Oil Ministry seeks to increase crude oil, natural gas production, reduce costs

CAIRO - 16 February 2020: Minister of Oil and Mineral Wealth Tarek el Molla said the ministry's plan of action now focuses on raising performance efficiency, increasing production of crude oil and natural gas along with reducing production costs as part of an integrated project to develop the petroleum sector.

The minister's remarks were made during chairing the general assembly meeting of Gulf of Suez Petroleum Company (GUPCO) to approve the financial budget for 2020-2021 and the amended budget of 2019-2020.

In a statement released by the Petroleum Ministry on Sunday, Molla asserted that occupational safety and health and environment protection are considered as cornerstone for the ministry's strategy to provide safe work environment for the employees.

Meanwhile, Board Chairman of GUPCO Mohamed el Meligui said the company's estimated budget reached dlrs 543 million, with a targeted production rate of 77,000 barrels per day, adding that the company's activities and projects during the fiscal year 2020-2021 aimed at increasing the drilling of wells to improve the production rates of crude oil along with conducting maintenance of old wells.

He made it clear that the company is preparing a project for the treatment of industrial water at the maritime platforms in Ras Shuqeir with the aim of protecting environment from industrial wastes.