The energy sector is at the heart of the legislation and measures to address the coming global economic slowdown. Various energy sources, especially fossil fuels, are central to economic development for all countries around the world.
The availability of sufficient energy supplies at reasonable prices represents a main guarantee for the continuation of economic and development activities in both major and emerging economies countries alike. Indeed, a shortage of energy supply or a steady rise in energy prices may have ripple effects in different life aspects of life on Earth in general.
There is no doubt that the global price of oil and gas crisis coupled with insufficient energy supplies, has reduced the economic growth rates. Rising interest rates at US banks and severe inflation herald a severe economic crisis that will put overwhelming pressure on developing countries and emerging economies globally.
It appears now that there is an urgent need to introduce economic legislation appropriate to this stage, in which the public interest prevails in the countries most affected by the current economic crisis, taking into account the protection of the low-income groups in these countries and achieving societal stability during that difficult time.
Governmental and international energy production institutions must take special measures to secure energy production in sufficient volumes and at reasonable prices in order to secure food supplies around the world within the umbrella of flexible and modern economic legislation that makes energy an effective means to confront the current economic crisis and expected financial deterioration as a result of international inflation rates.
The Egyptian energy sector should develop mechanisms for selecting competent staff for leadership positions as well as move forward in training the sector’s cadres. The latest methods and technologies should be used in energy production processes of oil and gas, with the application of cost control policies in order to achieve the highest economic value added to energy products.
Developing the legislative aspect in the Egyptian energy sector requires reviewing exploration & production agreements with a new economic outlook and adding new updates to them in line with the changes in the present circumstances and the local energy requirements of Egypt. It is also working to link exploration & production agreements of oil and gas in Egypt to the establishment of energy manufacturing projects and access to final products of gas and crude oil that can be used locally and exported abroad.
In addition, new legislation should be introduced to support the expansion in the use of non-traditional sources of clean/green energy and provide the necessary assistance for the implementation of clean energy production projects, whether through government sector plans or private sector investments.
If we want to achieve tangible progress and real growth in the energy sector in Egypt, then we must embrace change and modernization, and a new generation of competencies in various different disciplines must be prepared to be able to lead the energy system in Egypt with great professionalism towards achieving major achievements.