The Minister of Petroleum and Mineral Resources, Tarek El Molla, referred to the Egypt Upstream Gateway (EUG) and how it will reflect positively on the exploration and production (E&P) investments in Egypt, according to a press release.
El Molla added that it will increase the attraction of new international oil companies (IOCs) as well as enhance the investments of the existing companies. He described the project as a new quantum leap in the marketing mechanism for petroleum investments opportunities.
The minister pointed out that the gateway which is implemented in cooperation with Schlumberger, includes all the E&P technical data. He elaborated that it will develop and market these data to IOCs in addition to promoting international bid rounds being offered by the petroleum sector. El Molla said that this mechanism will help take rapid investment decisions in Egypt, adding that it will be launched soon and all international bids will be presented through it.
This came during El Molla’s meeting with the executive committee of EUG to review the development of the project’s execution. During the meeting, Mohamed Radwan and Ahmed Sameh, the managers of the EUG, noted that the gateway facilitates technical data for any concession without companies having to come to Egypt. .
This project is the first of its kind in the petroleum industry in Egypt and came in line with the Modernization Project to help accelerating and increasing attraction of foreign investments and supporting Egypt’s competitiveness in the field of E&P.