Egypt succeeded in luring investments of major US companies: petroleum min.

CAIRO - 18 November 2019: Egypt has recently managed to lure leading US companies operating in the field of petroleum and gas exploration, namely Chevron Corporation and ExxonMobil, Petroleum Minister Tarek el Mulla said on Monday.

He expressed appreciation for ExxonMobil over diversifying its operations and investments in Egypt after winning an exploration bid of a Mediterranean concession.

The minister affirmed the significance of the strategic partnership between Egypt and the US in the petroleum and gas domains as well as its role in promoting bilateral economic relations.

A memorandum of understanding signed last July on the exchange of the energy know-how and information honored the joint Egypt-US efforts in the energy sphere, the minister said while addressing the "Egyptian Petroleum and Gas: Massive Successes, Promising Opportunities" session that was held on the fringe of the US- Egypt Future Prosperity Forum organized by the US Chamber of Commerce.

Prime Minister Mostafa Madbouli, the ministers of planning and communication, US Assistant Secretary of Commerce for International Markets Affairs Ayan Steve along with a galaxy of Egyptian and US energy officials were present at the forum.

Minister Mulla reviewed progress achieved by the country's petroleum and gas industries throughout the previous five years - thanks to the government's economic reform program - that contributed to the improvement of the investment climate.

Egypt has turned out to be one of the region's top natural gas producers after attaining self-sufficiency in this aspect, strengthening gas exportation and recording the highest output in the country's history in August with 1.9 million barrels per day, the minister pointed out.

He added that the dues of the foreign oil companies have dropped by 80 percent in an achievement that prompted these firms to pump fresh investments in mega Egyptian oil and gas projects that are worth dollars 30 billion.

Over 65 agreements on intensifying exploration and production of oil and gas have been signed during the past five years, minister Mulla said, noting that his ministry succeeded in undertaking major refining and petrochemical projects as well as enhancing the efficiency of oil and gas transport.

The ministry has launched a program - the Enterprise resource planning (ERP) software for the oil and gas industry (upstream) – with a view to qualifying the youth and administrative human cadres of the petroleum sector, improving the decision making process and linking energy information, the minister added.