President Abdel Fattah El-Sisi met on Thursday with Prime Minister Sherif Ismail and minister of petroleum Tariq Al Mulla.
Presidential spokesman, Alaa Youssef, said that during the meeting, the Minister of Petroleum reviewed the efforts undertaken by the ministry to develop and modernize the oil and mineral resources sector.
Al Mulla pointed out that the ministry also takes executive steps to improve the efficiency of performance in the various sector activities as well as developing the research, exploration and production operations in order to expand the productivity of fields by using modern technology.
The Minister explained that it is planned to drill about 230 exploration wells at an investment cost of about $ 2 billion until the end of 2018.
In additions, the ministry is keen to make use of its human resources in line with the latest global developments in this area and enhance the momentum in Egypt’s oil and mineral development.
Al-Mulla also pointed to the continuation of the petroleum sector in the implementation of refining and petrochemical projects in order to achieve optimal economic exploitation of Egypt’s resources of petroleum wealth, especially natural gas, in the light of recent discoveries in this field.
He stressed that these discoveries are being developed and placed on the production map, so as to achieve utmost added value by employing those resources in the production of petrochemical materials used in many complementary industries and final products.