Egypt to increase crude oil production, sign new agreements: Oil Minister

Egypt’s government will increase crude oil production to bridge declining domestic consumption through developing systems and procedures, offering bids, and signing petroleum agreements, said Egypt’s Minister of Oil and Mineral Water Tarek al-Molla during a technical conference on improving the efficiency of research and exploration operations on Sunday.

He stressed the importance of increasing production from the Western Desert and the Gulf of Suez Oil Fields, which still enjoy traditional and unconventional hydrocarbon resources, through utilizing modern technology and foreign experts.

A joint technical committee from the oil sector and a number of heads of international companies, experts and industry professionals will study improving oil fields in Egypt, Molla said, adding that that the committee will present their recommendations at the end of the first quarter of 2019-2020.

Molla stressed that commitment to the safety and occupational health standards are a primary requirement within the development and modernization program.

Egypt’s average production of crude oil and condensates are currently about 630,000 barrels per day. The target for this figure is about 690,000 barrels per day for the end of the fiscal year 2019-2020

Edited translation from Al-Masry Al-Youm 

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