An oil rig drilling a well at sunrise, owned by Parsley Energy Inc. near Midland, Texas, U.S., May 3, 2017. Picture taken May 3, 2017 - REUTERS/Ernest Scheyder
SHARM EL SHEIKH, Egypt - 17 December 2019: Egypt's current success in the energy sector is mainly attributed to a visionary political leadership and a strong belief in and awareness of the country’s potential, Petroleum and Mineral Resources Minister Tariq El Molla said Monday.
Molla made his remark during a session on energy cooperation with Mediterranean countries, held as part of the 3rd edition of the World Youth Forum, which kicked off on Saturday in Sharm El Sheikh under the aegis of President Abdel Fattah El Sisi.
The ministry of electricity signed a strategic cooperation agreement with the European Union last year, a step testifying to the government’s commitment to transform the country into a regional energy hub, Molla said.
Molla highlighted the challenges Egypt had been witnessing from January 2011 until June 2013, which took their toll on the energy sector, leading to frequent power outages and a sharp decline in oil and gas production.
He applauded the sector’s major achievements over the past four years after reaching self-sufficiency in natural gas production, which helped extend the natural gas network to over 100,000 households and resume gas exports, especially after Zohr gas field entered the production phase.