Ministry of Petroleum and Mineral Resources
The decision aligns with the recent visit of Egypt's Minister of Petroleum and Mineral Resources, Karim Badawi, to Italy, aimed at strengthening collaboration between Egypt and Eni.
The electric logs of the well indicate the presence of petroleum shows in the Paleozoic formation, with a net pay thickness of 462 feet.
This endeavor aligns with the Ministry's strategy to attract new investments to Egypt by leveraging opportunities in gas and oil exploration.
The corporation aims to accelerate drilling endeavors upon the arrival of the drilling team in October.
The objective of this unit is to receive liquefied gas deliveries, convert them to gas, and integrate them into the national grid.
The focus is on optimizing resources within the petroleum sector to boost the trading of these vital commodities.
An extensive strategy is in progress to amplify production capabilities by the drilling of an additional 5 wells. The objective is to escalate the production rates of both the North Safa and Al Wasl fields to 15,000 barrels per day by the latter part of the upcoming year.
This move aims to integrate additional wells into the production system in the upcoming months, as per the source.
The evaluation transpired during a meeting between Karim Badawi, the Minister of Petroleum and Mineral Resources, and delegates from the aforementioned company.
Furthermore, this endeavor will cater to the needs of upcoming projects under consideration within the national plan for the petrochemical industry.
Their focus was on ramping up exploration efforts, augmenting petroleum production, and ensuring the fulfillment of local market demands.
Minister Badawi, in turn, underscored Egypt's substantial potential in mining and petrochemicals, stressing the nation's capability to enhance its economic standing and reduce import dependencies.
The official has affirmed that Egypt will recurrently release bids for gas imports until local production rebounds.
The Minister emphasized the importance of addressing current challenges comprehensively, with the goal of increasing production, bridging gaps, and transitioning towards a green economy.
These upcoming LNG shipments serve as a notable addition to the existing stock of LNG already received by the Egyptian Natural Gas Holding Company (EGAS).
Badawi also emphasized that these efforts are pivotal to Egypt's sustainable development strategy, reflecting a proactive stance on climate action and energy transition
The first project involves the construction of a 10-megawatt solar power generation station at the Assiut Oil Refining Company. Enppi and Petrojet, two subsidiaries of the petroleum sector specializing in engineering designs, general contracting, and construction, have been assigned to undertake this venture
El Molla outlined Egypt's revised goals for national emissions reduction contributions, aiming to expand the country’s use of green energy and achieve a 42% integration of renewable energy into the energy mix by 2035
The primary objective of the agreement is to establish a comprehensive framework for advancing collaboration in natural gas activities, while also fostering bilateral scientific, technical, and technological exchange
Ambassador Mihalikova expressed the interest of a delegation from Slovak companies to visit Egypt and discuss investment possibilities, particularly in the oil and gas sectors
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