Speaking at the Annual Energy Conference on behalf of Egypt’s Minister of Petroleum and Mineral Resources, Tarek El Molla, First Undersecretary at the Oil Ministry, Mohamed Tahir, said that the development of primary energy resources require the concerted efforts of all producers and consumers in light of energy prices volatility, which could affect energy supplies for the country in the coming period.
According to a ministry’s press release, the efforts should ensure fair prices, and encourage the flow of investments, as well as the continuation of operations, research and exploration. These are integrated strategies and action plans that the ministry has launched in order to attract new investors with the support and commitment from the state. The government is committed to complete ongoing economic reforms and create the right climate for investments.
Further, the minister pointed out that the energy sector in Egypt is facing many challenges, which resulted in the emergence of a gap between supply and demand due to the slowdown in investments in research and exploration and due to delayed implementation of a number of gas production projects.
He added that Egypt has many of the ingredients that qualify the country to overcome these difficulties and achieve tremendous success. Egypt’s strategy to work past the challenges revolves around several pillars: intensification of research and exploration for new discoveries to increase reserves and production of crude oil and natural gas, aiming at meeting domestic demand; attracting investments; and accelerating the payment of the rest of dues to foreign partners.
He concluded that in the coming period Egypt will focus on launching international bidding for research and exploration by the EGPC and the Holding Company for Natural Gas (EGAS) in the 28 region in various offshore and onshore areas of Egypt.