Egyptian Minister of Petroleum Tarek el-Molla said that the impact of the COVID-19 pandemic on the oil and gas sector in Egypt was contained due to the reforms adopted by the government since 2014.
Speaking at the Offshore Mediterranean Conference (OMC) of Ravenna, Italy, Molla said that Egypt's clear vision and strategy, which includes three main axes: energy and sustainability, security, and governance, enabled transforming the economic challenges into an increased contribution.
The sector contributed 24 percent of the GDP for the year 2019-2020.
The conference's activities are held jointly in Alexandria, Egypt, and Ravenna alternately between the two cities over 25 years.
The current session discussed several energy issues of common interest between the countries on both sides of the Mediterranean in light of the transformations in the energy sector.
Molla participated in the ministerial session "Repositioning the Industry Post Pandemic and Looking Ahead," which included several ministers and officials.
He pointed to some success stories that have been achieved, including a surplus in the petroleum trade balance of about $230 million from July to September 2020.
Over 19 new petroleum agreements were signed between January and October of 2020.
The sector attracted new international companies in research and exploration for the first time, such as Exxon Mobil and Chevron.
Egypt launched Gateway for Research and Exploration last February and the first digital global bid for 24 sectors.
Molla also indicated that the highest production rate in Egypt's history was achieved during the fiscal year 2019-2020, with a total production of 1.9 million barrels of oil equivalent per day.
He added that natural gas is becoming an increasingly preferred fuel, knowing that it is the most environmentally friendly, accounting for nearly 65 percent of the total hydrocarbon consumption in Egypt today.
The minister praised the relations between Egypt and the European Union, characterized by joint and fruitful cooperation.
Egypt has strategic partnerships in energy with the EU, and the two sides signed a memorandum of understanding in April 2018 for cooperation and strategic partnership in the field of energy.
