The Egypt Petroleum Show (EGYPS 2023), now in its sixth edition, has become an important platform for petroleum and gas leaders, influencers and service providers in record time.
The presence of President Abdel Fattah El Sisi at the inauguration of this important event will contribute to the success of the conference.
These remarks by Minister of Petroleum and Mineral Resources Tarek el-Molla came during the opening session of EGYPS 2023, themed ‘North Africa and The Mediterranean: Supporting Sustainable Global Energy Supply and Demand’.
The minister said the event comes at an important time in view of the consecutive challenges that have affected and still affect the entire world.
Egypt was keen to turn these challenges into opportunities to support national economy, he said.
The latest challenges reflected the sound vision of the Egyptian leadership that initiated the establishment of East Mediterranean Gas Forum, the minister said; adding that regional co-operation through the forum has led to increased gas exports from Egypt and East Mediterranean countries to Europe.
Prime Minister Moustafa Madbouli attended the event, alongside CEOs of oil and natural gas sectors worldwide and energy ministers, government representatives, senior EU officials, secretaries of major international energy organisations, and big names in the energy business.
The minister said that oil exports have risen during the past year to $18.2 billion, in addition to achieving a $3 billion surplus for the third consecutive year.
In the field of research and exploration, four global bids have been made for Egypt’s digital portal for exploration and production since its launch in 2021.
Mulla said his ministry has plans with global partners until 2025 to drill 300 wells.
In the context of boosting Egypt’s role as a regional energy hub, the petroleum sector has, over the past eight years, developed infrastructure by increasing the number of berths for butane gas tankers and adding 79 warehouses for crude oil and petroleum products, the minister said.
El-Mulla told the event that his ministry has developed 1,400 kilometres of road links for transporting crude oil and petroleum products, in addition to 1,000 kilometres of gas lines for the national gas network.
Eight new refinery projects, which President Sisi has opened during the past two years, have been implemented, he said.
The ministry has delivered natural gas to 200 villages covered by the presidential initiative Decent Life, and work is underway to supply gas to remaining rural areas, el-Mulla said.
More than 500,000 vehicles have been converted to run on natural gas and 900 gas filling stations have been established, he said.
Following the opening ceremony, Minister Mulla and Secretary General of the International Energy Forum (IEF) Joseph McMonigle took part in a discussion panel.
The minister underscored the importance of pressing ahead with co-operation among the various countries to bridge the gap resulting from reduced energy supply rates, as the past period witnessed a decline in the volume of investments channelled into energy transformation and reduction of gas emissions.
He referred to the daunting global challenges that existed over the past two years, especially in the wake of the untoward impact of the coronavirus pandemic and the Russian-Ukrainian crisis that affected securing energy supplies.
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