We support Egyptian Drilling Company's expansion, with focus on Saudi, Kuwait: minister
Egypt - Kareem Badawi, Minister of Petroleum and Mineral Resources, has reiterated the Ministry's support for the Egyptian Drilling Company's (EDC) strategic expansion into international markets, particularly strengthening its footprint in Saudi Arabia and Kuwait.
Speaking during the company's general assembly meeting, Badawi described EDC as a leading player in both onshore and offshore oil and gas well drilling in the region. He noted the company's proven success in Saudi Arabia and Kuwait, attributing its performance to operational excellence, a robust fleet, and highly skilled human capital.
'The Ministry fully backs EDC's plans to grow abroad, especially in established markets like Saudi Arabia and Kuwait, while exploring opportunities in new territories,' Badawi said. He highlighted the company's strong competitive advantages, including its leadership in the domestic market, deep experience with major international operators in Egypt, and an integrated fleet of onshore and offshore drilling rigs.
Badawi also emphasized the importance of maximizing the use of EDC's assets—especially its rig fleet—as the company plays an increasingly vital role in achieving the Ministry's strategic goals: increasing domestic production and reinforcing global partnerships. He called for enhanced focus on human capital development, particularly in upskilling and preparing new generations of talent in this specialized field.
The Minister also underscored the need for continued excellence in safety practices, urging EDC to integrate lessons learned from past incidents and maintain high safety standards across operations.
Expansion across Global Markets
Osama Kamel, Chairperson of EDC, presented the company's performance highlights, noting substantial progress in expanding operations outside Egypt. EDC has initiated collaborations with new clients and is exploring entry into new markets, including India, the UAE, Qatar, Oman, Turkey, Algeria, West Africa, Brazil, and Thailand—alongside ongoing expansion in Saudi Arabia and Kuwait.
Kamel stated that EDC currently owns and operates a fleet of 69 rigs dedicated to oil and gas well drilling and maintenance, both onshore and offshore. The company employs around 6,000 engineers, technicians, and workers across Egypt, Saudi Arabia, and Kuwait.
In 2024 alone, EDC drilled approximately 200 new wells and conducted maintenance and repair work on over 600 wells. Two new onshore drilling rigs equipped with the latest technologies were added to the fleet. The company maintained safety indicators above global industry benchmarks, with zero lost-time incidents reported during rig operations. Its safety systems undergo regular review by certified external auditors.
Recognition and Operational Excellence
Kamel highlighted the performance of EDC's Saudi subsidiary, Egyptian Drilling & Petroleum Services, which continues to deliver high standards in its operations with Saudi Aramco. Currently, ten of the company's rigs—both onshore and offshore—are operating in the Kingdom.
Notably, EDC's land rig EDC 45 received the 2024 Excellence Award from Aramco, continuing a long-standing tradition of the company's rigs being ranked among Aramco's best performers. EDC also achieved an average equipment performance efficiency of 97.2% over the past three years, as reported by Aramco.
In Kuwait, the company maintained its strong track record, receiving a certificate of excellence for its operational performance in the market.
Financial and Talent Development Milestones
EDC reported revenues of approximately $406m in 2024. In parallel with its growth strategy, the company remains committed to human capital development. It has launched extensive training programs for newly graduated engineers, ensuring a steady pipeline of skilled professionals.
EDC's dedicated training center, one of the most prominent in the region, is internationally accredited and offers programs aligned with the latest global standards—contributing significantly to workforce efficiency and capability enhancement.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Business
4 hours ago
- Arabian Business
Over 1.67million pilgrims performing Hajj in Saudi Arabia: GASTAT
1,673,230 pilgrims are performing Hajj 1446 AH in Saudi Arabia, according to the General Authority for Statistics (GASTAT). According to GASTAT, 1,506,576 pilgrims arrived from outside Saudi Arabia, while 166,654 pilgrims are from within the Kingdom, including both citizens and residents. Hajj 2025 by the numbers: Total pilgrims: 1,673,230 International pilgrims: 1,506,576 Domestic pilgrims (citizens and residents): 166,654 Male pilgrims: 877,841 Female pilgrims: 795,389 Hajj in Saudi Arabia How pilgrims arrived: Airports: 1,435,017 Land border crossings: 66,465 Seaports: 5,094 These figures were compiled using administrative records from the Ministry of Interior, part of a standardised statistical model that GASTAT has successfully implemented over the past five years. This method ensures high accuracy, reliability, and consistency in Hajj statistics reporting. As the Kingdom's official statistical authority, GASTAT is the exclusive provider of official statistics in Saudi Arabia and is entrusted with overseeing all national statistical activities, including technical supervision, conducting field surveys and research, data analysis, and managing the documentation, preservation, and tabulation of statistical information across all sectors of life in the Kingdom.
