The Minister of Petroleum and Mineral Resources, Tarek El Molla, stressed the importance of strengthening the bilateral strategic relationship between Egypt and the US, according to a press release. This came during the US-Egypt Future Prosperity Forum, organized by the American Chamber of Commerce in Cairo and the US Business Council.
The Forum was attended by Egyptian Prime Minister, Moustafa Madbouly, as well as the ministers of Planning, Monitoring, and Administrative Reform and Communications and Information Technology. For the American part, the event was attended by Ian Steff, Assistant Secretary of Commerce for Global Markets and Director General of the United States Foreign Commercial Service, and many honorable guests from the American Chamber, the Business Council, the American Embassy, and financial institutions.
The minister pointed out a signed memorandum of understanding (MoU) between Egypt and the US in July to exchange expertise and knowledge in the Energy sector, noting that after the MoU, the two countries launched the first strategic dialogue in Energy aspects. This came during his keynote in the session ‘Egypt’s Oil and Gas: Major Successes and Thriving Opportunities.’
The session was attended by David Chi, Regional Vice President and General Manager at Apache Egypt, and Brian Essner, Egypt Country Manager at Noble Energy.
During the session, El Molla highlighted Egypt’s success to attract many American companies to work in exploration and production (E&P) activities, like ExxonMobile and Chevron, in addition to participating in modernizing the sector in Egypt.
Moreover, El Molla showed the positive results of implementing the economic reform program in Egypt, in addition to achieving self-sufficiency of natural gas and resume exports which reached 1.9 million barrels of oil equivalent (boe).
Additionally, El Molla praised the country’s ability to drop the international oil companies (IOCs) arrears by 80%, noting that these IOCs have pumped oil and gas investments of around $30 million, and to sign more than new 65 E&P agreements.
Furthermore, El Molla explained taking tangible steps in Egypt’s plan to turn into a regional hub, especially initiating the East Mediterranean Gas Forum (EMGF).