Arab Finance: Engineer Karim Badawi, Minister of Petroleum and Mineral Resources, stressed the importance of joining efforts and working in the spirit of one team with Investment partners to increase local production And accelerate research and exploration work and access to new reserves, and he explained that increasing production is the least expensive option to secure Egypt’s energy needs and reduce the import bill, and allows the re -investing returns in new activities to support production in the future.
This came during the General Assembly of the Gulf of Suez Petroleum Company (Gabco) to adopt the results of the fiscal year 2024/2025; Where Eng. Abdel -Wahab Al -Maghouri, President of the company, stressed the most prominent results that the investments of the fiscal year 2024/2025 amounted to 452 million dollars, while maintaining production with approximately 57 thousand barrels per day, and the completion of the first phase of the North Safa field and the second phase that enters the service is being completed in the third quarter of the current fiscal year, pointing to the implementation of the work plan to dig and repair 14 wells in the company’s regions.
He also pointed to the improvement of safety indicators in the framework of working on the target “zero accidents”, in addition to the expansion of renewable energy projects in the traditional fuel and the reduction of torch gas emissions through a project to benefit from it as an energy source, and to proceed with the digital transformation to raise the efficiency of wells operating.
Abdel Karim Al -Mazmi, CEO of Dragon Oil, praised the joint efforts that achieved positive results during the past fiscal year, stressing the importance of continuing cooperation to enhance the efficiency of production and safety and maintain environmental performance.
Francesco Jasbari, President of Iwok Production, affiliated to the Italian company Eni in Egypt, praised the achievement of production goals and the stability of operating costs, as well as the improvement of safety indicators, stressing that these successes reflect cooperation between partners.
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