Mohamed Saafan, the First Undersecretary for Oil Affairs in the Ministry of Petroleum and Mineral Resources has delivered the opening speech of the Mediterranean Offshore Conference and Exhibition (MOC 2019) on behalf of Tarek El Molla, the Minister of Petroleum, on October 15, 2019.
Saafan said that the Egyptian initiative to establish a natural gas forum for the East Med countries had positive feedback from states within and outside the region, as well as international institutions, as it will ensure a sustainable dialogue and coordination between countries. He also pointed out that the founding stages of the forum are being finalized.
During the past five years, the petroleum sector had achieved the highest investment rate in the sector’s history, totaling $30 billion, due to an improvement in the investment environment and restoring investor confidence, Saafan added.
Moreover, Egypt registered the highest production rate in crude oil and natural gas in its history, with 1.9 million barrels of oil equivalent per day (boe/d), in addition to realizing natural gas self-sufficiency during September 2019, and posting the highest rate in delivering natural gas to 1.2 million households last year.
Egypt strengthened the infrastructure of the sector through refineries development projects, natural gas transmission and distribution lines, and the inauguration of two major petrochemical compounds.
It is noteworthy that the petroleum industry posted the widest rate in the Gross Domestic Product (GDP), representing 30%, while it acquired 50% in the foreign direct investment (FDI).