The Egyptian Drilling Company (EDC) now owns 60% of the local onshore drilling market, 34% in onshore maintenance, and 25% of offshore drilling market in Egypt, according to a press release.
Osama Kamel, EDC’s Chairman and Managing Director, said that the company has 70 devices for offshore and onshore drilling and maintenance work. He noted that in 2019, the company added two new offshore and onshore drilling systems to work on the company’s projects in Saudi Arabia, and increased the number of its operating rigs to seven onshore drilling rigs and three offshore drilling rigs.
This came during the company’s general assembly headed by Minister of Petroleum and Mineral Resources, Tarek El Molla. El Molla pointed out that the current year is an unusual one, as a result of international oil prices decline and its impact on the company’s revenues. El Molla added that a flexible plan is required to face these challenges and maximize returns in order to handle the potential slowdown of operating rigs.