The Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, has stressed the need to carry out the modernization plan for the oil sector by the end of 2018 instead of 2021.
During a meeting in the Egyptian General Petroleum Corporation (EGPC), Tarek El Molla explained that the project’s vision is to make the best use of the country’s natural resources, and to transform Egypt into a global centre for energy and trade.
According to the minister, Egypt will achieve self-sufficiency of natural gas by the end of next year, he noted that the government’s original plan was to be self-sufficient by fiscal year 2020/2021, but the speeding the development plan, especially in regards to new discoveries, could help in reaching that goal sooner.
There are 12 oil field development projects in Egypt, with investments estimated at $33 billion, as per a previous statement by the petroleum ministry.
Is the Oil Ministry reworking its “Egypt as an energy hub” timeline?
It appears that the Oil Ministry has set a ambitious target of turning Egypt into a regional energy hub by 2018, three years ahead of schedule. Oil Minister Tarek El Molla told EGPC workers it is necessary to complete the sector’s development before the end of 2018, in order to boost economic growth, Al Masry Al Youm reports. The statements come as we have seen a number of important developments come into fruition at this time. On the legislative front, Parliament passed Natural Gas act last week, with the executive regulations coming in September. Trial runs on SUMED’s LNG pier were announced on Sunday, while production on Eni’s Zohr field looks set to take off at the end of this year.
(Sources: Mubasher & Enterprise.press)