Egyptian Minister of Petroleum Tarek El Molla met with President of the International Gas Union (IGU) David Carroll to discuss the development of the Egyptian natural gas industry, Egypt Oil & Gas reports.
El Molla reviewed measures taken in response to global changes in the oil and gas markets. These included developing the terms of the agreements and paying arrears to international oil companies (IOCs), increasing coordination with IOCs operating in Egypt, and developing a strategy to increase exploration and production (E&P) activities.
The minister also reviewed the economic reform program and the steps taken by Egypt to become a regional gas trading hub. El Molla emphasized that Egypt is keen to be present in international oil and gas organizations.
Carroll praised the results achieved in the Egyptian oil and gas industry. The unprecedented discovery of the Zohr gas field which confirms Egypt’s comptence in implementing major oil projects.
Carroll pointed out that Egypt has been strongly involved with the IGU through the Egyptian Gas Association (EGA) and is a member of the board of directors. Egypt will have a growing role in the global gas industry over the coming period, he added.