Khaleej Times
6 hours ago
- Khaleej Times
Opec+ move to raise output a key pivot for oil markets
The increase in oil production by the Organisation of Petroleum Exporting Countries (Opec) and its allies including Russia, collectively known an Opec+, comes at a pivotal moment for global oil markets, analysts say. Saudi Arabia, Russia and six other key members of the Organisation of Petroleum Exporting Countries (Opec) announced on Saturday a huge increase in crude production for July. They will produce an additional 411,000 barrels a day — the same target set for May and then June — according to a statement, which is more than three times greater than the group had previously planned. The move signals a shift in strategy that could reshape the global energy landscape for years to come. While the immediate market reaction was a sharp drop in oil prices, the long-term consequences are far more nuanced. By boosting supply in a market already grappling with sluggish demand, the move is likely to keep oil prices lower for an extended period. This could strain the budgets of oil-dependent economies, where fiscal breakeven prices remain well above current market levels. At the same time, this decision may reflect a deeper strategic pivot: a bid to defend market share against rising non-Opec producers and resilient US shale. For example, while countries in the GCC can produce oil at around $3 to $10 per barrel, the production cost for US shale can be as high as $40-55 per barrel. The IEA notes that US shale output is under pressure due to recent oil price declines, prompting some producers to reduce rig counts and cut back on production plans. A range-bound crude oil market saw prices recover all of last week's losses, surging higher despite a group of eight Opec+ producers announcing a third consecutive production hike of 0.41 million barrels per day. 'This move was made primarily to regain market share from high-cost producers and to penalise persistent cheaters. Instead, the focus has now shifted back to geopolitically related supply concerns, particularly involving Russia, Iran, and Libya, the latter, after its eastern government said it could take precautionary measures, including a force majeure on oil fields,' Ole Hansen, Head of Commodity Strategy, Saxo Bank, said in a note. Amid shifting geopolitical landscapes and complex global economic conditions, oil continues to be one of the most closely watched and volatile commodities. George Khoury, Global Head of Research and Education at CFI, said: 'When it comes to oil prices, several key factors must be closely monitored. These include decisions made by OPEC, developments in global geopolitics, and shifts in economic cycles — whether recovery, slowdown, or the risk of recession. Each of these elements directly influences the trajectory of oil and energy prices. Geopolitical developments, in particular, can have a pronounced impact.' Earlier this week, oil prices rose despite an increase in supply, following a notable escalation in tensions between Russia and Ukraine. The event was among the more significant confrontations seen recently, raising concerns about potential further instability in the region. Although peace talks have been ongoing for months, they appear to have produced limited progress thus far. The implications of persistently low oil prices must be viewed from two perspectives. From the standpoint of oil-producing countries and companies, lower prices directly impact revenues. 'Each nation has a breakeven range for oil production — countries like Saudi Arabia typically operate within a range of $15 to $25 per barrel, although this varies, for example with their Vision 2030 the breakeven might be even higher more towards a range between $80–$85 per barrel. A sustained drop below these thresholds could significantly affect both national and corporate income,' Khoury said. The market may be in the early stages of a new commodity supercycle. The current backdrop — marked by political, geopolitical, and financial uncertainty — does not favour energy market stability. If global markets begin to contract or move toward recession, energy demand may weaken. In such scenarios, companies often draw on existing inventories rather than placing new orders, which can lead to downward pressure on prices. While oil has recently seen upward movement, it remains unclear whether this trend is sustainable. Given the level of uncertainty, a more cautious or even bearish energy outlook could emerge in the near term, Khoury said.
Zawya
7 hours ago
- Zawya
Flynas celebrates launching direct flights between Riyadh and Damascus
Riyadh: flynas, the leading low-cost airline in the world and the best LCC in the Middle East, celebrated launching direct flights Between Riyadh and Damascus on Thursday, June 5, becoming the first Saudi airline to connect the two countries in 12 years, further expanding its network in line with flynas growth and expansion plan, launched under the title "We Connect the World to the Kingdom," in parallel with the objectives of the National Civil Aviation Strategy to enable national air carriers to contribute to connecting KSA with 250 International destinations and to accommodate 330 million passengers and to host 150 million tourists yearly by 2030 and the objectives of the Pilgrims Experience Program (PEP) to facilitate access to the Two Holy Mosques. An inaugural ceremony was held at King Khalid International Airport (KKIA) in Riyadh on Thursday, June 5, attended by the Syrian Charge d'Affaires Hussain Abdulaziz and representatives from flynas and the Riyadh Airports Company, which manages and operates KKIA, as well as media representatives. Travelling guests on the departing inaugural flight to Damascus were welcomed with giveaways, and the aircraft was received with a "water salute" upon its arrival at Damascus International Airport, in the presence of the Saudi Charge d'Affaires Abdullah Al-Haris, and representatives from the Syrian General Authority of Civil Aviation, flynas, and Damascus International Airport. Resuming flights to the Syrian capital confirms flynas' commitment to strengthening ties between the two brotherly nations, as the leading LCC has been a pioneer in providing air routes between the Kingdom and various Syrian cities. flynas previously operated direct flights from Riyadh and Jeddah to Damascus, Aleppo, and Latakia. flynas operates 139 routes to more than 70 domestic and international destinations in 30 countries with more than 2000 weekly flights and has flown more than 80 million passengers since its launch in 2007, with the aim to reach 165 domestic and international destinations within its growth and expansion plan, and in line with the objectives of Vision 2030. Passengers traveling with flynas can book their flights through all flynas booking channels: the flynas app, the call centre (920001234), or travel agents.
