President Abdel Fatah al-Sisi ordered on Sunday expanding research plans and exploration in the petroleum sector, in addition to focusing on oil and gas infrastructure projects to achieve optimal economic benefit of all natural resources.
Sisi’s instructions come in an effort to transform Egypt into a regional center for the trade of oil and gas in the region, presidential spokesman Bassam Radi said.
This came during his meeting with Prime Minister Mostafa Madbouli, Electricity Minister Mohamed Shaker, Petroleum Minister Tarek al-Molla, and Finance Minister Mohamed Mai’it.
The minister of petroleum reviewed the strategy of the ministry, within the framework of the state’s policy to meet the needs of the domestic market concerning petroleum products and to reduce the gap between production and consumption.
Molla also reviewed the electronic system to monitor the circulation and distribution of petroleum products to ensure data governance and prevent manipulation.
The accomplishments of the petroleum sector included achieving self-sufficiency in natural gas in Egypt, where natural gas represented the highest growth rate during 2018/2019, Molla said, thanks to the quick implementation of projects gas fields development and exploration.
The ministry has developed the petrochemical industry of added-value in the country to cope with the changes in the global market, with the aim of meeting the needs of the domestic market, supporting many industrial sectors and exporting surplus.
The Egyptian Petroleum Authority and Egyptian General Petroleum Corporation (EGPC) signed Thursday, Sept. 5 two agreements to explore oil and gas in Egypt’s western desert, according to the Petroleum Ministry.
The ministry clarified that the agreements stipulate drilling four exploratory wells in Southeast Abu Snan and Ras Kattara in Western Sahara with a minimum investment of $4 million.
The minister said that the oil sector aims at focusing on new geological structures with promising prospects in the Western Desert, which requires increased research and exploration in the region.
Molla added that the ministry is working to encourage Egyptian companies engaged in research and exploration activities, giving them opportunities to expand their activities and strengthen their role in implementing the ministry’s work program to develop Egypt’s oil and gas resources.
On Sept. 4, Molla witnessed the signing of a memorandum of understanding (MoU) between Egypt and Oman to foster cooperation in the fields of petroleum and natural gas. The MoU included exchanging expertise and technologies, in addition to cooperating and investing in manufacturing petroleum and natural gas.
Source: Egypt Today