Monday 09/February/2026 – 10:19 AM
Engineer Karim Badawi’s contract, Minister of Petroleum And Mineral Resources, held a meeting with a number of officials from international petroleum companies in Egypt, to discuss setting up a mechanism to develop drilling technology and field development in accordance with the latest global technologies, which will contribute to the implementation of the five-year plan to double the local production of crude oil.
Minister of Petroleum: We have passed the stage of declining production of crude oil and natural gas… and we seek to double it within 5 years
At the beginning of the meeting, the Minister affirmed that international companies operating in the petroleum industry have a long history of achievements that led to an increase in oil production over the past decades, noting that Egypt has overcome the stage of decline in the crude oil and natural gas production index, and has reached a stage of stability in production, as a result of applying incentives to increase production rates.
The Minister explained that the payment of dues to foreign partners was carried out according to the plan implemented by the Ministry, stressing that cooperation with foreign partners must move to another advanced stage to work to steadily increase production.
The Minister pointed out that the Ministry’s strategic goal at the present time is to double production during the next five years through cooperation with foreign partners, by increasing drilling work, in accordance with the latest global technologies in the field of drilling, especially horizontal drilling, stressing in the same context the importance of foreign partners pumping investments in research and development in new drilling methods, in a way that is compatible with the Egyptian petroleum industry.
The Minister directed the establishment of a contractual and technical mechanism between the Egyptian General Petroleum Corporation on the one hand, and the foreign partners on the other hand, by agreeing on contract models and models for implementing technical works in the fields, with the aim of developing business and increasing production.
At the end of the meeting, a time frame was agreed upon to prepare this executive mechanism to increase production based on the latest global technologies, including following different methods in drilling operations. It is expected that the preparation of this mechanism will be completed by the end of this month.
For their part, representatives of international companies praised the role of the Ministry of Petroleum and Mineral Resources in supporting production expansion plans, stressing the provision of all forms of support to implement a clear working mechanism to increase production, by providing the latest technological solutions in drilling techniques and field development.
The meeting was attended by Engineer Salah Abdel Karim, CEO of the Egyptian General Petroleum Corporation, Engineer Sayed Selim, Chairman of the Egyptian Natural Gas Holding Company (EGAS), Engineer Ihab Rajai, First Undersecretary of the Ministry of Petroleum and Mineral Resources for Production Affairs, Dr. Samir Raslan, Undersecretary of the Ministry for Research and Exploration, Dr. Mohamed El-Bagouri, Supervisor of the Central Department of Legal Affairs at the Ministry, and representatives of SLP (Schlumberger) and Baker Hughes and Weatherford in Egypt.
