Written by Marwa Al Ghoul
Monday, February 06, 2023 08:54 AM
Engineer Tariq Al-Mulla, Minister of Petroleum and Mineral Resources, started the Plan and Budget Association of WEPCO and Badr Petroleum Company for the fiscal year 2023/2024 by offering condolences and sympathy, and mourning Engineer Sherif Ismail, indicating that the honorable late had great imprints in the petroleum sector and in the Council of Ministers..
The minister stressed, during the WEPCO assembly, that the strategy of the Ministry of Petroleum and Mineral Resources works to increase the capabilities and raise the efficiency of specialized petroleum ports, including the Hamra Petroleum Port, within achieving the goals of transforming Egypt into a regional center for oil and gas trade and circulation, stressing the importance of accelerating the ongoing projects with the expansions of the port of Hamra, which It is available for self-financing, in light of Egypt’s keenness to continue to play its role as a major player in the regional and global energy market, which is witnessing geopolitical changes and great challenges that require more work and achievement, especially since the port has all the strategic ingredients, starting with the facilities to maintain production and passing through the safety system. Occupational health, environmental protection, the security system, and the marine environment system.
The assembly witnessed the presentation of Engineer Ibrahim Masoud, the company’s president, and his work team, the work plan during the next fiscal year, and the expected quantities of crude oil to be received and circulated..
During a review of the Badr Petroleum Company’s business plan at the Badr 1 site in the Western Desert, which is managed by WEPCO on behalf of the Egyptian General Petroleum Corporation, Al-Mulla stressed the continuation of increasing and intensifying its work to achieve more successes, especially since the company’s sons are doing a good and integrated work in maximizing production from obsolete fields and taking into account Reducing costs, utilizing modern technologies, and applying all health, safety and environment requirements and procedures, thanking everyone, and calling for more work and achievement and enriching the successful experience of Badr Petroleum..
During the assembly, the current situation and the company’s ability, since the beginning of the experience of developing obsolete fields by self-efforts, since 2014 until now, to produce 9 million barrels and increase the recoverable reserves from 3.5 million barrels to 17 million barrels, an increase of 400%, was also reviewed. Efficiency and development of the Badr site 1.
The meeting was attended by Geologist Alaa Al-Batal, CEO of the Petroleum Authority and his deputies, Eng. Sharif Hasaballah, Undersecretary for Petroleum Affairs, Dr. Samir Raslan, Undersecretary for Exploration and Supervisor of Agreements, Accountant Hisham Noureddine, Head of the Central Administration for Affairs of the Minister’s Office, and Mohamed Wissam, Director of the Gas Affairs Sector in the Ministry. .