Spain Looks to Egypt for Fulfilling its Gas Demands

Egyptian Oil Minister Tarek El Molla discussed with Spanish Ambassador to Cairo Albaro Eranzo the changes taking place in the energy industry and the role of Egypt and the eastern Mediterranean region in meeting part of Europe’s needs.

According to a statement from the Ministry of Petroleum, today, Monday, the parties discussed an overview of the investment opportunities available in Egypt in the field of oil, gas and petrochemicals.

During the meeting, El Molla confirmed that Egypt is currently undertaking an intensive drilling program in order to accelerate the discovery of new fields and increase production, thereby continuing to meet the needs of the local market and supply large volumes of gas for export during the Energy Transition Period.

He pointed out that the Egyptian model for exporting liquefied natural gas is presented in the expansion of spot contracts, which allows Egypt to benefit as much as possible from rising global gas prices.

The Minister said that the intensification of the activities of large international companies in the Eastern Mediterranean region is the best evidence of the growing importance that the region is acquiring as a reliable source of natural gas resources, pointing to the outstanding relationship that Egypt has with Cyprus. and Greece.