Petroleum Sector
Al-Hamed affirmed Mubadala's commitment to continuing its expansion in projects in Egypt in the near future.
This came at the final day of the Egyptian Petroleum Show (EGYPS 2023).
Molla pointed to achieving a surplus in the oil trade balance for the first time in 2021 at an amount of $2.9 billion.
El-Said added that the petroleum sector is one of the mainstays of economic growth, as it is a major source of providing the state's energy needs, which contributes positively and directly to meeting the requirements of sustainable and comprehensive economic development plans adopted by the Egyptian state.
"The oil and gas sector development strategy has led to the signing of 98 international agreements with a minimum investment of $16 billion,” Tarek el-Molla commented.
The petroleum sector has succeeded during the past six years in signing 86 petroleum agreements and attracting new international companies in the field of research and exploration, and the two largest projects to collect geophysical data have been implemented in the Red Sea and the Arab region in the Mediterranean.
The ministry attributed the decline in the value of exports from July to Sept. to the global decline in prices, despite the 2.1 increase in quantities exported.
The volume of production of the liquefaction plant in Edco is expected to reach 100 percent in the coming period, the sources said.
Molla clarified that the sector achieved the largest contribution to GDP by about 25 percent, in addition to its contribution of 44 percent in foreign direct investment.
The source pointed out that this will be reflected on the growing oil activity and projects implemented.
The strategy aims to enhance the sector's role in the overall development process, maximize the benefits of the natural resources and assets and increase the proceeds.
The source clarified that $3.2 billion was invested in operations to explore oil and gas, in addition to developing fields, adding that the operating cost reached $1.6 billion.
Procedures of 10 new agreements were completed during July and August 2018.
The contract will provide investors with incentives to explore for fossil fuels in undeveloped areas.
Egypt could outline and implement a well-designed economic reform program with strong public support, said a proud Molla.
Natural gas investments represent 91 percent of petroleum investments which amount to LE 132.8 billion.
President Abdel Fattah El Sisi issued directives on Saturday to persist with the efforts meant to upgrade the electricity and petroleum sectors.
Minister of Petroleum Tarek El-Molla stressed it is important to rapidly implement this strategy to support economic growth.
