The Minister of Petroleum and Mineral Resources, Tarek El Molla, directed national oil companies (NOCs) to search for and exploit all available opportunities to increase production rates, a press release reported.
This came during the minister’s second meeting through May to follow up on the oil production plans, how to deal with the current challenges of global oil prices, search for techniques to reduce expenditures, and achieve the targeted plans as well.
The meeting was attended by heads of several oil companies and other senior officials in the petroleum sector in Egypt.
El Molla elaborated that he conducted meetings with major oil production companies to reach unconventional ideas for cost reduction, noting that they will be approved to be applied in the other companies.
The minister stressed the importance of these techniques in adapting with the current change in the petroleum market and the volatile oil prices as well as reducing their negative impacts on Egypt.
The minister added that these procedures will help in operational cost reduction, optimum exploitation of resources and utilization of the recent techniques in the petroleum industry.
He also stressed on taking all the safety protocols and measurements to keep the employees safe from the coronavirus.