Petroleum Minister El Molla witnesses completion of first Egyptian-made oil rig

Egyptian Minister of Petroleum and Mineral Resources Tarek El Molla attended the delivery of the first Egyptian-made oil rig. Accompanied by the Governor of Suez Abdel Majid Saqr and leaders of the petroleum sector, El Molla visited the factory of the Egyptian-Chinese Company for the manufacturing of drilling rigs in Ain Sokhna.

The rig will be transferred to the Egyptian Drilling Company (EDC). Once it arrives at EDC, the rig will support the company’s fleet in the implementation of drilling and exploration programs in onshore areas.

In a statement, the minister explained that localizing the manufacturing of rigs is a new and important step that will enable the petroleum sector to better utilize its capabilities and accelerate its plans to drill wells to increase the production of oil and gas resources. He added that, at this time, this is crucial as demand for drilling rigs is growing as a result of the increase in oil activities driven by the rise in global oil prices.

Expanding local manufacturing activities for oil and gas industry components will provide economic returns and create job opportunities, stressed the minister.

The manufacturing of the first Egyptian-made drilling rig, with investments amounting to $6.5 million, is a sign of the successful economic cooperation between Egypt and China, El Mola noted.

The petroleum minister added that it is also a positive model for developing cooperation to transfer manufacturing technology from China to Egypt as an alternative to importing, adding that majority of the parts were manufactured locally.

El Molla praised the work teams that contributed to achieving this achievement. He also expressed his pride in the sector’s projects in the Suez Governorate, which alone includes a third of the petroleum activities in Egypt.