Economy and Stock Exchange

Modhil and Hilal Al-Bahari.. The most important crude oil production projects x 8 years.. Get to know them

During the past eight years, the petroleum sector witnessed a huge boom in petroleum production projects, whether they were natural gas production projects or crude oil production projects, which in turn achieved a major leap in production rates. The following are the most important crude oil production projects, and they were as follows..

First: The project to restore production from the offshore Hilal field in the Gulf of Suez

1- The initial production adds about 5,000 barrels per day of crude oil.

2- Wells were entered successively from March 2015 until November 2015.

3- The investment cost is about $234 million.

Second: The project of constructing four marine berths in the fields of the General Petroleum Company:

1- It produces and transports crude oil from 12 offshore wells in the HH & NAO SE Alhamd & HH2 fields in the Gulf of Suez region.

2- With the aim of increasing the total production of about 10.5 thousand barrels of oil per day.

3- The investment cost is about $134 million.

4- The construction and connection of berths HH & NAO was completed in January 2018.

5- The construction and connection of the two berths HH2 & SE Alhamd was completed in January and April 2021.

Third: The Amazing Field Development Project (Petrozonimah Company):

1- To accommodate the expected production of crude oil, estimated at about 6 thousand barrels of oil per day.

2- By establishing a marine platform and replacing the rented floating storage unit with a new line (sea/land) with a length of about 13 km.

3- The marine facilities were commissioned in September 2016 and the line in June 2021.

4- The investment cost is about 180 million dollars.

It is noteworthy that during the past eight years, 401 new petroleum discoveries were made (281 crude oil, 120 gas) in the western and eastern deserts, the Mediterranean, the Sinai, the Delta and the Gulf of Suez. .

Also, 10 international bids were launched during that period to search for oil and gas in the onshore and offshore areas in the Mediterranean, the Red Sea, the Delta, the Western and Eastern Deserts, the Gulf of Suez and Upper Egypt. At the lowest level, about $2.2 billion, and signing grants of $272.6 million to international companies, including the international companies Exxon Mobil and Chevron, which represents a success in attracting new partners to invest in the Egyptian petroleum industry from giant international companies, and the offers of international companies are currently being evaluated for the last bid.

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