(MENAFN- Daily News Egypt) Egypt's Prime Minister Mostafa Madbouly chaired a high-level roundtable discussion on Tuesday titled“Egypt's Energy Transition Future” at the Cabinet headquarters in the New Administrative Capital. The meeting brought together key ministers-including those of Environment, Electricity and Renewable Energy, Finance, and Petroleum and Mineral Resources-alongside executives from leading regional and global energy companies operating in Egypt.

Representatives from ADNOC Distribution, Arcius Energy, Axens, Capricorn Energy, Schneider, Cheiron, Dragon Oil, Energean, Fertiglobe, HELLENiQ ENERGY, Höegh LNG, Scatec, Thesian Energy, United Energy Group, Vulcan Green Energy, Siemens Energy, ExxonMobil, Harbour Energy, Mubadala Energy, Chevron, and Shell participated in the discussion.

During the meeting, company officials discussed payment settlements and emphasized the need to adhere to scheduled payment timelines. This adherence is crucial in allowing companies to reinvest funds back into the Egyptian market. They also highlighted the importance of enhancing cooperation with the Egyptian government in adopting more advanced technologies for the oil and gas sector, which could contribute to increased production.

The officials shared their experiences with innovative technologies, including artificial intelligence, that have been successfully implemented in other markets. They expressed a desire for greater collaboration with the Egyptian government in this area. Furthermore, they called on the government to establish carbon dioxide storage facilities as part of global initiatives to reduce carbon emissions and enhance the capacity for such facilities. They noted existing barriers to the transfer of carbon dioxide between countries and emphasized the need for global regulation of these policies.

Additionally, plans to increase energy efficiency and reduce energy consumption, especially in government buildings, were discussed. The officials underscored that Egypt has significant potential to become a hub for renewable energy and hydrogen, aligning with global emissions reduction efforts. They also highlighted the opportunities for Egypt to export electricity generated from renewable sources, as well as hydrogen, which could help bring foreign currency into the country.

The Prime Minister stated that energy is key to realizing the aspirations of people for a better future across various sectors. He acknowledged that renewable energy has become a focal point for many countries around the world; however, he noted that traditional fuels will still be relied upon for an extended period.

At the same time, the Prime Minister discussed Egypt's efforts to develop a comprehensive strategy based on several key pillars that address current needs. These efforts include meeting domestic demand for petroleum products by increasing production, intensifying drilling and exploration programs, maximizing the use of infrastructure and surplus capacity in the refining and petrochemical sectors to create added value, and enhancing the mining sector's contribution to GDP.

Madbouly emphasized the importance of adhering to payment settlements to ensure continued investment and production in Egypt. He underscored the government's commitment to adopting technologies that enhance exploration and increase production. The Prime Minister also highlighted the focus on the oil and gas sector to boost production and accelerate exploration, with particular attention to digital technologies like AI. He confirmed that the government is driving economic reforms and supporting the private sector to attract investments in clean energy projects.

Minister of Petroleum and Mineral Resources Karim Badawy stated that, in collaboration with their partners, they are implementing the latest technological methods to maximize oil and gas production. This includes focusing on the use of artificial intelligence to improve drilling and exploration efficiency, accelerate production processes, and reduce costs. Badawy addressed the company representatives, saying,“We want to assist you in utilizing more technologies, which will help facilitate the desired increase in production.”

At the end of the meeting, the Prime Minister reaffirmed Egypt's commitment to timely payments and indicated that he had instructed the Minister of Petroleum to provide monthly reports on the status of these payments according to established plans.

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