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Egypt: Development of Unconventional Oil & Gas Resources

Source: www.gulfoilandgas.com 11/29/2015, Location: Africa

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Eng. Tareq El Molla, Minister of Petroleum and Mineral Resources inaugurated the proceedings of the seminar organized by the Egyptian Petroleum Association entitled "Development of Unconventional Resources of Oil and Gas in Egypt" with the presence of Eng. Hasab Ennabi Asal, President of the Association , Accountant Hady Fahmy, Secretary General of the Association, Geo. Abu Bakr Ibrahim, Chairman of Ganope , Chris Fredd , Director of the technological integration center of unconventional resources at Schlumberger , Middle East , a number of former Petroleum Ministers and a group of experts and leaders of the oil and gas ,as well as those interested in the energy sector.

The Minister asserted in his speech that the Ministry plans to start the exploitation of unconventional resources of oil and gas effectively during the coming period, within the framework of the integrated strategy of the State to diversify its current energy mix in Egypt and the addition of new sources.

He pointed out the availability of attractive investment opportunities in this domain based upon the substantial potentials of Egypt to explore and produce unconventional oil and gas in the Western Desert, Upper Egypt, the Nile Delta and the Gulf of Suez regions.

He explained that the Ministry has started taking a number of measures to encourage investment in the exploitation unconventional oil and gas , along with strengthening the role of Egypt's competitive position in this domain by working to review the terms and conditions of the current agreements and amendment of gas prices produced from unconventional resources , in line with the used costs and technologies , pointing out that the main challenge in this domain is to extract economic and commercial quantities.

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