Egypt’s Minister of Petroleum and Mineral Resources Tarek El-Molla met with Richard Hall, CEO of Dana Gas, and Abang Yusuf bin Abang Puteh, Senior Vice President of LNG Assets at Petronas’ Gas Business. The meetings focused on exploring investment opportunities in Egypt’s oil and gas sector and the companies’ respective plans for expansion in the country.
Dana Gas expressed its strong commitment to expanding its operations in Egypt and investing further in oil and gas exploration. The company plans to invest an additional $43m in 2024 to implement an intensive drilling program. This program includes drilling 11 developmental wells and 3 exploratory wells, with the aim of increasing production by approximately 30 million cubic feet of gas per day and compensating for natural well decline.
Egypt’s Strategic Role in Regional Energy Hub
El-Molla emphasized Egypt’s promising position as a regional energy hub, citing its strong infrastructure, skilled workforce, and strategic geographic location. He noted that Egypt serves as a key conduit for natural gas from neighboring countries, re-exporting it from its liquefaction plants to international markets, particularly Europe.
The Egyptian Petroleum Minister also discussed with Petronas’ delegation the company’s activities in cooperation with Shell in developing the tenth phase of the West Delta Deep Marine project in the Mediterranean Sea. They discussed the preparations for starting work on the eleventh phase of the project, as well as efforts to reduce emissions and maximize the utilization of natural resources.
El-Molla highlighted Egypt’s surplus capacity in its gas liquefaction plants in Idku and Damietta, noting that the country is capable of meeting the demands of Eastern Mediterranean countries for gas liquefaction. He also emphasized the ongoing efforts to increase production through intensive drilling programs to meet local market needs and provide surplus for export and value-added industries.
Petronas’ VP stated that the company is actively working to expand renewable energy and green ammonia production, with a focus on redirecting most of its natural gas production towards exports and value-added industries. He also announced that production from the tenth phase of the West Delta Deep Marine project is expected to begin next year.
