Minister of Petroleum and Mineral Resources Tarek El Molla has praised continued cooperation with the House of Representatives’ Energy and Environment Committee in facilitating dialogue to boost the oil and gas sector’s growth.

The Minister pointed to the volume of petroleum agreements that were discussed in the committee and approved during the past nine years, which amounted to about 135 new petroleum agreements with investments of about EGP 717 billion to drill 482 wells and grant signatures of EGP 42.5 billion.

El Molla’s speech came during the committee’s meeting at the Zohr field site in Port Said. The minister added that this meeting and the inspection tour of the field is a follow-up on efforts to increase work and production at petroleum industry sites.

The Minister gave a presentation titled “Efforts of the Petroleum Sector to Support the National Economy,” during which he explained to the Committee the efforts to increase research and exploration work, the growth of new petroleum agreements, and the development of marketing petroleum opportunities to attract new investments, through Egypt Upstream Gateway (EUG).

El Molla further reviewed the investments implemented in the development of about 53 oil and gas development and production projects, with investments of about EGP 579 billiion. He added oil and gas production during the year 2022/23 reached about 1.73 million barrels of oil equivalent per day.

Talaat El Sewedy, Chairman of the Energy and Environment Committee of the House of Representatives, expressed his appreciation and pride, and the members of the Committee, for the efforts provided by the petroleum sector, the results it achieves, and the continuous coordination with the Ministry of Petroleum and Mineral Resources.

The committee members witnessed a presentation on the work to develop the Zohr field, the regularity of its investments, the drilling of new wells, its production, and its contributions to social responsibility programs from the Minister and Khaled Mowafi, Chairman of Belayim Petroleum Company (PETROBEL) and field managers, in the presence of leaders of the oil and gas sector.