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Egypt to Create Ministry of Energy, Details Shared at Invest in African Energy (IAE) 2024 Forum

PARIS, France, May 15, 2024/ — Egypt is looking at the possibility of merging its petroleum and renewable energy ministries, creating an integrated Ministry of Energy to streamline industry operations and regulations.

Mohamed Fouad, CEO of Egypt Oil & Gas, Secretary General of the Egyptian Gas Association and Marketing & Communications Committee Chairman of the International Gas Union, told an audience at the Invest in African Energy (IAE) Forum in Paris that the merger will “make discussions and open dialogue with international companies much more efficient.”

The merger comes in response to changing dynamics within Egypt’s energy industry, as the country aims to increase the penetration of renewable energy in its gas-dominated energy mix. Oil and gas companies are also turning to renewable energy systems to support sustainable operations in the country, highlighting a need to enhance certainty regarding regulatory approvals in the industry.

According to Fouad, “We are increasing and putting a lot of investments in renewable energy and clean energy, while investing a lot within nuclear energy. We see the dynamics of creating a balance in our energy mix to be in favor of the country and the region.”

Various North African countries are prioritizing an integrated energy mix – one that comprises a balance of hydrocarbon and renewable energy resources. In Morocco – a major gas and renewable energy producer – incorporating both renewables and gas in the energy mix is critical for developing baseload power while supporting a transition to a more sustainable future.

Adonis Pouroulis, CEO of Chariot Energy Group, stated that, “Morocco is the leader in Africa in renewable energy, but to support baseload power, you need gas and you need hydrocarbons. With hydrocarbons as your baseload, you can be more relentless in new technologies going forward because we will need all forms of energy to not only power Africa but the rest of the world.”

To support multi-faceted energy development, both Egypt and Morocco are prioritizing investments in infrastructure. According to Fouad, “You will not have more energy investments if you do not have infrastructure. Reliable, sustainable and cost-efficient infrastructure adds value.”

Morocco is spearheading cross-border infrastructure development with the construction of the Nigeria-Morocco Gas Pipeline. The northern section survey of the pipeline has begun, serving as a critical step forward in the development of the $25 billion project. The 5,600km pipeline will link Nigeria’s gas fields to international markets via Morocco, traversing 11 West African countries. Pouroulis believes that “the Nigeria-Morocco Pipeline is very important,” as it showcases the success of cross-border collaboration and infrastructure development in Africa.

Meanwhile, Libya aims to increase production to two million barrels per day within the next three years, with 45 greenfield and brownfield projects currently in the pipeline. As the market grows, the demand for insurance services has also increased. Delivering a presentation ahead of the North African panel discussion at IAE 2024, Zakaria Albarouni, General Manager at Al Baraka Insurance, stated that “Our energy offerings are tailored to the needs of both onshore and offshore projects. We provide a comprehensive coverage of onshore facilities and offshore platforms. Our comprehensive engineering policies ensure every phase from groundwork to completion is covered against unforeseen events.” 

Distributed by APO Group on behalf of Energy Capital & Power.

SOURCE
Energy Capital & Power

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