Good petroleum prospects in Red Sea region: El-Molla

CAIRO - 26 September 2022: Egypt signed three agreements to search for petroleum in the Red Sea region with major international companies, and seismic research is currently being completed in preparation for the start of drilling operations, according to the Minister of Petroleum, Tarek El-Molla.

 

El-Molla stated during the presidency of the General Assembly of the Egyptian South Valley Petroleum Holding Company to approve the results of the work of the fiscal year 2021-2022, that there are good petroleum prospects in the Red Sea region.

 

He stressed the need to work on increasing oil and gas reserves by offering international bids and intensifying search and exploration operations, which would positively affect the increase in domestic production rates of oil and gas and lead to a reduction in the amount of imports of crude oil and some petroleum products. This is after the sector succeeded in increasing the rates of natural gas production, achieving self-sufficiency and returning to export.

 

The minister emphasized the importance of continuing to rationalize consumption, raise the efficiency of use, expand the use of modern technologies and digital transformation in various petroleum activities, in addition to applying the highest international standards for safety, industrial security and all environmental requirements to preserve the environment.

 

El-Molla also stressed the expansion of the uses of natural gas in the governorates of Upper Egypt, pointing out that more than half of the villages being connected to gas as part of the national initiative “ Hayah Karima".

 

He further explained that the diesel production complex is being implemented in Assiut, so that these new projects will contribute to meeting all the needs of Upper Egypt in terms of gasoline and diesel.