The Egyptian Ministry of Petroleum and Mineral Resources plans to increase crude oil production by around 1.5% to keep up with its strategy to boost production output.

Production will rise from the current 651,000 (b/d) output to 661,000 barrels per day b/d by the end of March 2018, and to increase production gradually during 2018, Abed Ezz El Regal, head of the Egyptian General Petroleum Corporation (EGPC), told Al Borsa. Output will then increase gradually throughout 2018 after March.

“The production increase is based on recent new petroleum discoveries and the increase of investments of foreign companies in the development of the existing oil fields in the Gulf of Suez and the Nile Delta and concession areas of foreign investors,” Ezz El Regal stated.

Ezz El Regal further revealed that the government plans to boost Egypt’s refining capacity, which currently stands at 38 million tons. This will be achieved through developing and expanding refineries such as the Suez Oil Processing Company (SOPC) and Assiut Oil Refining Company (ASORC).

He added that the government is currently studying the ASORC project to assess local market demands of petroleum products.