The Egyptian General Petroleum Corporation (EGPC) aims to increase its production of crude oil and condensates by 50,000 barrels per day (b/d), bringing its total production to nearly 710,000 b/d by mid-2020, Amwal Al Ghad reported.
EGPC’s current production level of crude oil ranges between 660,000 and 670,000 b/d, from operating wells across onshore and offshore concession areas, according to Abed Ezz El-Regal, EGPC CEO.
The petroleum sector is working to maintain Egypt’s crude oil production at a minimum level of 660,000 barrels b/d in order to overcome the natural decline of mature fields production rates, by intensifying exploration and production (E&P) activities, implementing field development projects, and drilling new wells, the CEO noted.
The increased targeted production levels of oil and condensates depend on new discoveries, including Qarun fields in East Bahria, South West Meleiha in the Western Desert, as well as the fields of Khalda Petroleum Company and Badr El-Din Petroleum Company (BAPETCO), he further explained.
Ezz El-Regal also revealed that the petroleum sector has implemented a program to put the Red Sea on the oil and gas investment map, which led to the cooperation with Schlumberger to carry out seismic surveys, after the maritime border demarcation agreement with Saudi Arabia.