The Egyptian Minister of Petroleum, Tariq Al-Mulla, revealed the positive results that accrued to his country after the decision to demarcate the maritime borders with Saudi Arabia.
He said that the demarcation of the border with Saudi Arabia enabled the Egyptian oil sector to operate in the pristine Red Sea region.
In 2016, Egypt and Saudi Arabia signed an agreement to demarcate the maritime borders between the two countries, an agreement that sparked great controversy after it transferred the affiliation of the islands of Tiran and Sanafir to the Saudi administration.
International bidding
The Egyptian Minister of Petroleum confirmed, during his presidency of the General Assembly of the Egyptian South Valley Petroleum Holding Company, via visual communication technology, that based on the results of the seismic searches, a global bid was launched in the Red Sea, which attracted great interest from international oil companies such as Chevron, Shell and Mubadala of the UAE.
He said that these companies, in turn, have attracted other international companies to cooperate with them in their concession areas in the Red Sea. This shows how much international companies are interested in the promising potential of the Red Sea.
He pointed out that the drilling operations are expected to start during the next year, after completing the processing of the collected seismic data.
South Valley Company
The Egyptian Minister of Petroleum stated that the South Valley Company is an integrated, multi-activity company that aims to serve the governorates of Upper Egypt and provide all oil services to the people of Upper Egypt, especially the efforts to deliver gas to homes, which witnessed a great expansion, in addition to delivering gas to villages within the initiative of a decent life.
He explained that the company is working to increase the centers for converting cars to work with compressed natural gas and expanding the deployment of service stations to facilitate the people of Upper Egypt. Because of its economic return.
Anopec complex
Al-Mulla indicated that work on the Anopec complex project for the production of diesel – diesel – in Assiut is proceeding in full swing, and that despite the challenges posed by successive global events; The Egyptian oil sector succeeded in obtaining most of the supplies for this large complex, which is scheduled to be completed within the next year.
The diesel production complex in Assiut is one of the largest refining and petrochemical projects in Egypt, as part of the state’s efforts to secure domestic needs, which cost the country’s general budget heavy burdens.
The ANOPC complex for the production of diesel – diesel – in Assiut aims to establish a complex for the conversion of diesel fuel of low economic value with a feeding capacity of 2.5 million tons annually, into high-quality oil products (diesel, high-octane gasoline, liquefied petroleum gas), at an investment cost of $ 2.9 billion.
Al-Mulla stressed that the diesel complex, in addition to the gasoline production complex inaugurated by President Abdel-Fattah El-Sisi, contributes to securing the needs of the Upper Egypt governorates for fuel of both types, gasoline and diesel, as economic and safe fuel instead of transporting fuel from the north to the south.
Gas pipeline factory
The Egyptian Minister of Petroleum pointed out that the sector is currently working on establishing a factory in the Ain Sukhna region to manufacture pipes – pipes – to deliver gas to homes, which will contribute to providing part of the needs of gas delivery companies with the aim of maximizing the local component and reducing the cost of import.
Al-Mulla pointed out the allocation of a department specialized in energy efficiency in all companies and bodies of the sector, with the aim of establishing a culture of energy efficiency, rationalizing consumption, and achieving savings resulting from rationalization.
The Minister of Petroleum praised the performance of the employees of the South Valley Company and its subsidiaries for their sincere efforts to implement the sector’s plans and projects in the governorates of Upper Egypt.
New oil discovery
The Minister of Petroleum listened to a presentation by the company’s president, Nael Darwish, on the most important features of the planning budget for the year 2023/2024, and the executive position of the projects being implemented and planned.
He explained that the average production of South companies and subsidiaries amounted to about 22.5 thousand barrels of crude oil per day during the past 6 months.
He pointed out that PetroGulf has achieved an oil discovery in the Jessom fields, and that the development of the discovery is being completed in preparation for putting it on production to contribute to raising production rates.
He pointed out that the company continues to implement and develop its joint projects in order to attract more investments in the field of research and exploration, especially after what it achieved during the first phase of the project to collect seismic research data in the Red Sea region, and that the final processing of the seismic data collected in preparation for drilling exploratory wells during This year, with a total investment of more than $150 million.
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