Egyptian Minister of Oil and Mineral Resources Tarek el-Molla on Thursday re-affirmed the need for more drilling and more intense exploration to raise oil and gas production to meet local demand and reduce imports.
Cutting-edge technologies will be used to exploit available resources and production facilities more efficiently and have new wells on line as soon as possible at the lowest cost, the minister said.
El-Molla received a report on the work of the South Valley Petroleum Holding Company, which is working in with the Egyptian General Petroleum Corporation, to bring production to 40,000 barrels per day by mid-2024.
The report reviews company plans to expand exploratory drilling at North Geisum-3 GNN-3 in Geisum and Tawila fields west of Gulf of Suez.
South Valley also aims to raise crude oil output to 30,000 bpd by May from new wells.
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