Minister of Petroleum: 5 billion pounds in budget investments next year to explore wells


Engineer Tariq Al-Mulla, Minister of Petroleum and Mineral Resources, confirmed that the performance of the General Petroleum Corporation during the period from July to December 2020 calls for pride and praise for the successes provided by its cadres and under the supervision of the General Petroleum Corporation, which jumped the average production to a new record during that period amounted to 68 thousand A barrel of oil equivalent per day, which is a strong indication of the positive integrated strategy of the Ministry of Petroleum and Mineral Resources to maximize the optimal economic utilization of the capabilities possessed by petroleum entities and launch potential successes in them through a scientific and practical approach to achieve distinct business results to support the objectives of increasing production and then supporting the national economy.

Al-Mulla said, in a press statement, today, Friday, during the approval of the planning budget of the General Petroleum Corporation for the next fiscal year in the presence of Major General Mahmoud Shaarawy, Minister of Local Development, that the continuous follow-up and integration through which projects to increase production and recover flame gases are managed as well as the development and modernization of the infrastructure Production, the security, safety and occupational health system and the rationalization of spending will enable the General Petroleum Company to achieve new leaps in production within the framework of the strong support given by the Ministry to achieve maximizing the production of the General Company, especially since its production is entirely due to Egypt.

Al-Mulla pointed out that modernization, development and a comprehensive digital transformation in the management of petroleum activities in all aspects of this vital industry is absolutely indifferent, as the results achieved from it have appeared in what has been accomplished so far in all work and production sites, indicating that investments of about 5 billion pounds for the budget for the next fiscal year to support the plans of the General Petroleum Corporation to increase the drilling of exploration and development wells, as well as replacement and renewal projects, and projects to develop the occupational safety and health system, which puts on its shoulders a hope we trust to achieve, which is to increase the current record number of production to unprecedented rates in the history and march The company, and Al-Mulla directed to provide all necessary forms of support to the company, which is an ancient national fortress that performs its role efficiently and competently.

The minister stressed the importance of the company continuing to modernize the industrial drainage system on the marine environment, achieving environmental compatibility and adhering to the application of environmental requirements.

During a speech marking the conclusion of the societies, Major General Mahmoud Shaarawy, Minister of Local Development, praised the performance provided by the petroleum sector under the leadership of Eng. Tariq Al-Mulla in production and service projects and the development witnessed by the performance of public sector companies that have been transformed during the past few years to achieve distinguished business results that appeared well in adopting the results of their work The last fiscal year and its growth in the estimated plans for the budgets of the next fiscal year.

During the assembly, Eng. Nabil Abdel Sadiq, the president of the company, reviewed the most important features of the planning budget for the fiscal year 2022/2021.

The work of the societies was attended by the geologist Ashraf Faraj, First Undersecretary for Agreements and Exploration, Engineer Abed Ezz Al-Rijal, Executive President of the Petroleum Authority and his deputies, Dr. Magdy Galal, President of the Holding Company for Natural Gases “EGAS”, Hisham Lotfy, Assistant Minister for Legal Affairs and Accountant Ashraf Qutb, Head of the Central Administration for Financial Affairs in the Ministry and accountant Ahmed Raafat, Deputy The first of the Central Auditing Organization, Mohamed Gibran, head of the General Syndicate of Petroleum Sector Workers, representatives of the Ministries of Finance, Trade, Industry, Planning and Follow-up, and the Public Business Sector Information Center.


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