Minister of Petroleum and Mineral Resources Karim Badawi held talks with officials from a number of international oil companies operating in Egypt on establishing a mechanism to develop drilling technologies and enhance field development in line with the latest global technologies, contributing to the implementation of the five-year plan to double domestic crude oil production.
The minister asserted that international companies operating in the petroleum sector have a long track record of achievements that led to increased oil production over past decades.
He noted that Egypt moved beyond the phase of declining crude oil and natural gas production indicators and has reached a stage of production stability, as a result of applying incentives to boost production rates.
Badawi explained that the settlement of foreign partners’ dues was carried out in accordance with the plan implemented by the ministry, stressing that cooperation with foreign partners should move to a more advanced stage aimed at steadily increasing production.
He pointed out that the ministry’s current strategic objective is to double production over the next five years through cooperation with foreign partners by expanding drilling activities using the latest global drilling technologies, particularly horizontal drilling.
He asserted the importance of foreign partners injecting investments into research and development of new drilling techniques suited to Egypt’s petroleum industry.
Meanwhile, representatives of international companies praised the ministry’s role in supporting expansion plans to boost production, asserting their full support for implementing a clear operational mechanism to increase output through the provision of the latest technological solutions in drilling and field development.
