An official with the Egyptian General Petroleum Corporation (EGPC) stated that Egypt plans to increase production of crude oil and condensates from 690,000bpd to 707,000bpd by the end of fiscal year 2016/2017, reported Al Mal News.
This increase will come as a result of linking new wells to production. He added that increasing oil output is important for the companies working in Egypt despite of the global petroleum prices decrease in order to compensate for drilling expenses.
In related news, Egypt Oil&Gas reported that The Egyptian Parliament’s Energy and Environment Committee, in accordance with the committee for Constitutional and Legislative Affairs, had approved 6 new exploration oil and gas agreements. The agreements included granting oil explorations rights to EGPC for the Shokair concession in Gulf of Suez and to EGPC together with Sahary Company for Qarun West concession in the Western Dessert. This came as Egypt pushed to increase the country’s national oil and gas production.