On the sidelines of his participation in the activities of the ADIPEC Conference 2021 in Abu Dhabi, Minister of Petroleum and Mineral Resources, Tarek El Molla, held a meeting with BP’s CEO Bernard Looney, the ministry said in a statement.
The meeting discussed ways to increase cooperation and investments to achieve more success in oil and gas production, in light of the strategic partnership and the deep-rooted relationship between the Egyptian petroleum sector and BP.
Natural gas has become the first option for Egypt, El Molla noted during the meeting, adding that the two parties agreed to speed up the timetable for implementing new projects and technical measures to increase gas production rates, especially from the fields of Raven, Osiris, Satis and Harmattan. El Molla said that a seismic survey project will be implemented with large investments during the next year.
“Egypt is preparing an ambitious and practical national strategy for hydrogen as a low-carbon energy source, which includes work on producing blue hydrogen in the short and medium term, and then producing green hydrogen in the long term,” El Molla explained. He also referred to memoranda of understanding (MoU) signed with major international companies for cooperation in the field of hydrogen.
The minister invited Looney to visit Kima Fertilizer Company in Aswan, the first “green” ammonia facility in the region, operating since 1960 for more than 30 years, but now produces blue ammonia.
Meanwhile, Looney expressed BP’s desire to enhance cooperation with the Ministry of Petroleum and Mineral Resources in the areas of energy transition and de-carbonization. He put emphasis on cooperation in the field of hydrogen to benefit from the resources and pointed out Egypt’s advantageous geographical position that gives it easy access to European markets. The two parties also stressed the importance of securing the necessary funds and access to technologies that will enable transformation.