Sherif Ismail, Minister of Petroleum and Mineral Resources, and Prime Minister-designate, insisted that the signing of new petroleum agreements and modifying the purchasing price of gas produced in some existing agreements, along with correcting energy market conditions and the diversification of energy sources, all stimulate production and attract new investments and bring new oil discoveries. Accelerating the development of gas fields to increase production also compensated for the natural attrition of well productivity, he added.
These remarks were made during the General Assembly held for EGAS, to adopt the business results for the fiscal year 2014/2015, reported Egypt Oil & Gas.
Ismail explained in an official statement released today that the integrated strategy developed by the petroleum sector to meet energy challenges and create an attractive investment climate is beginning to bear fruit, as exemplified by the successful repayment of part of the arrears owed to foreign partners, and new international exploration bids.
He added that the Egyptian state is always working to address energy challenges, something citizens have felt thanks to the availability of fuel supplies for the electricity sector. This has had a significant positive impact, through the absence of blackouts or the lightening of electrical loads, despite the weather conditions experienced by the country.