El Molla Discusses the Future of Oil and Gas at JIES
A press release to Egypt Oil&Gas stated that Egypt’s Minister of Petroleum and Mineral Resources, Tarek El Molla, participated in a panel discussion on the future of energy in the region and both challenges and opportunities for oil and gas investments. This came during the third Jordan International Energy Summit (JIES).
In his speech, El Molla reviewed the agreements between Egypt and Cypro to establish a natural gas pipeline linking both countries for mutual benefits, as well as the agreement with Iraq to start implementing the oil pipeline from Iraq through Jordan to transfer oil to the Egyptian refineries.
He also pointed out that the discovery of Zohr field is the largest discovery in the Mediterranean with reserves up to 30tcf of natural gas, which encouraged international oil companies (IOC) to invest in Egypt.
In related news, a memorandum of cooperation in the energy field was signed between Egypt and Jordan on the sidelines of the Summit. The memorandum includes offering training and transferring Egyptian expertise in natural gas activities to Jordan. It also includes re-exporting natural gas to the consuming countries in the region through the existing infrastructure of the two countries, as well as using the floating storage and reclassification units (FSRUs) in Sokhna and Aqaba in emergency cases and during maintenance periods.