President Abdel Fattah Al-Sisi inaugurated the fourth edition of the Egypt Petroleum Show (EGYPS) on Tuesday, which will be run under his auspices until 13 February.
Minister of Petroleum Tarek El-Molla said the oil and gas sector contributed 27% of the country’s gross domestic product (GDP), at a value of EGP 1.4trn in the fiscal year (FY) 2018/19. The sector also achieved a surplus for the first time in the trade balance in FY 2018/19.
El-Molla said the country’s achievement of gas self-sufficiency and the resumption of exports, while the production of crude oil and gas reached its highest level in the history of Egypt, reaching 1.9m barrels per day in August 2019.
The petroleum sector also achieved an unprecedented record in terms of the national project to provide gas to the household sector, reaching more than 1.25m housing units annually.
Several projects were implemented to raise the efficiency of complexes, units, and refineries and raise the capacity of petroleum and gas products transport and storage while developing the petrochemical industry with added value to keep pace with the global market variables.
The Minister of Petroleum pointed out that Egypt’s efforts for transformation into a regional centre for oil and gas trade included the development of infrastructure, the enhancement of cooperation with international and regional partners, and the resumption of gas export to Jordan.
El-Molla added that foreign investments in the oil sector reached EGP 1trn, including $35bn in the past four years. The ministry also reduced foreign partners’ dues by more than 80%, which contributed to restoring confidence in the market and attracting new investors.
The petroleum sector has also succeeded during the past four years in increasing gas sector growth from -11% to 20%.