegation representative recalled the important role of Egypt in the Mediterranean region, underlining the latest discovery of the Zohr gas field that will have a great impact in resource diversification for the region.
Based on their experience of funding mechanisms, the Turkish and Albanian regulators, EMRA and ERE, shared good practices and pitfalls to avoid in order to achieve a proper gas market model; they also explained how the evolution of license fees has accompanied the changes in their national markets.
Meanwhile the Portuguese regulator ERSE and the Greek regulator RAE introduced the core principles that characterise their market models, focusing on the relation between the regulator and the market players.
Egypt is expected to continue playing an important role in the Mediterranean gas industry, especially now that the country is on the path of reforms and is making efforts to re-attract foreign investment that will further develop its hydrocarbon potential, MEDREG said. In the context of its substantial reform of its energy sector, Egypt new gas sector reforms established an independent regulatory authority for the gas market, which joined MEDREG in 2016.
(Source: New Europe Online)