Minister of Petroleum and Mineral Resources Tarek El Molla attended the Engineers Syndicate Symposium ‘The Egyptian Petroleum Sector between Challenges and Achievement’, according to a statement from the ministry.

This symposium took place in the presence Head of the Syndicate of Engineers Hany Dahi, a group of the syndicate’s leaders, and important figures from the petroleum and mineral resources sector.

El Molla stated that there are great challenges that the oil and gas sector has gone through and succeeded in overcoming. He reviewed the main challenges that Egypt experienced during the period from 2011-2013, in providing butane and fuel supplies to the local market and power plants.

The oil and gas sector launched the modernization project in 2016 in line with the country sustainable development vision Egypt 2030. The project consists of seven pillars dealing with all aspects of the petroleum industry and aiming to make the petroleum sector a role model, El Molla pointed out.

El Molla stated that 30 field development projects were implemented with investments of EGP 514 billion during the period from 2014 to 2021.

In addition, the average production of crude oil and gas during the last two fiscal years amounted to 1.8 million barrels equivalent per day (mboe/d), El Molla noted, emphasizing self-sufficiency in gas and re-exporting from the Idku and Damietta liquefaction plants.

The petroleum sector succeeded in signing 99 petroleum agreements during the past seven years, with investments of a minimum of $17 billion. In addition, it attracted new international companies to work in Egypt.