EGYPT – Minister of Petroleum and Mineral Resources Karim Badawi met with senior executives from international oil companies operating in Egypt to discuss advancements in drilling technology and accelerating field development in line with global best practices as part of a five-year strategy to double the country’s crude oil production.
During the meeting, Mr. Badawi highlighted the long-standing contribution of international oil companies to Egypt’s oil sector, noting their important role in expanding production in the past decades. He stressed that Egypt has successfully overcome the declining phase of crude oil and natural gas production and entered a period of stable production, supported by recently introduced incentives aimed at increasing production levels.
The Minister also confirmed that outstanding financial burdens on foreign partners have been resolved in accordance with the Ministry’s reconstruction plan and stressed that cooperation should now evolve to a more advanced stage focused on achieving sustainable growth in production.
Mr. Badawi outlined the ministry’s main strategic goal of doubling oil production within five years through enhanced cooperation with international partners. This goal will be pursued by expanding the drilling program and introducing cutting-edge technology, especially horizontal drilling technology.
He further emphasized the importance of foreign partners investing in research and development to introduce innovative drilling solutions tailored to the geological and operational characteristics of Egypt’s oil sector.
To support these efforts, Mr. Badawi directed the development of modern contractual and technical mechanisms between the Egyptian General Petroleum Corporation (EGPC) and foreign partners. These include standardized contract models and clear frameworks for carrying out technical work in the oil field, with the aim of increasing efficiency and maximizing production.
The meeting concluded with an agreement on a timeline for preparing an enforcement framework to increase production through advanced global technology and diverse drilling methods, with a final decision expected by the end of this month.
Representatives of international oil companies praised the Ministry of Petroleum and Mineral Resources’ support for production expansion initiatives and reaffirmed their commitment to putting in place clear and effective mechanisms to increase production using the latest drilling and field development techniques.
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