Egypt’s oil and gas sector is poised for growth, according to statements made by Minister of Petroleum and Mineral Resources Tarek El-Molla. The Minister highlighted the country’s promising potential and significant reserves, which can be leveraged to attract further investment and boost production.
Speaking at the general assemblies of Agiba Petroleum and Pharaonic Petroleum, El-Molla emphasised the need to capitalise on the current economic reforms and stability to attract more investment in oil and gas exploration and development. He pointed out that Egypt’s strategic location and favourable investment climate make it an attractive destination for international oil companies.
The Minister also stressed the importance of increasing production through targeted exploration and development activities. He called on Agiba Petroleum to focus on seismic surveys and drilling new exploratory wells in the Western Desert to increase crude oil production. Similarly, Pharaonic Petroleum was urged to prioritise drilling new exploratory wells for natural gas in the Mediterranean Sea and expedite development projects for discovered fields such as Atoll.
Agiba Petroleum’s Achievements
Tharwat El-Gendy, Chairperson of Agiba Petroleum, outlined the company’s achievements and plans for the future. He highlighted the successful increase in natural gas production in the Western Desert to 80 million cubic feet per day. This was achieved through various initiatives, including increasing production rates in the pipeline connecting Arcadia fields to Khalda Gas Station and constructing a new pipeline from Pyramids field to Badr El Din Petroleum Company.
Pharaonic Petroleum’s Progress
Hossam Zaki, Chairperson of Pharaonic Petroleum, reported the company’s production rates for the first half of FY2023/24, which stood at 400 million cubic feet of gas and 9,300 barrels of condensate per day. He emphasised the company’s commitment to maintaining production rates at Atoll field in North Damietta and highlighted plans to drill an exploratory well for deep layers in the field. Zaki also confirmed the completion of initial engineering studies for the development and production of gas from the Harmattan field in the Mediterranean Sea.
The statements by El-Molla, El-Gendy, and Zaki underscore the Egyptian government’s commitment to developing the oil and gas sector. The sector is expected to play a vital role in driving economic growth and meeting the country’s energy needs in the years to come.
