A press release to Egypt Oil&Gas stated that Egyptian Minister of Petroleum, Tarek El Molla, met with French Engie Oil Company’s Managing Director of Exploration and Production, Maria Moraeus Hanssen, to discuss investment opportunities and future cooperation between the ministry and Engie.
El Molla pointed out that the partnership between Egypt and France in oil and gas is witnessing continual growth in light of the prominent relation between the two countries. During the meeting the minister and Hanssen discussed the possibilities of increasing Engie’s investments in Egypt’s oil and gas exploration given that Engie is a global leader in the energy field and its extensive expertise in exploring deep water, one of Egypt’s main sources natural gas. Hanssen added that Egypt’s success in achieving new gas discoveries is motivating the company to inject more investments in the country to further expand on existing operations in West Burullus area in the Mediterranean, Alam Shawish in Western Desert, and Wadi Depin the Eastern Desert.
Moreover, El Molla explained Egypt’s economic reform programs, in addition to reviewing development projects of natural gas discoveries in the Mediterranean. The minister stated that Egypt is currently in the process for issuing a new gas regulating law to help transfer Egypt to an energy regional hub.