CAIRO: The Ministry of Petroleum is financing the second phase of the International Drilling Material Manufacturing Company (IDM) in Ain Sokhna, to be completed by the end of next year, with a total value of up to $32 million, said Minister of Petroleum Sherif Ismail, Mubasher reported Monday.
The first phase of IDM’s project intensifying exploration, decreasing drilling costs and achieved exploration safety, miming international drilling technologies in the past five years, he added.
IDM head al-Sayyed al-Badawy accompanied Minister Ismail during his tour of IDM and the Suez Laboratory for oil refining. He announced Monday that the company has succeeded in providing seven great land excavators for the petroleum ministry to be used in oil drilling, and that the company signed a contract with the ministry for delivering another three excavators.
”Such new excavators will boost oil drilling and increase Egypt’s production of oil, which will shorten the gap between production and consumption,” said Badawy.
The first phase of IDM was set in June 2009 by the Ministry of Petroleum for producing semi-finished steel pipes and full drilling equipment, according to IDM’s homepage.
As a step for increasing Egypt’s production of oil derivatives and boosting national oil safety, Ismail inspected Monday two under-construction laboratories in Suez governorate, one for producing asphalt and refluxing gases and the other for processing naphtha along with refining petroleum and producing lubricating oils.
Ismail said the Ministry seeks to increase Egypt’s production of oil and promote oil safety through inspecting works and widening exploration.
Ismail told Al-Masry Al-Youm in mid-July that, for the next month Egypt’s production of petroleum products would up to 480 billion cubic feet daily, about 854,000 barrels, along with 680,000 barrels of liquefied gas.
Egypt’s daily consumption of oil products, including natural and liquefied gas, is up to 2.1 million barrels, leaving a daily shortage of more than 500,000 barrels, said Ismail. He said Egypt imports oil and encourages discovery within in Egypt to meet that shortage.