Minister of Petroleum meets US Assistant Secretary for Energy Resources

During his participation in Gastech 2024, the Minister of Petroleum and Mineral Resources Karim Badawi met with Geoffrey Pyatt, US Assistant Secretary for Energy Resources to discuss enhancing cooperation in energy and carbon emissions reduction. The meeting built upon the 2019 agreement between the two sides. The minister highlighted the strategic partnership between the two countries especially in the petroleum sector, noting Egypt's endeavors to attract more investments to increase oil and gas productions. Additionally, the meeting reviewed the status of American oil companies currently operating in Egypt where Badawi explained that there are promising opportunities for US companies to increase their investments in Egypt, considering the recent announcement of a package of incentives to encourage companies to intensify exploration and production operations. He also emphasized that Egypt is the most ready solution for receiving East Mediterranean gas and re-exporting it to Europe. Additionally, the two s ides discussed the importance of securing necessary funding through international financial institutions to reduce the carbon footprint of the region's gas resources, localizing emissions-reduction technologies, and enhancing cooperation within joint initiatives, such as the Global Methane Pledge. Source: State Information Service Egypt