The Egyptian Petroleum Exploration and Production in Upper Egypt and the Red Sea Seminar was held in Luxor and organized by The Egyptian Petroleum Exploration Society (EPEX).
Eng.Tarek El Molla, Minister of Petroleum and Mineral Resources confirmed that there are several priorities set by the Petroleum Sector as a work program aiming at intensifying exploration activities in various offshore and onshore areas, especially in the deep plays of the Western Desert and the Nile Delta, as well as to stimulate work in the under explored areas in Upper Egypt and the Red Sea. Moreover, encouraging the exploration of non-conventional sources, where Egypt has a great potential in this domain, pointing out that the terms of the petroleum agreements are being reviewed to cope with the changes and encourage attracting more investments.
The Minister added that energy is the key driver to achieve comprehensive development and the aspirations of the Egyptians towards a better future, clarifying that fossil fuel will remain the main source of energy in the coming period , as it represents about 87% of primary energy demand in the world . This requires a major effort to meet the growth expected in energy demand and keep up with rapid changes all over the world, which imposed many challenges in the international energy arena. Also several measures have been taken to accelerate upstream activities and encourage further investments, during the 18th months, Egypt offered more exploration bid rounds and signed 56 exploration agreements of which 7 of them are in Upper Egypt.
It is noteworthy that, Dr. Sherif Soussa First Undersecretary of the Ministry of Petroleum delivered the speech on behalf of Eng. El Molla.
For more information about related Opportunities and Key Players visit Egypt Oil and Gas Projects