Engineer Karim Badawi, Egypt's Minister of Petroleum and Mineral Resources, has affirmed his country's keenness to strengthen cooperation with UAE companies operating in the energy sector and to provide a stable and attractive investment environment that supports the expansion of their investments in Egypt, contributing to increased oil and gas production and the realisation of mutual interests.
This came during his reception of Richard Hall, Chief Executive Officer of UAE-based Dana Gas, to discuss the latest developments in the company's activities in Egypt, its plans for expanding exploration and production operations, and increasing natural gas production rates from its concession areas in the onshore Nile Delta.
The Egyptian minister affirmed his government's commitment to providing a stable and attractive investment environment, supporting the acceleration of drilling, exploration, and development programmes, increasing production from existing fields, and expediting the addition of new discoveries to the production map.
Badawi also expressed Egypt's pride in its longstanding strategic partnership with Dana Gas, and the ministry's continued provision of all forms of support to partners and its efforts to overcome challenges.
He added that the ministry is expanding the application of the latest technologies in production operations, foremost among them horizontal drilling and hydraulic fracturing, given the efficiency they have demonstrated in raising production rates and maximising the utilisation of reserves, thereby generating added value for all parties.
Richard Hall, Chief Executive Officer of Dana Gas, expressed his appreciation for the support provided by the Ministry of Petroleum and Mineral Resources and its affiliated bodies, noting that the company achieved outstanding results in its most recent drilling programme, which contributed to increasing its proven gas reserves by between 20 and 25 per cent. This has prompted the company to add 2 new wells to its exploration programme, with the aim of accelerating production and maximising the potential of the company's concession areas in Egypt.
Hall expressed confidence in the future of Egypt's petroleum sector, praising the development it is witnessing in its investment environment.