Saturday 21 Dec
Minister of Petroleum and Mineral Resources Engineer Karim Badawy received Alan Lynn, CEO of Cairon Energy, to discuss the company's activities in Egypt and its future plans in the Mediterranean, Western and Eastern Deserts, and the Gulf of Suez. This comes amid the company's strong desire to expand its portfolio in Egypt to include new concession areas.
The meeting was attended by Engineer Salah Abdel Karim, Chairman of the Egyptian General Petroleum Corporation, Engineer Ehab Ragaie, First Undersecretary of the Ministry for Production, and Engineer Moataz Atef, Undersecretary for the Minister's Office and Technical Office, and the official spokesperson.
Badwy affirmed the Western
Desert's promising potential, particularly in unconventional oil and gas
resources, such as shale gas. He observed a strong interest from numerous
international companies eager to explore these opportunities in Egypt.
The Minister highlighted the
crucial role of modern technologies in enabling successful shale gas extraction
and deepwater drilling operations, previously considered challenging. These
advancements promise significant benefits for Egypt by increasing production
and reserves. He emphasized the petroleum sector's full support for
international companies in their endeavors. He stressed that integrated
strategic partnerships are essential for achieving mutual success and realizing
goals that benefit all parties involved.
The company's chairman reaffirmed its commitment to ongoing operations in Egypt and its strong belief in the country's promising investment opportunities. He expressed the company's desire to acquire new concession areas, increase investments, and intensify exploration, development, and well maintenance activities to sustain and enhance production levels.
He highlighted the successful
conclusion of a joint workshop with petroleum sector companies to develop a
long-term work program for the company's operations in Egypt.
The chairman announced plans to introduce an advanced hydraulic rig to Egypt to initiate fracking operations for shale gas. He emphasized the numerous advantages of this technology, including environmental preservation, cost reduction, and lower energy consumption. He also acknowledged the company's recent success in increasing production rates through effective well maintenance operations.
