Egypt is pursuing an aggressive strategy to double its domestic crude oil production over the next five years through closer collaboration with international energy companies to deploy advanced drilling technologies, including horizontal drilling techniques.
At a high-level meeting with global oil and services companies operating in Egypt, Petroleum and Mineral Resources Minister Karim Badawi announced the ministry is developing a new contractual and technical framework between the Egyptian General Petroleum Corporation and foreign partners to streamline field development and improve productivity. The framework is expected to be finalized by the end of February.
Badawi explained that Egypt has moved beyond a period of declining oil and natural gas output and has reached a phase of production stability, supported by government incentives aimed at encouraging higher production levels. He added that Egypt has settled outstanding payments to foreign partners and is now advancing toward a deeper phase of cooperation focused on sustained production growth.
The Minister emphasized the importance of investment in research and development to adapt new drilling techniques specifically to Egypt’s oil fields. The framework will allow for more flexible contracting models, encouraging international partners to inject fresh capital into R&D tailored to the unique geological challenges of the Egyptian petroleum industry.
Representatives from international oil companies welcomed the ministry’s approach and confirmed their readiness to support the plan by providing the latest drilling and field development technologies. The meeting brought together senior officials from Egypt’s state-owned oil and gas companies and executives from global firms including SLB, Baker Hughes, Weatherford, Halliburton, National Energy Services Reunited Corporation and Expro.
Company representatives reaffirmed their commitment to supporting Egypt’s ambitious five-year plan, pledging to provide integrated technological solutions and operational expertise to ensure steady increases in production rates across both onshore and offshore assets.
Sources: amwalalghad.com, egyptoil-gas.com