Egyptian Oil Minister Tarek El Molla discussed with Spanish Ambassador to Cairo Albaro Eranzo the changes taking place in the energy industry and the role of Egypt and the eastern Mediterranean region in meeting part of Europe’s needs.
According to a statement from the Ministry of Petroleum, today, Monday, the parties discussed an overview of the investment opportunities available in Egypt in the field of oil, gas and petrochemicals.
During the meeting, El Molla confirmed that Egypt is currently undertaking an intensive drilling program in order to accelerate the discovery of new fields and increase production, thereby continuing to meet the needs of the local market and supply large volumes of gas for export during the Energy Transition Period.
He pointed out that the Egyptian model for exporting liquefied natural gas is presented in the expansion of spot contracts, which allows Egypt to benefit as much as possible from rising global gas prices.
The Minister said that the intensification of the activities of large international companies in the Eastern Mediterranean region is the best evidence of the growing importance that the region is acquiring as a reliable source of natural gas resources, pointing to the outstanding relationship that Egypt has with Cyprus. and Greece.
He mentioned that there is a strong tendency to link production from open deposits in Cyprus with the already existing Egyptian production facilities and then export them, explaining that Egypt also continues its efforts to transition to energy and increase the share of electricity generation from renewable energy sources. , in addition to working on the production of hydrogen.
The Spanish Ambassador emphasized the importance of Egyptian LNG exports to meet part of Europe’s needs, noting that the Eastern Mediterranean region has become a strategic region with great gas potential, which gives it the right to supply large volumes of gas to Europe in light of the development of cooperation and integration relations between the countries of the region, which succeeded the Gas Forum. He said that the European Union is currently implementing many infrastructure projects in preparation for the future of energy, in parallel with deepening energy relations with friendly countries, especially in the Mediterranean region.
He added that his country attaches great importance to the projects of the Spanish company Tecnicas Reunidas in the field of reducing emissions in Egypt, expressing the desire of Spanish companies to explore the investment opportunities available in the Egyptian market and exchange experiences between the two parties, especially in the field of gas, petrochemicals, fertilizers, ammonia, mining, hydrogen and production equipment.
Source: Masravi
