Petroleum Sector Sees Growth With New Projects & Investment InitiativesSource: www.export-egypt.com 11/19/2024, Location: Africa |
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Minister of Petroleum and Mineral Resources, Karim Badawi, announced at the American Chamber of Commerce that oil and gas production has increased from July to October, adding 200 million cubic feet of gas and 39,000 barrels of crude oil per day.
Badawi highlighted significant milestones, including the resumption of well drilling at the Zohr Field next month, which will bring two new wells online with a combined daily output of 220 million cubic feet of gas. In January 2025, production from the second phase of the Raven Field in the Mediterranean is set to accelerate, supported by additional investments from BP. Shell has also added two new wells in the West Delta Deep Marine region, with a third well expected to come online next month. To address investment challenges, the ministry has prioritized clearing overdue payments to foreign partners, introducing incentives to boost production, and launching pricing reforms. Egypt has also unveiled new opportunities through its Digital Exploration Portal, partnered with global firms to reduce production costs, and leveraged existing infrastructure to enhance operations. The minister also noted the deployment of additional rigs in the Western Desert at Agiba Petroleum Company’s fields to expedite work. In collaboration with Apache, measures are being implemented to gradually increase gas production in the region. These developments reflect the ministry’s commitment to driving growth, attracting investments, and positioning Egypt as a key player in the global energy market. |
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