President Abdel Fattah El Sisi has underscored the importance of localising modern technologies that contribute to increasing oil production and ensuring the effective application of these technologies, drawing on successful regional and international experiences.
He also emphasised the need to establish appropriate mechanisms in collaboration with major drilling and service companies, as well as production partners, to achieve optimal economic outcomes.
The president made these remarks during a meeting on Wednesday with Prime Minister Moustafa Madbouli and Minister of Petroleum and Mineral Resources Karim Badawi.
The meeting reviewed the progress made by Egyptian companies in enhancing oil and gas production through hydraulic fracturing and horizontal drilling.
Minister Badawi said the petroleum sector is accelerating the implementation of these technologies, which enable access to previously hard-to-reach resources, contributing to a significant rise in crude oil and gas output, said the Presidency Spokesman Ambassador Mohamed el-Shennawy.
He added that the meeting also addressed plans for an aerial survey of Egypt’s mineral resources, aimed at boosting investment in the mining sector.
Discussions dwelt on the recent fluctuations in petroleum and gas prices resulting from regional developments, with the president following up on measures to ensure the availability of petroleum products for production sectors, power generation, and other essential uses.
The Minister of Petroleum and Mineral Resources confirmed during the meeting that the petroleum sector is committed to continuing to reduce the overdue dues to foreign partners until they are fully settled, in parallel with ensuring the regular payment of the monthly bill and preventing any future delays.
He pointed out that the ministry is adopting an approach based on continuous consultation with investors to understand their needs and suggestions, and to find the best systems that achieve the maximum mutual benefit for all parties.
President Sisi stressed the importance of maintaining the regular payment of dues to international oil companies to encourage increased exploration and production.
The President also stressed the need to establish a mechanism to develop research, exploration, and development activities to meet local needs and reduce reliance on imports.
