At Abu Dhabi International Petroleum Conference and Exhibition (ADIPEC 2021), Minister of Petroleum and Mineral Resources Tarek El Molla met with key world energy figures to discuss bilateral cooperation.
El Molla held a meeting with International Energy Agency (IEA) Executive Director Fatih Birol, where they discussed cooperation between Egypt and the IEA for the success of the COP27 UN Climate Change Conference, which Egypt will host next year in Sharm El-Sheikh.
Egypt is keen on cooperating and coordinating with the IEA as an international organization with global weight and has previously cooperated in this regard with other countries hosting the previous sessions of the conference.
Birol indicated the IEA’s keenness to enhance cooperation with Egypt and to provide all means of support. The two officials also discussed the main factors necessary to enhance the chances of success for COP 27 in Sharm El Sheikh. Birol pointed out that all the member states of the IEA welcomed Egypt’s selection as the host for this very important international event.
El Molla and Birol agreed to prepare a proposal for a specific action plan for cooperation between Egypt and the IEA in arranging the COP27 summit to be discussed during the latter’s visit to Egypt to attend the Egypt International Petroleum Conference “EGYPS 2022” in Cairo.
Meanwhile, El Molla met with Halliburton’s President of the Eastern Hemisphere, Joe Rainey, to discuss the company’s plans in the coming period. The discussion reviewed plans for increasing crude oil production rates, and the possibility of benefiting from the capabilities of Egypt’s Upstream Gateway for exploration and production (E&P) in studying and identifying all available opportunities and promising areas.
The successes achieved during the past years in the petroleum sector attracted the attention of major international companies, such as ExxonMobil and Chevron. It encouraged them to enter and work in the field of research and exploration in Egypt, El Molla stated.
The challenges posed by the coronavirus pandemic showed the importance of cooperation, coordination, and exchanging experiences between companies and concerned authorities to face these challenges and return to the prosperity of the global petroleum industry, he noted.
For his part, Rainey affirmed the company’s interest in expanding its activities in Egypt and its continued commitment to implementing occupational safety and health standards in all its activities. He also expressed his aspiration to participate in the next edition of the Egypt International Petroleum Exhibition and Conference (EGYPS 2022), scheduled to be held next February.
El Molla also met with Baker Hughes’ Chairman and CEO, Lorenzo Simonelli, to discuss aspects of cooperation between the petroleum sector and the international company to expand the scope of its current cooperation in the field of oil and gas. This will include the possibility of cooperation in the field of the energy transition, emission reduction and support for Egypt’s hosting of the upcoming COP27 in Sharm El-Sheikh.
The two parties also reviewed ways to benefit from the components that the petroleum sector enjoys, especially in the field of infrastructure. In addition, they also agreed to work together in the field of skills development and training within the framework of the project to develop and modernize the petroleum sector as well as the program for qualifying young leaders and middle management.
Simonelli referred to the company’s desire to contribute and provide full support for the success of the next session COP 27, which Egypt will host next year. Meanwhile, the Baker Hughes delegation expressed their pride in joining the Gas Industry Advisory Committee at the East Mediterranean Gas Forum.
During the meeting, it was agreed to prioritize projects and technologies that can be implemented to reduce emissions, which include technologies to reduce methane emissions and improve the efficiency of flare gas systems, in addition to projects to use hydrogen gas in power generation.