Approving the results of the Egyptian drilling company EDC 2019, Al-Mulla: this year is exceptional

Published on : 2020-04-06

Engineer Tariq Al Mulla, Minister of Petroleum and Mineral Resources, affirmed that the Egyptian drilling company and the state’s full possession of it is a strategic decision supported by full confidence in the Egyptian petroleum cadres and its accumulated experiences, stressing the importance of continuing the operation in accordance with international requirements and standards and raising the efficiency of the fleet of land and sea drilling machines as well as cadres Petroleum working on these devices to support plans to increase their shares in the field of drilling and compete vigorously for tenders for drilling inside Egypt and expanding outside.

 This came during the meeting of the General Assembly of the Egyptian Drilling Company EDC to approve the results of 2019 in the presence of the geologist Ashraf Faraj, First Undersecretary of the Ministry of Petroleum for Agreements and Exploration and Engineer Abed Ezz Al-Rijal, CEO of the Petroleum Authority, and engineer Osama Al-Baqali, President of the Egyptian Holding Company for Natural Gases "EGAS" and the accountant Nermin Abdel-Fattah, First Deputy Central Auditing Agency.

 The Minister stressed the importance of adhering to the application of the rules of occupational safety and health, praising the decision to allocate a specialized engineer in the field of safety to every drilling rig of the company, and pointed out that the current year is exceptional in light of the low world oil prices and their impact on the company's revenues, which requires a flexible plan that is characterized By achieving alignment and balance in facing challenges and maximizing returns to meet the potential slowdown of drilling rigs, it includes unconventional alternatives that support continued operation and work to reduce costs.

 On his part, Eng. Osama Kamel, the company’s president, presented business results indicators during 2019, indicating that it has 70 devices working in the field of land and sea drilling and maintenance of land and sea wells and that it accounts for 60% of the land drilling market and 34% of the land well maintenance market as well as 25% of the drilling market Maritime within Egypt, and that last year witnessed the joining of two new land and maritime drilling systems to work on the company's projects in Saudi Arabia and the increase in the number of its drilling rigs operating there to 7 ground drilling rigs and 3 marine drilling rigs, and it also succeeded in registering with the Kuwait Oil Company, which enables it to compete strongly for tenders Offered by the Kuwaiti company.

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