Egypt

An Egyptian plan to increase oil production and attract investments

Published on : 2020-10-18

Engineer Tariq Al-Molla, Minister of Petroleum and Mineral Resources, affirmed that the numerous reforms implemented by the state over the past years at all levels, which included major reforms in the oil and gas sector, had led Egypt to achieve significant successes at the economic level despite the challenges of the Corona pandemic during the past months.

This came at the opening of the virtual round table entitled "Opportunities for Increasing Investments in Old Petroleum Fields", in which the Minister participated through video conference technology with a number of leaders and heads of international oil companies in Egypt and the CEO of the Petroleum Authority, Eng. Abed Ezz al-rgal.

Al-Mulla indicated that the petroleum sector will continue its actual efforts within the framework of the government's economic program to reach new positive results that help fulfill the aspirations and hopes of the Egyptians, pointing to the focus in this regard on increasing competitiveness, attracting investments in the oil industry, maximizing the use of human resources, developing technological aspects, and supporting knowledge in all The stages of the petroleum industry.

Al-Mulla pointed out that the petroleum sector has achieved some successes during the last period in the field of increasing production from obsolete petroleum fields, which motivate it to work significantly to develop successes in this field in cooperation with its foreign partners from international oil companies operating in Egypt, pointing out that the oil sector has He developed an action plan to improve the performance of obsolete petroleum fields, in cooperation between the Petroleum Authority and international companies, which aims to increase the attraction of investments in this field, improve operational performance, and then increase the productivity of these fields.

The round table revolved around three main axes related to obsolete fields, which included the best strategies in this field, the role of technology in improving production from these fields, and the challenges related to the economics of exploiting obsolete fields. The working paper prepared in this regard was reviewed.

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