Minister of Petroleum and Mineral Resources Tarek El Molla stated that a successful energy transition and the expansion of renewable energies require the provision of adequate funds, real commitment, and new technologies.

He said that during his participation in a panel discussion titled “Industry Response: Decarbonization and Energy Transition Actions” as part of Egypt Energy Show (EGYPES) 2024.

The minister added that until achieving energy transition, the world still needs oil and gas. He emphasized that Egypt has signed agreements for green hydrogen production and needs the required infrastructure. During the session, he also presented the efforts of the country to expand natural gas resources as the best fuel to be used in the different industries.

For his part, Iraqi Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul Ghani pointed to what have been done positively for reaching zero flare gas in Iraq which helped the country achieve its emission reduction goals noting that Iraq will reach zero flare gas and it will be used in generating power within five years.

Additionally, the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) Haitham Al Ghais affirmed OPEC’s commitment to provide needed energy which may increase during the coming six years noting the importance of oil and gas long-term investments.

Moreover, CEO of bp Murray Auchincloss expressed his pride of the continuous operation in Egypt at 19 locations elaborating that his company has working strategy for oil and gas production as well as new and renewable energies in addition to investing in natural gas with decarbonization and emission reduction commitment.

Furthermore, Musabbeh Al Kaabi. Executive Director, Low-Carbon Solutions & International Growth Directorate at ADNOC, indicated that natural gas is playing critical role in energy transition affirming that Adnoc’s strategy aims at continuing gas production with lowering carbon emissions.

Also, Lorenzo Simonelli  Chairman and CEO of Baker Hughes, explained that there are new technologies that can be provided and used, for flare gas recovery, energy transition, environmental compatibility, and sustainability, and they give added value to natural gas production projects and increase its production by about 20%.