The Minister of Petroleum and Mineral Resources, Tarek El Molla, stressed the importance of revising the production plans during the current situation as well as increasing the performance efficiency and achieving the maximum benefits from the production facilities and assets. The minister also stressed the importance of cutting the expenditure and production costs to face the challenges of coronavirus crisis, international oil prices drop and supply glut, according to a press release.
During a meeting with several heads of oil companies to review the current production rates, El Molla noted that the continuity in exploring and drilling more discovery wells is the main way to raise the production rates in addition to fixing old wells and using the modern technologies and the untraditional solutions to confront the natural decrease in productive wells.
The minister also stressed on the necessity of facilitating the implementation of projects that have been agreed with foreign partners. Additionally, he directed towards the full commitment to health, safety and environment (HSE) conditions and the precautionary measures against Coronavirus to ensure the safety of the employees.