Egypt's Minister of Petroleum and Mineral Resources, Karim Badawi, met with senior executives from international oil companies operating in Egypt to discuss advancing drilling technologies and accelerating field development, as part of a five-year strategy to double crude oil production. He highlighted the long-standing contributions of these companies to Egypt's petroleum sector, noting that the country has moved past the decline phase in oil and gas output and entered a period of stability.
In a recent meeting, Badawi confirmed the settlement of outstanding financial dues to foreign partners under the ministry's recovery plan, emphasizing the need for cooperation to evolve into an advanced phase focused on sustainable production growth. The ministry's primary strategic goal is to double oil production over five years through enhanced collaboration with international partners, including expanding drilling programs and deploying cutting-edge technologies such as horizontal drilling.
He further stressed the importance of foreign partners investing in research and development to introduce innovative drilling solutions adapted to the geological and operational features of Egypt's petroleum sector. Badawi directed the creation of updated contractual and technical mechanisms between the Egyptian General Petroleum Corporation (EGPC) and foreign partners, featuring standardized contract models and clear frameworks for technical operations in oil fields to boost efficiency and maximize output.
The meeting ended with an agreement on a timeline to develop an executive framework for increasing production using advanced global technologies and diverse drilling methods, expected to be finalized by the end of the current month. Representatives from the international oil companies praised the Ministry of Petroleum and Mineral Resources for supporting production expansion efforts and reaffirmed their full commitment to implementing clear and effective mechanisms to raise output with the latest drilling and field development technologies. These steps align with Egypt's efforts to maintain production stability, bolstered by recently introduced incentives.