Petroleum Sector Strategies for Reducing Carbon Emissions
Petroleum sector strategies for reducing carbon emissions
In a meeting organized by the Egyptian-British Business Association on Monday evening, the Minister of Petroleum and Mineral Resources, Engineer Tarek El-Molla, said: Carbon capture, reducing emissions and exploiting it has become a field that has captured the world’s attention. This was evident at the COP27 climate summit in Sharm El-Sheikh, and through the Egypt International Petroleum Conference (EGYPS) last February, which achieved success as everyone testified. This was in the presence of the British Ambassador to Cairo, Gareth Bailey, and Engineer Khaled Naseer – President of the Association – along with a number of petroleum sector leaders and heads of Egyptian and international petroleum companies operating in Egypt.
Al-Mulla pointed out the importance of Egypt’s participation in the “Cerawick Conference” in the United States of America, where he held important meetings with international oil and energy officials, which reflects Egypt’s position on the global energy map and its ability to reduce carbon emissions.
The Minister of Petroleum and Mineral Resources also reviewed the efforts made by the petroleum sector to reducecarbon emissions, with the sector’s interest in preparing an integratedsustainable energy strategy 2035, in cooperation with the Ministry of Electricity. These efforts include all types of hydrogen production projects, which will be implemented through the use of advanced technologies. To reach a balanced energy mix and enhance the presence of natural gas, as it is an essential component of fossil fuels and part of the energy transition processes, something that was confirmed at “COP27”.
Tareq Al-Mulla explained that the integrated sustainable energy strategy 2035 includes the energy security file, as well as financial sustainability and governance, drawing attention to the fact that providing and financing modern technologies is important for those projects that will be implemented in cooperation with companies working in energy, which have great experience in these fields. He also explained the importance of the initiatives of the “Eastern Mediterranean Gas Forum”, which Egypt is chairing this year, in order to accelerate the implementation of emissions reduction projects, in addition to the “Methane Roadmap” that was launched at the climate summit in Sharm El Sheikh.
Al-Mulla pointed out that there are several initiatives for the benefit of citizens, such as the “Solidarity and Dignity Initiative,” and that the consumption quantities of petroleum products and natural gas during the year 2022-2023 reached 50 million tons of gas, and 32 million tons of petroleum products, which shows the extent of the change that the energy mix has witnessed in Egypt in recent years, with interest in reducing carbon emissions.
He also pointed out that the field of improving energy efficiency is an area of importance in all sectors, not just in the oil and gas sector. Pointing out that the success of the sector has been demonstrated by achieving savings amounting to $130 million annually from energy efficiency operations, he added that a department had been established in the “EGAS Green Energy Company” and joined the initiative launched by the World Bank: “Zero Flare Gas Emissions” by 2030. He also pointed out that there are important opportunities through which projects can be implemented that help store, capture and exploit carbon and reduce carbon emissions. In general.
In the same context, the Minister of Petroleum indicated that a committee – headed by Dr. Mostafa Madbouly, Prime Minister – is currently preparing to announce the national strategy for hydrogen, and for this purpose a memorandum of intent was signed with the German side in this field, in addition to that procedures are now being prepared that will help attract investors, promote hydrogen production, as well as produce electricity from renewable energy, provide and finance advanced technology, and train capable cadres. We must work in these areas, including the field of reducing carbon emissions.
At the end of the meeting, the Minister of Petroleum and Energy answered the audience’s questions about carbon emissions and their effects, and other related issues, in which he explained that the petroleum sector development and modernization program – which was launched in 2016 – had effectively contributed to facing the challenges of global events, starting from the “Coronavirus” crisis to the “Russian crisis.” Ukrainian“, two crises that caused a change in the economies of many countries of the world and a rise in prices; Despite this, Egypt succeeded in transforming from an importing country into a gas exporting country.
In addition to this, its main role – as a regional center for gas trade and circulation – is in bringing gas discovered in neighboring countries in the region, and then re-exporting it. The importance of the “Eastern Mediterranean Gas Forum” in increasing and supporting cooperation between member states; In order to achieve optimal exploitation of resources, to benefit the peoples of the region.
