Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, held the second regular meeting to follow up on the plans to improve the operational efficiency of oil production companies with low production rates.

During the meeting, the main features of the plan to improve the operational efficiency and joint coordination of a number of production companies in Sinai, the Eastern and Western Deserts were reviewed.

The meeting also reviewed the current measures being taken to improve operational efficiency and joint coordination of a number of production companies in the Eastern Desert.

In a press statement, El Molla emphasized that cooperation and coordination between oil production companies is one of the strategic directions followed by the petroleum sector to support companies' ability to execute their operations with greater efficiency and effectiveness, thereby benefiting from all possible production opportunities and enhancing production rates.

El Molla noted that the Sinai, Eastern, and Western Desert regions are witnessing steps by the petroleum sector in this regard in order to invest in opportunities and possibilities through various traditional and non-traditional means.

During the meeting, El Molla also followed up on the measures taken to support the efficiency of operations and activities and their integration in a number of production areas in the Eastern Desert through the subcommittee led by the General Petroleum Company.

The subcommittee includes production areas for Petroamir, Magawish, El Fanar, Wadi El Sehl, Petronas and aims to improve production performance and operational economics.

The minister also reviewed the main features of the coordination plan to support the efficiency of operations and activities of oil production companies with low production rates in the Western Desert and Sinai regions in light of the discussions and directives of the recent regular meeting held a few weeks ago.

Egypt has been investing in the development of its oil and gas sector in recent years. The country aims to become a regional hub for energy trade, as it has the potential to export gas to Europe, Africa, and Asia.

Egypt's strategic location and its well-established infrastructure have attracted international oil companies, leading to significant investments in the sector.

In 2020, Egypt signed a memorandum of understanding with Israel to export natural gas to the country for the next 15 years. This deal is expected to generate significant revenue for both countries and strengthen their economic ties.