Egypt is currently producing around 660,000 barrels per day (b/d) of crude oil, head of the Egyptian General Petroleum Corporation (EGPC) Abed Ezz El Regal, told Amwal Al Ghad.

The rate of production is expected to increase by the end of the 2017/18  fiscal year (FY) in June.

The optimistic predictions come following recent oil discoveries in addition to increasing investments made by international oil companies in the Gulf of Suez and the Nile Delta, as well as the concession areas of foreign investors, stated Ezz El Regal.

The capacity of Egyptian refineries has reached 38 million tons, Ezz El Regal pointed out, adding that the Ministry of Petroleum and Mineral Resources plans to boost this rate through developing and expanding refineries, especially the ones in Suez and Assiut.

Egypt will launch an oil exploration and production (E&P) tender and contract new firms during the second half of 2018, Egypt’s Minster of Petroleum and Mineral Resources, Tarek El Molla, announced, according to Al Ahram Newspaper.