Egypt is aiming to boost its oil and natural gas output through the expansion of horizontal drilling and hydraulic fracturing technologies, the presidency said after a meeting chaired by President Abdel Fattah Al-Sisi.
According to presidential spokesperson Mohamed El-Shennawy, Al-Sisi discussed the plans with Prime Minister Mostafa Madbouly and Petroleum Minister Karim Badawi.
The meeting discussed current developments on the increased application of modern drilling technology to tap into the oil and gas deposits that are hard to reach by conventional methods.
Badawi reported that the petroleum industry is rapidly implementing horizontal drilling and hydraulic fracturing technologies in order to realize a high production of crude oil and natural gas.
Al-Sisi emphasised the necessity of localization of modern extraction technologies and references to the positive global and regional experiences in the partnership with the largest international oilfield service firms and partners in oilfield production.
Another agenda item discussed at the meeting was a proposed aerial survey programme of mineral resources to enhance investments in the mining sector in Egypt.
Authorities talked about how regional tensions would affect world prices of energy and actions taken to ensure access to petroleum to produce electricity and other productive sectors.
Badawi said that the ministry is dedicated to the minimization of outstanding payments due to foreign energy partners and ultimately settling them completely, without paying less than the monthly payments.
Al-Sisi underscored the need to pay the foreign oil firms in a timely manner to promote further exploration and production efforts. He also requested the establishment of mechanisms that could enhance exploration and development activities to satisfy domestic demand and decrease imports.
