Wednesday, 10th February 2016

Tarek El-Molla, Minister of Petroleum and Mineral Resources, met with the heads of 40 joint venture companies to discuss different methods of boosting oil and gas production in Egypt, reported Egypt Oil & Gas.

During the meeting El Molla emphasized the importance of unorthodox thinking and resorting to modern mechanisms to increase oil and gas production rates, deal with the natural decline rate of production, the decrease in the general spending of petroleum companies, and the challenge of  the global decline in  oil prices, which is expected to continue during the coming period to avoid any negative consequences.

The minister explained that the focus of the ministry at the current stage is boosting production rates, in order to face the continuous increase in domestic consumption of petroleum products and natural gas.

He also called for foreign partners to abide by exploration timelines, collaborate with the state in the development new fields and the implementation of new infrastructure projects that will speed up linking those fields.

During the meeting, the importance of the presence of company heads at production sites was noted. Their continuous communication with employees to explain the current difficult situation, and to deliver the message to the workers with full transparency.

The minister also called for the swift conclusion of the study on the integration of small neighboring oil companies in concession areas in order to reduce expenses. He also stressed the importance of periodic maintenance of equipment and reviewing the security measures of oil facilities  to preserve lives and production assets.