Arab Finance: A newly discovered well operated by Badr Eldin Petroleum Company in Egypt's Western Desert is expected to add approximately 15 billion cubic feet (bcf) of natural gas reserves, with production scheduled to begin by the end of the month at a rate of around 15 million cubic feet of gas per day and 500 barrels per day of condensates, according to a statement by the Ministry of Petroleum and Mineral Resources.
The announcement came during a visit by Minister of Petroleum and Mineral Resources Karim Badawi to Badr Eldin Petroleum Company's fields in the Western Desert, where he reviewed the company's ongoing hydraulic fracturing activities and broader efforts to increase domestic oil and gas production.
During the visit, Badawi said the ministry has prepared the infrastructure required to expand the use of horizontal drilling and hydraulic fracturing technologies, which are being deployed to improve well productivity and support the country's production growth targets.
The minister made the remarks during a workshop attended by officials from the Egyptian General Petroleum Corporation (EGPC), production companies, and service providers to discuss the wider application of modern exploration and production technologies.
Badawi said achieving the targets of the ministry's five-year plan to increase Egypt's crude oil production will require the adoption of new technologies and operational approaches. He added that the settlement of dues to investment partners, regular monthly payments, investment incentives, and measures aimed at improving production economics for both the state and investors have helped create conditions that encourage companies to expand the use of horizontal drilling and hydraulic fracturing technologies.
He also highlighted the efforts of EGPC and its partners in developing economic models designed to support higher investment and production levels, describing them as part of broader efforts to maintain a competitive investment environment.
The minister said increasing local production remains important to reducing the cost of imports of petroleum products and liquefied natural gas, adding that additional domestic output contributes to the economy and supports Egypt's energy needs.
During the tour, Badawi witnessed hydraulic fracturing operations at the newly discovered well in the Badr 15 area, where Badr El-Din Petroleum Company is implementing the technology as part of its production development program.
At the conclusion of the visit, Badawi said that expanding the use of modern technologies, improving operational efficiency, and maintaining an attractive investment environment remain central to the ministry's efforts to increase production and support Egypt's energy security.
