Minister of Petroleum: Securing additional quantities of gas and benefiting from it to increase its exports

Engineer Tarek El Molla, Minister of Petroleum and Mineral Resources, participated in the opening of the Abu Dhabi International Petroleum Conference and Exhibition “ADIPEC 2022” this morning in the UAE capital, which was inaugurated by Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology in the UAE, in the presence of a large group of energy ministers in the world, heads of major international energy companies and experts.

The opening of the conference witnessed a ministerial session entitled “A just, secure and sustainable energy transition” in which Eng. Tarek El Molla participated, and it also included Eng. Suhail Al Mazrouei, Minister of Energy and Infrastructure of the United Arab Emirates, Sherry Hardeep Singh Puri, Minister of Petroleum and Gas of India, and Amos Hochstein, the US presidential envoy for energy.

In his speech during the session, El-Molla reviewed Egypt’s strategy to secure energy supplies and how to link it to achieving the energy transition towards sources with less carbon emissions, explaining that Egypt is working in parallel in all paths of developing energy sources of all kinds, whether traditional, especially from natural gas or renewable sources of solar and wind energy. In this context, to secure additional quantities of natural gas and benefit from it to increase its exports, in addition to maximizing cooperation with the countries of the Eastern Mediterranean Gas Forum to benefit from gas resources, and that Egypt has an ambitious plan to raise the contribution of renewable energy in electricity generation to 40% by 2030.

The minister added that Egypt, in parallel with all these efforts, is cooperating with its global partners in projects to reduce carbon emissions from the oil and gas industry by investing in the application of advanced technologies and modern means to achieve this goal, pointing out that the COP27 climate summit hosted by Egypt next week focuses on actual implementation. It will provide an opportunity for the oil and gas industry and its global entities to explain to the world its vision to develop new resources with lower emissions, as the summit will witness for the first time in its history the allocation of a day to reduce carbon.

For his part, UAE Energy Minister Suhail Al Mazrouei stressed that talking about energy is not limited to oil, but the challenges facing the world now call for looking at gas and other energy sources, especially renewable energy sources such as hydrogen and wind, noting that his country and OPEC countries are keen to meet The world’s needs in energy transformation efforts, but he stressed the importance of the rest of the producing countries to play their role in encouraging investment in renewable energy sources, and stressed that the UAE is currently focusing on diversifying its energy sources, reducing emissions and rationalizing consumption.

Shri Hardeep Singh Puri, Minister of Petroleum and Natural Gas for India, explained that there is pressure on the economy, and that for the sake of the energy transition, we must be able to live in the present, and all political decisions have direct and indirect consequences, and that one of the decisions, such as price hikes, may have positive points. Including the tendency to diversify in energy sources. When prices rose and inflation occurred, India began to switch to biofuels and tend to use compressed natural gas also intensively, and warned that the energy transition would collapse if the large consuming countries were not fully careful.

For his part, the US presidential envoy for energy stressed the strong and historical relations between America and the UAE and the importance of integrating energy transformation efforts in light of the unprecedented challenges facing the world today, and that all countries and governments should play their role by focusing on securing sufficient energy supplies to maintain global economic growth and fair pricing. Energy and support investments in oil and gas production projects in parallel with accelerating efforts to spread a sustainable and diversified carbon-free energy system.

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