RIYADH: Egypt plans to expand oil and gas drilling with ADNOC Drilling as part of a larger effort to boost local production and attract investment in exploration and field development. Egyptian Petroleum and Mineral Resources Minister Karim Badawi met with ADNOC Drilling CEO Abdulla Ateya Al Messabi to discuss prospective strategic collaborations and the UAE company’s participation in an enlarged onshore and offshore well-drilling program, according to the state-run WAM news agency.
According to the Ministry of Petroleum and Mineral Resources, Egypt’s petroleum sector plans to raise exploration and production activities by 20% by 2026. The strategy also asks for accelerated well drilling and the implementation of new contractual frameworks to entice upstream investment.
The ministry recently announced that 149 exploration wells drilled over the last two fiscal years yielded 112 discoveries, including 88 crude oil and 24 natural gas. It is also preparing 13 new exploration and production agreements worth more than $1 billion, including pledges to drill 120 wells.
The meeting comes as part of the Egyptian Ministry of Petroleum and Mineral Resources’ strategy to expand its partnerships with global and regional companies that specialize in drilling and petroleum services, and to offer the necessary capabilities, machinery, and technologies to implement an increased exploration program in the coming years,” the WAM report said. It said, “This will contribute to accelerating the development of petroleum resources and increasing domestic production.
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