Egypt looks to advanced drilling technology to double oil production – minister

Egypt is seeking to double its domestic crude oil production over the next five years by working more closely with international energy companies to deploy advanced drilling technologies, including horizontal drilling, the country’s petroleum minister said on Monday.

At a meeting with global oil and services companies operating in Egypt, Petroleum Minister Karim Badawy said the ministry is working on a new contractual and technical framework between the Egyptian General Petroleum Corporation (EGPC) and foreign partners to streamline field development and improve productivity.  The framework is expected to be finalised by the end of the month, Badawy said.

He said the country had moved beyond a period of declining oil and natural gas output and has reached a phase of production stability, helped by government incentives aimed at encouraging higher output.

Badawy added that Egypt had also settled outstanding payments to foreign partners and is now pushing for a deeper phase of cooperation focused on sustained production growth. He emphasised the importance of investment in research and development to adapt new drilling techniques to Egypt’s oil fields.

Representatives of international oil companies welcomed the ministry’s approach and said they were ready to support the plan by providing the latest drilling and field development technologies.

The meeting brought together senior officials from Egypt’s state-owned oil and gas companies and executives from global firms including SLB, Baker Hughes, Weatherford, Halliburton, and Expro.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser