20 April 2024 09:22 PM

Mulla: Oil, gas production in Egypt set to increase with $17B Investments

Monday، 19 February 2024 - 07:27 PM

Minister of Petroleum and Mineral Resources, Tarek El Molla, stated that the petroleum sector, in collaboration with its global partners, is working to boost production rates and increase oil and gas reserves through a comprehensive drilling and exploration plan until 2030. 


The plan also includes enhancing crude oil refining capacities and bolstering petrochemical production, with a total investment of approximately $17 billion.


During the opening session of the seventh edition of Egypt Energy Show (EGYPES) 2024 on Monday, with the presence of President Abdel Fattah El-Sisi, the minister mentioned that natural gas has been supplied to around 15 million housing units in Egypt, with nine million units connected over the past nine years, equivalent to 60 percent.


Molla noted that 540,000 vehicles have been converted to run on compressed natural gas, with 70 percent of them converted since the launch of the presidential initiative to expand the use of natural gas as a vehicle fuel in June 2020.


The minister highlighted the multiplication of the number of natural gas filling stations by approximately five times as part of the initiative, reaching a total of one thousand stations.


Additionally, he mentioned plans to commence the operation of a project for producing wood panels from rice straw in the second quarter of this year. There is also an ongoing study for the implementation of a project to produce sustainable aviation fuel.


Earlier on Monday, Egypt’s President Abdel Fattah El Sisi witnessed the inauguration of the seventh edition of Egypt Energy Show (EGYPES) 2024 at Al Manara International Conference Center in New Cairo.


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