In a press release to Egypt Oil and Gas, the Egyptian Minister of Petroleum and Mineral Resources, Tarek E Molla, reflected the local oil and gas industry.
El Molla stated that the ministry’s strategy focuses on economical projects that aim for higher profits from natural reserves in order to support Egypt’s economy. The ministry aims to improve local production and decrease imports, along with paying attention to the petrochemicals industry as a vital step for increasing the value of natural gas and providing high quality Egyptian production.
El Molla added that the investments of foreign companies will have positive impacts on oil and gas concession exploration and development, citing foreign partners Italian Eni and UK’s British Petroleum (BP) consider Egypt to be an important regional ally in the oil and gas field . He added that companies such as Apache, Dana Gas, Edison, Total and Kuwait Energy further emphasis the importance of strong partnerships aimed to increase Egyptian investment.
The minister concluded that Egypt is expected to achieve self-sufficiency in energy and stop importing Liquified Natural Gas (LNG) by 2020/2021.
The ministers statements came during his visit to Petrojet’s facilities in Alexnadrai to followup on the manufacturing of marine platforms for oil and gas fields.