Minister of Petroleum and Mineral Resources Tarek El Molla has met with Mohamed Farouk, Chairman of ADES Holding Company for Drilling Services, and Ahmed Mohy, the company’s Country Manager.
The meeting reviewed the company’s capabilities in the field of well drilling and its work program during the coming period in light of ADES’ winning the SOCO (Ras Budran and Zeit Bay Oil fields) and OSOCO (Offshore Shukheir, Gazwarina, Ras El-Ush, East Zeit and Ashrafi fields) in the Gulf of Suez.
The company won these fields in the first international bid of its kind, where the Egyptian General Petroleum Corporation (EGPC) put forward the brownfields in the Gulf of Suez and the Eastern Desert, which still contain quantities of crude oil.
During the coming period, the signing of the two contracts under the service contracts system will be announced and a timetable will be set for the start of work in these fields.
El Molla explained during the meeting that offering such a bid comes in light of the petroleum sector’s interest in attracting research, production and service companies to work in these fields, which require the use of the latest technological methods and financing to extract these quantities in the wells.
For his part, Farouk indicated that ADES is a regional company whose main activity includes work in a number of countries, namely Saudi Arabia, Kuwait, Qatar, Egypt, Algeria, and India.
There are promising opportunities for Egypt in this field to maximize the benefit from obsolete fields and offer innovative technical solutions to use advanced excavators in these projects to increase production rates from these fields, Farouk stated.
Most of the workers in the company’s activities, whether inside or outside Egypt, are Egyptian workers with a high degree of experience and understanding of advanced technologies in the field of drilling, Farouk explained, adding that there is coordination with Egyptian drilling companies, such as the Egyptian Drilling and Modern Drilling Companies working in this activity.
