Egypt will achieve self-sufficiency of oil, gas at end of 2018

Egyptian Minister of Petroleum Eng. Tariq Al-Mulla revealed that Egypt will achieve self-sufficiency of oil and gas by the end of 2018. The Minister said, in exclusive interview with Arabs Today, that the largest international companies involved in the oil and gas sector is keen to invest in Egypt, because Egypt is a priority in their investment plan in their companies.

The Egyptian Minister stressed that he expects to conclude an agreement to import oil directly from Iraq within a month at the latest, pointing out that there are no obstacles to the breakdown of the agreement with the Iraqi side to import one million barrels of oil per month, and it would enter into force very soon.

As for the agreement with the Iraqi side, the minister said the agreement with the Iraqi side includes the supply of one million barrels per month of Basra light oil for one year renewable, in addition to the refining of Iraqi oil in Egyptian refineries.

On the resumption of shipments of oil and petroleum products by the Saudi Aramco, Mullah said this will not disrupt the completion of the agreement with Iraq, explaining that the volume of supplies from the Saudi company, estimated at 700 thousand tons, representing only about 40% of the total petroleum products imported by the country.

The Minister of Petroleum stressed that his ministry seeks to secure Egypt's fuel needs through the conclusion of several government agreements for the import of oil.
On shipments of petroleum products supplied by Saudi Aramco, the Minister assured that the shipments arrived on Saturday 25 March, and that Aramco began to resume the supply of petroleum products to Egypt on Saturday 25 March 2017, after a halt of 6 months.

Regarding Zohr oil field, Mulla stressed that it is the most important discovery in Egypt, saying that it will enter production before the end of this year.

The minister confirmed  that the latest developments in the progress of the field work were reviewed in addition to the presentation of the time program for the work of drilling wells, marine works, laying pipelines and work in the field station to treat the field gases in Al-Jamil area in Port Said governorate.

He noted that British Petroleum Company has started the experimental operation of the fields north of Alexandria, with actual operation in the current year and linking it to the national grid, bringing the daily production to about 600 million feet.