Egyptian Minister of Petroleum and Mineral Resources Karim Badawi said Egypt has proposed five new Arab initiatives to strengthen regional energy security including developing a 2030 Arab energy interconnection map and creating a mechanism to coordinate emergency purchases and cargo swaps of crude oil and liquefied natural gas.
Speaking at the annual ministerial meeting of the Arab Petroleum Exporting Countries Organisation (OAPEC) Sunday in Kuwait, the minister said the initiatives also include expanding cross-border energy storage, launching a digital platform to showcase investment opportunities across the energy value chain, and establishing a unified Arab programme for technical exchange and capacity building.
Badawi added that Egypt had stabilized its domestic energy market this year by resuming exploration and development activities after introducing investment incentives, adding that the country plans to drill about 480 new wells over the next five years to boost discoveries and production.
OAPEC ministers praised ongoing reforms to restructure the Organisation and approved steps towards rebranding it as the “Arab Energy Organization,” while reaffirming support for the Middle East Green Initiative and the circular carbon economy.
