A press release to Egypt Oil&Gas stated that the Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, said that Egypt plans to boost natural gas production by up to 50% by mid-2018. Additionally. the oil and gas sector further aims to complete infrastructure developments of Misr Fertilizers Production Company (MOPCO) and The Egyptian Company for Ethylene Production (ETHYDCO) petrochemicals factories with investments around $4b.
The minister’s comments came during his speech at the Egyptian-British business council meetings held in London.
El Molla pointed out the positive improvements that have happened in the sector recently, specifically in exploration and field developments. He added that Egypt attracted a number of investments through several initiatives including two global tenders to search for gas in 21 offshore and onshore concessions during 2016. In addition, Egypt signed 76 petroleum agreements and secured investments that exceeded $31b during 3-4 years. The agreements and investments were meant to develop Zohr field, North Alexandria field, and Atoll field, in order to bring their production online and thus boost national gas output by 50%.
The minister added that by fiscal year 2020/2021, the oil and gas sector will be a major pillar of sustainable devolvement which will turn Egypt to a regional petroleum hub.
El Molla stated that Egypt has the potential to be a regional hub, and is attracting investments and making new discoveries to reach that goal.
The minister stressed the historical relations between Egypt and UK in the oil and gas industry as several Egyptian-British partnerships in the field have proven successful. The minister concluded by inviting the attendees to participate in the EGYPS 2017 Petroleum Show.