El Molla: Oil price improvement has encouraged foreign companies to intensify exploration in Egypt

Published on : 2021-09-04

Petroleum and Mineral Resources Minister Tarek El Mollah has said that the rise in international prices of oil and liquefied petroleum has encouraged foreign companies to intensify their research and exploration activities in light of the improvement in the investment climate in Egypt.

In a statement, El-Mollah stressed that the petroleum industry continues to intensify its research and exploration activities and drilling wells to maintain and increase oil and gas production rates to meet the needs of the local market. 

It came during the leadership of El Mollah of the General Assembly of Petroshoruk and Petrobol to approve business decisions for the financial year 2020-2021 through video conference technology.

Al-Mulla emphasized the importance of adhering to the standards of occupational safety and health and environmental protection.

During the Petroshorok public meeting, the company’s chairman, Khalid Mowafi, reviewed the company’s most important results of the business, emphasizing the success of meeting the required production rates, noting that the annual investment was $ 184 million.

He pointed out that the average production of natural gas is about 2.6 billion cubic feet of gas per day and about 5,000 barrels of condenser per day.

During the Petrobel meeting, the company’s chairman, Khalid Mowafi, reviewed the most important business results, noting that total investments were $ 672 million and that the total production of crude oil, natural gas and condenser was equivalent to 93 million barrels of oil. Day (944 million cubic feet of gas and 68,000 barrels of crude oil). And 11,000 barrels of capacitor) with an additional 285 tons of butane per day.

He said the company’s research effort had been successful in adding new reserves through two wells, Nidogo Northwest-1 and Al-Kara Northeast-1, in the Nidogo and Al-Kara regions.

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