The Minister of Petroleum follows up the situation of the crude oil production rates

Published on : 2020-05-11

Cairo - In the context of the continuous monitoring of performance indicators and the current production rates of oil compared to the targeted production plans, Eng. Tariq Al Mulla, Minister of Petroleum and Mineral Resources, held a meeting to evaluate the work programs for the top crude oil productive companies, which included the heads of the companies of Petrobel, Khalda, Qarun, Badr Eddin, Ajiba and Jabco, in the presence of geologist Ashraf Faraj The first Undersecretary of the Ministry for Agreements and Exploration, Eng. Abed Ezz El-Rijal, CEO of the Petroleum Authority, Engineer Osama El-Baqly, President of the Egyptian Natural Gas Holding Company and Vice-President of the Petroleum Authority for Production, Exploration and Control of Water Cat foreign joint. 

During the meeting, Al-Mulla stressed the importance of reviewing production plans and working to increase the efficiency of performance and achieve the maximum benefit from the available productive assets and facilities and work to rationalize spending and reduce production costs, which has become necessary in the face of challenges in the petroleum industry not only in Egypt but also at the global level in light of Corona's crisis, the sharp decline in global oil price levels and the presence of a large surplus of supply in the global oil markets.

Al-Mulla pointed out that continuing work in exploration wells to achieve new discoveries of crude oil is the main means to increase production rates, in addition to carrying out work to repair wells and the use of modern technologies and find unconventional solutions to meet the challenge of the natural diminishing of the current producing fields.

The Minister stressed the need to continue the implementation of the projects agreed upon with foreign partners listed in the investment budget, and work to overcome all difficulties that may impede their implementation in full coordination with foreign partners.

He directed Mulla to continue to fully comply with security requirements, apply occupational safety and health standards, and protect the environment, and adhere to all preventive and precautionary measures for Corona virus to preserve the health of workers.

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