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Oil & Gas

President Sisi underlines importance of developing Egypt's petroleum sector

Posted: April 23, 2017 at 12:21 pm   /   by   /   comments (0)


President Abdel Fattah El Sisi highlighted on Thursday 20/04/2017 the importance of developing the petroleum and mineral wealth sector in Egypt, as a cornerstone of national economy.

During a meeting with Prime Minister Sherif Ismail and Petroleum Minister Tarek el-Molla, the president urged attracting more foreign investments in this field.

He also highlighted the necessity of accelerating efforts for starting production of natural gas in recently discovered fields and removing all obstacles facing developers and investors in these fields, Presidential Spokesman Alaa Youssef said.

During the meeting, the petroleum minister reviewed his ministry’s plans to develop and modernize the petroleum and mineral wealth sector and the steps taken to improve the performance in the various relevant activities.

The minister said some 230 oil exploration operations worth two billion dollars are planned to be carried out by 2018.

The plan to achieve natural gas self-sufficiency by 2018 is still intact, the minister underlined. Production from north Alexandria gas field has begun while production from Zohr field would begin by the end of 2017, he added.

(Source: State Information Service)