Petroleum Minister Tareq el Mulla said that his ministry is seeking to encourage specialized international petroleum companies to raise the productivity of “obsolete” oil fields.
This came during the minister’s meeting with Board chairman of US Apex International Energy company Roger Plank and the company’s CEO, Thomas Maher, and their accompanying delegation.
The two sides discussed the company’s activities in Egypt and the company’s future plans in the country that aim at stimulating its activity and increasing crude oil production from the Western Desert.
For his part, Plank said that Apex’s total investments since it started its activities in Egypt have reached dlrs 38 million, adding that his company is planning to beef up investments in the country to reach dlrs 82 million.
The company’s current production rate is estimated at 6,000 barrels of crude oil per day, he said, adding that production is projected to reach 7,000 barrels per day.
He further noted that the company is currently studying expanding its activities in the Western Desert and intensifying its drilling operations to increase production and maintain production rates from “obsolete” oil fields, in addition to its 50/50 partnership with Eni company in East Siwa area.
Source: State Information Service Egypt