The State is planning to lure major foreign investments in the oil and gas industry, while working on increasing the supply of electricity generated from new and renewable sources to 42 per cent by 2035, Minister of Petroleum and Mineral Resources Tarek al-Molla said.
Molla made the remarks during a meeting with Prime Minister Mostafa Madbouly to follow up on the progress made in some of the ministry’s working files, and availability of petroleum products, especially ahead of Eid al Fitr holiday, expected to start on April 10.
He said some of the world’s largest corporations are now engaged in research and exploration activities in the Mediterranean, as part of an ambitious gas exploration program that seeks to boost the country’s strategic petroleum reserve to meet local market needs and secure a sufficient surplus for export purposes.
The State is also working on scaling up the efficiency of oil and natural gas wells to maintain high production rates, the minister added.
As for international cooperation, Molla cited a memorandum of understanding (MoU) the ministry had recently signed with its peer in Ecuador to promote cooperation in various domains, and study how to make use of Egypt’s expertise to connect homes in Ecuador with gas supply networks, convert vehicles to run on natural gas, and establish compressed natural gas fueling stations.
