Minister of Petroleum and Mineral Resources Tarek El Molla has stated that Egypt is working on developing internal regulations related to methane gas emissions in the oil and gas sector by the end of 2024.

He said that during his participation in a panel discussion titled “Accelerating the Emissions Reduction in the Oil and Gas Sector in the Frame of the Global Methane Pledge”. The panel was attended by Brazil’s Minister of Mines and Energy Alexandre Silveira and Nigerian Minister of State Petroleum Resources (Gas) Ekperikpe Ekpo as part of COP28 held in Dubai.

Also, the minister stressed the importance of reaching facilitated funds through the program of financing methane emissions announced recently to support efforts and projects to combat methane emissions expressing his aspiration to enhance cooperation within the Global Methane Pledge and with the sector’s partners to continue efforts to reduce methane emissions.

Also, El Molla affirmed that methane emissions reduction is one of the fastest ways to eliminate global warming phenomena noting that Egypt has joined the World Bank (WB) initiative to limit the burning routine by 2030. He showcased the efforts of the Egyptian oil and gas sector to reduce methane emissions.

Additionally, the minister pointed to joining Egypt in the Global Methane Pledge in the field of oil and gas in June 2022. He elaborated that Egypt has updated the nationally determined contributions which include targets for reducing greenhouse gas emissions in the oil and gas sector by 65% in 2030 by recovering the accompanying petroleum gas.

Moreover, the participants discussed the efforts of accelerating methane emissions reduction and spotted the light on the Global Methane Pledge.