Egypt explores ways petroleum growth with American company Apex

During this meeting, Badawi emphasized that the top priority for the petroleum sector is to increase production, meet the needs of the local market, and reduce the pressure on the import bill.

By: Business Today staff

Mon, Jul. 29, 2024

Minister of Petroleum and Mineral Resources, Karim Badawi, met with CEO of American company Apex, Thomas Maher, to focus on the company's ventures in Egypt, intensify exploration endeavors, and boost petroleum production.

During this meeting, Badawi emphasized that the top priority for the petroleum sector is to increase production, meet the needs of the local market, and reduce the pressure on the import bill.

 He highlighted that collective cooperation and integration are key to achieving successes for all parties involved, and leveraging advanced technologies plays a crucial role in increasing production and reserves.

 He pointed out that the American company provides a distinguished model in increasing production rates, especially from mature fields in recent years.

Maher reviewed the expansion plans and targeted drilling initiatives slated for implementation in the near future.

He highlighted that the company has already drilled 13 wells within its concession areas in the Western Desert and is poised to attract further investments to facilitate the execution of expansive programs.