El Molla at EGYPS: Egypt’s O&G Sector Achieved Remarkable Progress
Wednesday, 15th February 2017
Speaking at the the Ministerial Dialogues panel of the Strategic Conference at EGYPS 2017, His Excellency Minister Tarek El Molla confidently pointed to the remarkable progress that the oil and gas industry in Egypt has achieved, reported Egypt Oil&Gas.
“We have taken serious action to stop big decline and encourage our partners to put their efforts in bringing up the gas discoveries that they have and develop them. After the serious reforms that we have adopted, we were able to sit together with our partners and readjust our agreements to make the adequate economic balance between both parties.”
Furthermore, the Minister highlighted Egypt’s success in accelerating the work across the entire sector with a specific focus on super giant Zohr gas field. “We were able to put on stream different projects, and as a result, we have been able to talk about Zohr,” which Egypt has tried to materialize in a record time, “by bringing the gas on stream in two years from the day of discovery.”
As he then concluded, “what we are doing currently is accelerating to bring all the resources that we have together on stream as fast as possible. We are achieving self sufficiency of gas, hopefully, by the end of 2018. Hence, afterwards, by 2019 and beyond we will be able to restore our export facilities and resume the export of gas but it needs to have proper added value industry expanded to ensure the proper revenues to our economy.”
“We have proven that we can do amendments of concession agreements if needed and adjustments of pricing if needed. We have a really attractive investment environment in the oil and gas business,” concluded the Minister.