Egypt aims to increase oil and natural gas production, to take advantage of the increase in energy prices worldwide, which have reached record levels, as well as reducing the fuel import bill, which costs the state budget heavy burdens.
In this context, the Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, held a meeting with a number of leaders of the Egyptian oil sector, to follow up the implementation position of plans and efforts to increase the production of oil wealth from crude oil and natural gas, intensify drilling activities, develop fields and expedite putting them on the production map.
El-Molla stressed the importance of working within the framework of the Egyptian oil sector’s plan to deal with the current global challenges and benefiting from the current high oil and gas prices worldwide in intensifying activities and accelerating projects.
He pointed to the need to increase domestic production rates of crude oil and natural gas to reduce the effects of the rise in global oil prices and reduce the imported side to reduce burdens and rationalize foreign exchange.
Al-Mulla stressed the importance of increasing local production in supporting stability in securing local consumption requirements of oil products and natural gas.
During the meeting, El-Molla continued the measures implemented by the oil sector to expedite field projects and put crude oil and natural gas wells on the production map.
The Minister of Petroleum stressed the importance of accelerating the implementation of these projects and activities and implementing plans for early production from fields in a number of areas, especially the Gulf of Suez and the Western Desert, in support of increasing crude oil production, especially with the availability of infrastructure and production facilities that have been enhanced in recent years in various production areas.
Al-Molla directed to continue to increase drilling rigs for wells in the onshore and offshore areas in line with the requirements of the increase in exploration and field development activities and to contribute to the speedy implementation of placing new wells on the production map.
Increase production rates
The Minister of Petroleum demanded to raise the pace of work in implementing projects to increase oil and gas production rates and to compress timetables for the implementation of plans and projects.
He also directed, in coordination with the oil sector companies, Enppi, Petrojet, and offshore oil services, which are responsible for carrying out engineering designs and construction work for projects and marine works in order to cooperate in the speedy completion of the work necessary to complete projects.
Al-Mulla stressed the importance of full coordination with foreign partners to speed up the start of developing fields that have not been developed. He also directed to speed up the pace of coordination with the winning companies in the research and exploration areas in the last global bid to complete the necessary procedures for attribution.
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