Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi reviewed Harbour Energy’s business in Egypt, particularly in the field of natural gas and condensate production from the Disouq field in the Nile Delta, according to a statement.
In his meeting with Sameh Sabry, Managing Director for the MENA region at Harbour Energy, Badawi discussed joint plans with bp, the main operator of the West Nile Delta and North Alexandria fields.
The ministry's incentive measures have contributed to the current success in the Disouq production concession, according to Badawi.
These measures helped reactivate investment in developing new resources and drilling wells, overcome the natural decline in gas production in the region, and boost production rates.
Badawi also emphasized the importance of regular payments of dues to foreign partners and the continued commitment to paying monthly import bills in the coming period.
Moreover, the minister highlighted efforts to settle any outstanding arrears, the largest of which have already been reduced. This will bolster the required investments to expand domestic production and alleviate the burden of import costs.
For his part, Sabry reviewed work progress in the Disouq field, addressing a recent gas discovery, with the first well, Ezz, having been put into production, and the second well imminent. This is in addition to more well-drilling plans soon.
The project helped raise gas and condensate production in the Disouq field to approximately 14,000 barrels of equivalent oil per day.
Meanwhile, the company is exploring the possibility of discovering crude oil for the first time in this region.