SEATTLE (Oil Monster): Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, has held high-level discussions with senior executives from leading oilfield services companies including SLB, Baker Hughes, Weatherford, Halliburton, National Energy Services Reunited Corporation (NESR), and EXPRO to chart a roadmap for doubling the country’s domestic crude oil production over the next five years.
The talks focused on establishing a dedicated contractual and technical framework between the Egyptian General Petroleum Corporation (EGPC) and international partners. The proposed mechanism is designed to accelerate field development by deploying advanced drilling and production technologies, with a strong emphasis on horizontal drilling to revive mature fields and fast-track new discoveries.
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Badawi instructed officials to finalize the executive details of the framework by the end of February. The model is expected to introduce more flexible contracting structures, incentivizing international partners to inject fresh capital into targeted research and development tailored to Egypt’s complex geology.
The minister noted that Egypt’s petroleum sector has moved from declining performance indicators to a phase of production stability, supported by recent investment incentives and a structured plan to settle outstanding arrears.
Company representatives reaffirmed their commitment to Egypt’s five-year strategy, pledging integrated technological solutions and operational expertise to sustainably lift production across onshore and offshore assets.
