Egypt Aims To Boost Oil, Gas Output With Horizontal Drilling, Fracking

(MENAFN- Daily News Egypt) Egypt is seeking to increase oil and natural gas production by expanding the use of horizontal drilling and hydraulic fracturing technologies, the presidency said after a meeting chaired by President Abdel Fattah Al-Sisi.

Al-Sisi discussed the plans with Prime Minister Mostafa Madbouly and Petroleum Minister Karim Badawi, according to presidential spokesperson Mohamed El-Shennawy.

The meeting reviewed ongoing efforts to expand the use of advanced drilling techniques to access oil and gas reserves that are difficult to extract using conventional methods.

Badawi said the petroleum sector is accelerating the deployment of horizontal drilling and hydraulic fracturing technologies to achieve a significant increase in crude oil and natural gas output.

Al-Sisi stressed the importance of localising modern extraction technologies and drawing on successful international and regional experiences, in cooperation with major global oilfield service companies and production partners.

The meeting also reviewed a planned aerial survey programme for mineral resources aimed at boosting investment in Egypt’s mining sector.

Officials discussed the potential impact of regional tensions on global energy prices and measures taken to secure petroleum supplies needed for electricity generation and productive sectors.

Badawi said the ministry remains committed to reducing outstanding payments owed to foreign energy partners and eventually settling them in full while maintaining regular monthly payments.

Al-Sisi emphasised the importance of timely payments to international oil companies to encourage further exploration and production activity. He also called for developing mechanisms to strengthen exploration and development efforts to meet domestic demand and reduce imports.

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