Cairo: Minister of Petroleum and Mineral Resources Karim Badawi announced that Egypt is planning to implement modern contractual models to incorporate horizontal drilling and hydraulic fracturing technologies as part of its strategic five-year plan to significantly increase crude oil production.

According to State Information Service Egypt, Badawi made these remarks during a board meeting of the Egyptian General Petroleum Corporation (EGPC), which took place via video-conference. The meeting included participation from key government figures such as Local Development and Environment Minister Manal Awad, Investment Minister Mohamed Farid, Industry Minister Khaled Hashem, and Deputy Finance Minister for Fiscal Policies Yasser Sobhi, representing Finance Minister Ahmed Kouchouk.

Badawi emphasized EGPC's crucial role in navigating complex global challenges and its continuous efforts to fulfill the local market's demand for petroleum products. He assured that EGPC is meeting its financial obligations, which in turn fortifies trust with partners.

He elaborated on the ongoing initiatives aimed at cultivating an attractive investment climate to entice more investors. This strategy is intended to enhance output from existing oil fields and facilitate new discoveries, thereby bolstering Egypt's production capacity.

During the meeting, EGPC CEO Salah Abdel Karim and Deputy CEO for Financial and Economic Affairs Amal Tantawi discussed several priority issues. They focused on accelerating new investments in the Gulf of Suez, the Mediterranean, and the Western Desert to increase oil and gas production rates.

The discussions also included plans to support fully state-owned Egyptian companies involved in exploration and production, such as the General Petroleum Company and Badr Petroleum Company, affiliated with WEPCO. These measures aim to ensure a secure domestic petroleum supply and fulfill EGPC's commitments.