Egyptian Ministry of Petroleum and Mineral Resources
Tarek El Molla, Egyptian Minister of Petroleum and Mineral Resources, highlighted the ongoing potential to boost Egypt’s oil and gas production rates. Emphasizing the significance of streamlining operations and intensifying exploration and research activities, El Molla cited the collaborative endeavor between Petrobel and Italy’s Eni as a shining exemplar of industry synergy benefiting Egypt’s petroleum sector.
With their combined expertise and capabilities, the duo is set to carve new success stories and amplify Egypt’s petroleum and gas reserves.
The minister also underscored the paramount importance of embedding sustainability within safety, occupational health, and environmental procedures, ensuring the well-being of personnel, equipment, and assets.
These revelations came during the virtual General Assembly of Petrobel and PetroShorouk, where business results for the fiscal year 2022/2023 were ratified.
Engineer Khaled Moawad, Petrobel’s Chairman, presented an overview of the company’s annual achievements. Elucidating that the company’s oil, natural gas, condensates, and LPG production tallied approximately 93 million oil-equivalent barrels.
An impressive investment of around $737 million was directed toward exploration, development, and operational spheres of oil and gas fields. Among the key exploration wells drilled was the South Al-Qara’a-1. This well commenced production last February, averaging 9 million cubic feet daily, supplemented with 100 barrels of condensates, boasting an estimated reserve of 2 million oil-equivalent barrels.
Moawad further pointed to the company’s strategic endeavors aimed at preserving crude oil production levels. Two significant marine pipelines, one measuring 14 inches in diameter and spanning 11 km and another with a diameter of 7 inches covering 11 km, were commissioned.
These pipelines connect offshore production platforms with Petrobel facilities. Additionally, another 7-inch diameter, 10 km long marine pipeline is under construction as a contingency measure. Petrobel has also been proactive in enhancing the operational efficiency of existing facilities, simultaneously elevating security standards to their zenith by concentrating on projects focused on elevating safety benchmarks.