Egypt’s Minister of Petroleum Tareq el Mulla on Wednesday said concessions of oil companies operating in Sinai still have proven petroleum reserves that require continued cooperation and coordination among these firms.
The minister – during the regular meeting of the committee on upgrading and upping the current production rate of crude oil – has underscored the significance of opting for innovative solutions, utilizing potentials and resources, alongside boosting the ongoing operations in oil areas, including Sinai.
The current hikes in global oil prices constitute a powerful incentive for oil companies to intensify their exploration activities and drill more wells in order to boost the production, Mulla said during the meeting that was also attended by representatives of PetroZenima, PetroSinai and Petroshadwan companies.
The minister was briefed on the reserves of the oil firms operating in Sinai, as well as ways of developing these reserves and overcoming challenges facing them.
He stressed the importance of accelerating the development of oil reserves, with regard to drilling, reparation and completing wells.
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