Minister of Petroleum discussed business plans with the heads of foreign companies over the coming period

Eng.  Osama Kamal, Minister of Petroleum and Mineral Resources held a meeting with several heads of foreign companies operating in Egypt, British Petroleum (BP) and the German RWE, Malaysia’s Petronas and British Gas and Gaz de France.

The meeting discussed the current status of the companies  work plans in the areas of exploration, production and well development along with the vision to develop and increase their investments to accelerate the implementation of development projects in the  discovered gas fields, especially in the deep waters of the Mediterranean Sea.

The minister stressed that the strong relationships that connect the Egyptian Petroleum Sector to  the foreign companies is a  like launching pad to expand activities and create an economic partnership to achieve the common interests of both sides.

The Heads of foreign companies stressed their commitment to pump investment in accordance with their plans and programs announced and continue the implementation of development projects in the  discovered fields, intensifying exploration to support oil & gas reserves, together with increasing production. They stressed that they will continue to expand in their activities in spite of all the challenges experienced in Egypt now, expressing their confidence in Egypt’s good petroleum prospects status.

During the meeting, The Minister of Petroleum highlighted the companies work programs in the coming period, whereas BP will drill a new well with its partners Shell and Petronas in the Mediterranean Sea at a drilling cost of $ 400 million. Also, BG will drill a deep well in the Mediterranean Sea at a cost of drilling $ 200 million; continue in the ninth stage of development in the area of the West Delta Deep concession in the Mediterranean Sea to increase natural gas production rates.

The Minister pointed out that the companies’ continuous commitment to implement their programs is a message of reassurance of Egyptian petroleum future in addition to credibility and commitment that relate the petroleum sector with its foreign partners.

Source: MOP


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