The European Bank for Reconstruction and Development (EBRD) aims to combat energy waste in Egypt, with a workshop addressing problems that are linked to gas flaring in the country’s petroleum industry, EBRD informed Egypt Oil&Gas in a press release.
Around 140bcm of associated petroleum gas (APG) are flared annually throughout the world as part of the petroleum production process, wasting large amounts of energy resources, and contributing to pollution, Associate Director of EBRD, Cristian Corraretto, stated at the workshop, held on 15th March in Cairo.
The Bank stated that Egypt ranks among the 20 top gas-flaring countries in the world. During the workshop, the EBRD discussed the findings of its study on “Gas Flaring Reduction in Egypt,” Egypt Oil&Gas reports.
Launched in 2014, the study is part of the Bank’s efforts to reduce flaring and enhance cooperation with the Ministry of Petroleum and Mineral Resources, the Egyptian General Petroleum Company (EGPC), Egyptian Natural Gas Holding Company (EGAS), and the Ganoub El-Wadi Holding Company (GANOPE).
Attended by Khaled Abdel Badie, Chairman of EGAS, as well as experts from state and private oil and gas companies, discussions focused on the new technologies, business approaches, legal frameworks, and regulations that can reduce gas flaring, with a proposed target of zero gas flaring by 2030.
“The oil sector is expected to remain an important contributor to Egypt’s GDP growth prospects in the coming years as well as providing essential energy security for the country. We hope that this workshop will contribute to incentives and programs aimed at further reduction of gas flaring in Egypt which can have not only significant economic benefits but will also contribute to meeting the best international environmental standards,” said Philip ter Woort, Director, EBRD Operations – Egypt.