Oil and gas exploration companies should target new deep exploration layers and use modern technologies to increase production and reserves, announced Egyptian Minister of Petroleum and Mineral Resources Tarek el-Molla.
Molla was speaking during a virtual general assembly meeting of Burullus Gas Company (BGC) and Rashid Petroleum Company (Rashpetco). The meeting was held to approve the results of fiscal year (FY) 2019/20.
Molla asserted the importance of completing field development projects and continuous coordination with foreign partners.
He also reiterated the importance of taking all measures that contribute to reducing the cost of production and rationalizes spending, while continuing to develop industrial safety systems, and preserving the environment.
Chairperson of Rashpetco, Sherif Hassaballah, reviewed the results of 19/20 fiscal year and announced that natural gas sales from the Rashid and Burullus companies amounted to about 309m cubic feet of gas per day (scf/day), at a rate of about 8,000 barrels per day.
He pointed out that all wells in phase 9B of the West Nile Deep Delta Project have been drilled and completed. This could bring the production capacity to about 500m scf/day.
Hassaballah announced that preparations are underway to start drilling three development gas wells in the West Nile Delta area, as part of the West Delta Deep Marine project's 10th stage to produce natural gas, and is set to cost an estimated $250 million.
Hassaballah added that the prospects are currently being re-evaluated to achieve the best use of the Rashid concession area after the results of the Monto well were analyzed.
This will contribute to starting the preparations of a work program to maintain production facilities at the Rashid offshore field, he indicated.
On Monday, Badredine Petroleum Company (Bapetco) revealed that it made eight new oil discoveries with an estimated reserve of 10.6 million barrels during FY 19/20.
The company issued a statement announcing that as many as 44 development wells have been drilled during the current fiscal year along with 115 exploratory others, bringing the average production rate of the company to 114,000 barrels per day.
Meanwhile, CEO of Minka Development, Abdallah Sallam, announced an integrated urban development with estimated investments of $315 million in eastern Cairo.
Sallam said that designing the project started in July 2019, while the preliminary construction work began in May 2020. The company plans to complete the project by 2025.
The company pledged to use renewable energy in the new project, dubbed Kinda, adding that it aims to create a community which has been inspired by Canadian cities.
The company said in a press statement, that the launch of the project came within the company's strategy that focuses on innovation and development, as the company aims to build appropriate and innovative communities that contribute to making Egypt a better place.
