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Wednesday, September 11, 2019
President Abdel Fatah el-Sisi has called for the expansion of exploration in the oil and gas sector and concurrently, an acceleration in planning and development of the sector. The new focus should also include the further development of oil and gas infrastructure, according to presidential spokesman Bassam Radi.
Over the past several years following the discovery of the massive natural gas deposits – Zohr –offshore in the Mediterranean, Egypt has made known its intentions to position itself as regional oil and gas hub for the region,Attending the meeting where el-Sisi made his directives known was Prime Minister Mostafa Madbouli, Electricity Minister Mohamed Shaker, Petroleum Minister Tarek al-Molla, and Finance Minister Mohamed Mai’it.
El Molla provided and update within his purview, stating that tow new agreements for exploration in the Western Desert were signed on September 5. The agreements call for the operator (s) to drill four exploration wells in Southeast Abu S’nan and Ras Kattara with a minimum investment of $4 million.
Other areas of focus will include further development of the petrochemical production for added value.
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