On the sidelines of the Offshore Mediterranean Conference (OMC), Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, met with Italian Edison Group’s CEO, Marc Benayoun, in Ravina, Italy, according to the Egyptian Ministry’s press release.
The meeting reviewed Edison’s current work in Egypt including searching for oil and gas in addition to wells’ development in the Mediterranean. El Molla and Edison officials reviewed the program to add new wells to production in order to increase gas output from Abu Qir field in the Mediterranean. In addition, they reviewed the new project to use the produced gas in generating electricity.
The attendees further discussed the chances of new gas reserves in this concession area. They discussed the company’s plans to inject investments to their concessions tin the Mediterranean’s deep water.
During the meeting, El Molla pointed out that the Egyptian oil and gas sector is adopting a strategy, based on integrity and commitment, with the IOCs working in Egypt. This strategy will result into an attractive climate for investments that is beneficial for the two sides.