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Petroleum minister confer on upgrading mining system

The Petroleum minister met Monday with newly appointed Canadian Ambassador Louis Dumas to discuss measures to upgrade the mining system in Egypt. The meeting took up activities of Canadian petroleum, mining and petrochemical companies operating in Egypt.

Petroleum minister Tareq el Molla made a statement that two international bids to explore for gold and minerals had been put up for grabs, noting that the turnout for gold exploration was particularly unprecedented. Legislative reforms were first made to help develop the mining sector in Egypt, the minister made it clear. Work is underway to introduce structural reforms and outline strategies to deal with exploration systems.

The petroleum sector is looking forward to benefiting from the technical expertise of Canadian institutions and firms in this regard. Dumas praised Egypt’s success in the fields of petroleum, gas and mining. Egypt has always been and will always be a pivotal country in the Middle East and Africa, the diplomat said. Many Canadian companies are interested in expanding investments in the Egyptian mining sector.

Some Canadian firms did win bids to explore for gold in Egypt in light of an improved business climate in the Arab country. Oil and gas exploration companies should target new deep exploration layers and use modern technologies to increase production and reserves, announced the Egyptian Minister of Petroleum and Mineral Resources Tarek el-Molla. He asserted the importance of completing field development projects and continuous coordination with foreign partners.

Egypt has reached a record in the production of crude oil, exceeding 65,000 barrels per day, for the first time since 1957. The Western Desert region represents the largest part of crude oil production in Egypt with 56%, followed by the Gulf of Suez with 23%, the Eastern Desert with 12% and the Sinai Peninsula with 9%, through 43 companies, the most important of which are Khaleda Petroleum Company, Belayim Petroleum Company, GAPCO Company, General Petroleum Company, Agiba Petroleum Company and Badr al-Din Petroleum Company.

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