Cairo: Minister of Petroleum and Mineral Resources Karim Badawi met with ExxonMobil executives to discuss the initiation of steps for a recently signed memorandum of understanding. This agreement, involving the Petroleum Ministry, ExxonMobil, and QatarEnergy, aims to optimize the use of Egypt's natural gas infrastructure.
According to State Information Service Egypt, Badawi convened with Kenan Nariman, Vice President of ExxonMobil LNG Market Development, and Diaa Soheil, Vice President and Venture Operations Manager at ExxonMobil Egypt Upstream Limited. The meeting was a stepping stone following the signing of the memorandum, which seeks to evaluate the connection of Cypriot gas discoveries by ExxonMobil and QatarEnergy to Egypt's gas infrastructure for liquefaction and subsequent re-export.
Badawi emphasized that the meeting was the initial implementation stage after the agreement's signing. The parties involved have agreed to promptly establish joint committees and define technical, commercial, and regulatory work programs and timelines. These initiatives aim to transform the cooperation into tangible projects that will generate added value and economic benefits for Egypt, Cyprus, and their partners. He also noted that a critical milestone would be reaching a final investment decision on developing the discoveries, which requires accelerated efforts to advance the projects.
The Minister underlined the significance of linking Cypriot gas discoveries to Egypt's infrastructure, drawing parallels with existing projects like the Cronos project with Eni and TotalEnergies, and the Aphrodite project with Chevron. The planned collaboration with ExxonMobil and QatarEnergy exemplifies regional integration to bolster energy security in the eastern Mediterranean. He pointed out that Egypt's advanced gas reception, liquefaction, and export facilities, alongside its expansive domestic market, bolster the economic feasibility of regional cooperation projects, while also supporting value-added industries such as fertilizers and petrochemicals.
Diaa Soheil expressed appreciation for the collaborative efforts with the Petroleum Ministry and the Egyptian Natural Gas Holding Company (EGAS). He noted that rapid coordination had surmounted challenges and expedited joint efforts. Soheil hailed the partnership with Egypt's petroleum sector as a successful model for eastern Mediterranean cooperation and expressed optimism about expanding gas projects and maximizing the utilization of the region's resources and Egypt's infrastructure.
In conclusion, Badawi extended an invitation to ExxonMobil executives to participate in the upcoming Mediterranean Offshore Conference (MOC) in October, which will highlight Egypt's liquefied natural gas infrastructure and explore new avenues for cooperation and investment.