Egypt acquires Toyota's stake in Offshore Drilling Company

CAIRO - 1 August 2022: The Ministry of Petroleum and Mineral Resources announced Monday that the petroleum sector has acquired the 50 percent owned by the Japanese Toyota Company in the Egyptian Offshore Drilling Company.

 

According to the ministry’s statement, the petroleum sector fully owns the offshore drillers Al-Qaher 1 and Al-Qaher 2, after the share of the Natural Gas Holding Company increased to 85 percent and South Wadi Petroleum Holding Company to 15 percent.

 

Minister of Petroleum and Mineral Resources, Tarek El Molla, stressed that this acquisition came at the best time, as international oil prices are witnessing a significant rise in conjunction with the implementation of an intensive drilling program in Egyptian territorial waters.

 

“Owning diggers has a strategic and economic dimension,” he commented, adding that this step supports plans to speed up production and develop sources of natural resources, especially natural gas.

 

He pointed out that the petroleum industry is currently facing a major challenge in the wake of the current global changes, which requires more integration of performance and maximization of the utilization of available assets and resources, taking into account the rationalization of expenditures and continuous development in performance rates to ensure the continuation of outstanding performance and achieve more good business results in all areas of the petroleum industry.

 

Molla praised the efforts of the Offshore Drilling Company’s management and the efficiency of its operation of rigs and its obtaining of certificates and licenses, especially those related to the safe operation of rigs, stressing that adherence to occupational security, safety and health procedures is no longer an option, and that it has become one of the basics of working in the petroleum sector in light of the efficiency it achieves in operation and sustainability in business and maintaining human cadres, equipment, facilities and assets.

 

For their part, Japanese Toyota officials expressed their happiness in the partnership with the Egyptian petroleum sector, which achieves full commitment with its partners and supports their success and fulfills their entitlements, and their pride in a partnership that extended with the petroleum sector in the Offshore Drilling Company for about 14 years so far.

 

They emphasized the company's study of new cooperation and partnership files with the petroleum sector in new fields such as petrochemical industries, hydrogen production and other areas of energy transformation.