Engineer Karim Badawi, Egypt's Minister of Petroleum and Mineral Resources, affirmed his country's keenness to enhance cooperation with Emirati companies operating in the energy sector, and to provide a stable and attractive investment environment that supports the expansion of their investments in Egypt, contributing to increasing oil and gas production and achieving mutual interests.
This came during his reception of Richard Hall, CEO of Dana Gas of the UAE, to discuss the company's activities in Egypt and its plans to expand exploration, production, and increase natural gas production rates from its concession areas in the Nile Delta.
The Egyptian minister affirmed his government's commitment to providing a stable and attractive investment environment, supporting the acceleration of drilling, exploration, and development programs, increasing production from existing fields, and accelerating the inclusion of new discoveries on the production map.
Badawi also emphasized Egypt's pride in the extended strategic partnership with Dana Gas, and the ministry's continued provision of all forms of support to partners, and working to overcome challenges.
He added that the ministry is expanding the application of the latest technologies in production operations, foremost of which are horizontal drilling and hydraulic fracturing, due to their proven efficiency in raising production rates and maximizing the use of reserves, achieving added value for all parties.
Richard Hall, CEO of Dana Gas, expressed his appreciation for the support provided by the Ministry of Petroleum and Mineral Resources and its affiliated entities, noting that the company achieved distinguished results in the latest drilling programs, which contributed to increasing its proven gas reserves by between 20 and 25 percent, prompting it to add two new wells to its exploration program, aiming to accelerate the pace of production and maximize the use of the promising potential of the company's concession areas in Egypt.
Hall expressed his confidence in the future of the Egyptian petroleum sector, praising the development witnessed in the investment environment.
