With significant turmoil in global oil markets, the natural gas has emerged as a vital component of the world’s supply of energy, affirmed the Egyptian Petroleum and Mineral Resources Minister Tarek el Molla.
Egypt stands fully ready to position itself as a main player in global energy markets through holding co-operation and integration with other countries, he added during a ministerial session held under the rubric “Ensuring European energy security: opportunities and challenges,” as part of activities of ADIPEC, the world’s most influential forum for the energy industry.
The session tackled viewpoints on ways of securing Europe’s energy supply along with the needed strategies to attain this goal.
A host of ministers, officials at the energy sector from Africa, Asia, Europe, and the secretary general of the East Mediterranean Gas Forum (EMGF) attended the session.
The minister, meanwhile, also drew attention to Egypt’s viewpoint to enhance joint co-operation with the US, the EU, and the countries of the region.
Amid the use of natural gas as a reliable source of energy, it is vital to have a comprehensive strategy to pump long-term investments in exploration and production (E&P) activities, added the minister.
He also pointed out to the importance of the memorandum of understanding (MoU), which was signed in June between Egypt, Israel and the EU Commission to increase exportation of liquefied natural gas (LNG) from Egypt via Israeli pipelines so as to benefit other parties.
The MoU also includes the possibility of using the existing pipeline between the two countries to transport hydrogen in the future, he went on to explain.
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