Economics

Min. asserts importance of intensifying digging for oil to increase Egyptian oil production

CAIRO – 23 February 2020: Minister of Petroleum Tarek el Molla asserted the importance of intensifying digging for and discovering oil to increase Egyptian production of petroleum and gas to secure the needs of the local market of petroleum and gas products.
This came during a meeting of the general assembly of Belayim Petroleum Company (Petrobel) to approve the draft budget of 2020-2021 and the amended budget of 2019-2020.
In a statement on Sunday, Molla stressed the importance of adopting policies that help in minimizing development and operation expenses and applying international safety, vocational health and environmental standards.
Mulla lauded the company's achievements in the field of natural gas and crude oil production.
Chairman of the company Atef Hassan said that the production of the company currently amounts to 72,000 barrels of crude per day.
He said that the proposed budget for the coming fiscal year will stand at 812 million dollars to pump more investments in exploration and development activities.



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