The Egyptian Ministry of Petroleum and Mineral Resources plans to attract $20 billion in foreign direct investment (FDI) for exploration and production (E&P) over the next three years, according to Daily News Egypt (via MENAFN).
The ministry aims to boost Egypt’s natural gas production to reach 8 billion cubic feet per day (bcf/d) by 2021, up from the current 6.2 bcf/d production, a source at the ministry told Daily News Egypt.
Gas reserves have increased by around 50% because of linking new gas discoveries to production at the Zohr and Atoll fields, the source added.
The production increase will help to cover local demand and provide surplus for export.
The ministry increased crude oil output by around 4.3% year-on-year to reach 657,000 barrels per day (b/d) in 2018, compared to 630,000 b/d in 2017.
Crude oil reserves have declined by 25% over the past three years due to a lack of major new discoveries, the source said.