The Egyptian Minister of Petroleum and Mineral Resources, Tare El Molla, announced launching five new initiatives concerning the ministry’s Modernization Program to boost efficiency in the sector and attract investments, Egypt Oil & Gas reports.
El Molla’s announcement came during his speech at the opening of the Egypt Petroleum Show (EGYPS 2018).
The first initiative consists of cooperating with international companies (IOCs) engaged in marketing petroleum products, in a bid to improve the quality of fuel and offer a new gasoline product to cope with modern developments, El Molla noted.
The second initiative announced was an agreement to conduct seismic surveys in the Gulf of Suez, which still has great exploration and production (E&P) potential to attract foreigner investment and increase the country’s reserves.
The third initiative is the signing of a Memorandum of Understanding (MoU) with a consortium of leading international companies to establish the Egyptian Gateway for Exploration and Production, a geological information center to promote research in areas offered by the ministry.
Meanwhile, the fourth initiative is related to improving the E&P efficiency of joint ventures and international companies operating in Egypt, in order lower operations costs.
The fifth initiative consists of launching an electronic portal to enhance communication between workers, serving as a reliable source of information, allowing the exchange of experiences and ideas, and enriching the teamwork spirit within the sector.