Petroleum investment in Egypt - file
CAIRO - 6 February 2023: Egyptian Minister of Petroleum and Mineral Resources, Engineer Tariq Al-Mulla, stated that Badr Petroleum Company, has produced 9 million barrels since 2014.
During a meeting Monday on the current situation of the company, he further added that the company witnessed an increase in the recoverable reserves from 3.5 million barrels to 17 million barrels, an increase of 400 percent. The efficiency and development of the Badr site 1 was also reviewed.
The meeting reviewed the Plan and Budget Assembly of WEPCO and Badr Petroleum Company for the fiscal year 2023/2024.
The minister stressed, during the WEPCO meeting, that the strategy of the Ministry of Petroleum and Mineral Resources works to increase the capabilities and raise the efficiency of specialized petroleum ports, including the Hamra Petroleum Port, within achieving the goals of transforming Egypt into a regional center for oil and gas trade and circulation, stressing the importance of accelerating the ongoing projects with the expansions of the port of Hamra, which It is available for self-financing, in light of Egypt’s keenness to continue to play its role as a major player in the regional and global energy market.
The global energy market is witnessing geopolitical changes and great challenges that require more work and achievement, he said.
During a review of the Badr Petroleum Company's business plan at the Badr 1 site in the Western Desert, which is managed by WEPCO on behalf of the Egyptian General Petroleum Corporation, Egyptian Minister Al-Mulla stressed the continuation of increasing and intensifying its work to achieve more successes.
The meeting was attended by Geologist Alaa Al-Batal, CEO of the Petroleum Authority and his deputies, Eng. Sherif Hasaballah, Undersecretary for Petroleum Affairs, Dr. Samir Raslan, Undersecretary of the Ministry for Exploration and Supervisor of Agreements, Accountant Hisham Noureddine, Head of the Central Administration for Affairs of the Minister’s Office, and Mohamed Wissam, Director of the Gas Affairs Sector in the Ministry.
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