The petroleum sector is now executing an extended drilling program in collaboration with foreign partners to make new discoveries and increase output, Minister of Petroleum and Mineral Resources Tariq Al-Mulla said Monday.
Meeting with UK Ambassador in Egypt Gareth Bayley, the two sides addressed the operations of British firms engaged in the oil and gas sector in Egypt, as well as the efforts of the Eastern Mediterranean Gas Forum to strengthen regional collaboration.
They also discussed potential options accessible to British firms interested in investing in Egypt’s oil and gas industry.
Al-Mulla emphasized the significance of continued collaboration and integration among all industry participants, whether governments or firms working in the region under the auspices of the Eastern Mediterranean Gas Forum, to achieve greater gas discoveries throughout the energy transition phase.
Large firms operating in the region have the potential to achieve significant success as a result of this collaboration and the ability of all parties to assist the realization and development of discoveries, he added.
The most important component attracting investments is economic viability, which is the primary motivator for any choice to undertake initiatives, the minister said. “Gas liquefaction projects are among ideal choices for securely trading liquefied gas and making use of the remaining time in the energy transition period to maximize the profit from gas resources.”
The British ambassador, for his part, emphasized the strength of the two nations’ relations, which has led to many collaborative accomplishments in various sectors, particularly oil and gas.
Certain British oil and gas corporations are interested in reviewing and researching potential prospects in Egypt, he added.
