An official at the Egyptian General Petroleum Corporation (EGPC) stated that the oil and gas sector plans to increase production of crude oil and condensates to reach 705,000b/d before the end of June 2017. He added that this increase in production will cover a huge part of the local market’s demand for petroleum, reported Amwal Al Ghad.
The source added that the production increase is part of the ministry of petroleum’s strategy to achieve self-sufficiency by fiscal year 2019/2020.
In addition, several projects will be in production phase soon which will play a role in boosting production to the planned 705,000b/d. This includes North Alexandria field, Atoll field, and Zohr field that are considered the most prominent oil and gas discoveries and the center around which the self-sufficiency strategy is revolving.
The sources concluded that the international oil companies (IOC)’s investments in Egypt are increasing due to the exploration processes in addition to the development operations of the fields that are added on production. This directly led to almost doubling the country’s production.