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Petroleum Minister Tariq Al-Mulla said the oil sector has achieved remarkable results in the areas of increased oil production, the development of the sector's infrastructure and the the creation of investment climate.
The Minister of Petroleum, during a meeting organized by the Association of Egyptian-British Affairs, led by engineer Khaled Naseer, entitled "Developing and Modernizing the Oil and Gas Sector in Egypt … concrete results "In the presence of the British Ambbadador in Cairo, Joe
The Minister of Petroleum emphasized that these tangible results reflect the Ministry's strategy in implementing its vision current development and modernization of the sector, which includes a number of ambitious goals. He explained that the most important and most important of these results in the success of the oil sector in 2017 in the development of 4 major projects for the development of gas fields discovered in the Mediterranean Sea on the production map, and include Alexandria North and North And Ateol, highlighting the continued development The development programs of these areas, to add new quantities of natural gas, respectively, to the production of Egypt gradually during the current year up to In the first half of next year.
He pointed out that the recent success of the Ministry to reduce the accumulated rights of foreign partners to The lowest level since 2010 is a positive message for investors, as well as the launch of seismic research projects in the Red Sea and Upper Egypt, Western Mediterranean and Gulf of Suez, which will attract investment from international companies in these areas.
He added that the count was done And the establishment of an independent regulatory system as a step towards the progressive liberalization of the gas market.
and underlines the importance of the current project for the development and modernization of the petroleum sector, which is based on a clear vision of maximizing the economic potential of this sector to contribute to economic growth. and the sustainable development of Egypt.
He noted that the national project to turn Egypt into a regional center for trade and trade in gas and oil is one of the ambitious goals. From the development and modernization strategy led by the Ministry of Petroleum, stressing that Egypt has the necessary elements to achieve this objective through three main lines of work at the internal or political, technical and commercial level.
These axes The conclusion of partnerships and agreements with the European Union and the countries of the Eastern Mediterranean in the field of energy for an optimal use of resources and infrastructures for a profit mutual.
During the meeting, Al Mulla also reviewed the strategy of the Ministry of Petroleum since 2014 and the fundamental pillars of the strategy to eliminate the challenges faced by the sector between 2011 and 2013 and negatively affected the activities. oil investments.
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