Egypt Succeeds to Strengthen its Energy Security, Sustainability and Sector Governance

Egyptian Minister of Petroleum and Mineral Resources Tarek El Molla participated in the Ministerial Panel entitled ‘Repositioning the Industry Post-Pandemic and Looking Ahead’, which took place during the first day of the Offshore Mediterranean Conference (OMC 2021) in Ravena, Italy.

During the panel, El Molla said that there were major challenges due to the Covid-19 pandemic that affected the global oil and gas industry. However, he clarified that its impact on the Egyptian oil and gas sector was mainly contained thanks to the reforms adopted by the Egyptian government since 2014. These reforms contributed to limiting the negative effects of the pandemic on the sector. In addition, he pointed out that the Egyptian government’s efforts were not limited to confronting the pandemic only, but rather achieving success stories that the world praises.

Egypt’s clear vision and strategy includes 3 main aspects, namely energy security, sustainability, and sector governance. It enabled the sector to transform the crisis from an economic challenge into an economic opportunity for growth, as the sector contributed 24% of the GDP in 2019/2020, El Molla noted.

With global warming becoming a growing concern, the pandemic did not stop Egypt from taking measures to confront climate change. El Molla emphasized that the country strongly supports innovation in the energy sector to support a greener economy. This was highlighted during the World Leaders Summit on Climate Change earlier this week, where Egyptian President Abdel Fattah El-Sisi stressed that adapting to climate change is a top priority for Egypt and Africa.

El Molla participated in the ministerial panel with other keynote speakers, including Libyan Minister of Petroleum and Gas Mohamed Oun, Cypriot Minister of Energy, Commerce and Industry Natasa Pilides, and European Commissioner for Energy Kadri Simson.