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Egypt accelerating oil investment

Feb 13, 2018
3 min read
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Egypt’s minister of petroleum and mineral resources Tareq Al-Mulla said during the opening ceremony of the Egypt Petroleum Show (EGYPS) yesterday that Egypt was accelerating opening up the country’s oil and gas sector.

 “We have big projects coming on stream in the country. The petroleum sector in Egypt is embarking on new strategies. Our strategy is to make Egypt the regional energy hub,” said Al-Mulla

“We see Egyps as a great platform to launch our modernisation programme. Egyps is great way to promote Egypt’s oil and gas industry.

Al-Mulla is very proud of were Egypt has come over the last few years.

“That is why EGYPS is so important as we have a success story to tell and it is only at this show I can be here with the two CEOs of our two main partners, BP and Eni.”

He stated: “Our ambitious plan to bridge the gap between production and consumption continues. By the year end we hope to be self-sufficient.”

The petroleum minister announced a raft of new initiatives during his opening speech, including new upstream investment and downstream products.

“Eni and BP bet on Egypt and we bet on these two major IOCs. EGYPS is a way for us to tell our story to the world and the wider industry. Now is the time to bet on Egypt,” he said.

Al-Mulla explained that Egypt has embarked on an ambitious modernisation programme that will get it ready to become a regional gas hub.

Eni CEO, Claudio Descalzi shared a panel session with Tareq Al-Mulla and BP’s CEO.

“Egypt is a crucial market for us. It is geographically located so close to us in Italy. We think Egypt has a big future. Egypt has a lot of infrastructure in place and it can play a big role in the regional global LNG market. “

He added: Zohr is a game changer for us. It has set a new standard in the industry. We were able to get to production after 27 months which is a new record.”

BP’s CEO Bob Dudley said during the panel that “We believe in Egypt. We have a lot of activity across the Nile delta and Egypt is on its way to becoming an exporter of gas. We invested more money in Egypt last year than any other country.”

He added: “We have brought the Western Delta project onstream and under budget. We are very positive about the future of Egypt and we can see the oil and gas developments leading to further industrial development within the country. “

 

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