El-Molla Reveals Size of Gas Reserves in Eastern Mediterranean

Tarek El-Molla, Minister of Petroleum and Mineral Resources said that Egypt is working on preparing a long-term strategy that brings together the countries of the EastMed Gas Forum (EMGF).

El-Molla said during an interview with CNBC Arabia on Wednesday that the strategy aims to bring about integration and harmony between countries in a way that achieves benefit for their economies.

The minister added that the organization's executive council requested the presentation of the long-term strategy before the end of 2021, noting that the gas reserves in the seven member states of the organization amounted to 122 trillion cubic feet, expecting an increase in reserves with the continued drilling and exploration operations.

He said, "We will take into consideration the future of the gas industry between the members until 2040, and we will define detailed implementation plans for the strategic items to serve the interests of the member states."

He added that the forum’s plans will be funded mainly by international institutions and the private sector, pointing out the expert committee includes companies and organizations working in the gas and complementary industries.

In the same context, the Egyptian Minister said that the World Bank had provided financial support for a preliminary study on the priorities of the Forum's projects.

He continued: " We pay great attention to the environmental dimension, allows us to receive more funding from international institutions to invest in renewable energy projects."

El-Molla stated that the political and economic consensus among the countries of the organization reassures international companies to pump investments, adding, "We have witnessed a great turnout of international companies to work in the eastern Mediterranean region."

He stated that the accession of France as a permanent member of the forum after it was a guest member, and the application of the United States to join as an observer was approved. "The United Arab Emirates (UAE) requested to join the forum as well, giving confidence in the organization's goals and an international, technical and financial weight," he concluded.