Egypt

El Molla affirms that increasing Egypt’s crude oil production is one of the most important priorities

Published on : 2020-02-20

Eng.Tareq El Mulla, the Egyptian Minister of Petroleum and Mineral Resources, affirmed that increasing Egypt’s crude oil production is one of the most important priorities that the ministry is currently working on to bridge the gap between production and consumption and reducing import as well as facing the natural decrease of wells, explaining that the ministry is currently implementing a work program focused on improving the productivity of crude oil And increase it from the existing fields and expand the exploration activities in the concession areas and raise the efficiency of the occupational safety and health system, pointing to a focus on the application of the best ways to reduce production costs per barrel, which contributes to the optimal exploitation of the resources discovered, not Ra to the importance of the events start in the field of crude oil production, similar to what has been achieved in the field of natural gas from the successes.
This came during the Minister's presidency of the General Assembly of Qarun Petroleum to approve the planning budget for the fiscal year 2020/2021 and the revised budget for 2019/2020 in the presence of geologist Ashraf Faraj, First Undersecretary of the Ministry of Petroleum for Agreements and Exploration and Engineer Abed Ezz Al-Rijal, CEO of EGPC, and Mr. David Chi, Vice President of the Apache Company The American company and the general manager of the company in Egypt and the vice president of the Petroleum Authority for Exploration and Production, Safety and Environmental Protection.
Al Mulla Ali stressed that the Western Sahara region, which is at the forefront of the crude oil production areas, will witness an expanded oil activity through the ongoing work program to increase production wells drilling, field development work and exploration activities for new reservoirs of crude oil and gas using modern technologies and intensify seismic survey work to identify promising opportunities and possibilities Which will support opportunities to increase reserves and production from this vital region, and he stressed the importance of continuous monitoring to enhance the system of occupational safety and health and environmental protection in petroleum activities in the areas of production, exploration and Waltz M ATTITUDE safe work so as to ensure the availability of safety in the work environment.
During the General Assembly of Qarun Company, Eng. Ashraf Abdel-Gawad, President of the company, explained that the budget for the next fiscal year 2020/2021, with investments of 170 million dollars, aims to produce 33,000 barrels of crude oil per day, which focuses on the implementation of an ambitious plan for drilling works in the eastern extended maritime region -3 (Bolt). Drilling 5 new development wells in addition to an exploration well, indicating commitment to applying occupational safety and health standards in activities and ongoing reviews of safety methods to ensure a safe working environment.
He added that a work program is being implemented in the Qarun fields during the second half of the current fiscal year to increase crude oil production and includes the work of drilling 8 new wells by 6 development wells and two exploration wells, in continuation of productive and exploratory activity, which witnessed the drilling of 7 development wells and exploration wells during the first half of the year 2019 / 2020. He referred to the efforts of Qarun to rationalize expenditures within the framework of the Ministry's strategy to reduce production cost expenses, which succeeded in providing 1.4 million dollars during the first half of the current fiscal year through the application of procedures for the optimal economic exploitation of facilities and infrastructure in the fields Development of existing infrastructure capabilities, is currently underway and the implementation of a plan to rationalize spending during the second half of the year in order to achieve a save of $ 6.12 billion through the optimal utilization of productive capacities, facilities and utilities.

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