CAIRO – Egyptian Minister of Oil and Mineral Wealth Tarek el-Molla held talks with a delegation of the Canadian Energy Corporation “Mediterra” led by CEO Memet Kont on the company’s activities in Egypt and its plans to increase crude oil production rates from its concessions in Sinai and Kom Ombo, Aswan governorate.
The meeting comes within the framework of the petroleum sector’s strategy to enhance and increase petroleum production rates.
A statement released by the Ministry of Petroleum Monday pointed out that the company’s delegation reviewed its operations status in the Kom Ombo concession areas (Baraka and West Baraka) and the Sadr and Matarma areas in Sinai, in partnership with the Egyptian General Petroleum Corporation (EGPC).
They discussed the company’s activities for the development and production of crude oil, which have recently yielded positive results. The company succeeded in reaching a production level of over 22,000 barrels per day during the current year, under an intensive drilling program that involves drilling eight wells monthly. This brings the total number of productive wells for the company to 64.
The company’s delegation pointed out that the target is to reach a total production of over 26,000 barrels per day and the number of productive wells to 100 by the end of 2024.
