Egypt is modernizing its oil and gas sector and plans to maximize its potential by 2021, the Minister of Petroleum and Mineral Resources, Tarek El Molla, stated at the Abu Dabhi International Petroleum Exhibition and Conference (ADIPEC), Egypt Oil & Gas reports.

The modernization program will increase Egypt’s capacity to serve as a regional trade hub for oil and natural gas, the minister said.

Egypt’s modernization program consists of multiple phases.

As part of this program, the government is seeking to attract exploration and production (E&P) investments to increase oil and gas output and to boost reserves, especially from the Gulf of Suez, El Molla stated. In particular, he noted that the government plans to have seismic surveys conducted in the Mediterranean and Red Seas and to launch new tenders.

Egypt’s overall strategy, El Molla stated, was to secure Egypt’s energy needs, add value to its hydrocarbon resources, and to develop its human resources.

El Molla’s comments were made as a member of a ministerial panel on ‘Creating Energy Opportunity through Foresight, Vision, Inspiration, and Innovation’ at the conference.

ADIPEC began today. The conference, which is to last four days, is expected to welcome over 10,000 delegates and 100,000 visitors from over 100 countries.

A number of industry and governmental leaders will speak at the conference, including Mohammed Barkindo, Secretary General of OPEC; Ahmed El Jaber, ADNOC Group CEO and UAE Minister of State; and CEOs and key leadership from many global oil and gas companies, Egypt Oil & Gas reports.

The conference is held under the patronage of His Highness, Sheikh Khalifa Bin Zayed Al Nahyan, the President of the UAE; it is hosted by the Abu Dhabi National Oil Company (ADNOC).