Petroleum: 3.6 billion cubic feet of average gas produced by the South Valley Company per day

Petroleum: 3.6 billion cubic feet of average gas produced by the South Valley Company per day
Petroleum: 3.6 billion cubic feet of average gas produced by the South Valley Company per day

Engineer Tarek El-Molla, Minister of Petroleum and Mineral Resources, confirmed that the coming period will witness an intensification of research and exploration activities, especially in the Red Sea region, in light of the improvement in the levels of international oil prices and the entry of major oil companies to work in Egypt for the first time, which will be joined by other large companies in the concession areas, in addition to The willingness of international companies, whether new or already operating in Egypt, to pump large investments with the aim of achieving a qualitative leap in production rates, noting that the past fiscal year has already witnessed the achievement of several new petroleum discoveries despite the challenges imposed by the Corona pandemic, and work is underway to develop these discoveries to speed their development. on the output map.

This came during his presidency of the General Assembly of the Egyptian Southern Valley Petroleum Holding Company to approve the results of the work of the fiscal year 2020/2021 via video conference technology, in the presence of Major General Amr Hanafi, Governor of the Red Sea, Major General Ashraf Attia, Governor of Aswan, Major General Ashraf Daoudi, Governor of Qena, Counselor Mostafa Elham, Governor of Luxor and Counselor Sherif El-Shazly, Head of the Legislative Affairs Secretariat in the Council of Ministers, Dr. Youssef El-Gharbawy, President of South Valley University and geologist Ashraf Farag, First Undersecretary of the Ministry of Petroleum for Agreements and Exploration, Eng. Mohamed Abdel-Fattah, representative of the Central Auditing Agency, and Amjad Mounir, head of the Vehicle Replacement Fund, at the Ministry of Finance.

El-Molla added that the petroleum sector attaches great importance to implementing the state’s goals in developing and improving the standard of living in the governorates of Upper Egypt and providing civilized services to citizens, as several projects are currently being implemented to provide petroleum products, including the project to establish a refinery complex in Assiut, in addition to the start of the trial operation of the gasoline production complex. In addition to the start of work on the expansions of the diesel production complex in Assiut, which will cover all the needs of Upper Egypt from gasoline and petroleum products from the refineries that are being implemented, which will achieve great savings in transportation costs from other governorates and ease the roads, pointing to the significant expansion in the activity of gas delivery to homes. Within the framework of the presidential initiative “a decent life”, which includes all the villages of Upper Egypt and the great interest in providing car refueling stations with natural gas, he pointed out that Upper Egypt governorates are currently witnessing an abundance of butane cylinders.

With regard to the efforts of the petroleum sector for environmental compatibility, the minister indicated the full commitment of the oil companies to implement an integrated plan in cooperation with the Ministry of Environment and in coordination with foreign partners to treat industrial waste and combat oil pollution. Petroleum in coordination with the governorate and the Ministry of Environment to treat and preserve the environment, marine and natural wealth of Egypt.

For his part, the geologist Alaa Al-Batal, the company’s president, reviewed the most important business results during the year, noting that the company’s average daily production amounted to 21.5 thousand barrels of crude oil, more than 6000 tons of butane and 3.6 billion cubic feet of gas, stressing the company’s success in Facing the natural decline of wells and maintaining production rates by digging a number of development wells, bringing the total remaining proven reserves to about 134 million barrels of crude oil as a result of improving the performance of wells and increasing the recovery factor through conducting studies to re-evaluate reservoirs, and Al-Batal pointed out that the company is currently working on increasing Production through the implementation of an intensive program for research, exploration and development, aiming to drill 11 exploration wells with investments of 31. 5 million dollars, in addition to drilling 13 development wells with a total investment of about 27 million dollars.

With regard to the seismic research activity, Al-Batal confirmed that South has signed 3 agreements in the Red Sea region with investments of $326 million with Chevron, Shell and Mubadala companies to implement studies and seismic survey programs in the concession areas in the Red Sea aimed at starting a new phase of research and exploration activities and changing the map. He pointed out that preparations are underway to develop plans for a three-dimensional seismic survey, to be launched before the end of this year. Integrated studies of magnetic and gravity data use and commercialization.

He added that the implementation of the first phase of the joint project has been completed in the land areas in southern Egypt on an area of ​​113 thousand square kilometers, and that the company is promoting the data that has been collected within its joint project with the Nuclear Materials Authority, and data packages have already been sold to Lukoil and negotiations are underway. With a number of companies interested in the work areas of the South Valley Company.

With regard to the activity of gas delivery to homes, Al-Batal explained that the total customers to whom gas was delivered reached about 1.5 million domestic, commercial and industrial customers in the governorates of Upper Egypt, and that more than 181,000 customers were connected during the last fiscal year. He also indicated that in As part of the efforts to expand the establishment of car refueling stations to work with natural gas, the gas refueling service has been introduced in a number of stations in Upper Egypt, bringing the total stations in Upper Egypt to 51 stations until June 2021, stressing the success of the company’s policy through rationalizing spending in reducing total expenses by 9% from the previous fiscal year.

The company’s president stressed the keenness of South Valley to apply the highest standards of occupational safety and health within the scope of the company’s work and its subsidiaries, in addition to applying the highest environmental standards and requirements in line with the state’s efforts to preserve natural resources and to achieve the principle of sustainable development, as well as a commitment to fully implement the precautionary measures against The spread of the Corona virus and taking all preventive measures to protect workers at the company’s headquarters and subsidiaries, pointing to the implementation of projects in cooperation with the Petroleum Authority to benefit from the gases of the flame in several companies to extract butane gas, condensate, sold gas and generate electricity.

 
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