Minister of Petroleum and Mineral Resources Karim Badawi participated in the opening session for MOC 2024 titled ‘Fostering Alliances and Partnerships along the path towards monetizing the East Mediterranean Gas’.
During the session, Badawi emphasized the importance of cooperation, integration, partnerships, and the establishment of regulatory frameworks that attract investment. He also highlighted the development and enhancement of infrastructure as key factors in achieving the sustainable utilization of resources and creating an environment that enables regional partners to accelerate the development and exploitation of discoveries.
Badawi underscored Egypt’s pivotal role as a regional energy hub in meeting global energy demand, pointing out that the Egyptian market is both large and promising. He noted that Egypt’s advanced infrastructure allows for the optimal utilization of gas across various sectors, particularly in value-added industries such as petrochemicals and refining.
He further stated that natural gas will remain a primary fuel source for many years, sending a clear message for all stakeholders to work together to increase discoveries and attract more investment. He highlighted the importance of exploration tenders, aimed at tapping into the region’s abundant natural gas resources.
Badawi also stressed the need for advanced technology to accelerate progress in these areas, alongside support for projects that contribute to decarbonization, emissions reduction, and environmental preservation. He reaffirmed Egypt’s commitment to this agenda, noting that the country has already developed a roadmap to ensure that new energy sources represent 40% of the energy mix by 2040. This will be achieved through investments in solar, wind, and geothermal energy, along with emissions reduction projects across various petroleum activities.
The session witnessed the participation of George Papanastasiou, Minister of Energy, Commerce and Industry in Cyprus, Osama Mobarez, Secretary General of EMGF, Aristotelis Aivaliotis, General Secretary of Energy and Mineral Resources in Greece, and Dr. Houd Bin Jannat Allal, Executive Director in OMEC and was moderated by Tom Maker, Apex CEO.
The Cypriot Energy Minister highlighted Cyprus’s commitment to developing its natural resources as part of the broader Eastern Mediterranean region. He noted that the region’s abundant resources have the potential to significantly contribute to and accelerate the global energy transition. However, while Europe shares these objectives, there remains a need to advance and make accessible new and renewable energy technologies, as many existing technologies are either unavailable or prohibitively expensive.
Osama Mobarez, Secretary-General of the Eastern Mediterranean Gas Forum (EMGF), emphasized that the Eastern Mediterranean region holds substantial resources and globally significant discoveries. However, attracting investment and securing the necessary technology remain key challenges. The Forum was established to unite all stakeholders for the benefit of both the region and the world, with a focus on utilizing the region’s estimated 300 trillion cubic feet of gas. He explained that the EMGF is the only organization that brings together all industry players, working to align the perspectives of governments, companies, and investors to support infrastructure development, boost investments, maximize discoveries, reduce carbon emissions, and promote sustainability.
Mobarez further noted that the Forum has developed a roadmap for optimizing gas utilization in the region. He highlighted Egypt’s proactive efforts in integrating renewable energy alongside natural gas, stressing the importance of cooperation with companies to enhance gas exploration activities in the Eastern Mediterranean.
