Business Hub – Cairo:
Tarek Al Mulla: An integrated strategy to develop the petroleum sector and implement an intensive drilling program in regional waters.
Engineer Tarek Al Mulla, Minister of Petroleum and Mineral Resources, stressed that the petroleum sector faced unprecedented challenges starting in 2011 and the events that followed, passing through the Corona pandemic and its effects, but he was able to confront them with conscious planning and enlightened thought by launching an integrated strategy for development and modernization in all activities of the petroleum industry. and gas in Egypt.
During the General Assembly of the Egyptian Offshore Drilling Company, during which it was announced that the petroleum sector had acquired the 50% owned by the Japanese company Toyota, and the petroleum sector had become wholly owned by the offshore drilling rigs Al-Qaher 1 and Al-Qaher II, after the share of the Natural Gas Holding Company increased to 85% and South Valley Holding for petroleum to 15%, The Minister indicated that this acquisition came at the best time. As international oil prices are witnessing a significant rise in conjunction with the implementation of an intensive drilling program in Egyptian territorial waters, Owning rigs has a strategic and economic dimension, and that this procedure supports plans to speed up production and develop sources of natural resources, especially natural gas. Pointing out that the petroleum industry is currently facing a major challenge in the wake of the current global changes, which requires more integration of performance and maximization of the utilization of available assets and resources, taking into account the rationalization of expenditures and continuous development in performance rates to ensure the continuation of outstanding performance and the achievement of more good business results in all areas. Petroleum industry.
Al Mulla praised the efforts of the Offshore Drilling Company’s management and the efficiency of its operation of rigs, and its obtaining of certificates and licenses, especially those related to the safe operation of rigs. Stressing that adherence to occupational safety, security and health procedures is no longer an option, And that it has become one of the basics of working in the petroleum sector in light of the efficiency it achieves in operation, sustainability in business, and the preservation of human cadres, equipment, facilities and assets.
For their part, the officials of the Japanese Toyota Company expressed their happiness in the partnership with the Egyptian petroleum sector, which achieves a full commitment with its partners and supports their success and fulfills their entitlements and their pride in a partnership that extended with the petroleum sector in the Offshore Drilling Company for about 14 years so far. They emphasized the company’s study of new cooperation and partnership files with the petroleum sector in new fields such as petrochemical industries, hydrogen production and other areas of energy transformation.
The assembly was attended by Dr. Magdy Galal, President of the Natural Gas Holding Company “EGAS”, Dr. Nael Darwish, President of the South Valley Egyptian Petroleum Holding Company and their deputies, geologist Alaa Al-Batal, CEO of the Egyptian General Petroleum Corporation, Eng. El-Bakly, head of the Egyptian Offshore Drilling Company, representatives of the Japanese Toyota Company, and representatives of the Central Auditing Organization.