Arab Finance: Engineer Karim Badawi, Minister of Petroleum and Mineral Resources, stressed the importance of ongoing efforts with investment partners in the oil and gas sector to work on pumping more investments to increase production of oil and gas and discover more petroleum resources in economical, less expensive and environmentally sustainable ways while following the rules of maintaining safety, explaining Safety, environmental sustainability, and reducing carbon emissions are key factors for the success of efforts to increase production.
This came through The tenth annual conference of the Egypt Oil & Gas Foundation With the participation of leaders of the petroleum sector, heads and representatives of international companies, investment partners, and heads of Egyptian oil companies.
The Minister also stressed the importance of regional cooperation to transform ambitions into reality and support Egypt’s role as a regional energy center, which is supported by the infrastructure in Egypt and cooperation with Cyprus and our partners from international companies to exploit current and future gas discoveries in Cyprus through the Egyptian infrastructure to exploit gas for re-export or as added value. For the local market.
The Minister directed his speech to the investment partners, stressing that your success is our success, and that the petroleum sector is interested in reducing the cost of production, which helps to increase its rates, and this is where the Egyptian Digital Portal for Exploration and Production (EUG) plays an effective role by offering various investment opportunities and new work areas for partners to benefit from the infrastructure. The available infrastructure reduces the cost of producing a barrel. He also affirmed the commitment to pay partners’ dues, which represents one of the most important priorities that the Egyptian state is keen on in fulfilling obligations and motivating partners to invest, stressing the commitment to transparency. And clarity.
The Minister stressed the importance of benefiting from technology and digitization in research and exploration work and its role in facilitating access to new oil and gas resources in deep marine areas that have not been exploited before, as investment in technology and digitization contributes to increasing value.
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