Five agreements for collaboration and memorandums of understanding (MoUs) between the petroleum industry and significant international energy and technology corporations were signed in front of Tarek El-Molla, petroleum minister of Egypt.
The memoranda of understanding and agreements seek to advance bilateral collaboration in the areas of lowering carbon emissions, supporting digital transformation, promoting sustainability, and marketing crude oil.
The contracts are in conjunction with the Egypt Petroleum Show (EGYPS 2023).
Egypt and Chevron to build capacity for low-carbon projects
The Ministry of Petroleum and Mineral Resources and Chevron Corporation have agreed to work together to create capacity and share best practices for low-carbon projects, especially those aimed at reducing methane emissions.
Apache and the Egyptian General Petroleum Corporation (EGPC) have a cooperative marketing arrangement.
In order to export Egyptian crude to the world market, the Egyptian General Petroleum Corporation reached a deal (EGPC) and Apache Corporation in Egypt (Khalda Petroleum Company and Qarun Petroleum Company).
In the presence of Apache CEO and President John Christmann, EGPC chairman Alaa el-Battal and David Chi, region vice president, and general manager signed the agreement.
Egypt plans to speed up the energy transition
The International Energy Forum (IEF), the Mediterranean Energy Observatory, and the Eastern Mediterranean Gas Forum (EMGF) also signed two memorandums of understanding.
The Memorandum of Understanding (MoU) between the EMGF and the IEF will establish frameworks for regional discourse on enhancing the resilience and sustainability of global energy markets.
This will happen through collaboration in four key areas, including the role of gas in energy transition as well as market security and sustainability policy, investment research, trade and innovation trends in the gas sector, and support for the building of the hydrogen network.
As for the agreement made with the Mediterranean Energy Observatory, it intends to improve energy-related collaboration and hasten the region’s transition to renewable energy.
They will accomplish this by promoting the sharing of information, knowledge, and best practices in the fields of energy, carbon-free gas production and technology, finance frameworks, and the development of human capacity.
IBM to support Egypt’s digital transformation
In a memorandum of understanding the Ministry of Petroleum signed with IBM, they agreed that the major technology company’s advisory services in the fields of sustainability and digital transformation will aid oil and gas businesses’ efforts in these fields.
An international trade show and conference for the oil and gas industry is in progress in Egypt. At the Egypt Petroleum Show (EGYPS 2023), business leaders and experts in the area can network, share ideas, and showcase the most recent advancements in products and services.
The conference covers a wide range of topics, including upstream, middle, and downstream activities as well as the most recent developments in oil and gas exploration, production, refining, transportation, and distribution.