Egypt provides attractive investments climate for oil, gas exploration

Minister of Petroleum and Mineral Resources Tarek El Molla stated that the current period requires everyone to join hands to achieve the hopes and aspirations of the people, stability and development, the ministry said in a statement.

This came in his opening speech to the Sixth Al-Ahram Energy Conference entitled (Securing Energy Sources… Global Challenges and the Egyptian Experience), which was delivered on his behalf by Magdy Galal, Chairman of the Egyptian Natural Gas Holding Company (EGAS), in the presence of a group of oil sector leaders and heads of oil and gas companies. 

El Molla explained that energy security is an important and vital matter, which reflects the importance of efforts to provide an attractive investment climate to increase the attractiveness of the Egyptian oil and gas industry in front of international companies to attract many investments that contribute to the rapid rotation of the wheel of research and exploration in various land and sea regions of Egypt and to accelerate the pace of business, developing the discovered fields, pointing to the signing of 108 agreements to search for oil and gas with international companies, with investments of a minimum of $22 billion over the last seven years.

The minister pointed out that natural gas is one of the most important natural resources and energy sources in which there is growing interest in the world as a clean fuel that meets the growing energy needs needed to support economic and social development plans and contributes to preserving the environment to achieve a balance between the energy system, development and the environment.