At ADIPEC 2023, Minister of Petroleum and Mineral Resources Tarek El Molla was interviewed by Eithne Treanor, an international communications consultant, in a session titled “Energy Expansion in Egypt: Providing Sustainable Plan to Meet the Growing Demand for Low Carbon Resources of Energy”, during which he underlined the necessity of achieving a balance between ensuring energy security and implementing the energy transition.
He further noted that the oil and gas sector has a great responsibility towards meeting the growing demand for energy while addressing climate change which needs to take tough measures in transitioning to clean and sustainable sources of energy.
El Molla added that oil and gas resources should be provided in an environmentally responsible manner and have a low impact on the climate by using new technologies of carbon capture and storage (CCS), reducing methane emissions, and implementing a circular carbon economy, in addition to supporting the continuity of investment in oil and gas development projects in parallel with efforts to reduce emissions.
Also, the minister pointed to the importance of accelerating the projects of natural development and production to continue to meet the local energy demand, affirming the critical role of natural gas as a clean and low-carbon source of energy during the transition period in Egypt.
He highlighted that Egypt took great steps in expanding and upgrading its infrastructure to be able to meet and secure the demand for energy resources both locally and internationally.
During the interview, El Molla showcased the Egyptian petroleum sector’s efforts in cooperating with foreign partners to implement several initiatives to reduce emissions, indicating that these efforts boost Egypt’s strategy to become a regional hub for clean, low-carbon energy resources.
He confirmed the necessity of regional and international cooperation and integration to enhance energy security, noting that Egypt continues to cooperation with its regional partners to benefit from the distinguished infrastructure.
The minister emphasized the crucial role of the East Mediterranean region elaborating on the role of Egypt and the region in securing part of natural gas needs in Europe, especially during the Russia-Ukraine war. He outlined the trilateral memorandum of understanding (MoU) signed between Egypt, the European Union (EU), and Israel to cooperate in trading and transporting natural gas to Europe.
Additionally, El Molla pointed out the leadership role of Egypt in organizing Decarbonization Day for the first time in the climate summits during COP27 hosted in Sharm El Sheikh, stating that EGYPES 2024 will witness wide discussions about energy transition mechanisms and green hydrogen production projects.