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Hisham Mekkawy, BP Regional President of North Africa reviewed the company’s experience in Egypt, pointing out that BP is proud of its long history of partnership with Egypt, which extends for more than 50 years. As BP is the largest foreign investor in Egypt, and Egypt is one of the largest countries of BP’s investments Worldwide, with total investments of about $ 25 billion.
In his speech at the opening of the conference, Mr. Luca Bertelli – Chief Exploration Officer – Eni, said that Egypt still has lots of opportunities and possibilities to achieve new successes in the exploration of natural gas and crude oil resources, and that the new investment climate which is provided by the Egyptian government since Sharm el-Sheikh Economic Conference that has contributed to the promotion of exploration activities and the development of oil and gas fields in spite of the challenges of lower world oil prices, leading to achievement of significant natural gas discoveries in 2015 in the Mediterranean and Nile Delta.
For his part, Mr. Nicola Monti, Executive Vice President – Edison, explained that Egypt will continue to be a major player in the oil and gas sector, where Egypt occupies the 16th place in terms of total global reserves of gas and the 15th in terms of production level and the 2nd as the largest gas producer in Africa and the first oil producer as of Non-OPEC in Africa. He explained that there is a new geological layers that include vast reserves in the Gulf of Suez and the Western Desert and the Nile Delta and the Eastern Mediterranean, and that there are areas with unexplored potential in the Mediterranean, the Nile Delta and the Western Desert & Upper Egypt.
(Source: Ministry of Petroleum)
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