Egypt’s Petroleum and Mineral Resources Minister Karim Badawi says the sector’s five-year plan aims to double domestic crude output by 2030 through wider use of horizontal drilling and hydraulic fracturing, along with new contractual frameworks to attract investment.
Speaking to the board of the Egyptian General Petroleum Corporation, Badawi said clearing outstanding dues to international oil companies over the past two years, combined with new incentive measures, has helped put Egypt’s crude production back on a growth path. He noted that much of the country’s gas output now comes from deepwater Mediterranean fields that require heavy investment and long lead times.
Badawi pointed to the Denise gas discovery in the Eni-BP Temsah concession, estimated to hold about 2 trillion cubic feet of gas, as evidence that restoring investor confidence is paying off. He said Egypt met record summer electricity demand of 40.5 gigawatts last year through close coordination between the petroleum and electricity ministries, and that similar efforts are under way to secure supplies this summer.
Source: egyptoil-gas.com