CAIRO – twenty five October 2018: Egypt’s fossil oil sector can issue its international tender for oil and gas exploration within the Red Sea before the end of 2018 as presently because the information of the primary phase of the seismal scientific research is completed, in keeping with petroleum Minister Tarek el-Molla.
The minister affirmed that the arena succeeded in overcoming all the crises and challenges it featured throughout the amount of 2011-2012, that was a stage of instability. the arena was in a position in 2013 and 2014 to revive stability.
He added that the arena completed its reforms throughout the period from 2015 to 2018, once the strategy adopted proactive events and attending to prevent crises that will occur and succeeded in securing all the requirements of the electricity sector, still because the trade and domestic uses of gas and petroleum products.
Molla observed that the bill for the availability of crude oil merchandise to the domestic market rose to quite $1.5 billion per month thanks to the increase in world oil costs throughout the last period.
He noted that in one year, four major Egyptian gas fields within the Mediterranean were placed on the production map of the fields of Zohr, Atoll, Norus and North Alexandria, with associate investment of regarding $27.2 billion and a complete production of 6.5 billion cubic feet of gas per day, that contributed to achieving autonomy of gas.
The minister added that the oil sector is presently implementing associate formidable program to develop and modernize the oil sector to satisfy the challenges of the approaching period. It conjointly focuses on achieving the added worth and optimum economic utilization of Egypt’s natural resources through producing industries and moving forward to show Egypt into a regional center for commerce in gas and oil.
This came throughout Molla’s speech at the seminar organized by the Egyptian-Canadian Business Council and also the Egyptian Business Council, entitled “Egypt on the worldwide map of oil and gas” within the presence of Minister of atmosphere Yasmin Fouad, and a number of former ministers, ambassadors and heads of Egyptian and foreign oil firms.
Molla added that the strategy of the arena has 3 main axes: increasing and diversifying energy provide and demand management still as achieving money sustainability by addressing debt arrears, reforming the grant system and coping with internal debt, and rising sector management and structural reforms and inspiring private sector investments through supporting legislation; like the Gas Market regulative Act.
He conjointly remarked the speed of delivery of gas to homes that is presently accelerated at intervals the national project adopted by the state to deliver gas to any or all elements of Egypt; all this comes at intervals the ministry’s arrange to develop services.
The minister aforesaid that the come of developing and modernizing the oil sector is to lift the potency of performance, cut back the price of production, increase economic process through attracting investments, contribute to extend value and improve the business deficit still because the provision of hard cash through redoubled exchange flows and revenues, increase oil and gas production rates, and cut back the import bill, besides making certain the sustainability of energy sources to fulfill the country’s needs of crude oil and gas.
He conjointly added that Egypt succeeded in reducing the entitlements of foreign partners to but one third to achieve $1.2 billion, that is that the lowest worth of the entitlements of partners since june 2010; it’s meant to still pay the dues fully bit by bit, frequently paying the foreign partners the worth of buying their share of oil and gas.