Arab Finance: Engineer Karim Badawy, Minister of Petroleum and Mineral Resources, reviewed during the weekly press conference held by Dr. Mostafa Madbouly, Prime Minister, following the government meeting, the axes of the Ministry’s work during the current phase and the initial performance indicators during the first quarter of the fiscal year 2024-2025, and the targets for the new year. 2025, most important of which is the need to focus on production activities and accelerate them as quickly as possible.
In this regard, the Minister of Petroleum and Mineral Resources indicated that the first axis highlights meeting the citizen’s needs for petroleum products by focusing on Production activities Exploration, with the emphasis that this goal is a top priority for the Ministry of Petroleum and Mineral Resources.
The Minister stressed the importance of continuing close work with foreign partners, noting that the number of companies operating in the field of research, exploration and production reached (57) companies, including (8) major international companies, (6) specialized Egyptian companies, and more than (12) A global company specialized in the field of petroleum and technological services, explaining in this regard also that the incentive package was launched during the meeting with partners to enhance production activities on August 26, 2024.
He reviewed the efforts made by inviting more than (20) Egyptian investors last September 30 to enter directly to invest in the field of developing obsolete fields to increase production from them, and a number of them expressed interest in these opportunities, indicating that the necessary steps are being taken for that, explaining that… Among these steps is the signing of 5 memorandums of understanding with major national companies, with an emphasis on attracting new parties from the Egyptian private sector to invest in the petroleum and mineral wealth sector.
During his presentation during the Prime Minister’s weekly press conference, the Minister of Petroleum and Mineral Resources reviewed the most important positive indicators achieved during the year 2024, especially in the first quarter of the fiscal year 2024-2025.
In this context, the minister said: Regarding production, 133 million cubic feet per day was lost.
The Minister of Petroleum and Mineral Resources pointed to the most important activities of companies working in the field of production development, including Eni, which will resume drilling work in the Zohr field, with the driller arriving at the field during the month of December (2024), to drill two wells with the aim of returning to the production plan before the cessation of work. Drilling by introducing new production of up to 220 million cubic feet per day, as well as the entry of rigs into the onshore concession area of “Agiba” Company to begin drilling work, with 3 rigs entering to drill new wells and 2 rigs to repair the wells.
Engineer Karim Badawi added: As for BP, a plan has been drawn up to accelerate putting the second phase of the Raven project on production in January 2025 by pumping additional investments, while starting to dig the King field at the beginning of the year 2025. Concerning the “Apache” company, 4 exploration areas in the Western Desert were assigned to the company for the purpose of quickly placing them on the production map, and an agreement was reached on the proposed incentive package and the pricing of the gas produced, so that production begins to increase gradually to reach (80) million cubic feet per day by the end of the year (2025). .
The Minister of Petroleum and Mineral Resources also pointed out the success of Shell in starting production from the (Sibiya) well on October 3, 2024 at rates of 30-40 million feet3 per day, and two more wells are expected to enter by the end of this year within the tenth phase of the deep West Delta region, bringing the total to ( 160) million cubic feet/day with investments of $227 million.
The minister explained, in reference to Egyptian companies working in the field of production, that the company (IPR) succeeded in adding new quantities of production, aiming to reach (15,000) barrels of oil per day in production by the end of this year, and the company (ADES) also succeeded in adding new quantities. of production, aiming to reach (5000) barrels of oil per day in production by the end of this year.
The minister said: 17 new exploration areas were assigned, namely: 8 obsolete fields in the Gulf of Suez and the Eastern Desert, 4 exploration areas (Western Desert), and 5 exploration areas (Gulf of Suez – Western Desert) within the General Petroleum Authority’s auction.
He added: With regard to the positive indicators in the field of agreements and investment opportunities, the number of agreements signed in 2024 reached 7 agreements with signature grants of 13.5 million dollars, a minimum of 367.5 investments and commitments to drill a minimum of 32 wells.
Engineer Karim Badawy pointed out that the Ministry announced 61 investment opportunities in August 2024: 34 exploration areas affiliated with the Egyptian General Petroleum Corporation, 15 areas of obsolete fields affiliated with the Egyptian General Petroleum Corporation, and 12 exploration areas in the Mediterranean Sea and the northern Delta affiliated with the Egyptian Natural Gas Holding Company. A number of companies have expressed interest in 6 of these areas so far, and it is planned that during the end of this year and next year 2025, 15 new agreements will be signed, with signature grants of up to 20 million dollars, a minimum investment of 748.5 million dollars, and a commitment to drilling. 46 wells minimum.
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