Minister of Petroleum and Mineral Resources Tarek El Molla showcased the accomplishments of Egypt’s petroleum sector over the past seven years in a symposium organized by the Egyptian Petroleum Association under the title “The Petroleum Sector as a main engine for Economic Growth”, the ministry said in a press release.
El Molla explained that the indicators refer to the tremendous efforts that have been exerted as well as reflecting what stability can achieve for countries. He pointed out that Egypt offers an inspiring success story after overcoming the challenges it faced during the period from 2011 to 2013.
With the restoration of stability in June 2013, the ministry launched a comprehensive program with sustainable structural reforms, aimed at developing and modernizing the petroleum sector. Furthermore, the ministry introduced Egypt Upstream Gateway (EUG), which digitally promotes Egypt’s oil and gas bid rounds through easy access to the sector’s data. Turning the dream into a reality, the first global bid was launched through the platform.
In addition to attracting international companies, Egypt signed 99 oil agreements, with a minimum investment of $17 billion and drilled 384 wells.
As for development projects, the ministry implemented 29 projects with investments worth EGP 438 billion. As a result, Egypt achieved self-sufficiency in gas and re-exported from the liquefaction plants in Idku and Damietta. As far as octane and diesel were concerned, El-Molla reviewed projects built to achieve self-sufficiency in both fuels in 2023, including 7 projects with investments cost of approximately EGP 86 billion.
Moving forward, El Molla also discussed the development plans witnessed by the petrochemical industry to maximize the added value of Egypt’s oil and gas resources. He explained that two new projects were implemented in Damietta and Alexandria with investments at an estimated cost of around EGP 472 billion, with production rates of 4 million tons annually.
With regard to the national project to transform Egypt into a regional energy hub, El Molla stressed that an integrated strategy is being implemented on 3 main fronts. First, the internal front includes the establishment of a governmental committee involving all professional bodies in order to study the project from all aspects. Concerning the technical and commercial fronts, El-Molla referred to the efforts to negotiate with neighboring countries in the eastern Mediterranean region to bring the gas produced there to be liquefied in Egypt and re-exported. In addition, it will also involve expanding pipeline networks as well as developing and raising the efficiency of ports on the Egyptian coasts.