Egypt, Libya sign MoUs to exchange expertise in petroleum, gas, and mining

The MoU was signed by Egypt’s Petroleum Projects and Technical Consultations Company (Petrojet) and the Libyan National Oil Corporation (NOC) on the sidelines of the Libya Energy & Economic Summit in Tripoli (24-26 January).

The memorandum aims to enhance production efficiency and cooperation on exploration and production projects. It also tackles cooperation in crude oil and natural gas refinement, development, and transportation, and mineral exploration and mining.

The summit, themed ‘Infrastructure and Investment to Enhance Energy Growth,’ brings together oil, renewables, and power sector experts and firms to discuss issues in energy transition, sustainability, and investment opportunities.

Egypt has been increasing activities related to exploration and production in oil and gas fields to boost domestic production, reduce energy imports, and bridge the gap between supply and demand to improve its position as a regional energy trading hub.

The energy sector is one of five priority sectors in Egypt’s new economic plan, which aims to raise the country’s real GDP to 7.5 percent by 2030 and create 1.5 million new jobs.