Schlumberger invested around $60 million in the construction of the Egypt Center of Efficiency which provides competitive services and enables the exchange of information for the Egyptian oil and gas industry, said Hussein Fouad El Ghazzawy, Schlumberger’s vice president and managing director, Egypt and east Mediterranean region, Egypt Oil & Gas reports.

This comes as El Ghazzawy presented the company’s vision for the country’s amibitions to become an oil and gas regional trading hub, during the second day of the Mediterranean Offshore Conference and Exhibition (MOC 2018) on April 18th, in the session entitled “Egypt as a Regional Energy Hub”.

El Ghazzawy pointed out that Egypt has the potential to become a regional hub in light of its recent discoveries, its leading vision, geographical location, infrastructure, natural gas and liquefied natural gas (LNG) facilities, talented cadres, and the new investment and gas laws.

He pointed to the company’s commitment to develop the oil and gas resources in its areas of operation in the Nile and Mediterranean basins, where it has been operating for 15 years, and to continue its support for the onshore activities in the Eastern and Western Deserts, applying the latest technologies in the fields of exploration and production (E&P) and encouraging investments in scientific research at all stages of the oil and gas industry.