Egypt is implementing reform measures that stimulate foreign and Arab investments in the Egyptian oil and gas private sector, country’s Minister of Petroleum and Mineral Resources, Tarek El Molla said on the sidelines of the Offshore Technology Conference (OTC), the ministry informed Egypt Oil&Gas in a press release. The minister further stressed that the country has forged successful partnerships that will boost the economic feasibility of Egypt’s investment model.
Tarek El Molla also participated in the second annual meeting of the US-Arab Chamber of Commerce aimed at finding ways to increase current investment opportunities in the petroleum sector. According to the press release, participants expressed interest in the development of the Egyptian oil sector in light of the country’s new strategy and recently adopted policies seeking to strengthen the country’s economy.
The oil minister also emphasized that Egypt is aiming to achieve significant growth in the field of energy and increase the volume of investments, especially in the deep water fields in the Nile Delta. The strategy is in line with country’s aspiration to become a regional energy hub.
El Molla said that the Egyptian government has approved a new gas law that supports the regulatory framework of the gas market in Egypt and allows the private sector to enter the country. The law will be presented to the parliament for approval.
The minister further noted that Egypt will encourage research and exploration activities as an essential pillar of increasing oil and gas production. According to the minister, one of the priorities of Egypt’s oil sector is to promote scientific research and technology and to build young cadres.