Petroleum Minister Participates in the ADIPEC 2017

Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources participated in the proceedings of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2017) through the Ministerial panel entitled “Creating energy opportunity through foresight, vision, inspiration and innovation” in which Ministers of petroleum and energy of Emirates, Oman and Pakistan also participated.

During the session, The Minister outlined Egypt’s energy strategy as well as challenges and available opportunities, He pointed out that Egypt witnessed exceptional circumstances during the past few years that resulted in a rise in the Egyptian people aspirations for a modern democratic State and achieving a better standard of living as well as, providing additional work opportunities. Achieving such aspirations required a strong Governmental commitment and integrated strategies along with clear work plans, strong investments and additional energy resources. Those aspirations were the main engine of working towards adopting a new strategy in petroleum and gas domains. The Egyptian Government developed an integrated strategy that aims mainly at ensuring energy security and fulfilling local demand as well as achieving value-added and optimal utilization of Egypt’s natural resources, in addition to building national capacities with high efficiency in the field of petroleum and mineral resources industries.

The Minister clarified that this strategy is built on a number of pillars that aims at bridging the supply and demand gap supported by a 5 year plan based on short and long term tactics aside from demand management & subsidy reform, encouraging exploration and development investments, acceleration of gas field development projects, acceleration of delayed gas projects, expansion and upgrade of oil & gas infrastructure, petrochemical industry development, diversifying Egypt’s energy mix, improving energy efficiency, turning Egypt into a regional Oil and Gas Hub, restructuring the Oil & Gas Sector, besides Mineral Resources Development.

To ensure the achievement of this strategy, the Minister clarified that the Petroleum Sector Modernization project started and by 2021, the sector’s full value chain potential should be unlocked as a growth and a sustainable development engine for Egypt to become a leading regional Oil and Gas hub, and a role model for the future of modernized Egypt. He added that the project consists of 7 programs, one of them is “Investment Attraction”. Its main objective is to accelerate and increase foreign upstream investments into the Oil & Gas sector. He pointed out that investment plans were laid out to support investors in their decision to enter the Egyptian market as well as the development of an investment scheme to incentivize incremental oil production and reserves especially from Gulf of Suez basins and conducting Seismic Survey projects in West Mediterranean and Red Sea areas, in addition to offering new bid-rounds and signing more petroleum agreements.

As for the Sector’s strategy of developing Human Resources, The Minister clarified that the Egyptian Government gives a special interest in the youth and developing their capabilities, especially after President Abdel fatah El Sisi announced that 2016 is the year of the youth and launching the idea of the youth conferences in all Egypt’s provinces. He added that the Petroleum Sector’s Modernization Project has a program specialized for developing human resources that aims at utilizing employees capabilities.

For more information about related Opportunities and Key Players visit Egypt Oil and Gas Projects