During Mediterranean Offshore Conference (MOC), Minister of Petroleum and Mineral Resources Karim Badawi witnessed a panel discussion titled “Harnessing the Future: Attracting Investments in the Mediterranean Energy Sector” where participants stressed that the Mediterranean abounds with potentials that can support efforts of securing supplies.

The panel included Yasseen Mohamed, Executive Managing Director of Egyptian Natural Gas Holding Company (EGAS), Dalia ElGabry, the VP and Country Chair of Shell Egypt, Wail Shaheen , Vice President of bp Egypt, Nicolas Katcharov, Energean’s Country Manager in Egypt and Maria Rita Galli, the CEO of DESFA.

Mohamed outlined the petroleum sector’s efforts to create an attractive investment climate, highlighting the recent incentives provided for exploration and production, which are aimed at boosting production rates and playing a pivotal role in the Egyptian economy.

He also mentioned that the ministry has developed a program to settle arrears with investment partners to further increase production. Additionally, the EGAS Chairman emphasized the sector’s initiatives to decarbonize all phases of the natural gas industry.

 ElGabry mentioned the vital role of the region, noting that Egypt has more than 50 years of experience in energy investment in the Mediterranean and that it is a pivotal center for Shell’s operations in the region. ElGabry added that she believes that Egypt and the Mediterranean region have enormous resources, and Shell will continue to work, grow and increase production in them.

Additionally, Shaheen said that bp has been operating in Egypt for 60 years and produces about 25% of Egypt’s natural gas production, noting that it is continuing and seeking to remain for another 60 years. “Egypt has a distinguished position and we believe in its future and support the development of its resources. It still has undiscovered potential,” he added. 

Shaheen pointed out that the future of the region is in the Mediterranean, which requires technologies, especially under the sea and seismic research, and more geological and seismic data for investors.

Katcharov stressed the importance of overall performance and integration around a strategic target with a clear future plan and assisting Egypt in increasing production or achieving zero emissions goals.

For her part, Galli stressed that the existing cooperation in the field of gas between Egypt and Greece is important for both sides, as both are an important energy corridor and the role that natural gas plays in supporting the energy transition and infrastructure investment.