Egypt’s petroleum sector is planning to boost crude oil production by 40,000-50,000 barrels per day (b/d) during the fiscal year (FY) 2019-20, an official source in the Egyptian General Petroleum Corporation (EGPC) told Amwal Al Ghad reported.

Crude oil production is targeted to reach approximately 710,000 barrels per day (b/d) by June 2020, up from 650,000 – 660,000 in H1 2019.

The petroleum sector is focusing on some factors that will support production increase, such as developing the current oil fields to retain its production rate, the concessions in the Gulf of Suez and Western Desert in specific, in addition to adding new explorations to the production map.

The sector’s program aims to achieve crude oil self-sufficiency, depending on the new fields production and developing new phases of the fields and concessions.

The source pointed out that cutting petroleum products imports will increase foreign exchange earnings and take off the burden on the general state budget, as the government imports almost 35% of the country’s fuel demand, in addition to importing crude oil to refine and pump it to the Egyptian market.