Cairo, Eng. Karim Badawi, the Minister of Petroleum and Mineral Resources, has approved the business results for the Western Desert Petroleum Company (WEPCO) and Badr Petroleum Company for the fiscal year 2023/2024. The announcement was made during a General Assembly meeting chaired by the Minister via video conference.
The assembly, which oversees the management of the Hamra Petroleum Port in El Alamein, highlighted significant developments and achievements within the respective companies.
Strategic Developments at Hamra Petroleum Port
Minister Badawi emphasized the ongoing infrastructure developments and expansions at Hamra Petroleum Port aimed at increasing its capacity and efficiency. He commended the workers for their continuous efforts towards development and their alignment with the Ministry’s strategic vision and the Egyptian General Petroleum Corporation’s goals.
Eng. Ibrahim Masoud, Chairman of WEPCO, presented the company’s business results, noting the receipt of approximately 81 million barrels through storage facilities and the shipment of about 27 million barrels via marine facilities. Additionally, around 54 million barrels were supplied to refineries through land lines, adhering to strict safety and environmental standards, which resulted in achieving 27 million safe working hours.
Masoud further explained the advancements in safety and environmental protection, including the development of a fire-fighting system to support ongoing expansions in the southern region. WEPCO has also initiated an asset integration and safety system to enhance the safe operation and longevity of equipment, forming a crucial part of the Operations Safety Management System.
Expansion Projects
The meeting showcased numerous planned and ongoing projects, particularly in the northern region, where two warehouses are being established, each with a capacity to store 630 thousand barrels of crude oil. This expansion aims to increase Al Hamra Port’s total capacity to approximately 4 million barrels. Further developments include the construction of additional warehouses to bring the total capacity to 5.3 million barrels, with plans to reach an estimated 10.5 million barrels.
In the southern expansion area, integrated works are progressing in two phases. The first phase includes constructing warehouses for storing diesel and associated facilities, while the second phase involves building additional diesel and jet fuel warehouses. Petrojet is spearheading these projects, maximizing local components and expediting implementation.
Badr 1: A Success Story
Discussing Badr Petroleum Company’s achievements, Minister Badawi highlighted the success in managing old and obsolete fields, which serves as a model for similar investments. The Badr X10 exploratory well, recently put into production, is yielding 15 million cubic feet of gas and 550 barrels per day.
Eng. Ibrahim Masoud reported that Badr Petroleum had produced 1.5 million barrels of crude oil at minimal costs and increased proven reserves of oil and gas by approximately 2 million barrels equivalent. This was achieved through drilling exploratory and development wells, maintaining old wells, and enhancing operational safety. The company recorded about 5 million accident-free working hours and made significant upgrades in firefighting and safety systems.
The meeting was attended by key officials, including Geologist Alaa El Batal, CEO of the Egyptian General Petroleum Corporation, and senior representatives from various departments within the Ministry of Petroleum and Mineral Resources.