188 Egypt’s Minister of Petroleum and Mineral Resources, Tarek El-Molla, recently engaged in discussions with Dana Gas CEO Richard Hall and Petronas’ Senior Vice President of LNG Assets, Abang Yusuf bin Abang Puteh. The primary focus of these meetings was to explore potential investment opportunities within Egypt’s thriving oil and gas sector, as well as to delve into the expansion plans of both companies within the country. Dana Gas conveyed a strong commitment to extending its operations in Egypt, expressing intentions to invest an additional $43 million in 2024 for an extensive drilling program. The program aims to drill 11 developmental wells and 3 exploratory wells, with the objective of boosting gas production by approximately 30 million cubic feet per day and compensating for the natural decline of wells. Minister El-Molla underscored Egypt’s pivotal role as a regional energy hub, citing the nation’s robust infrastructure, skilled workforce, and strategic geographic location. He highlighted Egypt’s significance as a conduit for natural gas from neighboring countries, further exporting it from liquefaction plants to global markets, particularly in Europe. In discussions with Petronas, El-Molla delved into the company’s collaboration with Shell on the tenth phase of the West Delta Deep Marine project in the Mediterranean Sea. Preparations for commencing the eleventh phase were also on the agenda, along with initiatives to reduce emissions and optimize the utilization of natural resources. El-Molla emphasized Egypt’s surplus capacity in gas liquefaction plants in Idku and Damietta, emphasizing the country’s capability to meet the gas liquefaction demands of Eastern Mediterranean countries. He highlighted ongoing efforts to boost production through intensive drilling programs to cater to local market needs and provide surplus for export and value-added industries. Petronas’ Senior Vice President outlined the company’s active pursuit of expanding renewable energy and green ammonia production. Emphasizing a focus on redirecting a substantial portion of natural gas production toward exports and value-added industries, he also announced the anticipated commencement of production from the tenth phase of the West Delta Deep Marine project next year. You Might Be Interested In South Africa’s Struggle: A Decade of Self-Inflicted Setbacks Recession bound: Latest findings paint gloomier picture for world economy in 2023 Taiwan Grapples with Economic Uncertainty Amidst Rising China Tensions Post DPP Victory Ethiopia’s Currency Conundrum Imperils Prospective IMF Rescue UK GDP Sees 0.2% Growth in January, Indicating Recovery China needs to boost productivity given ‘demographic challenge’
